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"danskebank:ProposedDividendMember", "unit": "iso4217:DKK" } }, "fact1224": { "value": "175687000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1449": { "value": "8622000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "fact1450": { "value": "-2639000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "fact1451": { "value": "-306000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:DKK" } }, "fact1452": { "value": "163596000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "fact1453": { "value": "6466000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "danskebank:ProposedDividendMember", "unit": "iso4217:DKK" } }, "fact1263": { "value": "175739000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1062": { "value": "6427000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:DividendFromPriorYearPaidInYear", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1063": { "value": "6350000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:DividendPaidInYear", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1162": { "value": "6011000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:DividendPaidInYear", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1064": { "value": "5430000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:SpecialDividendPaidInYear", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1065": { "value": "7810000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:ProposedDividendOrdinary", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1066": { "value": "4469000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:ProposedDividendExtraordinary", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1163": { "value": "6466000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:ProposedDividendTotal", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1067": { "value": "12279000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:ProposedDividendTotal", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1462": { "value": "
The Board of Directors is authorised to let Danske Bank A/S acquire own shares up to a total nominal amount of 10% of the share capital. The \u00a0
shares maybe held for ownership or provided as collateral. If shares are acquired for ownership, the acquisition price may not deviate by more \u00a0
than 10% from the price quoted at the time of acquisition. Danske Bank A/S has obtained permission from the Danish Financial Supervisory \u00a0
Authority to acquire own shares for market-making purposes etc. and this amount is deducted from the Group\u2019s common equity tier 1 capital. \u00a0
Total capital and the total risk exposure amount are calculated in accordance with the rules applicable under the Capital Requirements \u00a0
Regulation (CRR), taking transitional rules into account as stipulated by the Danish Financial Supervisory Authority. \u00a0
In terms of the transitional arrangements for the impact of IFRS 9 on regulatory capital, the Group applies the so-called dynamic approach in \u00a0
accordance with the CRR. \u00a0
The Internal Capital Adequacy Assessment Report provides more details about the Group\u2019s solvency need. The report is available at \u00a0
danskebank.com/investor-relations/reports and is not covered by the statutory audit. \u00a0
Total capital \u00a0
Capital risk is the risk of not having enough capital to cover all material risks arising from the Group\u2019s chosen business strategy. \u00a0
The Danske Bank Group (the Group) has licences to provide financial services and must therefore comply with the capital requirements of the \u00a0
Capital Requirements Regulation (CRR) and the Danish Financial Business Act. The Danish rules are based on the EU Capital Requirements \u00a0
Directive (CRD) and apply to both Danske Bank A/S (the Parent Company) and the Group. Similarly, the Group\u2019s financial subsidiaries in and \u00a0
outside Denmark must comply with local capital requirements. The regulatory requirements stipulate a minimum capital level of 8% of the total \u00a0
risk exposure amount (REA) under Pillar I (including risk exposure amounts for credit risk, counterparty credit risk, market risk and operational \u00a0
risk). In addition, financial institutions are required to calculate their solvency need under Pillar II to reflect all relevant risks. As stipulated in the \u00a0
CRD, a combined buffer requirement (CBR) applies to financial institutions in addition to the solvency need ratio. The Group\u2019s CBR consists of a \u00a0
systemic risk buffer, a countercyclical buffer, a capital conservation buffer and a SIFI buffer and must be funded with common equity tier 1 \u00a0
(CET1) capital. Because Danske Bank A/S is designated a systemically important financial institution (SIFI) in Denmark, the Group must meet a \u00a0
SIFI buffer requirement of 3%. \u00a0
The Group\u2019s total capital consists of tier 1 capital (share capital and additional tier 1 capital after deductions) and tier 2 capital (subordinated \u00a0
loan capital after deductions). \u00a0
The Group\u2019s CET1 capital is based on the carrying amount of shareholders\u2019 equity and adjusted with the following main deductions. \u00a0
\u2022
Adjustments to eligible capital instruments \u00a0
\u2022
Deferred tax assets that rely on future profitability \u00a0
\u2022
Defined benefit pension fund assets \u00a0
\u2022
Intangible assets of banking operations, including goodwill \u00a0
\u2022
Minimum loss coverage for non-performing exposures \u00a0
\u2022
Expected/proposed dividends \u00a0
\u2022
Prudent valuation \u00a0
\u2022
Prudential filters \u00a0
\u2022
Reversal of the effect of IFRS 9 (expected credit losses) implementation due to transitional rules \u00a0
\u2022
Statutory deductions for insurance subsidiaries \u00a0
The presentation of the Group\u2019s total capital in the statement of capital shows the difference between the carrying amount of shareholders\u2019 \u00a0
equity and CET1 capital. At the end of 2024, the Group\u2019s CET1 capital amounted to DKK 145.2 billion (2023: DKK 155.3 billion), and its CET1 \u00a0
capital ratio was 17.8% (2023: 18.8%) \u00a0
The Group\u2019s additional tier 1 capital and tier 2 capital may, subject to certain conditions, be included in total capital. The conditions are \u00a0
described in the CRR. Note G22 shows additional tier 1 capital and tier 2 capital. At the end of 2024, the Group\u2019s total capital was DKK 182.1 \u00a0
billion (2023: DKK 190.9 billion), and its total capital ratio was 22.4% (2023: 23.1%). The Group\u2019s tier 1 capital was DKK 155.6 billion (2023: DKK \u00a0
170.1 billion), and its tier 1 capital ratio was 19.1% (2023: 20.5%). \u00a0
Internal Capital Adequacy Assessment 2024 provides a description of the Group\u2019s solvency need. \u00a0
The target for the CET1 capital ratio was kept at above 16% and ensures a sufficiently prudent buffer in relation to the capital requirement. This \u00a0
implies a capital target buffer of at least 1.4% in relation to the fully phased-in CET1 capital requirement. \u00a0
The Group aspires to improve its credit ratings, which are important for its access to liquidity and for the pricing of its long-term funding. The \u00a0
Group therefore includes rating targets in its capital considerations. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1454": { "value": "
Statement of capital \u2013 Danske Bank Group \u00a0
Share buy-back programme \u00a0
On 5 February 2024, the Group initiated a share buy-back programme of DKK 5.5 billion, which ran until 31 January 2025. At the end of \u00a0
December 2024, the Group had acquired 25,996,321 shares for a total amount of DKK 5,246 million under the share buy-back programme \u00a0
based on trade date. \u00a0
Number of shares outstanding \u00a0
2024 \u00a0
2023 \u00a0
Issued at 1 January \u00a0
862,184,621 \u00a0
862,184,621 \u00a0
Shares held in relation to Share buy-back programme \u00a0
25,996,321 \u00a0
-
Shares held in the Group's trading portfolio \u00a0
2,370,881 \u00a0
2,410,915 \u00a0
Shares outstanding at 31 December \u00a0
833,817,419 \u00a0
859,773,706 \u00a0
Holding of own shares \u00a0
Share buy-back \u00a0
Trading \u00a0
Total \u00a0
Total \u00a0
(DKK millions) \u00a0
programme \u00a0
portfolio \u00a0
2024 \u00a0
2023 \u00a0
Holding as at 1 January \u00a0
-
435 \u00a0
435 \u00a0
521 \u00a0
Acquisition of own shares \u00a0
5,246 \u00a0
26,957 \u00a0
32,203 \u00a0
23,030 \u00a0
Sale of own shares \u00a0
-
26,799 \u00a0
26,799 \u00a0
23,082 \u00a0
Value adjustment \u00a0
50 \u00a0
-110 \u00a0
-60 \u00a0
-33 \u00a0
Holding as at 31 December \u00a0
5,295 \u00a0
483 \u00a0
5,778 \u00a0
435 \u00a0
All holdings of own shares at the end of 2023 were in the Group\u2019s trading portfolio. \u00a0
Holdings of own shares disclosed above are those held in the Group\u2019s trading portfolio and those repurchased as part of the Group\u2019s share buy- \u00a0
back programme. In addition, the Group holds DKK 1,535 million of own shares on behalf of customers which are not deducted from equity, \u00a0
comprising DKK 258 million of own shares in Assets under pooled schemes, DKK 65 million of own shares in Assets under investment \u00a0
contracts, and DKK 1,212 million of own shares in Insurance assets. Details on acquisitions and sales of own shares that are not deducted from \u00a0
equity are presented under Statement of Capital of Danske Bank A/S. \u00a0
The Board of Directors is authorised to let Danske Bank A/S acquire own shares up to a total nominal amount of 10% of the share capital. The \u00a0
shares maybe held for ownership or provided as collateral. If shares are acquired for ownership, the acquisition price may not deviate by more \u00a0
than 10% from the price quoted at the time of acquisition. Danske Bank A/S has obtained permission from the Danish Financial Supervisory \u00a0
Authority to acquire own shares for market-making purposes etc. and this amount is deducted from the Group\u2019s common equity tier 1 capital. \u00a0
Statement of capital \u2013 Danske Bank Group \u00a0
Total capital and total capital ratio \u00a0
(DKK millions) \u00a0
31 December 2024 \u00a0
31 December 2023 \u00a0
Total equity \u00a0
175,687 \u00a0
175,739 \u00a0
Revaluation of domicile property at fair value \u00a0
219 \u00a0
211 \u00a0
Tax effect of revaluation of domicile property at fair value \u00a0
-24 \u00a0
-27 \u00a0
Total equity calculated in accordance with the rules of the Danish FSA \u00a0
175,882 \u00a0
175,923 \u00a0
Common equity tier 1 capital instruments \u00a0
175,882 \u00a0
175,923 \u00a0
Adjustment to eligible capital instruments \u00a0
-901 \u00a0
-914 \u00a0
IFRS 9 reversal due to transitional rules \u00a0
752 \u00a0
1,634 \u00a0
Prudent valuation \u00a0
-912 \u00a0
-890 \u00a0
Prudential filters \u00a0
-
-
Expected / proposed payouts* \u00a0
-17,279 \u00a0
-6,466 \u00a0
Intangible assets of banking operations \u00a0
-6,266 \u00a0
-5,690 \u00a0
Minimum Loss Coverage for Non-Performing Exposures \u00a0
-2,607 \u00a0
-916 \u00a0
Deferred tax on intangible assets \u00a0
461 \u00a0
316 \u00a0
Deferred tax assets that rely on future profitability, excluding temporary differences \u00a0
-599 \u00a0
-733 \u00a0
Defined benefit pension plan assets \u00a0
-917 \u00a0
-845 \u00a0
Statutory deduction for insurance subsidiaries \u00a0
-2,397 \u00a0
-6,111 \u00a0
Common equity tier 1 capital \u00a0
145,217 \u00a0
155,308 \u00a0
Additional tier 1 capital instruments \u00a0
10,360 \u00a0
14,805 \u00a0
Tier 1 capital \u00a0
155,577 \u00a0
170,113 \u00a0
Tier 2 capital instruments \u00a0
26,570 \u00a0
20,790 \u00a0
Total capital \u00a0
182,147 \u00a0
190,902 \u00a0
Total risk exposure amount \u00a0
814,706 \u00a0
827,882 \u00a0
Common equity tier 1 capital ratio (%) \u00a0
17.8% \u00a0
18.8% \u00a0
Tier 1 capital ratio (%) \u00a0
19.1% \u00a0
20.5% \u00a0
Total capital ratio (%) \u00a0
22.4% \u00a0
23.1% \u00a0
* Expected/proposed payouts at 31 December 2024 include proposed dividend for second half of 2024 of DKK 7,810 million, the extraordinary dividend of DKK \u00a0
4,469 million and the share buy-back programme of DKK 5,000 million. Expected/proposed payouts at 31 December 2023 include the dividend payment for the \u00a0
second half of 2023. \u00a0
Total capital and the total risk exposure amount are calculated in accordance with the rules applicable under the Capital Requirements \u00a0
Regulation (CRR), taking transitional rules into account as stipulated by the Danish Financial Supervisory Authority. \u00a0
In terms of the transitional arrangements for the impact of IFRS 9 on regulatory capital, the Group applies the so-called dynamic approach in \u00a0
accordance with the CRR. \u00a0
The Internal Capital Adequacy Assessment Report provides more details about the Group\u2019s solvency need. The report is available at \u00a0
danskebank.com/investor-relations/reports and is not covered by the statutory audit. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1455": { "value": "
Statement of capital \u2013 Danske Bank Group \u00a0
Share buy-back programme \u00a0
On 5 February 2024, the Group initiated a share buy-back programme of DKK 5.5 billion, which ran until 31 January 2025. At the end of \u00a0
December 2024, the Group had acquired 25,996,321 shares for a total amount of DKK 5,246 million under the share buy-back programme \u00a0
based on trade date. \u00a0
Number of shares outstanding \u00a0
2024 \u00a0
2023 \u00a0
Issued at 1 January \u00a0
862,184,621 \u00a0
862,184,621 \u00a0
Shares held in relation to Share buy-back programme \u00a0
25,996,321 \u00a0
-
Shares held in the Group's trading portfolio \u00a0
2,370,881 \u00a0
2,410,915 \u00a0
Shares outstanding at 31 December \u00a0
833,817,419 \u00a0
859,773,706 \u00a0
Holding of own shares \u00a0
Share buy-back \u00a0
Trading \u00a0
Total \u00a0
Total \u00a0
(DKK millions) \u00a0
programme \u00a0
portfolio \u00a0
2024 \u00a0
2023 \u00a0
Holding as at 1 January \u00a0
-
435 \u00a0
435 \u00a0
521 \u00a0
Acquisition of own shares \u00a0
5,246 \u00a0
26,957 \u00a0
32,203 \u00a0
23,030 \u00a0
Sale of own shares \u00a0
-
26,799 \u00a0
26,799 \u00a0
23,082 \u00a0
Value adjustment \u00a0
50 \u00a0
-110 \u00a0
-60 \u00a0
-33 \u00a0
Holding as at 31 December \u00a0
5,295 \u00a0
483 \u00a0
5,778 \u00a0
435 \u00a0
All holdings of own shares at the end of 2023 were in the Group\u2019s trading portfolio. \u00a0
Holdings of own shares disclosed above are those held in the Group\u2019s trading portfolio and those repurchased as part of the Group\u2019s share buy- \u00a0
back programme. In addition, the Group holds DKK 1,535 million of own shares on behalf of customers which are not deducted from equity, \u00a0
comprising DKK 258 million of own shares in Assets under pooled schemes, DKK 65 million of own shares in Assets under investment \u00a0
contracts, and DKK 1,212 million of own shares in Insurance assets. Details on acquisitions and sales of own shares that are not deducted from \u00a0
equity are presented under Statement of Capital of Danske Bank A/S. \u00a0
The Board of Directors is authorised to let Danske Bank A/S acquire own shares up to a total nominal amount of 10% of the share capital. The \u00a0
shares maybe held for ownership or provided as collateral. If shares are acquired for ownership, the acquisition price may not deviate by more \u00a0
than 10% from the price quoted at the time of acquisition. Danske Bank A/S has obtained permission from the Danish Financial Supervisory \u00a0
Authority to acquire own shares for market-making purposes etc. and this amount is deducted from the Group\u2019s common equity tier 1 capital. \u00a0
G17. Assets and deposits under pooled schemes \u00a0
and investment contracts \u00a0
Assets and deposits under pooled schemes and investment contracts comprises contributions to pooled schemes and contracts defined as \u00a0
investment contracts. Assets include intra-group balances, which are eliminated. Consequently, the value of the line item Deposits under \u00a0
pooled schemes and investment contracts exceeds that of Assets under pooled schemes and investment contracts. \u00a0
Accounting policy \u00a0
Assets earmarked for customer savings are measured at fair value and recognised under Assets under pooled schemes and investment \u00a0
contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment contracts. These \u00a0
deposits are measured at the value of savings, corresponding to the fair value of the assets. \u00a0
The Group has elected not to deduct own shares from equity that are held on behalf of customers. Therefore total assets under pooled \u00a0
schemes and investment contracts includes these own shares that meet this criterion. \u00a0
Pooled schemes \u00a0
Investment contracts \u00a0
Total \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
(a) Assets \u00a0
Bonds \u00a0
13,204 \u00a0
16,992 \u00a0
5,834 \u00a0
6,024 \u00a0
19,038 \u00a0
23,016 \u00a0
Shares \u00a0
10,910 \u00a0
14,676 \u00a0
14,441 \u00a0
11,146 \u00a0
25,351 \u00a0
25,822 \u00a0
Unit trust certificates \u00a0
25,639 \u00a0
16,434 \u00a0
2,520 \u00a0
2,564 \u00a0
28,159 \u00a0
18,998 \u00a0
Other \u00a0
55 \u00a0
38 \u00a0
4,005 \u00a0
3,379 \u00a0
4,060 \u00a0
3,417 \u00a0
Total \u00a0
49,808 \u00a0
48,140 \u00a0
26,800 \u00a0
23,113 \u00a0
76,608 \u00a0
71,253 \u00a0
including \u00a0
other intra-group balances \u00a0
434 \u00a0
263 \u00a0
-
90 \u00a0
434 \u00a0
353 \u00a0
Total assets recognised in balance sheet \u00a0
49,373 \u00a0
47,877 \u00a0
26,800 \u00a0
23,023 \u00a0
76,173 \u00a0
70,900 \u00a0
(b) Deposits \u00a0
49,808 \u00a0
48,140 \u00a0
26,800 \u00a0
23,113 \u00a0
76,608 \u00a0
71,253 \u00a0
Assets under pooled schemes include DKK 258 million of own shares that are not eliminated (2023: DKK 198 million). Assets under investment \u00a0
contracts include DKK 65 million of own shares that are not eliminated (2023: DKK 60 million). \u00a0
(a) Insurance assets \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Due from credit institutions \u00a0
13,872 \u00a0
6,922 \u00a0
Investment securities \u00a0
509,309 \u00a0
468,312 \u00a0
Holdings in associates \u00a0
11,873 \u00a0
11,612 \u00a0
Investment property \u00a0
23,757 \u00a0
21,716 \u00a0
Reinsurance contract assets \u00a0
204 \u00a0
213 \u00a0
Other assets \u00a0
8,258 \u00a0
9,780 \u00a0
Total \u00a0
567,273 \u00a0
518,555 \u00a0
including \u00a0
own bonds \u00a0
5,437 \u00a0
5,984 \u00a0
other intra-group balances \u00a0
12,924 \u00a0
16,540 \u00a0
Total assets under insurance contracts \u00a0
548,912 \u00a0
496,031 \u00a0
Insurance assets include DKK 26,341 million of own bonds that are not eliminated (2023: DKK 27,794 million) and DKK 1,147 million of own \u00a0
shares that are not eliminated (2023: DKK 1,040 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1456": { "value": "
Dividend \u00a0
Dividend for 2024 of a total of DKK 28.70 per share consists of a dividend of DKK 7.50 per share paid in connection with the Interim report - first \u00a0
half 2024 and a special dividend of DKK 6.50 paid in December 2024 following completion of the divestment of the personal customers \u00a0
business in Norway. It also includes a proposed dividend of DKK 9.35 per share for the second half of 2024 and a proposed extraordinary \u00a0
dividend of DKK 5.35 per share. The total dividend proposed by the Board of Directors of DKK 14.70 per share, totalling DKK 12,279 million net \u00a0
of dividends on own shares, will be paid out after the Annual General Meeting. \u00a0
G41. Highlights and ratios \u00a0
Highlights \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
2022* \u00a0
2021 \u00a0
2020 \u00a0
Highlights \u00a0
Net interest and fee income \u00a0
52,019 \u00a0
48,245 \u00a0
39,180 \u00a0
39,266 \u00a0
39,004 \u00a0
Value adjustments \u00a0
2,258 \u00a0
2,244 \u00a0
403 \u00a0
36,307 \u00a0
22,340 \u00a0
Staff costs and administrative expenses \u00a0
23,936 \u00a0
23,885 \u00a0
24,994 \u00a0
24,973 \u00a0
26,289 \u00a0
Provision for Estonia matter \u00a0
-
-
13,800 \u00a0
-
-
Loan impairment charges \u00a0
-543 \u00a0
262 \u00a0
1,502 \u00a0
141 \u00a0
7,089 \u00a0
Income from associates and group undertakings \u00a0
-257 \u00a0
-110 \u00a0
9
226 \u00a0
-93 \u00a0
Net profit \u00a0
23,629 \u00a0
21,262 \u00a0
-4,580 \u00a0
13,001 \u00a0
4,589 \u00a0
Loans \u00a0
1,996,684 \u00a0
1,849,819 \u00a0
2,009,953 \u00a0
2,051,903 \u00a0
2,047,930 \u00a0
Total equity \u00a0
175,687 \u00a0
175,739 \u00a0
160,278 \u00a0
175,997 \u00a0
168,679 \u00a0
Total assets \u00a0
3,716,042 \u00a0
3,729,292 \u00a0
3,746,059 \u00a0
3,981,082 \u00a0
4,109,231 \u00a0
* Comparative information has been restated, as described in notes G2(a) and G2(b). Comparatives prior to 2022 have not been restated. \u00a0
Ratios \u00a0
Ratios \u00a0
2024 \u00a0
2023* \u00a0
2022* \u00a0
2021 \u00a0
2020 \u00a0
Total capital ratio (%) \u00a0
22.4 \u00a0
23.1 \u00a0
22.1 \u00a0
22.4 \u00a0
23.0 \u00a0
Tier 1 capital ratio (%) \u00a0
19.1 \u00a0
20.5 \u00a0
19.6 \u00a0
20.0 \u00a0
20.5 \u00a0
Return on equity before tax (%) \u00a0
17.8 \u00a0
15.9 \u00a0
-1.0 \u00a0
9.6 \u00a0
3.7 \u00a0
Return on equity after tax (%) \u00a0
13.4 \u00a0
12.7 \u00a0
-2.7 \u00a0
7.5 \u00a0
2.7 \u00a0
Income/cost ratio (%) \u00a0
223.9 \u00a0
203.7 \u00a0
96.1 \u00a0
153.5 \u00a0
115.8 \u00a0
Interest rate risk (%) \u00a0
-0.4 \u00a0
-
0.3 \u00a0
-1.0 \u00a0
1.9 \u00a0
Foreign exchange position (%) \u00a0
1.2 \u00a0
1.9 \u00a0
4.6 \u00a0
1.9 \u00a0
23.4 \u00a0
Foreign exchange risk (%) \u00a0
-
-
-
-
-
Loans plus impairment charges as % of deposits \u00a0
164.5 \u00a0
150.0 \u00a0
157.6 \u00a0
153.7 \u00a0
149.1 \u00a0
Liquidity coverage ratio (%) \u00a0
167.4 \u00a0
170.4 \u00a0
151.0 \u00a0
163.7 \u00a0
153.5 \u00a0
Sum of large exposures as % of CET1 capital \u00a0
123.1 \u00a0
100.5 \u00a0
120.2 \u00a0
108.7 \u00a0
128.6 \u00a0
Impairment ratio (%) \u00a0
-
-
0.1 \u00a0
-
0.3 \u00a0
Growth in loans (%) \u00a0
0.1 \u00a0
-7.0 \u00a0
-2.0 \u00a0
-0.2 \u00a0
0.7 \u00a0
Loans as % of equity \u00a0
11.4 \u00a0
10.5 \u00a0
12.5 \u00a0
11.6 \u00a0
12.1 \u00a0
Return on assets (%) \u00a0
0.6 \u00a0
0.6 \u00a0
-0.1 \u00a0
0.3 \u00a0
0.1 \u00a0
Earnings per share (Nominal value DKK 100) \u00a0
27.9 \u00a0
24.8 \u00a0
-5.4 \u00a0
14.6 \u00a0
4.7 \u00a0
Book value per share (DKK) \u00a0
210.7 \u00a0
204.4 \u00a0
186.7 \u00a0
207.1 \u00a0
197.6 \u00a0
Dividend per share (DKK)** \u00a0
28.7 \u00a0
14.5 \u00a0
-
2.0 \u00a0
2.0 \u00a0
Share price end of period/earnings per share (DKK) \u00a0
7.3 \u00a0
7.3 \u00a0
-25.3 \u00a0
7.7 \u00a0
21.3 \u00a0
Share price end of period/book value per share (DKK) \u00a0
0.97 \u00a0
0.88 \u00a0
0.74 \u00a0
0.55 \u00a0
0.51 \u00a0
* Comparative information for 2023 and 2022 has been restated as described in note G2(a) and G2(b). Comparatives prior to 2022 have not been restated. \u00a0
** Total dividend for 2024 of DKK 28.70 per share, comprising a proposed dividend of DKK 9.35 per share for the second half of 2024 in addition to the dividend of \u00a0
DKK 7.50 per share paid in connection with the Interim report \u2013 first half 2024. It further consists of a proposed extraordinary dividend distribution of DKK 5.35 per \u00a0
share, complementing the special dividend of DKK 6.50 paid in December 2024 following completion of the divestment of the personal customer business in \u00a0
Norway. Dividend for 2023 of a total of DKK 14.50 per share consists of a proposed dividend of DKK 7.50 per share for the second half of 2023 and a dividend of DKK \u00a0
7.0 per share that was paid in connection with the interim report for the first half of 2023. \u00a0
The ratios and key figures are calculated in accordance with the requirements stipulated in the Danish FSA\u2019s Executive Order on Financial \u00a0
Reports for Credit Institutions and Investment Companies, etc. \u00a0
Dividend per share (DKK) \u00a0
The sum of dividends, extraordinary dividends and special dividends, divided by the number of \u00a0
shares outstanding. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1457": { "value": "
Earnings per share \u00a0
2024 \u00a0
2023 \u00a0
Net profit attributable to the shareholders of the parent company \u00a0
23,629 \u00a0
21,262 \u00a0
Number of shares issued at 1 January \u00a0
862,184,621 \u00a0
862,184,621 \u00a0
Average number of own shares held by the Group (including share buy-back programme) \u00a0
14,110,317 \u00a0
3,400,761 \u00a0
Average number of shares outstanding \u00a0
848,074,304 \u00a0
858,899,954 \u00a0
Number of dilutive shares issued for share-based payments \u00a0
1,656,061 \u00a0
1,143,355 \u00a0
Adjusted average number of shares outstanding after share capital reduction, including dilutive shares \u00a0
849,730,365 \u00a0
860,043,309 \u00a0
Earnings per share (DKK) \u00a0
27.9 \u00a0
24.8 \u00a0
Diluted earnings per share (DKK) \u00a0
27.8 \u00a0
24.7 \u00a0
The share capital consists of shares of a nominal value of DKK 10 each. All shares carry the same rights; there is thus only one class of shares. \u00a0
G41. Highlights and ratios \u00a0
Highlights \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
2022* \u00a0
2021 \u00a0
2020 \u00a0
Highlights \u00a0
Net interest and fee income \u00a0
52,019 \u00a0
48,245 \u00a0
39,180 \u00a0
39,266 \u00a0
39,004 \u00a0
Value adjustments \u00a0
2,258 \u00a0
2,244 \u00a0
403 \u00a0
36,307 \u00a0
22,340 \u00a0
Staff costs and administrative expenses \u00a0
23,936 \u00a0
23,885 \u00a0
24,994 \u00a0
24,973 \u00a0
26,289 \u00a0
Provision for Estonia matter \u00a0
-
-
13,800 \u00a0
-
-
Loan impairment charges \u00a0
-543 \u00a0
262 \u00a0
1,502 \u00a0
141 \u00a0
7,089 \u00a0
Income from associates and group undertakings \u00a0
-257 \u00a0
-110 \u00a0
9
226 \u00a0
-93 \u00a0
Net profit \u00a0
23,629 \u00a0
21,262 \u00a0
-4,580 \u00a0
13,001 \u00a0
4,589 \u00a0
Loans \u00a0
1,996,684 \u00a0
1,849,819 \u00a0
2,009,953 \u00a0
2,051,903 \u00a0
2,047,930 \u00a0
Total equity \u00a0
175,687 \u00a0
175,739 \u00a0
160,278 \u00a0
175,997 \u00a0
168,679 \u00a0
Total assets \u00a0
3,716,042 \u00a0
3,729,292 \u00a0
3,746,059 \u00a0
3,981,082 \u00a0
4,109,231 \u00a0
* Comparative information has been restated, as described in notes G2(a) and G2(b). Comparatives prior to 2022 have not been restated. \u00a0
Ratios \u00a0
Ratios \u00a0
2024 \u00a0
2023* \u00a0
2022* \u00a0
2021 \u00a0
2020 \u00a0
Total capital ratio (%) \u00a0
22.4 \u00a0
23.1 \u00a0
22.1 \u00a0
22.4 \u00a0
23.0 \u00a0
Tier 1 capital ratio (%) \u00a0
19.1 \u00a0
20.5 \u00a0
19.6 \u00a0
20.0 \u00a0
20.5 \u00a0
Return on equity before tax (%) \u00a0
17.8 \u00a0
15.9 \u00a0
-1.0 \u00a0
9.6 \u00a0
3.7 \u00a0
Return on equity after tax (%) \u00a0
13.4 \u00a0
12.7 \u00a0
-2.7 \u00a0
7.5 \u00a0
2.7 \u00a0
Income/cost ratio (%) \u00a0
223.9 \u00a0
203.7 \u00a0
96.1 \u00a0
153.5 \u00a0
115.8 \u00a0
Interest rate risk (%) \u00a0
-0.4 \u00a0
-
0.3 \u00a0
-1.0 \u00a0
1.9 \u00a0
Foreign exchange position (%) \u00a0
1.2 \u00a0
1.9 \u00a0
4.6 \u00a0
1.9 \u00a0
23.4 \u00a0
Foreign exchange risk (%) \u00a0
-
-
-
-
-
Loans plus impairment charges as % of deposits \u00a0
164.5 \u00a0
150.0 \u00a0
157.6 \u00a0
153.7 \u00a0
149.1 \u00a0
Liquidity coverage ratio (%) \u00a0
167.4 \u00a0
170.4 \u00a0
151.0 \u00a0
163.7 \u00a0
153.5 \u00a0
Sum of large exposures as % of CET1 capital \u00a0
123.1 \u00a0
100.5 \u00a0
120.2 \u00a0
108.7 \u00a0
128.6 \u00a0
Impairment ratio (%) \u00a0
-
-
0.1 \u00a0
-
0.3 \u00a0
Growth in loans (%) \u00a0
0.1 \u00a0
-7.0 \u00a0
-2.0 \u00a0
-0.2 \u00a0
0.7 \u00a0
Loans as % of equity \u00a0
11.4 \u00a0
10.5 \u00a0
12.5 \u00a0
11.6 \u00a0
12.1 \u00a0
Return on assets (%) \u00a0
0.6 \u00a0
0.6 \u00a0
-0.1 \u00a0
0.3 \u00a0
0.1 \u00a0
Earnings per share (Nominal value DKK 100) \u00a0
27.9 \u00a0
24.8 \u00a0
-5.4 \u00a0
14.6 \u00a0
4.7 \u00a0
Book value per share (DKK) \u00a0
210.7 \u00a0
204.4 \u00a0
186.7 \u00a0
207.1 \u00a0
197.6 \u00a0
Dividend per share (DKK)** \u00a0
28.7 \u00a0
14.5 \u00a0
-
2.0 \u00a0
2.0 \u00a0
Share price end of period/earnings per share (DKK) \u00a0
7.3 \u00a0
7.3 \u00a0
-25.3 \u00a0
7.7 \u00a0
21.3 \u00a0
Share price end of period/book value per share (DKK) \u00a0
0.97 \u00a0
0.88 \u00a0
0.74 \u00a0
0.55 \u00a0
0.51 \u00a0
* Comparative information for 2023 and 2022 has been restated as described in note G2(a) and G2(b). Comparatives prior to 2022 have not been restated. \u00a0
** Total dividend for 2024 of DKK 28.70 per share, comprising a proposed dividend of DKK 9.35 per share for the second half of 2024 in addition to the dividend of \u00a0
DKK 7.50 per share paid in connection with the Interim report \u2013 first half 2024. It further consists of a proposed extraordinary dividend distribution of DKK 5.35 per \u00a0
share, complementing the special dividend of DKK 6.50 paid in December 2024 following completion of the divestment of the personal customer business in \u00a0
Norway. Dividend for 2023 of a total of DKK 14.50 per share consists of a proposed dividend of DKK 7.50 per share for the second half of 2023 and a dividend of DKK \u00a0
7.0 per share that was paid in connection with the interim report for the first half of 2023. \u00a0
The ratios and key figures are calculated in accordance with the requirements stipulated in the Danish FSA\u2019s Executive Order on Financial \u00a0
Reports for Credit Institutions and Investment Companies, etc. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1022": { "value": "31212000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1068": { "value": "10335000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1069": { "value": "700000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1127": { 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"2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1087": { "value": "11392000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfSubordinatedLiabilities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1088": { "value": "28338000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:IssueOfNonPreferredSeniorBonds", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1089": { "value": "35702000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:RedemptionOfNonPreferedSeniorBonds", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1090": { "value": "18207000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1091": { "value": "5246000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:ShareBuyBackProgramme", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1182": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfSubordinatedLiabilities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1183": { "value": "0.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:RepaymentsOfSubordinatedLiabilities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1184": { "value": "22425000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:IssueOfNonPreferredSeniorBonds", "entity": 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}, "fact1276": { "value": "365609000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-02T00:00:00", "unit": "iso4217:DKK" } }, "fact1094": { "value": "1871000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1189": { "value": "-7887000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1368": { "value": "232531000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-02T00:00:00", "unit": "iso4217:DKK" } }, "fact1190": { "value": 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"unit": "iso4217:DKK" } }, "fact1079": { "value": "13109000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1080": { "value": "-92469000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1175": { "value": "-18036000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1176": { "value": "141500000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": 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"fact1267": { "value": "6419000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:CashInHand", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1268": { "value": "252737000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:CashAndDepositByCentralBanks", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1269": { "value": "106453000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:AmountsDueFromCreditInstitutionsAndCentralBanksWithinThreeMonths", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1266": { "value": "365609000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1081": { "value": "26000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:AcquisitionSaleOfBusiness", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1082": { "value": "1270000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1083": { "value": "984000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1177": { "value": "45000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:AcquisitionSaleOfBusiness", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1178": { "value": "540000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1179": { "value": "841000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1180": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1084": { "value": "-6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1085": { "value": "-2234000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1181": { "value": "-1329000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1476": { "value": "
(b) Significant accounting estimates and judgements \u00a0
The preparation of financial information requires, in some cases, the use of judgements and estimates by management. This includes \u00a0
judgements made when applying accounting policies. The most significant judgements made when applying accounting policies relate to the \u00a0
classification of financial assets and financial liabilities under IFRS 9, especially related to the business model assessment, and the solely \u00a0
payments of principal and interest (SPPI) test (further explained in note G15) and the designation of financial liabilities at fair value through \u00a0
profit or loss to eliminate or significantly reduce an accounting mismatch (further explained in note G16). An overview of the classification and \u00a0
measurement basis for financial instruments can be found in section (c) of this note. \u00a0
Further, the determination of the carrying amounts of some assets and liabilities requires the estimation of the effects of uncertain future \u00a0
events on those assets and liabilities. The estimates are based on premises that management finds reasonable but which are inherently \u00a0
uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and other parties may arrive \u00a0
at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and judgement involved in the recognition and \u00a0
measurement of the items listed below, it is possible that the outcomes in the next financial year could differ from those on which \u00a0
management\u2019s estimates are based. \u00a0
Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised cost or fair \u00a0
value through Other comprehensive income \u00a0
The three-stage expected credit loss impairment model in IFRS 9 depends on whether the credit risk has increased significantly since initial \u00a0
recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from default \u00a0
events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more than 30 days past \u00a0
due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit losses (stages 2 and 3). In \u00a0
determining the impairment for expected credit losses, management exercises judgement and uses estimates and assumptions as explained \u00a0
below. \u00a0
The expected credit loss is calculated for all individual facilities as a function of probability of default (PD), exposure at default (EAD) and loss \u00a0
given default (LGD) and incorporates forward-looking information. The estimation of expected credit losses involves forecasting future \u00a0
economic conditions over a number of years. Such forecasts are subject to management judgement and those judgements may be sources of \u00a0
measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying amount in future periods. The \u00a0
incorporation of forward-looking elements reflects the expectations of the Group\u2019s senior management and involves the creation of scenarios \u00a0
(base case, upside and downside), including an assessment of the probability for each scenario. The purpose of using multiple scenarios is to \u00a0
model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. \u00a0
The base case scenario enters with a probability of 60 % (2023: 60%), the upside scenario with a probability of 20 % (2023: 20%) and the \u00a0
downside scenario with a probability of 20 % (2023: 20%). On the basis of these assessments, the allowance account at the end of 2024 \u00a0
amounted to DKK 19.9 billion (2023: DKK 20.1. billion). If the base case scenario was assigned a probability of 100%, the allowance account \u00a0
would decrease DKK 2.5 billion (2023: 2.0 billion). Compared to the base case scenario, the allowance account would increase DKK 12.9 billion \u00a0
(2023: DKK 10.2 billion), if the downside scenario was assigned a probability of 100%. The increase reflects primarily the transfer of exposures \u00a0
from stage 1 to stage 2 and increased expected credit losses within stage 2. If instead the upside scenario was assigned a probability of 100%, \u00a0
the allowance account would decrease DKK 0.2 billion (2023: DKK 0.2 billion) compared to the base case scenario. \u00a0
In determining the expected credit losses, management is required to exercise judgement in defining what is considered a significant increase \u00a0
in credit risk. According to the Group\u2019s definition of a significant increase in credit risk, i.e. when a loan is transferred from stage 1 to stage 2, \u00a0
facilities with an initial PD below 1% are transferred to stage 2 if the facility\u2019s 12-month PD has increased by at least 0.5 of a percentage point \u00a0
and the facility\u2019s lifetime PD has doubled since origination. The allowance account is relatively stable in terms of changes to the definition of \u00a0
significant increase in credit risk. At the end of 2024, the allowance account would increase by DKK 0.1 billion (2023: DKK 0.3 billion), if instead \u00a0
an increase in the facility\u2019s 12-month PD by at least 0.25 of a percentage point combined with a doubling of the lifetime PD was considered a \u00a0
significant increase in credit risk. \u00a0
G1. Material accounting policies andestimates - continued \u00a0
Management applies judgement when determining the need for post-model adjustments. At the end of 2024, the post-model adjustments \u00a0
amounted to DKK 5.9 billion (2023: DKK 6.7 billion). They mainly cover the macroeconomic and geopolitical uncertainties. Further information \u00a0
on the types of risks covered by post-model adjustments and the allocation of post-model adjustments to the underlying exposures can be \u00a0
found in the section Forward-looking information in note G40. \u00a0
Loan impairment charges for 2024 amounted to a net reversal of DKK 543 million (2023: DKK 262 million).\u00a0Impairment reversals were driven \u00a0
by robust credit quality and a reduction of post-model adjustments. \u00a0
The applied macroeconomic scenarios in 2024 differ from those used at 31 December 2023. The downside scenario continues to capture the \u00a0
severe recession scenario with high interest rates (reflecting a stagflation scenario) applied in the Group\u2019s Internal Capital Adequacy \u00a0
Assessment Process (ICAAP) processes and is similar in nature to regulatory stress tests. The severe recession scenario reflects negative \u00a0
growth, higher interest rates, and falling property prices for a longer period. The use of the downside scenario has been made to better capture \u00a0
the increasing risk from high interest rates and high inflation, and in order for the ECL calculation to include potential downside risks due to the \u00a0
elevated asset prices across the Nordics. \u00a0
Except as described above, all other policies and principles remain in place. Staging criteria are unchanged, including the 30 days past due \u00a0
criteria and PD-based criteria for transfer to stage 2. \u00a0
Sustainability risk \u00a0
The Group defines sustainability risk as the risk of a significant negative effect on the Group\u2019s performance \u2013 including financial and \u00a0
reputational effects \u2013 due to current or future environmental, social and governance (ESG) events or conditions. Sustainability risk is therefore \u00a0
considered a cross-cutting driver of existing risks as outlined in the Group\u2019s risk taxonomy, which can further exacerbate the risks the Group is \u00a0
already facing. The Group may be exposed to sustainability risk through its own operations and strategic commitments and from the activities \u00a0
of its various counter parties upstream and downstream in the value chain. \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability drivers in the long term, of which climate risk is currently the \u00a0
most urgent of all ESG-related drivers capable of affecting the Group\u2019s credit risk. In terms of risks arising from financial instruments, climate- \u00a0
related risks have been deemed most relevant for the Group\u2019s lending activities. Climate risk pertains to transition risks, which are the risks \u00a0
associated with shifting to a low-carbon economy, and to physical risks arising from projected climate changes, including both long-term shifts \u00a0
(chronic changes) and event-driven changes (acute changes) to weather patterns. Credit risk will be affected by both of these climate-related \u00a0
risks in the medium and long term, and efforts are being made to obtain improved climate data to refine the long- term view of climate risk \u00a0
across sectors. \u00a0
The Group takes a risk-based approach in prioritising risk management efforts for credit portfolios that are likely to be most exposed to \u00a0
transition and physical risks. For that purpose, the Group applies a mix of qualitative and quantitative input to define the credit exposures most \u00a0
exposed to transition and physical risks. \u00a0
High transition-risk exposures are identified using a mix of insights, including financed emissions estimates, findings from conducting climate \u00a0
scenario analysis as well as qualitative judgment to account for, e.g., credible transition plans, potential future technology and demand risks to \u00a0
a given sector. Most of the emissions are attributable to only a few sectors, e.g. agriculture, shipping, and oil and gas. The Group actively \u00a0
monitors and manages these sectors at both customer and portfolio levels. For instance, this is evidenced by the decline in the oil and gas \u00a0
portfolio in recent years. From the assessment of customers subject to high transition risk, the exposure to the lagging transition category \u00a0
remains limited and are monitored and managed on an ongoing basis. \u00a0
The Group performs quantitative climate scenario analyses, including bottom-up climate stress tests to assess the effects of both physical and \u00a0
transition climate-related risks over short-, medium- and long-term horizons. In relation to transition risks, the Group has analysed scenarios \u00a0
for carbon taxes as a key driver for this transition in different sectors e.g. the introduction of a carbon tax by the Danish government on the \u00a0
Danish Agricultural Sector and on the commercial real estate sector in view of the EU\u2019s Energy Performance of Buildings Directive. \u00a0
Stress tests related to physical risks focus on collateral-related exposures based on expected loss calculations related to river and coastal \u00a0
flooding. The Group had identified flooding risk (river and coastal flooding) as the key physical hazard applicable to the portfolio on the basis of \u00a0
the report on high confidence of hazard increase in Northern Europe issued by the Intergovernmental Panel on Climate Change. The current \u00a0
analyses on flooding risk focus on residential and commercial property and the risk is assessed to be limited. \u00a0
The Group will continue to refine its assessment methodology as more climate risk data becomes available to support the identification of \u00a0
both transition and physical risks for the purpose of determining financial significance, however, conclusions have not led to adjustments to \u00a0
staging or modelled expected credit losses, as the impacts either manifest over a longer time period than loan maturities, or as transition risks \u00a0
are concentrated on a few sectors with downside risks already recognised in the Group\u2019s modelled expected credit losses. Both transition and \u00a0
physical risks are either managed through risk tolerances or strategic targets, or already have post model adjustments allocated covering the \u00a0
climate related risks. \u00a0
For more detail on Sustainability risk, see note G40. \u00a0
Fair value measurement of financial instruments \u00a0
At the end of 2024, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The majority of \u00a0
valuation techniques continues to employ only observable market data, and there has been no significant increase in financial instruments \u00a0
measured on the basis of valuation techniques that are based on one or more significant unobservable inputs. The latter continues to include \u00a0
only unlisted shares, certain bonds and some long-dated derivatives for which there is no active market. On the derivatives portfolio, the Group \u00a0
makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover expected funding costs (FVA and ColVA) on derivatives, \u00a0
bid-offer spreads on the net open position of the portfolio of assets and liabilities with offsetting market risk recognised at mid-market prices, \u00a0
and model risk on level 3 derivatives.\u00a0FVA is calculated including both funding cost and funding benefit. At 31 December 2024, the \u00a0
adjustments totalled DKK 0.3 billion (2023: DKK 0.4 billion), including the adjustment for credit risk on derivatives that are credit impaired. Note \u00a0
G33(a) provides more details on the fair value measurement of financial instruments. \u00a0
The Group uses derivatives to hedge the fixed interest rate on some financial assets and liabilities, thus converting the fixed interest rates on \u00a0
the financial instruments to variable interest rates by the use of swaps. \u00a0
Measurement of goodwill \u00a0
Goodwill is tested for impairment once a year or more frequently if indications of impairment exist. Impairment testing requires management \u00a0
to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including discount rates, changes in \u00a0
the economic outlook, customer behaviour and competition. As at 31 December 2024, goodwill amounted to DKK 4.4 billion (31 December \u00a0
2023: DKK 4.4 billion). \u00a0
At each reporting date, management performs an impairment review to assess whether there are indications that goodwill might be impaired. \u00a0
This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under management, \u00a0
major restructurings, macroeconomic developments etc. The impairment test conducted in 2024 did not reveal any impairment loss. \u00a0
G1. Material accounting policies andestimates - continued \u00a0
Goodwill mainly consists of DKK 2.1 billion (2023: DKK 2.1 billion) in Markets, DKK 1.8 billion (2023: DKK 1.8 billion) in Asset Management and \u00a0
DKK 0.5 billion (2023: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & Institutions) showing significant \u00a0
amounts of excess value in the impairment tests in 2024 and 2023. \u00a0
Note G19 provides more information about the impairment test in 2024 and 2023 including sensitivity to changes in assumptions. \u00a0
Measurement of insurance contract liabilities (part of Insurance liabilities) \u00a0
Liabilities under insurance contracts are measured using either the General Measurement Model (GMM), Variable Fee Approach (VFA) or \u00a0
Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of future \u00a0
cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for non-financial \u00a0
risk, and a contractual service margin (CSM). \u00a0
Estimates of future cash flows include actuarial computations that rely on estimates of a number of variables such as mortality rates and \u00a0
disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the Group\u2019s own \u00a0
portfolio of insurance contracts. \u00a0
The discount rate is fixed on the basis of a zero-coupon yield curve, which is adjusted by a currency and credit risk deduction and a volatility \u00a0
adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European Insurance and \u00a0
Occupational Pension Authority (EIOPA) discount yield curve, as shown below:. \u00a0
DKK \u00a0
1 year \u00a0
5 years \u00a0
10 years \u00a0
20 years \u00a0
30 years \u00a0
2024 \u00a0
2.33 \u00a0
2.35 \u00a0
2.46 \u00a0
2.44 \u00a0
2.54 \u00a0
2023 \u00a0
3.26 \u00a0
2.55 \u00a0
2.63 \u00a0
2.63 \u00a0
2.73 \u00a0
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial assumptions, \u00a0
such as mortality rates and longevity. \u00a0
The confidence level used to determine the risk adjustment is at least 85%. \u00a0
For insurance contracts measured using VFA, CSM is calculated on the basis of stochastic models, whereas a deterministic model is used for \u00a0
life insurance contracts measured using GMM. \u00a0
For health and accident insurance contracts, the loss element includes expectations about mortality, reactivation, reinstatement and \u00a0
repurchase, as well as expected costs offset by premiums not yet due. Risk adjustment for non-financial risk is calculated based on a safety \u00a0
margin on applied actuarial assumptions. The confidence level used to determine the risk adjustment is at least 85%. \u00a0
Note G18 provides further information on the measurement of insurance liabilities. Note G40 contains a sensitivity analysis for life insurance. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1477": { "value": "
(b) Significant accounting estimates and judgements \u00a0
The preparation of financial information requires, in some cases, the use of judgements and estimates by management. This includes \u00a0
judgements made when applying accounting policies. The most significant judgements made when applying accounting policies relate to the \u00a0
classification of financial assets and financial liabilities under IFRS 9, especially related to the business model assessment, and the solely \u00a0
payments of principal and interest (SPPI) test (further explained in note G15) and the designation of financial liabilities at fair value through \u00a0
profit or loss to eliminate or significantly reduce an accounting mismatch (further explained in note G16). An overview of the classification and \u00a0
measurement basis for financial instruments can be found in section (c) of this note. \u00a0
Further, the determination of the carrying amounts of some assets and liabilities requires the estimation of the effects of uncertain future \u00a0
events on those assets and liabilities. The estimates are based on premises that management finds reasonable but which are inherently \u00a0
uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and other parties may arrive \u00a0
at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and judgement involved in the recognition and \u00a0
measurement of the items listed below, it is possible that the outcomes in the next financial year could differ from those on which \u00a0
management\u2019s estimates are based. \u00a0
Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised cost or fair \u00a0
value through Other comprehensive income \u00a0
The three-stage expected credit loss impairment model in IFRS 9 depends on whether the credit risk has increased significantly since initial \u00a0
recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from default \u00a0
events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more than 30 days past \u00a0
due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit losses (stages 2 and 3). In \u00a0
determining the impairment for expected credit losses, management exercises judgement and uses estimates and assumptions as explained \u00a0
below. \u00a0
The expected credit loss is calculated for all individual facilities as a function of probability of default (PD), exposure at default (EAD) and loss \u00a0
given default (LGD) and incorporates forward-looking information. The estimation of expected credit losses involves forecasting future \u00a0
economic conditions over a number of years. Such forecasts are subject to management judgement and those judgements may be sources of \u00a0
measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying amount in future periods. The \u00a0
incorporation of forward-looking elements reflects the expectations of the Group\u2019s senior management and involves the creation of scenarios \u00a0
(base case, upside and downside), including an assessment of the probability for each scenario. The purpose of using multiple scenarios is to \u00a0
model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. \u00a0
The base case scenario enters with a probability of 60 % (2023: 60%), the upside scenario with a probability of 20 % (2023: 20%) and the \u00a0
downside scenario with a probability of 20 % (2023: 20%). On the basis of these assessments, the allowance account at the end of 2024 \u00a0
amounted to DKK 19.9 billion (2023: DKK 20.1. billion). If the base case scenario was assigned a probability of 100%, the allowance account \u00a0
would decrease DKK 2.5 billion (2023: 2.0 billion). Compared to the base case scenario, the allowance account would increase DKK 12.9 billion \u00a0
(2023: DKK 10.2 billion), if the downside scenario was assigned a probability of 100%. The increase reflects primarily the transfer of exposures \u00a0
from stage 1 to stage 2 and increased expected credit losses within stage 2. If instead the upside scenario was assigned a probability of 100%, \u00a0
the allowance account would decrease DKK 0.2 billion (2023: DKK 0.2 billion) compared to the base case scenario. \u00a0
In determining the expected credit losses, management is required to exercise judgement in defining what is considered a significant increase \u00a0
in credit risk. According to the Group\u2019s definition of a significant increase in credit risk, i.e. when a loan is transferred from stage 1 to stage 2, \u00a0
facilities with an initial PD below 1% are transferred to stage 2 if the facility\u2019s 12-month PD has increased by at least 0.5 of a percentage point \u00a0
and the facility\u2019s lifetime PD has doubled since origination. The allowance account is relatively stable in terms of changes to the definition of \u00a0
significant increase in credit risk. At the end of 2024, the allowance account would increase by DKK 0.1 billion (2023: DKK 0.3 billion), if instead \u00a0
an increase in the facility\u2019s 12-month PD by at least 0.25 of a percentage point combined with a doubling of the lifetime PD was considered a \u00a0
significant increase in credit risk. \u00a0
G1. Material accounting policies andestimates - continued \u00a0
Management applies judgement when determining the need for post-model adjustments. At the end of 2024, the post-model adjustments \u00a0
amounted to DKK 5.9 billion (2023: DKK 6.7 billion). They mainly cover the macroeconomic and geopolitical uncertainties. Further information \u00a0
on the types of risks covered by post-model adjustments and the allocation of post-model adjustments to the underlying exposures can be \u00a0
found in the section Forward-looking information in note G40. \u00a0
Loan impairment charges for 2024 amounted to a net reversal of DKK 543 million (2023: DKK 262 million).\u00a0Impairment reversals were driven \u00a0
by robust credit quality and a reduction of post-model adjustments. \u00a0
The applied macroeconomic scenarios in 2024 differ from those used at 31 December 2023. The downside scenario continues to capture the \u00a0
severe recession scenario with high interest rates (reflecting a stagflation scenario) applied in the Group\u2019s Internal Capital Adequacy \u00a0
Assessment Process (ICAAP) processes and is similar in nature to regulatory stress tests. The severe recession scenario reflects negative \u00a0
growth, higher interest rates, and falling property prices for a longer period. The use of the downside scenario has been made to better capture \u00a0
the increasing risk from high interest rates and high inflation, and in order for the ECL calculation to include potential downside risks due to the \u00a0
elevated asset prices across the Nordics. \u00a0
Except as described above, all other policies and principles remain in place. Staging criteria are unchanged, including the 30 days past due \u00a0
criteria and PD-based criteria for transfer to stage 2. \u00a0
Sustainability risk \u00a0
The Group defines sustainability risk as the risk of a significant negative effect on the Group\u2019s performance \u2013 including financial and \u00a0
reputational effects \u2013 due to current or future environmental, social and governance (ESG) events or conditions. Sustainability risk is therefore \u00a0
considered a cross-cutting driver of existing risks as outlined in the Group\u2019s risk taxonomy, which can further exacerbate the risks the Group is \u00a0
already facing. The Group may be exposed to sustainability risk through its own operations and strategic commitments and from the activities \u00a0
of its various counter parties upstream and downstream in the value chain. \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability drivers in the long term, of which climate risk is currently the \u00a0
most urgent of all ESG-related drivers capable of affecting the Group\u2019s credit risk. In terms of risks arising from financial instruments, climate- \u00a0
related risks have been deemed most relevant for the Group\u2019s lending activities. Climate risk pertains to transition risks, which are the risks \u00a0
associated with shifting to a low-carbon economy, and to physical risks arising from projected climate changes, including both long-term shifts \u00a0
(chronic changes) and event-driven changes (acute changes) to weather patterns. Credit risk will be affected by both of these climate-related \u00a0
risks in the medium and long term, and efforts are being made to obtain improved climate data to refine the long- term view of climate risk \u00a0
across sectors. \u00a0
The Group takes a risk-based approach in prioritising risk management efforts for credit portfolios that are likely to be most exposed to \u00a0
transition and physical risks. For that purpose, the Group applies a mix of qualitative and quantitative input to define the credit exposures most \u00a0
exposed to transition and physical risks. \u00a0
High transition-risk exposures are identified using a mix of insights, including financed emissions estimates, findings from conducting climate \u00a0
scenario analysis as well as qualitative judgment to account for, e.g., credible transition plans, potential future technology and demand risks to \u00a0
a given sector. Most of the emissions are attributable to only a few sectors, e.g. agriculture, shipping, and oil and gas. The Group actively \u00a0
monitors and manages these sectors at both customer and portfolio levels. For instance, this is evidenced by the decline in the oil and gas \u00a0
portfolio in recent years. From the assessment of customers subject to high transition risk, the exposure to the lagging transition category \u00a0
remains limited and are monitored and managed on an ongoing basis. \u00a0
The Group performs quantitative climate scenario analyses, including bottom-up climate stress tests to assess the effects of both physical and \u00a0
transition climate-related risks over short-, medium- and long-term horizons. In relation to transition risks, the Group has analysed scenarios \u00a0
for carbon taxes as a key driver for this transition in different sectors e.g. the introduction of a carbon tax by the Danish government on the \u00a0
Danish Agricultural Sector and on the commercial real estate sector in view of the EU\u2019s Energy Performance of Buildings Directive. \u00a0
Stress tests related to physical risks focus on collateral-related exposures based on expected loss calculations related to river and coastal \u00a0
flooding. The Group had identified flooding risk (river and coastal flooding) as the key physical hazard applicable to the portfolio on the basis of \u00a0
the report on high confidence of hazard increase in Northern Europe issued by the Intergovernmental Panel on Climate Change. The current \u00a0
analyses on flooding risk focus on residential and commercial property and the risk is assessed to be limited. \u00a0
The Group will continue to refine its assessment methodology as more climate risk data becomes available to support the identification of \u00a0
both transition and physical risks for the purpose of determining financial significance, however, conclusions have not led to adjustments to \u00a0
staging or modelled expected credit losses, as the impacts either manifest over a longer time period than loan maturities, or as transition risks \u00a0
are concentrated on a few sectors with downside risks already recognised in the Group\u2019s modelled expected credit losses. Both transition and \u00a0
physical risks are either managed through risk tolerances or strategic targets, or already have post model adjustments allocated covering the \u00a0
climate related risks. \u00a0
For more detail on Sustainability risk, see note G40. \u00a0
Fair value measurement of financial instruments \u00a0
At the end of 2024, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The majority of \u00a0
valuation techniques continues to employ only observable market data, and there has been no significant increase in financial instruments \u00a0
measured on the basis of valuation techniques that are based on one or more significant unobservable inputs. The latter continues to include \u00a0
only unlisted shares, certain bonds and some long-dated derivatives for which there is no active market. On the derivatives portfolio, the Group \u00a0
makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover expected funding costs (FVA and ColVA) on derivatives, \u00a0
bid-offer spreads on the net open position of the portfolio of assets and liabilities with offsetting market risk recognised at mid-market prices, \u00a0
and model risk on level 3 derivatives.\u00a0FVA is calculated including both funding cost and funding benefit. At 31 December 2024, the \u00a0
adjustments totalled DKK 0.3 billion (2023: DKK 0.4 billion), including the adjustment for credit risk on derivatives that are credit impaired. Note \u00a0
G33(a) provides more details on the fair value measurement of financial instruments. \u00a0
The Group uses derivatives to hedge the fixed interest rate on some financial assets and liabilities, thus converting the fixed interest rates on \u00a0
the financial instruments to variable interest rates by the use of swaps. \u00a0
Measurement of goodwill \u00a0
Goodwill is tested for impairment once a year or more frequently if indications of impairment exist. Impairment testing requires management \u00a0
to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including discount rates, changes in \u00a0
the economic outlook, customer behaviour and competition. As at 31 December 2024, goodwill amounted to DKK 4.4 billion (31 December \u00a0
2023: DKK 4.4 billion). \u00a0
At each reporting date, management performs an impairment review to assess whether there are indications that goodwill might be impaired. \u00a0
This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under management, \u00a0
major restructurings, macroeconomic developments etc. The impairment test conducted in 2024 did not reveal any impairment loss. \u00a0
G1. Material accounting policies andestimates - continued \u00a0
Goodwill mainly consists of DKK 2.1 billion (2023: DKK 2.1 billion) in Markets, DKK 1.8 billion (2023: DKK 1.8 billion) in Asset Management and \u00a0
DKK 0.5 billion (2023: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & Institutions) showing significant \u00a0
amounts of excess value in the impairment tests in 2024 and 2023. \u00a0
Note G19 provides more information about the impairment test in 2024 and 2023 including sensitivity to changes in assumptions. \u00a0
Measurement of insurance contract liabilities (part of Insurance liabilities) \u00a0
Liabilities under insurance contracts are measured using either the General Measurement Model (GMM), Variable Fee Approach (VFA) or \u00a0
Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of future \u00a0
cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for non-financial \u00a0
risk, and a contractual service margin (CSM). \u00a0
Estimates of future cash flows include actuarial computations that rely on estimates of a number of variables such as mortality rates and \u00a0
disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the Group\u2019s own \u00a0
portfolio of insurance contracts. \u00a0
The discount rate is fixed on the basis of a zero-coupon yield curve, which is adjusted by a currency and credit risk deduction and a volatility \u00a0
adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European Insurance and \u00a0
Occupational Pension Authority (EIOPA) discount yield curve, as shown below:. \u00a0
DKK \u00a0
1 year \u00a0
5 years \u00a0
10 years \u00a0
20 years \u00a0
30 years \u00a0
2024 \u00a0
2.33 \u00a0
2.35 \u00a0
2.46 \u00a0
2.44 \u00a0
2.54 \u00a0
2023 \u00a0
3.26 \u00a0
2.55 \u00a0
2.63 \u00a0
2.63 \u00a0
2.73 \u00a0
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial assumptions, \u00a0
such as mortality rates and longevity. \u00a0
The confidence level used to determine the risk adjustment is at least 85%. \u00a0
For insurance contracts measured using VFA, CSM is calculated on the basis of stochastic models, whereas a deterministic model is used for \u00a0
life insurance contracts measured using GMM. \u00a0
For health and accident insurance contracts, the loss element includes expectations about mortality, reactivation, reinstatement and \u00a0
repurchase, as well as expected costs offset by premiums not yet due. Risk adjustment for non-financial risk is calculated based on a safety \u00a0
margin on applied actuarial assumptions. The confidence level used to determine the risk adjustment is at least 85%. \u00a0
Note G18 provides further information on the measurement of insurance liabilities. Note G40 contains a sensitivity analysis for life insurance. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1525": { "value": "
(b) Significant accounting estimates and judgements \u00a0
The preparation of financial information requires, in some cases, the use of judgements and estimates by management. This includes \u00a0
judgements made when applying accounting policies. The most significant judgements made when applying accounting policies relate to the \u00a0
classification of financial assets and financial liabilities under IFRS 9, especially related to the business model assessment, and the solely \u00a0
payments of principal and interest (SPPI) test (further explained in note G15) and the designation of financial liabilities at fair value through \u00a0
profit or loss to eliminate or significantly reduce an accounting mismatch (further explained in note G16). An overview of the classification and \u00a0
measurement basis for financial instruments can be found in section (c) of this note. \u00a0
Further, the determination of the carrying amounts of some assets and liabilities requires the estimation of the effects of uncertain future \u00a0
events on those assets and liabilities. The estimates are based on premises that management finds reasonable but which are inherently \u00a0
uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and other parties may arrive \u00a0
at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and judgement involved in the recognition and \u00a0
measurement of the items listed below, it is possible that the outcomes in the next financial year could differ from those on which \u00a0
management\u2019s estimates are based. \u00a0
Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised cost or fair \u00a0
value through Other comprehensive income \u00a0
The three-stage expected credit loss impairment model in IFRS 9 depends on whether the credit risk has increased significantly since initial \u00a0
recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from default \u00a0
events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more than 30 days past \u00a0
due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit losses (stages 2 and 3). In \u00a0
determining the impairment for expected credit losses, management exercises judgement and uses estimates and assumptions as explained \u00a0
below. \u00a0
The expected credit loss is calculated for all individual facilities as a function of probability of default (PD), exposure at default (EAD) and loss \u00a0
given default (LGD) and incorporates forward-looking information. The estimation of expected credit losses involves forecasting future \u00a0
economic conditions over a number of years. Such forecasts are subject to management judgement and those judgements may be sources of \u00a0
measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying amount in future periods. The \u00a0
incorporation of forward-looking elements reflects the expectations of the Group\u2019s senior management and involves the creation of scenarios \u00a0
(base case, upside and downside), including an assessment of the probability for each scenario. The purpose of using multiple scenarios is to \u00a0
model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. \u00a0
The base case scenario enters with a probability of 60 % (2023: 60%), the upside scenario with a probability of 20 % (2023: 20%) and the \u00a0
downside scenario with a probability of 20 % (2023: 20%). On the basis of these assessments, the allowance account at the end of 2024 \u00a0
amounted to DKK 19.9 billion (2023: DKK 20.1. billion). If the base case scenario was assigned a probability of 100%, the allowance account \u00a0
would decrease DKK 2.5 billion (2023: 2.0 billion). Compared to the base case scenario, the allowance account would increase DKK 12.9 billion \u00a0
(2023: DKK 10.2 billion), if the downside scenario was assigned a probability of 100%. The increase reflects primarily the transfer of exposures \u00a0
from stage 1 to stage 2 and increased expected credit losses within stage 2. If instead the upside scenario was assigned a probability of 100%, \u00a0
the allowance account would decrease DKK 0.2 billion (2023: DKK 0.2 billion) compared to the base case scenario. \u00a0
In determining the expected credit losses, management is required to exercise judgement in defining what is considered a significant increase \u00a0
in credit risk. According to the Group\u2019s definition of a significant increase in credit risk, i.e. when a loan is transferred from stage 1 to stage 2, \u00a0
facilities with an initial PD below 1% are transferred to stage 2 if the facility\u2019s 12-month PD has increased by at least 0.5 of a percentage point \u00a0
and the facility\u2019s lifetime PD has doubled since origination. The allowance account is relatively stable in terms of changes to the definition of \u00a0
significant increase in credit risk. At the end of 2024, the allowance account would increase by DKK 0.1 billion (2023: DKK 0.3 billion), if instead \u00a0
an increase in the facility\u2019s 12-month PD by at least 0.25 of a percentage point combined with a doubling of the lifetime PD was considered a \u00a0
significant increase in credit risk. \u00a0
G1. Material accounting policies andestimates - continued \u00a0
Management applies judgement when determining the need for post-model adjustments. At the end of 2024, the post-model adjustments \u00a0
amounted to DKK 5.9 billion (2023: DKK 6.7 billion). They mainly cover the macroeconomic and geopolitical uncertainties. Further information \u00a0
on the types of risks covered by post-model adjustments and the allocation of post-model adjustments to the underlying exposures can be \u00a0
found in the section Forward-looking information in note G40. \u00a0
Loan impairment charges for 2024 amounted to a net reversal of DKK 543 million (2023: DKK 262 million).\u00a0Impairment reversals were driven \u00a0
by robust credit quality and a reduction of post-model adjustments. \u00a0
The applied macroeconomic scenarios in 2024 differ from those used at 31 December 2023. The downside scenario continues to capture the \u00a0
severe recession scenario with high interest rates (reflecting a stagflation scenario) applied in the Group\u2019s Internal Capital Adequacy \u00a0
Assessment Process (ICAAP) processes and is similar in nature to regulatory stress tests. The severe recession scenario reflects negative \u00a0
growth, higher interest rates, and falling property prices for a longer period. The use of the downside scenario has been made to better capture \u00a0
the increasing risk from high interest rates and high inflation, and in order for the ECL calculation to include potential downside risks due to the \u00a0
elevated asset prices across the Nordics. \u00a0
Except as described above, all other policies and principles remain in place. Staging criteria are unchanged, including the 30 days past due \u00a0
criteria and PD-based criteria for transfer to stage 2. \u00a0
Sustainability risk \u00a0
The Group defines sustainability risk as the risk of a significant negative effect on the Group\u2019s performance \u2013 including financial and \u00a0
reputational effects \u2013 due to current or future environmental, social and governance (ESG) events or conditions. Sustainability risk is therefore \u00a0
considered a cross-cutting driver of existing risks as outlined in the Group\u2019s risk taxonomy, which can further exacerbate the risks the Group is \u00a0
already facing. The Group may be exposed to sustainability risk through its own operations and strategic commitments and from the activities \u00a0
of its various counter parties upstream and downstream in the value chain. \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability drivers in the long term, of which climate risk is currently the \u00a0
most urgent of all ESG-related drivers capable of affecting the Group\u2019s credit risk. In terms of risks arising from financial instruments, climate- \u00a0
related risks have been deemed most relevant for the Group\u2019s lending activities. Climate risk pertains to transition risks, which are the risks \u00a0
associated with shifting to a low-carbon economy, and to physical risks arising from projected climate changes, including both long-term shifts \u00a0
(chronic changes) and event-driven changes (acute changes) to weather patterns. Credit risk will be affected by both of these climate-related \u00a0
risks in the medium and long term, and efforts are being made to obtain improved climate data to refine the long- term view of climate risk \u00a0
across sectors. \u00a0
The Group takes a risk-based approach in prioritising risk management efforts for credit portfolios that are likely to be most exposed to \u00a0
transition and physical risks. For that purpose, the Group applies a mix of qualitative and quantitative input to define the credit exposures most \u00a0
exposed to transition and physical risks. \u00a0
High transition-risk exposures are identified using a mix of insights, including financed emissions estimates, findings from conducting climate \u00a0
scenario analysis as well as qualitative judgment to account for, e.g., credible transition plans, potential future technology and demand risks to \u00a0
a given sector. Most of the emissions are attributable to only a few sectors, e.g. agriculture, shipping, and oil and gas. The Group actively \u00a0
monitors and manages these sectors at both customer and portfolio levels. For instance, this is evidenced by the decline in the oil and gas \u00a0
portfolio in recent years. From the assessment of customers subject to high transition risk, the exposure to the lagging transition category \u00a0
remains limited and are monitored and managed on an ongoing basis. \u00a0
The Group performs quantitative climate scenario analyses, including bottom-up climate stress tests to assess the effects of both physical and \u00a0
transition climate-related risks over short-, medium- and long-term horizons. In relation to transition risks, the Group has analysed scenarios \u00a0
for carbon taxes as a key driver for this transition in different sectors e.g. the introduction of a carbon tax by the Danish government on the \u00a0
Danish Agricultural Sector and on the commercial real estate sector in view of the EU\u2019s Energy Performance of Buildings Directive. \u00a0
Stress tests related to physical risks focus on collateral-related exposures based on expected loss calculations related to river and coastal \u00a0
flooding. The Group had identified flooding risk (river and coastal flooding) as the key physical hazard applicable to the portfolio on the basis of \u00a0
the report on high confidence of hazard increase in Northern Europe issued by the Intergovernmental Panel on Climate Change. The current \u00a0
analyses on flooding risk focus on residential and commercial property and the risk is assessed to be limited. \u00a0
The Group will continue to refine its assessment methodology as more climate risk data becomes available to support the identification of \u00a0
both transition and physical risks for the purpose of determining financial significance, however, conclusions have not led to adjustments to \u00a0
staging or modelled expected credit losses, as the impacts either manifest over a longer time period than loan maturities, or as transition risks \u00a0
are concentrated on a few sectors with downside risks already recognised in the Group\u2019s modelled expected credit losses. Both transition and \u00a0
physical risks are either managed through risk tolerances or strategic targets, or already have post model adjustments allocated covering the \u00a0
climate related risks. \u00a0
For more detail on Sustainability risk, see note G40. \u00a0
Fair value measurement of financial instruments \u00a0
At the end of 2024, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The majority of \u00a0
valuation techniques continues to employ only observable market data, and there has been no significant increase in financial instruments \u00a0
measured on the basis of valuation techniques that are based on one or more significant unobservable inputs. The latter continues to include \u00a0
only unlisted shares, certain bonds and some long-dated derivatives for which there is no active market. On the derivatives portfolio, the Group \u00a0
makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover expected funding costs (FVA and ColVA) on derivatives, \u00a0
bid-offer spreads on the net open position of the portfolio of assets and liabilities with offsetting market risk recognised at mid-market prices, \u00a0
and model risk on level 3 derivatives.\u00a0FVA is calculated including both funding cost and funding benefit. At 31 December 2024, the \u00a0
adjustments totalled DKK 0.3 billion (2023: DKK 0.4 billion), including the adjustment for credit risk on derivatives that are credit impaired. Note \u00a0
G33(a) provides more details on the fair value measurement of financial instruments. \u00a0
The Group uses derivatives to hedge the fixed interest rate on some financial assets and liabilities, thus converting the fixed interest rates on \u00a0
the financial instruments to variable interest rates by the use of swaps. \u00a0
Measurement of goodwill \u00a0
Goodwill is tested for impairment once a year or more frequently if indications of impairment exist. Impairment testing requires management \u00a0
to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including discount rates, changes in \u00a0
the economic outlook, customer behaviour and competition. As at 31 December 2024, goodwill amounted to DKK 4.4 billion (31 December \u00a0
2023: DKK 4.4 billion). \u00a0
At each reporting date, management performs an impairment review to assess whether there are indications that goodwill might be impaired. \u00a0
This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under management, \u00a0
major restructurings, macroeconomic developments etc. The impairment test conducted in 2024 did not reveal any impairment loss. \u00a0
G1. Material accounting policies andestimates - continued \u00a0
Goodwill mainly consists of DKK 2.1 billion (2023: DKK 2.1 billion) in Markets, DKK 1.8 billion (2023: DKK 1.8 billion) in Asset Management and \u00a0
DKK 0.5 billion (2023: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & Institutions) showing significant \u00a0
amounts of excess value in the impairment tests in 2024 and 2023. \u00a0
Note G19 provides more information about the impairment test in 2024 and 2023 including sensitivity to changes in assumptions. \u00a0
Measurement of insurance contract liabilities (part of Insurance liabilities) \u00a0
Liabilities under insurance contracts are measured using either the General Measurement Model (GMM), Variable Fee Approach (VFA) or \u00a0
Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of future \u00a0
cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for non-financial \u00a0
risk, and a contractual service margin (CSM). \u00a0
Estimates of future cash flows include actuarial computations that rely on estimates of a number of variables such as mortality rates and \u00a0
disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the Group\u2019s own \u00a0
portfolio of insurance contracts. \u00a0
The discount rate is fixed on the basis of a zero-coupon yield curve, which is adjusted by a currency and credit risk deduction and a volatility \u00a0
adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European Insurance and \u00a0
Occupational Pension Authority (EIOPA) discount yield curve, as shown below:. \u00a0
DKK \u00a0
1 year \u00a0
5 years \u00a0
10 years \u00a0
20 years \u00a0
30 years \u00a0
2024 \u00a0
2.33 \u00a0
2.35 \u00a0
2.46 \u00a0
2.44 \u00a0
2.54 \u00a0
2023 \u00a0
3.26 \u00a0
2.55 \u00a0
2.63 \u00a0
2.63 \u00a0
2.73 \u00a0
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial assumptions, \u00a0
such as mortality rates and longevity. \u00a0
The confidence level used to determine the risk adjustment is at least 85%. \u00a0
For insurance contracts measured using VFA, CSM is calculated on the basis of stochastic models, whereas a deterministic model is used for \u00a0
life insurance contracts measured using GMM. \u00a0
For health and accident insurance contracts, the loss element includes expectations about mortality, reactivation, reinstatement and \u00a0
repurchase, as well as expected costs offset by premiums not yet due. Risk adjustment for non-financial risk is calculated based on a safety \u00a0
margin on applied actuarial assumptions. The confidence level used to determine the risk adjustment is at least 85%. \u00a0
Note G18 provides further information on the measurement of insurance liabilities. Note G40 contains a sensitivity analysis for life insurance. \u00a0
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 97% of total assets, and financial liabilities and insurance liabilities account for \u00a0
around 98% of total liabilities. A portion of financial assets relate to investments made under insurance contracts. The following sections \u00a0
provide a general description of the classification and measurement of financial instruments and obligations under insurance contracts. \u00a0
Financial instruments \u2013 general \u00a0
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. A financial asset, or a portion of a \u00a0
financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been transferred, usually by sale, \u00a0
leading to substantially all the risks and rewards of the asset or significant risks and rewards being transferred. Financial liabilities are \u00a0
derecognised when the liability has been settled, has expired or has been extinguished. \u00a0
Regular way purchases and sales of financial instruments are recognised and derecognised at the settlement date. Fair value adjustments of \u00a0
unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is classified at fair value \u00a0
through profit or loss or through Other comprehensive income. The classification is shown in the table on next page. \u00a0
Classification and measurement of financial assets and financial liabilities \u2013 general \u00a0
Financial assets are classified on the basis of the business model adopted for managing the assets and on their contractual cash flow \u00a0
characteristics (including embedded derivatives, if any) are grouped into one of the following measurement categories: \u00a0
\u2022
Amortised cost (AMC) \u00a0
\u2022
Fair value through Other comprehensive income (FVOCI) \u00a0
\u2022
Fair value through profit or loss (FVPL) \u00a0
Financial assets are measured at AMC if they are held within a business model for the purpose of collecting contractual cash flows (hold to \u00a0
collect) and if cash flows are solely payments of principal and interest on the principal amount outstanding. \u00a0
Financial assets are measured at FVOCI if they are held within a business model for the purpose of both collecting contractual cash flows and \u00a0
selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount outstanding. FVOCI \u00a0
results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains and losses, except for \u00a0
expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income until the financial \u00a0
asset is derecognised. When the financial asset is derecognised the cumulative gains and losses previously recognised in Other \u00a0
comprehensive income are reclassified to the income statement. \u00a0
All other financial assets are mandatorily measured at FVPL including financial assets held within other business models, such as financial \u00a0
assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments of principal and \u00a0
interest on the principal amount outstanding. \u00a0
Generally, financial liabilities are measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related \u00a0
to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to repurchase \u00a0
securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments relating to the inherent \u00a0
credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless this leads to an accounting \u00a0
mismatch. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
As at 31 December 2024, financial assets covered by the expected credit loss model accounted for about 53.8% of total assets (31 December \u00a0
2023: 54.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits with central banks, \u00a0
fair value OCI and FVPL due to SPPI test. \u00a0
The business model assessment \u00a0
The business model assessment in Danske Bank Group has been applied separately for each business unit represented by the Group\u2019s \u00a0
reportable segments, and it is based on observable factors for the different portfolios, such as (1) how the performance of the business model \u00a0
and the financial assets held within that business model are evaluated and reported to the Executive Board and the Board of Directors, (2) the \u00a0
risks that affect the performance of the business model and the way such risks are managed and (3) past and expected frequency, value and \u00a0
timing of sales from the portfolio. In general, the business model assessment of the Group can be summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates &Institutes (LC&I) and \u00a0
Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management and reporting of \u00a0
performance are based on collecting the contractual cash flows, and loans are only very infrequently sold. \u00a0
The trading unit at LC&I (Markets) and the financial assets related to the Group\u2019s insurance activities at Danica have a business model that is \u00a0
neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets consist of bonds, \u00a0
shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading pattern that falls under \u00a0
the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair value basis. \u00a0
Group Treasury has portfolios of bonds within the \u201chold to collect\u201d business model, the \u201chold to collect and sell\u201d business models and the \u00a0
\u201cother\u201d business model. \u00a0
The remaining portfolio of Non-core (part of Group Functions) is \u201chold to collect\u201d. The financial assets consist primarily of loans. \u00a0
The SPPI test (solely payment of principal and interest on the principal amount outstanding) \u00a0
The second step in the classification of the financial assets in portfolios being \u201chold to collect\u201d and \u201chold to collect and sell\u201d relates to the \u00a0
assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at initial \u00a0
recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time value of money, \u00a0
credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce more than de minimis \u00a0
exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily recognised at FVPL. \u00a0
In general, the Group\u2019s portfolios of financial assets that are \u201chold to collect\u201d or \u201chold to collect and sell\u201d (loans and bonds) have contractual \u00a0
cash flows that are consistent with the SPPI test, i.e. they have basic lending features. \u00a0
However, loans granted under Danish mortgage finance law are funded by issuing listed mortgage bonds with matching terms. Such loans are \u00a0
granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. This represents an \u00a0
option to prepay at fair value that can be both above and below the principal amount plus accrued interest. Changes in the fair value of the \u00a0
underlying bonds include other elements than the effect of changes in the relevant benchmark interest rate and the prepayment option is \u00a0
therefore not consistent with the SPPI test in IFRS 9 and are mandatorily measured at FVPL. \u00a0
All equity instruments have contractual cash flows that do not pass the SPPI test. All such holdings are recognised at FVPL since the Group has \u00a0
decided not to use the option to designate equity instruments at FVOCI. \u00a0
Financial liabilities \u00a0
Financial liabilities are generally measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related to \u00a0
the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities designated at FVPL under \u00a0
the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities designated at fair value are, however, \u00a0
recognised in Other comprehensive income unless this leads to an accounting mismatch. \u00a0
IFRS 9 allows the designation of financial liabilities at FVPL when doing so results in more relevant information, because either (1) it eliminates \u00a0
or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial instruments that are \u00a0
managed and their performance reported on a fair value basis to management. \u00a0
The Group designates the following financial liabilities at FVPL: \u00a0
\u2022
Mortgage bonds issued by Realkredit Danmark. The bonds fund the loans granted by Realkredit Danmark, i.e. loans that due to the SPPI test \u00a0
are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans and the issued \u00a0
bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the credit risk of borrowers. To \u00a0
eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds at AMC, the issued bonds are \u00a0
designated at FVPL, and fair value changes of the issued bonds (including fair value changes related to own credit risk) are offset by the fair \u00a0
value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own credit risk on the issued bonds are also \u00a0
recognised in the income statement since an accounting mismatch would otherwise arise. \u00a0
\u2022
Financial liabilities in Markets and Investment Banking in LC&I. These financial liabilities are part of a portfolio of financial assets and \u00a0
liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist of repo \u00a0
transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk is, however, \u00a0
recognised in Other comprehensive income. \u00a0
Hedge accounting \u00a0
The Group uses derivatives to hedge the interest rate risk on some fixed-rate assets and fixed-rate liabilities measured at amortised cost and \u00a0
on some bonds measured at fair value through Other comprehensive income. Hedged risks that meet the criteria for fair value hedge \u00a0
accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value through profit or loss. At \u00a0
the end of 2024, hedging derivatives measured at fair value accounted for about 0.01% of total assets and about 0.01% of total liabilities \u00a0
(31 December 2023: 0.16% and 0.36%, respectively). For further information on hedge accounting, see note G12(d). \u00a0
Insurance activities \u2013 general \u00a0
The Group issues contracts for life insurance and health and accident insurance, which are divided into insurance and investment contracts. \u00a0
Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder, by agreeing to compensate \u00a0
the policyholder if a specified uncertain future event adversely affects the policyholder. Investment contracts are contracts that entail no \u00a0
significant insurance risk and comprise unit-linked contracts under which the investment risk lies with the policyholder. \u00a0
Accounting policy \u00a0
Segment reporting and the financial highlights are based on the information provided to management. Segment reporting and the \u00a0
financial highlights are fully aligned with the IFRS financial statements, and is presented as a condensed version of the IFRS reporting. \u00a0
Internal income and expenses are allocated to the individual segments on an arm\u2019s-length basis. Expenses incurred centrally, including \u00a0
expenses incurred by support, administrative and back-office functions, are charged to the business units according to consumption \u00a0
and activity. Funding costs for lending and deposit activities (FTP) are allocated on the basis of a maturity analysis of loans and deposits, \u00a0
interbank rates and funding spreads, and depend on market trends. \u00a0
Segment assets and liabilities are assets and liabilities that are used for maintaining the operating activities of a segment or have come \u00a0
into existence as a result of such activities and which are either directly attributable or may be reasonably allocated to a segment. A \u00a0
calculated share of shareholders\u2019 equity is allocated to each segment. Other assets and liabilities are recognised under Group Functions. \u00a0
Capital (shareholders\u2019 equity) is allocated to the business units based on the Group\u2019s capital allocation framework, with goodwill \u00a0
allocated directly to the relevant business units. The framework is based on a regulatory approach and is calibrated to the Group\u2019s CET1 \u00a0
capital ratio target. Therefore, the capital consumption of the individual business units is closely aligned with the Group\u2019s total capital \u00a0
consumption. However, for the Danica and Northern Ireland business units, the capital allocated equals the legal entity\u2019s capital. \u00a0
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
Accounting policy \u00a0
Fee income \u00a0
Fee income is recognised to reflect the transfer of services to customers at an amount that reflects the consideration that is expected to \u00a0
be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed with the customer, \u00a0
and the consideration, and recognises income in line with the transfer of services, the performance obligation, agreed with the \u00a0
customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance obligation \u00a0
over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is constrained by, for \u00a0
instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the identified performance \u00a0
obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is recognised once \u00a0
the consideration to be received is known and it is probable that a significant reversal of the consideration will not occur. \u00a0
Fee expense \u00a0
Fee expense for services provided over a period of time, such as guarantee commissions and investment management fees, are accrued \u00a0
over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the individual transaction. Fees \u00a0
that form an integral part of the effective rates of interest on financial liabilities measured at amortised cost, such as origination fees, \u00a0
are carried under interest expense. Similar fees related to financial liabilities at fair value through profit or loss are recognised when the \u00a0
financial liability is established and are carried under fee expense. \u00a0
Accounting policy \u00a0
Income from lease assets and investment property \u00a0
Income from lease assets and investment property includes income from assets let under operating leases. Lease payments are \u00a0
recognised on a straight-line basis over the period of the lease term. \u00a0
Income from holdings in associates \u00a0
Associates are accounted for using the equity method. Further information is provided in note G38. \u00a0
Operating expenses include staff costs, administrative expenses (including Resolution fund) and depreciation, amortisation and impairment \u00a0
charges. Operating expenses also include net gain or loss on the sale of operating lease assets that have been held for rental purposes as part \u00a0
of its ordinary activities. Note G19 provides more information on intangible assets. \u00a0
Accounting policy \u00a0
Staff costs \u00a0
This item includes salaries, performance-based pay, expenses for share-based payments, holiday allowances, anniversary bonuses, \u00a0
pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed when the \u00a0
employees render the services. Performance-based remuneration is expensed as it is earned. \u00a0
Share-based payment \u00a0
Part of the performance-based remuneration for the year is paid in the form of conditional shares. Rights to conditional shares vest up to \u00a0
four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from the Group. In \u00a0
addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of share-based payments at \u00a0
the grant date is expensed over the vesting period with the intrinsic value expensed in the year in which the share-based payments are \u00a0
earned, and the time value (if any) accrued over the remaining service period. Expenses are set off against shareholders\u2019 equity. Fair \u00a0
value adjustments after the grant date are not recognised in the income statement. \u00a0
Pension obligations \u00a0
The Group\u2019s contributions to defined contribution pension plans are recognised in the income statement as they are earned by the \u00a0
employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of the \u00a0
difference between expected trends in pension assets and benefits and actual trends are recognised under Other comprehensive \u00a0
income. \u00a0
Amortisation, depreciation and impairment charges \u00a0
In addition to amortisation, depreciation and impairment charges for intangible, tangible and right-of-use assets, the net of gain or loss \u00a0
on the sale of operating lease assets is presented here. \u00a0
Accounting policy \u00a0
The accounting policy for when a loan impairment charge is recognised and how the charge is determined is described under the \u00a0
relevant balance sheet line items. Notes G15, G16 and G24 provide more information. \u00a0
Trading portfolio assets comprise the equities and bonds held by the Group\u2019s trading units at Large Corporates & Institutions and all derivatives \u00a0
with positive fair value. Trading portfolio liabilities consist of derivatives with negative fair value and obligations to deliver securities \u00a0
(obligations to repurchase securities). \u00a0
Accounting policy \u00a0
Financial assets measured at fair value through profit or loss (FVPL) \u00a0
Financial assets measured at fair value include securities that are managed on a fair value basis with no short-term profit taking. \u00a0
Realised and unrealised capital gains and losses and dividends are carried in the income statement under Net trading income or loss. \u00a0
Further, all shares (including unlisted shares) and bonds held in Group Treasury that do not have contractual cash flows that are solely \u00a0
payments of principal and interest on the principal amount outstanding (i.e. that does not pass the SPPI test in IFRS 9) are mandatorily \u00a0
measured at FVPL and, consequently, included in this category. \u00a0
Financial assets measured at fair value through Other comprehensive income (FVOCI) \u00a0
This category comprises bonds only, and primarily bonds listed in a liquid market, as the Group does not use the option to designate \u00a0
equity instruments at FVOCI. The bonds are held within a business model for the purpose of collecting contractual cash flows and selling \u00a0
(hold to collect and sell). The bonds have cash flows that are solely payments of principal and interest on the principal amount \u00a0
outstanding (i.e. that pass the SPPI test in IFRS 9). FVOCI results in the assets being recognised at fair value in the balance sheet and at \u00a0
amortised cost in the income statement, including the recognition of expected credit losses as described in note G15. Gains and losses, \u00a0
except for expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income \u00a0
until the bond is derecognised. When a fixed interest rate risk is hedged in a hedge that qualifies for fair value hedge accounting, the fair \u00a0
value changes of the hedged interest risk are presented in the income statement under Net trading income or loss. When bonds are sold \u00a0
unrealised value adjustments recognised under Other comprehensive income are reclassified to the income statement and presented \u00a0
under Net trading income or loss. The Group recognises interest income according to the effective interest method, including \u00a0
amortisation of the difference between cost and the redemption value over the term to maturity of the bonds. \u00a0
Financial assets measured at amortised cost (AMC) \u00a0
This category consists of bonds held within a business model for the purpose of collecting the contractual cash flows (hold to collect) \u00a0
and with cash flows that are solely payments of principal and interest on the principal amount outstanding (i.e. that pass the SPPI test in \u00a0
IFRS 9). The bonds are measured at amortised cost. Interest income is recognised according to the effective interest method, including \u00a0
amortisation of the difference between cost and the redemption value over the term to maturity of the bonds. A change in the \u00a0
contractual cash flows that is required by the Interest Rate Benchmark Reform is accounted for by updating the effective interest rate, \u00a0
without recognising a gain or loss. This can only be applied if the change is necessary as a direct consequence of the reform, and the new \u00a0
basis for determining the contractual cash flows is economically equivalent to the previous basis. The bonds are subject to the expected \u00a0
credit model in IFRS 9 as described in note G15. The interest rate risk on fixed-rate bonds is not hedged. \u00a0
Accounting policy \u00a0
For balances due from credit institutions in the Group\u2019s banking units (Personal & Business Customers, General Banking in Large \u00a0
Corporates & Institutions and Northern Ireland), the business model is \u2018hold to collect\u2019. As the contractual cash flows \u00a0
represent basic lending feature, these balances are measured at amortised cost. For further information on the accounting policy etc., \u00a0
see note G15. \u00a0
For balances due from credit institutions and central banks in the Group\u2019s trading units (Markets in Large Corporates & Institutions) the \u00a0
business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and these balances are mandatorily recognised at fair value \u00a0
through profit or loss. For further information on the accounting policy, see note G16. \u00a0
Accounting policy \u00a0
At initial recognition, loans are measured at fair value plus transaction costs less origination fees and other charges that are an integral \u00a0
part of the effective interest rate on loans. This usually corresponds to the amount disbursed to the customer. Subsequently, they are \u00a0
measured at amortised cost, using the effective interest method, less impairment charges for expected credit losses. The difference \u00a0
between the value at initial recognition and the redemption value is amortised over the term to maturity as part of the effective interest. \u00a0
If fixed-rate loans are hedged effectively by derivatives, the fair value of the hedged interest rate risk is added to the carrying amount of \u00a0
the hedged assets. \u00a0
Impairment for expected credit losses \u00a0
The impairment charge for expected credit losses depends on whether the credit risk has increased significantly since initial recognition \u00a0
and follows a three stage model: \u00a0
\u2022
Stage 1: If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from \u00a0
default events that are possible within the next 12 months. \u00a0
\u2022
Stage 2: If the credit risk has increased significantly, the loan is transferred to stage 2 and an impairment charge equal to the lifetime \u00a0
expected credit losses is recognised. \u00a0
\u2022
Stage 3: If the loan is in default, it is transferred to stage 3, for which the impairment charge continues to equal the lifetime expected \u00a0
credit losses but with interest income being recognised on the net carrying amount. \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default \u00a0
(EAD) and the loss given default (LGD) and incorporates forward looking elements. For facilities in stages 2 and 3, the lifetime expected \u00a0
credit losses cover the expected remaining lifetime of a facility. \u00a0
Expected credit loss impairment charges are booked in an allowance account and allocated to individual exposures. \u00a0
Accounting policy \u00a0
Loans granted and bonds issued by Realkredit Danmark \u00a0
Loans granted by Realkredit Danmark have contractual cash flows that are not solely payment of principal and interest on the principal \u00a0
amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which represents an option to \u00a0
prepay at fair value that can be both above and below the principal amount plus interest. This is not consistent with the SPPI test since \u00a0
changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate developments.\u00a0Therefore, the loans are \u00a0
mandatorily recognised at fair value through profit or loss. The issued bonds that are funding the loans are designated at fair value \u00a0
through profit or loss in order not to create an accounting mismatch. For the issued bonds, changes in fair value attributable to the \u00a0
Group\u2019s own credit risk is presented in the income statement, as an accounting mismatch would otherwise be introduced. \u00a0
The fair value of the bonds issued by Realkredit Danmark is normally defined as their quoted market price. A small number of the issued \u00a0
bonds are illiquid, however, and the fair value of these bonds is calculated on the basis of a discounted cash flow valuation technique. \u00a0
The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair value of the interest \u00a0
rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in the fair value of cash flows \u00a0
from the loans that differ from the cash flows from the issued bonds. The most important component is the credit risk on the borrowers \u00a0
(covered by the Group and not by the bond holders and therefore not priced into the price of the issued bonds). \u00a0
Changes in fair value of credit risk etc. on the loans \u00a0
The IFRS 13 estimate of the fair value of the credit risk on the loans is based on the expected credit losses estimated in the models \u00a0
developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, including the \u00a0
allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as a function of PD, EAD \u00a0
and LGD and incorporates forward looking information, see further in note G15. The latter reflects management\u2019s expectations of \u00a0
expected credit losses and involves multiple scenarios (base case, upside and downside), including an assessment of the probability for \u00a0
each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other components \u00a0
in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an investors risk premium, \u00a0
compensation for administrative costs related to the loans and the possibility to increase the margin on the loans if the credit risk etc. \u00a0
increases. It is acknowledged that the possibility to increase the margin depends on the economic resources of the customers. The \u00a0
possibility to increase the margin is therefore only considered in the measurement if it is very likely that the margin can be increased \u00a0
without the customer defaulting. Further, the possibility to increase the margin is only relevant if it does not give the customer an \u00a0
incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to increase the margin is only relevant for the \u00a0
measurement of loans to customers with neither a relatively high credit risk nor a relatively low credit risk. \u00a0
The discount rate used to discount the cash flows represents the interest rate on the funding bonds. This is considered to be close to a \u00a0
risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher for customers \u00a0
Accounting policy - continued \u00a0
with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value of the credit risk and \u00a0
other components cannot increase the value of a loan (the adjustment cannot be positive). \u00a0
Other loans and issued bonds measured at fair value through profit or loss \u00a0
The loans in the Group\u2019s trading units (Markets and Investment Banking in LC&I) are managed and their performance reported on a fair \u00a0
value basis and the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an \u00a0
accounting mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities \u00a0
at amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value changes \u00a0
attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
794,568 \u00a0
806,157 \u00a0
Fair value adjustment of underlying bonds \u00a0
-36,190 \u00a0
-49,874 \u00a0
Adjustment for credit risk \u00a0
3,191 \u00a0
3,006 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
755,188 \u00a0
753,277 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
319,596 \u00a0
174,963 \u00a0
Total \u00a0
1,074,783 \u00a0
928,239 \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
875,633 \u00a0
848,774 \u00a0
Fair value adjustment of funding of current loans \u00a0
-36,190 \u00a0
-49,874 \u00a0
Holding of own mortgage bonds \u00a0
94,948 \u00a0
57,837 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
744,495 \u00a0
741,062 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
2,061 \u00a0
7,718 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
Accounting policy \u00a0
Assets earmarked for customer savings are measured at fair value and recognised under Assets under pooled schemes and investment \u00a0
contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment contracts. These \u00a0
deposits are measured at the value of savings, corresponding to the fair value of the assets. \u00a0
The Group has elected not to deduct own shares from equity that are held on behalf of customers. Therefore total assets under pooled \u00a0
schemes and investment contracts includes these own shares that meet this criterion. \u00a0
Accounting policy \u00a0
Insurance assets \u00a0
Insurance assets are managed on a fair value basis with no short-term profit taking. The business model for managing the assets is \u00a0
therefore neither \u2018held to collect\u2019 nor \u2018held to collect and sell\u2019 and the financial assets are therefore mandatorily recognised at fair value \u00a0
through profit or loss. The valuation technique used matches the Group\u2019s accounting policy for similar assets. \u00a0
The Group has elected to not deduct own shares and own bonds from equity and liabilities respectively that are underlying items of \u00a0
insurance contracts with direct participation features. Therefore total Insurance assets include these own shares and own bonds. \u00a0
Insurance contract liabilities (part of Insurance liabilities) \u00a0
The Group has divided all insurance contracts into portfolios and groups and determined measurement methods for the individual \u00a0
groups of contracts. The classification of insurance contracts in the four portfolios is based on an assessment of similar risks and on an \u00a0
overall management approach: \u00a0
\u2022
An average-rate portfolio \u00a0
\u2022
A unit-linked portfolio \u00a0
\u2022
A portfolio of legacy life insurance products in run-off \u00a0
\u2022
A portfolio containing health and accident insurance contracts. \u00a0
The Group applies the annual cohort exemption from the EU to the average-rate portfolio. \u00a0
The Group measures Insurance contract liabilities using the General Measurement Model (GMM), Variable Fee Approach (VFA) or \u00a0
Premium Allocation Approach (PAA). The majority of the Group\u2019s life insurance contracts are measured using VFA because they meet the \u00a0
definition of insurance contracts with direct participation features. GMM is used for legacy life insurance products in run-off. \u00a0
Insurance contracts measured using GMM or VFA are initially measured as the total of fulfilment cash flows (which comprise estimated \u00a0
future cash flows, an adjustment for time value of money and effect of financial risks, and a risk adjustment for non-financial risk) and \u00a0
contractual service margin (CSM; unearned profit that will be recognised as the Group provides insurance contract services).\u00a0At each \u00a0
reporting date, the group of insurance contracts is subsequently measured as the sum of the liability for remaining coverage \u00a0
(comprising fulfilment cash flows relating to future service and CSM) and liability for incurred claims (comprising fulfilment cash flows \u00a0
relating to past service). PAA is applied to the Health and accident insurance portfolio, which comprises only one-year insurance \u00a0
contracts. \u00a0
Accounting policy \u00a0
Goodwill \u00a0
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost (until 1 January 2010 including \u00a0
direct transaction costs) of the undertaking and the fair value of its net assets, including contingent liabilities, at the time of acquisition. \u00a0
Goodwill is allocated to cash-generating units at the level at which management monitors the investment. \u00a0
Goodwill is not amortised; instead, each cash-generating unit is tested for impairment once a year, or more frequently if indications of \u00a0
impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying amount of the net assets of \u00a0
the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value in use, which equals the present \u00a0
value of the future cash flows expected from the unit. \u00a0
Goodwill on associates is recognised under Holdings in associates. \u00a0
Software \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software acquired is \u00a0
amortised over its expected useful life, usually three years, according to the straight-line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show that \u00a0
future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a software \u00a0
application ready for use. Once a software application has been developed, the cost is amortised over its expected useful life, usually \u00a0
three years, according to the straight-line method. The cost of development consists primarily of direct remuneration and other directly \u00a0
attributable development costs. Costs incurred in the planning phase are not included but are expensed when incurred. \u00a0
Software is tested for impairment if indications of impairment exist and is written down to its value in use. \u00a0
Accounting policy \u00a0
Amounts due to credit institutions and central banks and Deposits in the Group\u2019s trading units (Markets in LC&I) are designated at fair value \u00a0
through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is recognised in Other \u00a0
comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of the \u00a0
hedged interest rate risk is added to the amortised cost of the liabilities. \u00a0
Accounting policy \u00a0
Current tax \u00a0
Current tax assets and liabilities are recognised in the balance sheet as the estimated tax payable on the profit for the year adjusted for \u00a0
prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a legally enforceable right to \u00a0
set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis or to realise the assets and settle the \u00a0
liabilities simultaneously. \u00a0
Deferred tax \u00a0
Deferred tax on all temporary differences between the tax base of assets and liabilities and their carrying amounts is accounted for in \u00a0
accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially enacted tax \u00a0
regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to crystallise as current tax. \u00a0
Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on the basis of expected cash flows. \u00a0
The Group does not recognise deferred tax on temporary differences between the tax base and the carrying amounts of goodwill not \u00a0
subject to amortisation for tax purposes and other items if the temporary differences arose at the time of acquisition without effect on \u00a0
net profit or taxable income. If the tax base may be calculated according to several sets of tax regulations, deferred tax is measured in \u00a0
accordance with the regulations that apply to the use of the asset or settlement of the liability as planned by management. Tax assets \u00a0
arising from unused tax losses are only recognised if it is expected that such tax losses can be offset against tax on future profit in the \u00a0
next five years. Deferred tax assets and liabilities are offset when they relate to the same tax jurisdiction, a legally enforceable right to \u00a0
offset exists and the Group intends to settle on a net basis. \u00a0
Current and deferred tax is calculated on the profit for the year, and adjustments of prior-year tax charges are recognised in the income \u00a0
statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive income. Similarly, tax \u00a0
on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the uncertainty is reflected by using \u00a0
either the most likely outcome (if the possible outcomes are binary or are concentrated on one value) or the expected value, probability \u00a0
weighted amounts in a range of possible outcomes (if there is a range of possible outcomes that are neither binary nor concentrated on \u00a0
one value). \u00a0
Accounting policy \u00a0
Issued bonds, both senior, non-preferred senior and subordinated bonds, are at initial recognition measured at fair value less \u00a0
transaction costs and subsequently measured at amortised cost plus the fair value of the hedged interest rate risk. Interest expense is \u00a0
recognised according to the effective interest rate method, including amortisation of any difference between the amount received on \u00a0
issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital under the \u00a0
Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily or converted into \u00a0
a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert into a variable number of \u00a0
ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are accounted for as equity. For liability \u00a0
accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds are accounted for as liabilities in their \u00a0
entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for example an \u00a0
equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading portfolio. \u00a0
Accounting policy \u00a0
Assets held for sale and Liabilities in disposal groups \u00a0
Assets held for sale are disposal groups of assets actively marketed for sale and for which a sale is expected to occur within 12 months. \u00a0
A disposal group is a group of assets that will be disposed of in a single transaction and includes any directly associated liabilities. A \u00a0
disposal group includes for example companies (subsidiaries) or properties taken over under non-performing loan agreements. Further, \u00a0
loans that are marketed for sale are transferred to Assets held for sale. The loans are written down to their expected selling price. \u00a0
The net assets in the disposal group are remeasured at the lower of the carrying amount of the net assets in the disposal group at the \u00a0
time of reclassification and fair value less expected cost to sell. \u00a0
If a disposal group of assets and liabilities represents a separate major line of business (typically a reportable segment) or a geographical \u00a0
area of operation or is a subsidiary acquired exclusively with a view of resale, it is presented as a discontinued operation. For a \u00a0
discontinued operation, net profit is presented as a single item \u2018Net profit from discontinued operations\u2019 in the income statement, i.e. no \u00a0
longer included as income and expenses from the Group\u2019s continuing operations. \u00a0
Accounting policy \u00a0
Right of use lease assets and lease liabilities \u00a0
The Group recognise a right-of-use asset and a lease liability at the commencement date, for all lease agreements, that the Group has \u00a0
entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured at the present \u00a0
value of the future payments from lease components, discounted using the incremental borrowing rate for the individual lease. The \u00a0
lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by reducing the carrying amount to \u00a0
reflect the lease payments made. Further lease liabilities are changed when remeasurements are needed, corresponding adjustment is \u00a0
the related right-of-use asset. Gain or loss from a lease modification that are not accounted for as a separate lease is recognised in profit \u00a0
and loss. The initial right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made at or \u00a0
before the commencement day, initial direct costs and costs to restore the underlying asset. The right-of-use asset are subsequently \u00a0
measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated over the shorter period \u00a0
of the lease term and the useful life of the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head \u00a0
lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of- \u00a0
use asset arising from the head lease. \u00a0
Loan commitments and guarantees \u00a0
The Group issues a number of loan commitments and guarantees. Such exposures are subject to impairment for expected credit losses. \u00a0
Further information can be found in note G15. \u00a0
Other provisions, including litigations \u00a0
Provisions for other obligations, such as lawsuits, are recognised if the obligation is likely to result in a payment obligation and the \u00a0
amount can be measured reliably. Liabilities are recognised at the present value of expected payments. \u00a0
Accounting policy \u00a0
Equity is the residual interest in recognised assets after deduction of recognised liabilities. In this context, the following items are of \u00a0
particular interest: \u00a0
Own shares \u00a0
Amounts received or paid for the Group\u2019s sale or purchase of Danske Bank shares that are neither held on behalf of customers or are \u00a0
underlying items of insurance contracts with direct participation features are recognised directly in equity under transactions with \u00a0
owners. The same applies to premiums received or paid for derivatives entailing settlement in own shares. A capital reduction by \u00a0
cancellation of own shares will lower the share capital by an amount equal to the nominal value of the shares at the time of registration \u00a0
of the capital reduction. \u00a0
With effect from 1 January 2023 the Group has elected to not deduct from equity own shares that are held on behalf of customers or \u00a0
those that are underlying items of insurance contracts with direct participation features. \u00a0
Accounting policy \u00a0
The cash flow statement is prepared according to the indirect method. The statement is based on pre-tax profit for the year and shows the \u00a0
cash flows from operating, investing and financing activities as well as the increase or decrease in cash and cash equivalents during the \u00a0
year. Cash and cash equivalents consists of cash in hand and demand deposits with central banks as well as amounts due from credit \u00a0
institutions and central banks with an original maturity shorter than three months. \u00a0
In the cash flow statement, cash flows are divided into cash flows from operations, investing activities and financing activities. Investing \u00a0
activities include cash flows from the sale or acquisition of tangible and intangible assets as well as businesses. Financing activities include \u00a0
cash flows from the Group\u2019s issued non-preferred senior bonds, subordinated debt, additional tier 1 capital (both liability- and equity- \u00a0
accounted bonds) and share capital. \u00a0
Accounting policy \u00a0
Guarantees and loan commitments are subject to the expected credit loss impairment model in IFRS 9. For further information, see note \u00a0
G15. \u00a0
Contingent liabilities consist of possible obligations arising from past events. The existence of such obligations will be confirmed only by \u00a0
the occurrence or non-occurrence of one or more uncertain future events not wholly within the Group\u2019s control. Further, contingent \u00a0
liabilities consist of present obligations arising from past events, for which it is either not probable that the obligation will result in an \u00a0
outflow of financial resources, or it is not possible to reliably estimate the amount of the obligation. \u00a0
A contingent liability is not recognised in the financial statement but disclosed, unless the possibility of an outflow of financial resources \u00a0
is remote. \u00a0
Accounting policy \u00a0
Assets and liabilities are offset when the Group and the counterparty have a legally enforceable right to offset recognised amounts and \u00a0
have agreed to settle the balances on a net basis or to realise the asset and settle the liability simultaneously. Positive and negative fair \u00a0
values of derivatives with the same counterparty are offset if the Group has agreed with the counterparty to settle contractual cash flows \u00a0
net and to make cash payments or provide collateral on a daily basis to cover changes in the fair value of the derivative position. Master \u00a0
netting agreements or similar agreements give the right to additional offsetting in the event of default. Such agreements reduce the \u00a0
exposure further in the event of default, but do not qualify for offsetting in accordance with IFRS Accounting Standards. \u00a0
Insurance liabilities in the Balance sheet comprise insurance contract liabilities (as defined by IFRS 17) and Other insurance-related liabilities. \u00a0
The table above does not include insurance contract liabilities as they are measured using the General Measurement Model, Variable Fee \u00a0
Approach or Premium Allocation Approach as defined by IFRS 17. \u00a0
(a) Financial instruments at fair value \u00a0
The fair value is the amount for which a financial asset or a financial liability can be exchanged between knowledgeable, willing parties. Fair \u00a0
value is measured on the basis of the following hierarchy: \u00a0
The fair value hierarchy \u00a0
\u2022
Quoted price (level 1) consists of financial instruments that are quoted in an active market. The Group uses the price quoted in the principal \u00a0
market. \u00a0
\u2022
Valuation based on observable input (level 2) consists of financial instruments valued substantially on the basis of observable input other \u00a0
than a quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active, the Group bases its \u00a0
measurement on the most recent transaction price. Adjustment is made for subsequent changes to market conditions, for instance, by \u00a0
including transactions in similar financial instruments that are assumed to be motivated by normal business considerations. For a number \u00a0
of financial assets and liabilities, no market exists. In such cases, the Group uses recent transactions in similar instruments and discounted \u00a0
cash flows or other generally accepted estimation and valuation techniques based on market conditions at the balance sheet date to \u00a0
calculate an estimated value. This category covers instruments such as derivatives valued on the basis of observable yield curves and \u00a0
exchange rates and illiquid mortgage bonds valued by reference to the value of similar liquid bonds. \u00a0
\u2022
Valuation based on significant non-observable input (level 3): The valuation of certain financial instruments is based substantially on non- \u00a0
observable input. Such instruments include unlisted shares, some unlisted bonds and a limited portion of the derivatives portfolio (2%). \u00a0
Valuation techniques \u00a0
The most frequently used valuation techniques include the pricing of transactions with future settlement and swap models that apply present \u00a0
value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control environment, \u00a0
valuation models are validated by units that are independent of the business units that develop the models and trade in the products covered \u00a0
by the models. Validation is made to test the implementation, quality and operating stability of models to ensure that the models can be used \u00a0
for pricing and risk management of financial products. \u00a0
Loans granted and bonds issued by Realkredit Danmark are recognised at the fair value of the issued bonds (the quoted price in an active \u00a0
market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further in note G16. \u00a0
The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves for the full duration of \u00a0
the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable input as well as assumptions about \u00a0
the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance with the International Private Equity and \u00a0
Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting Standards. IPEV guides the calculation of the estimated \u00a0
fair value of unlisted shares as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between \u00a0
market participants at the measurement date. Valuation methods include discounted cash flow models and pricing based on a multiple of \u00a0
earnings or equity. \u00a0
Fair value adjustments \u00a0
Management estimates underlie the valuation of financial instruments for which the value is based on valuation techniques. The Group makes \u00a0
fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer spreads on the net \u00a0
open position of portfolios with offsetting market risk, and model risk on level 3 derivatives. \u00a0
Credit value adjustment (CVA) and funding value adjustment (FVA and ColVA) \u00a0
The Group makes a fair value adjustment to cover the counterparty credit risk on derivatives with a positive fair value (CVA). For a given \u00a0
counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive exposure (EPE) \u00a0
and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with counterparties in the \u00a0
Scandinavian market. \u00a0
The PDs used in the CVA model are derived from single name liquid credit default swap (CDS). If this is not available, the PDs are derived using \u00a0
proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive exposures to the \u00a0
counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. For the calculation of LGD, \u00a0
the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the expected credit loss impairment, CVA is \u00a0
calculated as if the derivatives were loans subject to impairment because of credit losses. \u00a0
A fair value adjustment for derivatives to cover expected funding costs (FVA and ColVA) is calculated. FVA primarily arises from the cost or \u00a0
benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected future exposures. \u00a0
ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a function of expected collateral \u00a0
balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2024, CVA, FVA and ColVA came to a net amount of DKK 173 million (2023: DKK 153 million), including the adjustment for credit \u00a0
risk on derivatives in stage 3. \u00a0
Bid-offer spread \u00a0
For portfolios of assets and liabilities with offsetting market risk, the Group bases its measurement of the portfolios on mid-market prices and \u00a0
makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the end of 2024, these \u00a0
fair value adjustments totalled DKK 106 million (2023: DKK 138 million). \u00a0
Model risk \u00a0
To account for the uncertainty associated with measuring the value of derivatives on the basis of non-observable input (level 3 in the fair value \u00a0
hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an ongoing basis. At the \u00a0
end of 2024, the reserve totalled DKK 1 million (2023: DKK 1 million). \u00a0
Accounting policy \u00a0
A related party to the Group is either a party over which the Group has control or significant influence or a party that has control or \u00a0
significant influence over the Group. All entities over which the Group has control are consolidated and are therefore not considered a \u00a0
related party to the Group. \u00a0
Entities that are related parties to the Group comprise shareholders that have a significant holding of shares (significant influence over the \u00a0
Group), associates, joint venture partners or defined benefit pension plan providers (the Group has significant influence over the entity). \u00a0
Further, key management personnel, defined as members of the Board of Directors and the Executive Leadership Team, are related parties \u00a0
to the Group. \u00a0
Transactions with related parties are settled on an arm\u2019s-length basis and recognised in the financial statements according to the same \u00a0
accounting policy as for similar transactions with unrelated parties. \u00a0
Accounting policy \u00a0
The financial statements consolidate Danske Bank A/S and group undertakings in which the Group has control over financial and \u00a0
operating policy decisions. Control is said to exist if Danske Bank A/S, directly or indirectly, is exposed, or has rights, to variable returns \u00a0
from the involvement with the entity and has the ability to affect these returns through the power over the entity. Power exists if Danske \u00a0
Bank A/S, directly or indirectly, holds more than half of the voting rights in an undertaking or otherwise has power to control \u00a0
management and operating policy decisions. Operating policy control may be exercised through agreements about the undertaking\u2019s \u00a0
activities. In the rare situations where potential voting rights exist, these are taken into account if Danske Bank has the practical ability to \u00a0
exercise these rights. \u00a0
When assessing whether to consolidate investment funds, the Group reviews all facts and circumstances to determine whether the \u00a0
Group, as fund manager, is acting as agent or principal. The Group is deemed to be a principal, and the Group controls and consolidates a \u00a0
fund when it acts as fund manager and cannot be removed without cause (i.e. when kick-out rights are weak), has variable returns \u00a0
through significant holdings, and is able to influence the returns of the funds by exercising its power. Holdings where all returns belong \u00a0
to customers (pooled schemes and investment contracts) are not considered as exposure to variable returns, whereas holdings where \u00a0
the majority of the returns belong to customers (holdings related to insurance contracts) are considered only limited exposure to \u00a0
variable returns. \u00a0
The consolidated financial statements are prepared by consolidating items of the same nature and eliminating intra-group transactions, \u00a0
balances and trading profits and losses. \u00a0
Undertakings acquired are included in the financial statements at the time of acquisition. The net assets of such undertakings (assets, \u00a0
including identifiable intangible assets, less liabilities and contingent liabilities) are measured at fair value at the date of acquisition \u00a0
according to the acquisition method \u00a0
If the cost of acquisition (until 1 January 2010 including direct transaction costs) exceeds the fair value of the net assets acquired, the \u00a0
excess amount is recognised as goodwill. Goodwill is recognised in the functional currency of the undertaking acquired. The portion of \u00a0
the acquisition that is attributable to non-controlling interests does not include goodwill. \u00a0
Divested undertakings are included in the financial statements until the transfer date. Changes in the ownership share in a subsidiary \u00a0
that do not result in loss of control are accounted for as equity transactions. This implies that the carrying amounts of the controlling and \u00a0
non-controlling interests are adjusted to reflect the changes in the relative interest in the subsidiary, and any difference between the fair \u00a0
value of the consideration paid/received and the adjustment made to non-controlling interests is attributed to the shareholders of \u00a0
Danske Bank A/S. If changes in the ownership share in a subsidiary result in the loss of control, any investment retained in the former \u00a0
subsidiary is recognised at fair value, and amounts recognised under Other comprehensive income are reclassified to the income \u00a0
statement or transferred directly to retained earnings if so required by other IFRS Accounting Standards. The difference between the fair \u00a0
value of the consideration received plus any investment retained in the former subsidiary and the carrying amount of the net assets in \u00a0
the subsidiary less the carrying amounts of any non-controlling interests is recognised in the income statement \u00a0
Accounting policy \u00a0
Held-for-sale group undertakings \u00a0
Companies taken over by the Group under non-performing loan agreements and actively marketed for sale and expected to be sold \u00a0
within 12 months of classification are recognised as held-for-sale. Assets and liabilities in such companies are presented under Assets \u00a0
held for sale and Liabilities in disposal groups held for sale. The assets are recognised at the lower of cost and fair value less expected \u00a0
costs to sell. \u00a0
a) Further explanation \u00a0
All credit institutions and insurance companies supervised by national FSAs are subject to local statutory capital requirements. These \u00a0
requirements restrict intra-group facilities and dividend payouts. \u00a0
Danica has an obligation to allocate part of the margin by which Danica\u2019s equity exceeds the statutory solvency requirement to certain \u00a0
policyholders who were previously policyholders of Statsanstalten for Livsforsikring (now part of Danica). This applies only if the margin \u00a0
exceeds the margin in Statsanstalten for Livsforsikring before the privatisation in 1990 and relates to any excess included in the shareholders\u2019 \u00a0
equity or paid out as dividend. Such special allotments are expensed and recognised under Net insurance benefits. \u00a0
Restrictions impacting the Group\u2019s ability to use assets are disclosed in note G31 and include, among others, assets pledged as collateral under \u00a0
repo transactions funded by covered bonds and assets held by insurance subsidiaries that are primarily held to satisfy obligations to \u00a0
policyholders\u2019 savings. \u00a0
The Group has established a number of investment funds in which the Group acts as fund manager. The Group has consolidated assets under \u00a0
management of DKK 4,609 million (2023: DKK 6,357 million), as the Group is deemed to be acting as principal rather than agent in its role as \u00a0
fund manager and because the Group is the sole investor, owning 100% of the investment funds. The investments are held to satisfy \u00a0
obligations towards insurance policyholders and are recognised under Assets under insurance contracts. \u00a0
The Group does not have consolidated structured entities in the form of securitisation vehicles or asset-backed financing vehicles. \u00a0
(b) Acquisition of subsidiary undertakings \u00a0
On 1 January 2025, Danske Bank acquired the right to the management of the billion-kroner funds Dansk V\u00e6kstkapital I, Dansk V\u00e6kstkapital II \u00a0
and Dansk V\u00e6kstkapital III, as well as potential future Dansk V\u00e6kstkapital funds from the state-owned Export and Investment Fund of Denmark \u00a0
(EIFO) for a purchase consideration of DKK 21 million. The financial effects of this transaction have not been recognised at 31 December 2024. \u00a0
The operating result, assets and liabilities of the acquisition will be consolidated from 1 January 2025. \u00a0
Goodwill comprises DKK 17 million and is attributable to the workforce and an increase in market share of assets under management. None of \u00a0
the goodwill is expected to be deductible for tax purposes. \u00a0
The Group did not make any acquisitions of undertakings in 2024 or 2023. \u00a0
Accounting policy \u00a0
Joint ventures and associates are entities other than group undertakings in which the Group has holdings and joint control with one or \u00a0
more parties or significant but not controlling influence, respectively. The Group generally classifies entities as joint ventures/associates \u00a0
if Danske Bank A/S, directly or indirectly, holds 20-50% of the share capital and has influence over management and operating policy \u00a0
decisions. Holdings in joint ventures and associates are recognised at cost at the date of acquisition and are subsequently measured \u00a0
according to the equity method. The proportionate share of the net profit or loss of the individual entity is included under Income from \u00a0
holdings in associates. The share is calculated on the basis of data from financial statements with balance sheet dates no earlier than \u00a0
three months before the Group\u2019s balance sheet date. If objective evidence of impairment exists, the investment is recognised at the \u00a0
lower of carrying amount and the present value of future cash flows. \u00a0
The proportionate share of the profit or loss on transactions between associates/joint ventures and group undertakings is eliminated. \u00a0
Ownership shares held by the Group\u2019s insurance business are treated as held by a venture capital organisation and are measured at \u00a0
fair value. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1478": { "value": "(b) Significant accounting estimates and judgements \u00a0The preparation of financial information requires, in some cases, the use of judgements and estimates by management. This includes \u00a0judgements made when applying accounting policies. The most significant judgements made when applying accounting policies relate to the \u00a0classification of financial assets and financial liabilities under IFRS 9, especially related to the business model assessment, and the solely \u00a0payments of principal and interest (SPPI) test (further explained in note G15) and the designation of financial liabilities at fair value through \u00a0profit or loss to eliminate or significantly reduce an accounting mismatch (further explained in note G16). An overview of the classification and \u00a0measurement basis for financial instruments can be found in section (c) of this note. \u00a0Further, the determination of the carrying amounts of some assets and liabilities requires the estimation of the effects of uncertain future \u00a0events on those assets and liabilities. The estimates are based on premises that management finds reasonable but which are inherently \u00a0uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and other parties may arrive \u00a0at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and judgement involved in the recognition and \u00a0measurement of the items listed below, it is possible that the outcomes in the next financial year could differ from those on which \u00a0management\u2019s estimates are based. \u00a0Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised cost or fair \u00a0value through Other comprehensive income \u00a0The three-stage expected credit loss impairment model in IFRS 9 depends on whether the credit risk has increased significantly since initial \u00a0recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from default \u00a0events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more than 30 days past \u00a0due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit losses (stages 2 and 3). In \u00a0determining the impairment for expected credit losses, management exercises judgement and uses estimates and assumptions as explained \u00a0below. \u00a0The expected credit loss is calculated for all individual facilities as a function of probability of default (PD), exposure at default (EAD) and loss \u00a0given default (LGD) and incorporates forward-looking information. The estimation of expected credit losses involves forecasting future \u00a0economic conditions over a number of years. Such forecasts are subject to management judgement and those judgements may be sources of \u00a0measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying amount in future periods. The \u00a0incorporation of forward-looking elements reflects the expectations of the Group\u2019s senior management and involves the creation of scenarios \u00a0(base case, upside and downside), including an assessment of the probability for each scenario. The purpose of using multiple scenarios is to \u00a0model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. \u00a0The base case scenario enters with a probability of 60 % (2023: 60%), the upside scenario with a probability of 20 % (2023: 20%) and the \u00a0downside scenario with a probability of 20 % (2023: 20%). On the basis of these assessments, the allowance account at the end of 2024 \u00a0amounted to DKK 19.9 billion (2023: DKK 20.1. billion). If the base case scenario was assigned a probability of 100%, the allowance account \u00a0would decrease DKK 2.5 billion (2023: 2.0 billion). Compared to the base case scenario, the allowance account would increase DKK 12.9 billion \u00a0(2023: DKK 10.2 billion), if the downside scenario was assigned a probability of 100%. The increase reflects primarily the transfer of exposures \u00a0from stage 1 to stage 2 and increased expected credit losses within stage 2. If instead the upside scenario was assigned a probability of 100%, \u00a0the allowance account would decrease DKK 0.2 billion (2023: DKK 0.2 billion) compared to the base case scenario. \u00a0In determining the expected credit losses, management is required to exercise judgement in defining what is considered a significant increase \u00a0in credit risk. According to the Group\u2019s definition of a significant increase in credit risk, i.e. when a loan is transferred from stage 1 to stage 2, \u00a0facilities with an initial PD below 1% are transferred to stage 2 if the facility\u2019s 12-month PD has increased by at least 0.5 of a percentage point \u00a0and the facility\u2019s lifetime PD has doubled since origination. The allowance account is relatively stable in terms of changes to the definition of \u00a0significant increase in credit risk. At the end of 2024, the allowance account would increase by DKK 0.1 billion (2023: DKK 0.3 billion), if instead \u00a0an increase in the facility\u2019s 12-month PD by at least 0.25 of a percentage point combined with a doubling of the lifetime PD was considered a \u00a0significant increase in credit risk. \u00a0G1. Material accounting policies andestimates - continued \u00a0Management applies judgement when determining the need for post-model adjustments. At the end of 2024, the post-model adjustments \u00a0amounted to DKK 5.9 billion (2023: DKK 6.7 billion). They mainly cover the macroeconomic and geopolitical uncertainties. Further information \u00a0on the types of risks covered by post-model adjustments and the allocation of post-model adjustments to the underlying exposures can be \u00a0found in the section Forward-looking information in note G40. \u00a0Loan impairment charges for 2024 amounted to a net reversal of DKK 543 million (2023: DKK 262 million).\u00a0Impairment reversals were driven \u00a0by robust credit quality and a reduction of post-model adjustments. \u00a0The applied macroeconomic scenarios in 2024 differ from those used at 31 December 2023. The downside scenario continues to capture the \u00a0severe recession scenario with high interest rates (reflecting a stagflation scenario) applied in the Group\u2019s Internal Capital Adequacy \u00a0Assessment Process (ICAAP) processes and is similar in nature to regulatory stress tests. The severe recession scenario reflects negative \u00a0growth, higher interest rates, and falling property prices for a longer period. The use of the downside scenario has been made to better capture \u00a0the increasing risk from high interest rates and high inflation, and in order for the ECL calculation to include potential downside risks due to the \u00a0elevated asset prices across the Nordics. \u00a0Except as described above, all other policies and principles remain in place. Staging criteria are unchanged, including the 30 days past due \u00a0criteria and PD-based criteria for transfer to stage 2. \u00a0Sustainability risk \u00a0The Group defines sustainability risk as the risk of a significant negative effect on the Group\u2019s performance \u2013 including financial and \u00a0reputational effects \u2013 due to current or future environmental, social and governance (ESG) events or conditions. Sustainability risk is therefore \u00a0considered a cross-cutting driver of existing risks as outlined in the Group\u2019s risk taxonomy, which can further exacerbate the risks the Group is \u00a0already facing. The Group may be exposed to sustainability risk through its own operations and strategic commitments and from the activities \u00a0of its various counter parties upstream and downstream in the value chain. \u00a0Credit risk is deemed to be the risk type most materially affected by sustainability drivers in the long term, of which climate risk is currently the \u00a0most urgent of all ESG-related drivers capable of affecting the Group\u2019s credit risk. In terms of risks arising from financial instruments, climate- \u00a0related risks have been deemed most relevant for the Group\u2019s lending activities. Climate risk pertains to transition risks, which are the risks \u00a0associated with shifting to a low-carbon economy, and to physical risks arising from projected climate changes, including both long-term shifts \u00a0(chronic changes) and event-driven changes (acute changes) to weather patterns. Credit risk will be affected by both of these climate-related \u00a0risks in the medium and long term, and efforts are being made to obtain improved climate data to refine the long- term view of climate risk \u00a0across sectors. \u00a0The Group takes a risk-based approach in prioritising risk management efforts for credit portfolios that are likely to be most exposed to \u00a0transition and physical risks. For that purpose, the Group applies a mix of qualitative and quantitative input to define the credit exposures most \u00a0exposed to transition and physical risks. \u00a0High transition-risk exposures are identified using a mix of insights, including financed emissions estimates, findings from conducting climate \u00a0scenario analysis as well as qualitative judgment to account for, e.g., credible transition plans, potential future technology and demand risks to \u00a0a given sector. Most of the emissions are attributable to only a few sectors, e.g. agriculture, shipping, and oil and gas. The Group actively \u00a0monitors and manages these sectors at both customer and portfolio levels. For instance, this is evidenced by the decline in the oil and gas \u00a0portfolio in recent years. From the assessment of customers subject to high transition risk, the exposure to the lagging transition category \u00a0remains limited and are monitored and managed on an ongoing basis. \u00a0The Group performs quantitative climate scenario analyses, including bottom-up climate stress tests to assess the effects of both physical and \u00a0transition climate-related risks over short-, medium- and long-term horizons. In relation to transition risks, the Group has analysed scenarios \u00a0for carbon taxes as a key driver for this transition in different sectors e.g. the introduction of a carbon tax by the Danish government on the \u00a0Danish Agricultural Sector and on the commercial real estate sector in view of the EU\u2019s Energy Performance of Buildings Directive. \u00a0Stress tests related to physical risks focus on collateral-related exposures based on expected loss calculations related to river and coastal \u00a0flooding. The Group had identified flooding risk (river and coastal flooding) as the key physical hazard applicable to the portfolio on the basis of \u00a0the report on high confidence of hazard increase in Northern Europe issued by the Intergovernmental Panel on Climate Change. The current \u00a0analyses on flooding risk focus on residential and commercial property and the risk is assessed to be limited. \u00a0The Group will continue to refine its assessment methodology as more climate risk data becomes available to support the identification of \u00a0both transition and physical risks for the purpose of determining financial significance, however, conclusions have not led to adjustments to \u00a0staging or modelled expected credit losses, as the impacts either manifest over a longer time period than loan maturities, or as transition risks \u00a0are concentrated on a few sectors with downside risks already recognised in the Group\u2019s modelled expected credit losses. Both transition and \u00a0physical risks are either managed through risk tolerances or strategic targets, or already have post model adjustments allocated covering the \u00a0climate related risks. \u00a0For more detail on Sustainability risk, see note G40. \u00a0Fair value measurement of financial instruments \u00a0At the end of 2024, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The majority of \u00a0valuation techniques continues to employ only observable market data, and there has been no significant increase in financial instruments \u00a0measured on the basis of valuation techniques that are based on one or more significant unobservable inputs. The latter continues to include \u00a0only unlisted shares, certain bonds and some long-dated derivatives for which there is no active market. On the derivatives portfolio, the Group \u00a0makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover expected funding costs (FVA and ColVA) on derivatives, \u00a0bid-offer spreads on the net open position of the portfolio of assets and liabilities with offsetting market risk recognised at mid-market prices, \u00a0and model risk on level 3 derivatives.\u00a0FVA is calculated including both funding cost and funding benefit. At 31 December 2024, the \u00a0adjustments totalled DKK 0.3 billion (2023: DKK 0.4 billion), including the adjustment for credit risk on derivatives that are credit impaired. Note \u00a0G33(a) provides more details on the fair value measurement of financial instruments. \u00a0The Group uses derivatives to hedge the fixed interest rate on some financial assets and liabilities, thus converting the fixed interest rates on \u00a0the financial instruments to variable interest rates by the use of swaps. \u00a0Measurement of goodwill \u00a0Goodwill is tested for impairment once a year or more frequently if indications of impairment exist. Impairment testing requires management \u00a0to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including discount rates, changes in \u00a0the economic outlook, customer behaviour and competition. As at 31 December 2024, goodwill amounted to DKK 4.4 billion (31 December \u00a02023: DKK 4.4 billion). \u00a0At each reporting date, management performs an impairment review to assess whether there are indications that goodwill might be impaired. \u00a0This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under management, \u00a0major restructurings, macroeconomic developments etc. The impairment test conducted in 2024 did not reveal any impairment loss. \u00a0G1. Material accounting policies andestimates - continued \u00a0Goodwill mainly consists of DKK 2.1 billion (2023: DKK 2.1 billion) in Markets, DKK 1.8 billion (2023: DKK 1.8 billion) in Asset Management and \u00a0DKK 0.5 billion (2023: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & Institutions) showing significant \u00a0amounts of excess value in the impairment tests in 2024 and 2023. \u00a0Note G19 provides more information about the impairment test in 2024 and 2023 including sensitivity to changes in assumptions. \u00a0Measurement of insurance contract liabilities (part of Insurance liabilities) \u00a0Liabilities under insurance contracts are measured using either the General Measurement Model (GMM), Variable Fee Approach (VFA) or \u00a0Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of future \u00a0cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for non-financial \u00a0risk, and a contractual service margin (CSM). \u00a0Estimates of future cash flows include actuarial computations that rely on estimates of a number of variables such as mortality rates and \u00a0disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the Group\u2019s own \u00a0portfolio of insurance contracts. \u00a0The discount rate is fixed on the basis of a zero-coupon yield curve, which is adjusted by a currency and credit risk deduction and a volatility \u00a0adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European Insurance and \u00a0Occupational Pension Authority (EIOPA) discount yield curve, as shown below:. \u00a0DKK \u00a01 year \u00a05 years \u00a010 years \u00a020 years \u00a030 years \u00a02024 \u00a02.33 \u00a02.35 \u00a02.46 \u00a02.44 \u00a02.54 \u00a02023 \u00a03.26 \u00a02.55 \u00a02.63 \u00a02.63 \u00a02.73 \u00a0For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial assumptions, \u00a0such as mortality rates and longevity. \u00a0The confidence level used to determine the risk adjustment is at least 85%. \u00a0For insurance contracts measured using VFA, CSM is calculated on the basis of stochastic models, whereas a deterministic model is used for \u00a0life insurance contracts measured using GMM. \u00a0For health and accident insurance contracts, the loss element includes expectations about mortality, reactivation, reinstatement and \u00a0repurchase, as well as expected costs offset by premiums not yet due. Risk adjustment for non-financial risk is calculated based on a safety \u00a0margin on applied actuarial assumptions. The confidence level used to determine the risk adjustment is at least 85%. \u00a0Note G18 provides further information on the measurement of insurance liabilities. Note G40 contains a sensitivity analysis for life insurance. \u00a0", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1467": { "value": "
Notes \u2013 Danske Bank Group \u00a0
G1. Material accounting policies andestimates \u00a0
(a) General \u00a0
Danske Bank Group prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS \u00a0
Accounting Standards) and applicable interpretations (IFRIC) issued by the International Accounting Standards Board (IASB), as adopted by the \u00a0
EU. Furthermore, the consolidated financial statements comply with the Danish FSA\u2019s Executive Order No. 1306 dated 16 December 2008 on \u00a0
the use of IFRS Accounting Standards by undertakings subject to the Danish Financial Business Act \u00a0
With effect from 1 January 2024, the Group has changed the presentation in the IFRS Income statement in relation to Markets, Operating \u00a0
leases and margins on customer transactions in foreign currencies. At the same time, the Group\u2019s Financial highlights have been changed to \u00a0
align them with the IFRS financial statements. The changes have been applied retrospectively, resulting in reclassifications between lines in the \u00a0
IFRS Income statement. The reclassifications have no impact on the net profit, balance sheet or equity for 2023. \u00a0
In addition, amendments to IFRS 7, IFRS 16, IAS 1 and IAS 7 became effective on 1 January 2024, and have no impact on the financial \u00a0
statements. \u00a0
The Group has also changed its accounting treatment for variation margin for derivative transactions to reflect the Group\u2019s updated \u00a0
understanding of the application of a legal framework applied to outstanding mark-to-market on derivatives. This change in accounting \u00a0
treatment has been applied retrospectively. The change has no impact on net profit for 2023 or equity. \u00a0
Further information on the changes to accounting policies and presentation in 2024 can be found in note G2. Except for these changes, the \u00a0
Group has not changed its material accounting policies from those applied in the Annual Report 2023. \u00a0
For changes in the financial highlights and segment reporting, see note G3. \u00a0
Financial statement figures are stated in Danish kroner and whole millions, unless otherwise stated. As a result, rounding discrepancies may \u00a0
occur because totals have been rounded off and the underlying decimals are not presented to financial statement users. \u00a0
Monetary assets and liabilities in foreign currency are translated at the exchange rates at the balance sheet date. Exchange rate adjustments \u00a0
of monetary assets and liabilities arising as a result of differences in the exchange rates at the transaction date and at the balance sheet date \u00a0
are recognised in the income statement. Non-monetary assets and liabilities in foreign currency that are subsequently revalued at fair value \u00a0
are translated at the exchange rates at the date of revaluation. Exchange rate adjustments are included in the fair value adjustment of an asset \u00a0
or liability. Other non-monetary items in foreign currency are translated at the exchange rates at the transaction date. The accounting \u00a0
treatment of foreign currency translation of units outside Denmark is described in note G25. \u00a0
For the purpose of clarity, the primary financial statements and the notes to the financial statements are prepared using the concepts of \u00a0
materiality and relevance. This means that line items not considered material in terms of quantitative and qualitative measures or relevant to \u00a0
financial statement users are aggregated and presented together with other items in the primary financial statements. Similarly, information \u00a0
not considered material is not presented in the notes. \u00a0
The material accounting policies are incorporated into the notes to which they relate. \u00a0
(b) Significant accounting estimates and judgements \u00a0
The preparation of financial information requires, in some cases, the use of judgements and estimates by management. This includes \u00a0
judgements made when applying accounting policies. The most significant judgements made when applying accounting policies relate to the \u00a0
classification of financial assets and financial liabilities under IFRS 9, especially related to the business model assessment, and the solely \u00a0
payments of principal and interest (SPPI) test (further explained in note G15) and the designation of financial liabilities at fair value through \u00a0
profit or loss to eliminate or significantly reduce an accounting mismatch (further explained in note G16). An overview of the classification and \u00a0
measurement basis for financial instruments can be found in section (c) of this note. \u00a0
Further, the determination of the carrying amounts of some assets and liabilities requires the estimation of the effects of uncertain future \u00a0
events on those assets and liabilities. The estimates are based on premises that management finds reasonable but which are inherently \u00a0
uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and other parties may arrive \u00a0
at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and judgement involved in the recognition and \u00a0
measurement of the items listed below, it is possible that the outcomes in the next financial year could differ from those on which \u00a0
management\u2019s estimates are based. \u00a0
Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised cost or fair \u00a0
value through Other comprehensive income \u00a0
The three-stage expected credit loss impairment model in IFRS 9 depends on whether the credit risk has increased significantly since initial \u00a0
recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from default \u00a0
events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more than 30 days past \u00a0
due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit losses (stages 2 and 3). In \u00a0
determining the impairment for expected credit losses, management exercises judgement and uses estimates and assumptions as explained \u00a0
below. \u00a0
The expected credit loss is calculated for all individual facilities as a function of probability of default (PD), exposure at default (EAD) and loss \u00a0
given default (LGD) and incorporates forward-looking information. The estimation of expected credit losses involves forecasting future \u00a0
economic conditions over a number of years. Such forecasts are subject to management judgement and those judgements may be sources of \u00a0
measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying amount in future periods. The \u00a0
incorporation of forward-looking elements reflects the expectations of the Group\u2019s senior management and involves the creation of scenarios \u00a0
(base case, upside and downside), including an assessment of the probability for each scenario. The purpose of using multiple scenarios is to \u00a0
model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. \u00a0
The base case scenario enters with a probability of 60 % (2023: 60%), the upside scenario with a probability of 20 % (2023: 20%) and the \u00a0
downside scenario with a probability of 20 % (2023: 20%). On the basis of these assessments, the allowance account at the end of 2024 \u00a0
amounted to DKK 19.9 billion (2023: DKK 20.1. billion). If the base case scenario was assigned a probability of 100%, the allowance account \u00a0
would decrease DKK 2.5 billion (2023: 2.0 billion). Compared to the base case scenario, the allowance account would increase DKK 12.9 billion \u00a0
(2023: DKK 10.2 billion), if the downside scenario was assigned a probability of 100%. The increase reflects primarily the transfer of exposures \u00a0
from stage 1 to stage 2 and increased expected credit losses within stage 2. If instead the upside scenario was assigned a probability of 100%, \u00a0
the allowance account would decrease DKK 0.2 billion (2023: DKK 0.2 billion) compared to the base case scenario. \u00a0
In determining the expected credit losses, management is required to exercise judgement in defining what is considered a significant increase \u00a0
in credit risk. According to the Group\u2019s definition of a significant increase in credit risk, i.e. when a loan is transferred from stage 1 to stage 2, \u00a0
facilities with an initial PD below 1% are transferred to stage 2 if the facility\u2019s 12-month PD has increased by at least 0.5 of a percentage point \u00a0
and the facility\u2019s lifetime PD has doubled since origination. The allowance account is relatively stable in terms of changes to the definition of \u00a0
significant increase in credit risk. At the end of 2024, the allowance account would increase by DKK 0.1 billion (2023: DKK 0.3 billion), if instead \u00a0
an increase in the facility\u2019s 12-month PD by at least 0.25 of a percentage point combined with a doubling of the lifetime PD was considered a \u00a0
significant increase in credit risk. \u00a0
G1. Material accounting policies andestimates - continued \u00a0
Management applies judgement when determining the need for post-model adjustments. At the end of 2024, the post-model adjustments \u00a0
amounted to DKK 5.9 billion (2023: DKK 6.7 billion). They mainly cover the macroeconomic and geopolitical uncertainties. Further information \u00a0
on the types of risks covered by post-model adjustments and the allocation of post-model adjustments to the underlying exposures can be \u00a0
found in the section Forward-looking information in note G40. \u00a0
Loan impairment charges for 2024 amounted to a net reversal of DKK 543 million (2023: DKK 262 million).\u00a0Impairment reversals were driven \u00a0
by robust credit quality and a reduction of post-model adjustments. \u00a0
The applied macroeconomic scenarios in 2024 differ from those used at 31 December 2023. The downside scenario continues to capture the \u00a0
severe recession scenario with high interest rates (reflecting a stagflation scenario) applied in the Group\u2019s Internal Capital Adequacy \u00a0
Assessment Process (ICAAP) processes and is similar in nature to regulatory stress tests. The severe recession scenario reflects negative \u00a0
growth, higher interest rates, and falling property prices for a longer period. The use of the downside scenario has been made to better capture \u00a0
the increasing risk from high interest rates and high inflation, and in order for the ECL calculation to include potential downside risks due to the \u00a0
elevated asset prices across the Nordics. \u00a0
Except as described above, all other policies and principles remain in place. Staging criteria are unchanged, including the 30 days past due \u00a0
criteria and PD-based criteria for transfer to stage 2. \u00a0
Sustainability risk \u00a0
The Group defines sustainability risk as the risk of a significant negative effect on the Group\u2019s performance \u2013 including financial and \u00a0
reputational effects \u2013 due to current or future environmental, social and governance (ESG) events or conditions. Sustainability risk is therefore \u00a0
considered a cross-cutting driver of existing risks as outlined in the Group\u2019s risk taxonomy, which can further exacerbate the risks the Group is \u00a0
already facing. The Group may be exposed to sustainability risk through its own operations and strategic commitments and from the activities \u00a0
of its various counter parties upstream and downstream in the value chain. \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability drivers in the long term, of which climate risk is currently the \u00a0
most urgent of all ESG-related drivers capable of affecting the Group\u2019s credit risk. In terms of risks arising from financial instruments, climate- \u00a0
related risks have been deemed most relevant for the Group\u2019s lending activities. Climate risk pertains to transition risks, which are the risks \u00a0
associated with shifting to a low-carbon economy, and to physical risks arising from projected climate changes, including both long-term shifts \u00a0
(chronic changes) and event-driven changes (acute changes) to weather patterns. Credit risk will be affected by both of these climate-related \u00a0
risks in the medium and long term, and efforts are being made to obtain improved climate data to refine the long- term view of climate risk \u00a0
across sectors. \u00a0
The Group takes a risk-based approach in prioritising risk management efforts for credit portfolios that are likely to be most exposed to \u00a0
transition and physical risks. For that purpose, the Group applies a mix of qualitative and quantitative input to define the credit exposures most \u00a0
exposed to transition and physical risks. \u00a0
High transition-risk exposures are identified using a mix of insights, including financed emissions estimates, findings from conducting climate \u00a0
scenario analysis as well as qualitative judgment to account for, e.g., credible transition plans, potential future technology and demand risks to \u00a0
a given sector. Most of the emissions are attributable to only a few sectors, e.g. agriculture, shipping, and oil and gas. The Group actively \u00a0
monitors and manages these sectors at both customer and portfolio levels. For instance, this is evidenced by the decline in the oil and gas \u00a0
portfolio in recent years. From the assessment of customers subject to high transition risk, the exposure to the lagging transition category \u00a0
remains limited and are monitored and managed on an ongoing basis. \u00a0
The Group performs quantitative climate scenario analyses, including bottom-up climate stress tests to assess the effects of both physical and \u00a0
transition climate-related risks over short-, medium- and long-term horizons. In relation to transition risks, the Group has analysed scenarios \u00a0
for carbon taxes as a key driver for this transition in different sectors e.g. the introduction of a carbon tax by the Danish government on the \u00a0
Danish Agricultural Sector and on the commercial real estate sector in view of the EU\u2019s Energy Performance of Buildings Directive. \u00a0
Stress tests related to physical risks focus on collateral-related exposures based on expected loss calculations related to river and coastal \u00a0
flooding. The Group had identified flooding risk (river and coastal flooding) as the key physical hazard applicable to the portfolio on the basis of \u00a0
the report on high confidence of hazard increase in Northern Europe issued by the Intergovernmental Panel on Climate Change. The current \u00a0
analyses on flooding risk focus on residential and commercial property and the risk is assessed to be limited. \u00a0
The Group will continue to refine its assessment methodology as more climate risk data becomes available to support the identification of \u00a0
both transition and physical risks for the purpose of determining financial significance, however, conclusions have not led to adjustments to \u00a0
staging or modelled expected credit losses, as the impacts either manifest over a longer time period than loan maturities, or as transition risks \u00a0
are concentrated on a few sectors with downside risks already recognised in the Group\u2019s modelled expected credit losses. Both transition and \u00a0
physical risks are either managed through risk tolerances or strategic targets, or already have post model adjustments allocated covering the \u00a0
climate related risks. \u00a0
For more detail on Sustainability risk, see note G40. \u00a0
Fair value measurement of financial instruments \u00a0
At the end of 2024, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The majority of \u00a0
valuation techniques continues to employ only observable market data, and there has been no significant increase in financial instruments \u00a0
measured on the basis of valuation techniques that are based on one or more significant unobservable inputs. The latter continues to include \u00a0
only unlisted shares, certain bonds and some long-dated derivatives for which there is no active market. On the derivatives portfolio, the Group \u00a0
makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover expected funding costs (FVA and ColVA) on derivatives, \u00a0
bid-offer spreads on the net open position of the portfolio of assets and liabilities with offsetting market risk recognised at mid-market prices, \u00a0
and model risk on level 3 derivatives.\u00a0FVA is calculated including both funding cost and funding benefit. At 31 December 2024, the \u00a0
adjustments totalled DKK 0.3 billion (2023: DKK 0.4 billion), including the adjustment for credit risk on derivatives that are credit impaired. Note \u00a0
G33(a) provides more details on the fair value measurement of financial instruments. \u00a0
The Group uses derivatives to hedge the fixed interest rate on some financial assets and liabilities, thus converting the fixed interest rates on \u00a0
the financial instruments to variable interest rates by the use of swaps. \u00a0
Measurement of goodwill \u00a0
Goodwill is tested for impairment once a year or more frequently if indications of impairment exist. Impairment testing requires management \u00a0
to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including discount rates, changes in \u00a0
the economic outlook, customer behaviour and competition. As at 31 December 2024, goodwill amounted to DKK 4.4 billion (31 December \u00a0
2023: DKK 4.4 billion). \u00a0
At each reporting date, management performs an impairment review to assess whether there are indications that goodwill might be impaired. \u00a0
This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under management, \u00a0
major restructurings, macroeconomic developments etc. The impairment test conducted in 2024 did not reveal any impairment loss. \u00a0
G1. Material accounting policies andestimates - continued \u00a0
Goodwill mainly consists of DKK 2.1 billion (2023: DKK 2.1 billion) in Markets, DKK 1.8 billion (2023: DKK 1.8 billion) in Asset Management and \u00a0
DKK 0.5 billion (2023: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & Institutions) showing significant \u00a0
amounts of excess value in the impairment tests in 2024 and 2023. \u00a0
Note G19 provides more information about the impairment test in 2024 and 2023 including sensitivity to changes in assumptions. \u00a0
Measurement of insurance contract liabilities (part of Insurance liabilities) \u00a0
Liabilities under insurance contracts are measured using either the General Measurement Model (GMM), Variable Fee Approach (VFA) or \u00a0
Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of future \u00a0
cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for non-financial \u00a0
risk, and a contractual service margin (CSM). \u00a0
Estimates of future cash flows include actuarial computations that rely on estimates of a number of variables such as mortality rates and \u00a0
disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the Group\u2019s own \u00a0
portfolio of insurance contracts. \u00a0
The discount rate is fixed on the basis of a zero-coupon yield curve, which is adjusted by a currency and credit risk deduction and a volatility \u00a0
adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European Insurance and \u00a0
Occupational Pension Authority (EIOPA) discount yield curve, as shown below:. \u00a0
DKK \u00a0
1 year \u00a0
5 years \u00a0
10 years \u00a0
20 years \u00a0
30 years \u00a0
2024 \u00a0
2.33 \u00a0
2.35 \u00a0
2.46 \u00a0
2.44 \u00a0
2.54 \u00a0
2023 \u00a0
3.26 \u00a0
2.55 \u00a0
2.63 \u00a0
2.63 \u00a0
2.73 \u00a0
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial assumptions, \u00a0
such as mortality rates and longevity. \u00a0
The confidence level used to determine the risk adjustment is at least 85%. \u00a0
For insurance contracts measured using VFA, CSM is calculated on the basis of stochastic models, whereas a deterministic model is used for \u00a0
life insurance contracts measured using GMM. \u00a0
For health and accident insurance contracts, the loss element includes expectations about mortality, reactivation, reinstatement and \u00a0
repurchase, as well as expected costs offset by premiums not yet due. Risk adjustment for non-financial risk is calculated based on a safety \u00a0
margin on applied actuarial assumptions. The confidence level used to determine the risk adjustment is at least 85%. \u00a0
Note G18 provides further information on the measurement of insurance liabilities. Note G40 contains a sensitivity analysis for life insurance. \u00a0
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 97% of total assets, and financial liabilities and insurance liabilities account for \u00a0
around 98% of total liabilities. A portion of financial assets relate to investments made under insurance contracts. The following sections \u00a0
provide a general description of the classification and measurement of financial instruments and obligations under insurance contracts. \u00a0
Financial instruments \u2013 general \u00a0
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. A financial asset, or a portion of a \u00a0
financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been transferred, usually by sale, \u00a0
leading to substantially all the risks and rewards of the asset or significant risks and rewards being transferred. Financial liabilities are \u00a0
derecognised when the liability has been settled, has expired or has been extinguished. \u00a0
Regular way purchases and sales of financial instruments are recognised and derecognised at the settlement date. Fair value adjustments of \u00a0
unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is classified at fair value \u00a0
through profit or loss or through Other comprehensive income. The classification is shown in the table on next page. \u00a0
Classification and measurement of financial assets and financial liabilities \u2013 general \u00a0
Financial assets are classified on the basis of the business model adopted for managing the assets and on their contractual cash flow \u00a0
characteristics (including embedded derivatives, if any) are grouped into one of the following measurement categories: \u00a0
\u2022
Amortised cost (AMC) \u00a0
\u2022
Fair value through Other comprehensive income (FVOCI) \u00a0
\u2022
Fair value through profit or loss (FVPL) \u00a0
Financial assets are measured at AMC if they are held within a business model for the purpose of collecting contractual cash flows (hold to \u00a0
collect) and if cash flows are solely payments of principal and interest on the principal amount outstanding. \u00a0
Financial assets are measured at FVOCI if they are held within a business model for the purpose of both collecting contractual cash flows and \u00a0
selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount outstanding. FVOCI \u00a0
results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains and losses, except for \u00a0
expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income until the financial \u00a0
asset is derecognised. When the financial asset is derecognised the cumulative gains and losses previously recognised in Other \u00a0
comprehensive income are reclassified to the income statement. \u00a0
All other financial assets are mandatorily measured at FVPL including financial assets held within other business models, such as financial \u00a0
assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments of principal and \u00a0
interest on the principal amount outstanding. \u00a0
Generally, financial liabilities are measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related \u00a0
to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to repurchase \u00a0
securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments relating to the inherent \u00a0
credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless this leads to an accounting \u00a0
mismatch. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
As at 31 December 2024, financial assets covered by the expected credit loss model accounted for about 53.8% of total assets (31 December \u00a0
2023: 54.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits with central banks, \u00a0
fair value OCI and FVPL due to SPPI test. \u00a0
The business model assessment \u00a0
The business model assessment in Danske Bank Group has been applied separately for each business unit represented by the Group\u2019s \u00a0
reportable segments, and it is based on observable factors for the different portfolios, such as (1) how the performance of the business model \u00a0
and the financial assets held within that business model are evaluated and reported to the Executive Board and the Board of Directors, (2) the \u00a0
risks that affect the performance of the business model and the way such risks are managed and (3) past and expected frequency, value and \u00a0
timing of sales from the portfolio. In general, the business model assessment of the Group can be summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates &Institutes (LC&I) and \u00a0
Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management and reporting of \u00a0
performance are based on collecting the contractual cash flows, and loans are only very infrequently sold. \u00a0
The trading unit at LC&I (Markets) and the financial assets related to the Group\u2019s insurance activities at Danica have a business model that is \u00a0
neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets consist of bonds, \u00a0
shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading pattern that falls under \u00a0
the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair value basis. \u00a0
Group Treasury has portfolios of bonds within the \u201chold to collect\u201d business model, the \u201chold to collect and sell\u201d business models and the \u00a0
\u201cother\u201d business model. \u00a0
The remaining portfolio of Non-core (part of Group Functions) is \u201chold to collect\u201d. The financial assets consist primarily of loans. \u00a0
The SPPI test (solely payment of principal and interest on the principal amount outstanding) \u00a0
The second step in the classification of the financial assets in portfolios being \u201chold to collect\u201d and \u201chold to collect and sell\u201d relates to the \u00a0
assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at initial \u00a0
recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time value of money, \u00a0
credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce more than de minimis \u00a0
exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily recognised at FVPL. \u00a0
In general, the Group\u2019s portfolios of financial assets that are \u201chold to collect\u201d or \u201chold to collect and sell\u201d (loans and bonds) have contractual \u00a0
cash flows that are consistent with the SPPI test, i.e. they have basic lending features. \u00a0
However, loans granted under Danish mortgage finance law are funded by issuing listed mortgage bonds with matching terms. Such loans are \u00a0
granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. This represents an \u00a0
option to prepay at fair value that can be both above and below the principal amount plus accrued interest. Changes in the fair value of the \u00a0
underlying bonds include other elements than the effect of changes in the relevant benchmark interest rate and the prepayment option is \u00a0
therefore not consistent with the SPPI test in IFRS 9 and are mandatorily measured at FVPL. \u00a0
All equity instruments have contractual cash flows that do not pass the SPPI test. All such holdings are recognised at FVPL since the Group has \u00a0
decided not to use the option to designate equity instruments at FVOCI. \u00a0
Financial liabilities \u00a0
Financial liabilities are generally measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related to \u00a0
the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities designated at FVPL under \u00a0
the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities designated at fair value are, however, \u00a0
recognised in Other comprehensive income unless this leads to an accounting mismatch. \u00a0
IFRS 9 allows the designation of financial liabilities at FVPL when doing so results in more relevant information, because either (1) it eliminates \u00a0
or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial instruments that are \u00a0
managed and their performance reported on a fair value basis to management. \u00a0
The Group designates the following financial liabilities at FVPL: \u00a0
\u2022
Mortgage bonds issued by Realkredit Danmark. The bonds fund the loans granted by Realkredit Danmark, i.e. loans that due to the SPPI test \u00a0
are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans and the issued \u00a0
bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the credit risk of borrowers. To \u00a0
eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds at AMC, the issued bonds are \u00a0
designated at FVPL, and fair value changes of the issued bonds (including fair value changes related to own credit risk) are offset by the fair \u00a0
value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own credit risk on the issued bonds are also \u00a0
recognised in the income statement since an accounting mismatch would otherwise arise. \u00a0
\u2022
Financial liabilities in Markets and Investment Banking in LC&I. These financial liabilities are part of a portfolio of financial assets and \u00a0
liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist of repo \u00a0
transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk is, however, \u00a0
recognised in Other comprehensive income. \u00a0
Hedge accounting \u00a0
The Group uses derivatives to hedge the interest rate risk on some fixed-rate assets and fixed-rate liabilities measured at amortised cost and \u00a0
on some bonds measured at fair value through Other comprehensive income. Hedged risks that meet the criteria for fair value hedge \u00a0
accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value through profit or loss. At \u00a0
the end of 2024, hedging derivatives measured at fair value accounted for about 0.01% of total assets and about 0.01% of total liabilities \u00a0
(31 December 2023: 0.16% and 0.36%, respectively). For further information on hedge accounting, see note G12(d). \u00a0
Insurance activities \u2013 general \u00a0
The Group issues contracts for life insurance and health and accident insurance, which are divided into insurance and investment contracts. \u00a0
Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder, by agreeing to compensate \u00a0
the policyholder if a specified uncertain future event adversely affects the policyholder. Investment contracts are contracts that entail no \u00a0
significant insurance risk and comprise unit-linked contracts under which the investment risk lies with the policyholder. \u00a0
Insurance contracts \u00a0
The Group\u2019s insurance contracts are measured in line with IFRS 17, Insurance contracts. Under IFRS 17, the majority of insurance contract \u00a0
liabilities are measured based on estimates of the present value of future cash flows, risk adjustment for non-financial risk, and contractual \u00a0
service margin. Most of these insurance contracts are with direct participating features, which means that the policyholder participates in a \u00a0
share of a pool of underlying items, the return of which accrues to the policyholder. The underlying items are measured at fair value, and are \u00a0
classified as Insurance assets in the Balance sheet. \u00a0
Insurance contracts with one-year duration are measured using an estimate of expected benefits payable but not yet disbursed. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
Investment contracts \u00a0
Investment contracts are recognised as financial liabilities, and, consequently, contributions and benefits under such contracts are recognised \u00a0
directly in the balance sheet. Deposits are measured at the value of the savings under Deposits under pooled schemes and investment \u00a0
contracts. Savings under investment contracts are measured at fair value under Assets under pooled schemes and investment contracts. The \u00a0
return on the assets and the crediting of the amounts to policyholders\u2019 accounts are recognised under Net return on investments backing \u00a0
insurance liabilities. \u00a0
Net income from insurance business \u00a0
Insurance activities are presented in the Income statement under Net insurance result. Net insurance result comprises Insurance revenue, \u00a0
Insurance service expenses, Net return on investments backing insurance liabilities and Net finance income or expenses from insurance. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1468": { "value": "
Notes \u2013 Danske Bank Group \u00a0
G1. Material accounting policies andestimates \u00a0
(a) General \u00a0
Danske Bank Group prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS \u00a0
Accounting Standards) and applicable interpretations (IFRIC) issued by the International Accounting Standards Board (IASB), as adopted by the \u00a0
EU. Furthermore, the consolidated financial statements comply with the Danish FSA\u2019s Executive Order No. 1306 dated 16 December 2008 on \u00a0
the use of IFRS Accounting Standards by undertakings subject to the Danish Financial Business Act \u00a0
With effect from 1 January 2024, the Group has changed the presentation in the IFRS Income statement in relation to Markets, Operating \u00a0
leases and margins on customer transactions in foreign currencies. At the same time, the Group\u2019s Financial highlights have been changed to \u00a0
align them with the IFRS financial statements. The changes have been applied retrospectively, resulting in reclassifications between lines in the \u00a0
IFRS Income statement. The reclassifications have no impact on the net profit, balance sheet or equity for 2023. \u00a0
In addition, amendments to IFRS 7, IFRS 16, IAS 1 and IAS 7 became effective on 1 January 2024, and have no impact on the financial \u00a0
statements. \u00a0
The Group has also changed its accounting treatment for variation margin for derivative transactions to reflect the Group\u2019s updated \u00a0
understanding of the application of a legal framework applied to outstanding mark-to-market on derivatives. This change in accounting \u00a0
treatment has been applied retrospectively. The change has no impact on net profit for 2023 or equity. \u00a0
Further information on the changes to accounting policies and presentation in 2024 can be found in note G2. Except for these changes, the \u00a0
Group has not changed its material accounting policies from those applied in the Annual Report 2023. \u00a0
For changes in the financial highlights and segment reporting, see note G3. \u00a0
Financial statement figures are stated in Danish kroner and whole millions, unless otherwise stated. As a result, rounding discrepancies may \u00a0
occur because totals have been rounded off and the underlying decimals are not presented to financial statement users. \u00a0
Monetary assets and liabilities in foreign currency are translated at the exchange rates at the balance sheet date. Exchange rate adjustments \u00a0
of monetary assets and liabilities arising as a result of differences in the exchange rates at the transaction date and at the balance sheet date \u00a0
are recognised in the income statement. Non-monetary assets and liabilities in foreign currency that are subsequently revalued at fair value \u00a0
are translated at the exchange rates at the date of revaluation. Exchange rate adjustments are included in the fair value adjustment of an asset \u00a0
or liability. Other non-monetary items in foreign currency are translated at the exchange rates at the transaction date. The accounting \u00a0
treatment of foreign currency translation of units outside Denmark is described in note G25. \u00a0
For the purpose of clarity, the primary financial statements and the notes to the financial statements are prepared using the concepts of \u00a0
materiality and relevance. This means that line items not considered material in terms of quantitative and qualitative measures or relevant to \u00a0
financial statement users are aggregated and presented together with other items in the primary financial statements. Similarly, information \u00a0
not considered material is not presented in the notes. \u00a0
The material accounting policies are incorporated into the notes to which they relate. \u00a0
(b) Significant accounting estimates and judgements \u00a0
The preparation of financial information requires, in some cases, the use of judgements and estimates by management. This includes \u00a0
judgements made when applying accounting policies. The most significant judgements made when applying accounting policies relate to the \u00a0
classification of financial assets and financial liabilities under IFRS 9, especially related to the business model assessment, and the solely \u00a0
payments of principal and interest (SPPI) test (further explained in note G15) and the designation of financial liabilities at fair value through \u00a0
profit or loss to eliminate or significantly reduce an accounting mismatch (further explained in note G16). An overview of the classification and \u00a0
measurement basis for financial instruments can be found in section (c) of this note. \u00a0
Further, the determination of the carrying amounts of some assets and liabilities requires the estimation of the effects of uncertain future \u00a0
events on those assets and liabilities. The estimates are based on premises that management finds reasonable but which are inherently \u00a0
uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and other parties may arrive \u00a0
at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and judgement involved in the recognition and \u00a0
measurement of the items listed below, it is possible that the outcomes in the next financial year could differ from those on which \u00a0
management\u2019s estimates are based. \u00a0
Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised cost or fair \u00a0
value through Other comprehensive income \u00a0
The three-stage expected credit loss impairment model in IFRS 9 depends on whether the credit risk has increased significantly since initial \u00a0
recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from default \u00a0
events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more than 30 days past \u00a0
due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit losses (stages 2 and 3). In \u00a0
determining the impairment for expected credit losses, management exercises judgement and uses estimates and assumptions as explained \u00a0
below. \u00a0
The expected credit loss is calculated for all individual facilities as a function of probability of default (PD), exposure at default (EAD) and loss \u00a0
given default (LGD) and incorporates forward-looking information. The estimation of expected credit losses involves forecasting future \u00a0
economic conditions over a number of years. Such forecasts are subject to management judgement and those judgements may be sources of \u00a0
measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying amount in future periods. The \u00a0
incorporation of forward-looking elements reflects the expectations of the Group\u2019s senior management and involves the creation of scenarios \u00a0
(base case, upside and downside), including an assessment of the probability for each scenario. The purpose of using multiple scenarios is to \u00a0
model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. \u00a0
The base case scenario enters with a probability of 60 % (2023: 60%), the upside scenario with a probability of 20 % (2023: 20%) and the \u00a0
downside scenario with a probability of 20 % (2023: 20%). On the basis of these assessments, the allowance account at the end of 2024 \u00a0
amounted to DKK 19.9 billion (2023: DKK 20.1. billion). If the base case scenario was assigned a probability of 100%, the allowance account \u00a0
would decrease DKK 2.5 billion (2023: 2.0 billion). Compared to the base case scenario, the allowance account would increase DKK 12.9 billion \u00a0
(2023: DKK 10.2 billion), if the downside scenario was assigned a probability of 100%. The increase reflects primarily the transfer of exposures \u00a0
from stage 1 to stage 2 and increased expected credit losses within stage 2. If instead the upside scenario was assigned a probability of 100%, \u00a0
the allowance account would decrease DKK 0.2 billion (2023: DKK 0.2 billion) compared to the base case scenario. \u00a0
In determining the expected credit losses, management is required to exercise judgement in defining what is considered a significant increase \u00a0
in credit risk. According to the Group\u2019s definition of a significant increase in credit risk, i.e. when a loan is transferred from stage 1 to stage 2, \u00a0
facilities with an initial PD below 1% are transferred to stage 2 if the facility\u2019s 12-month PD has increased by at least 0.5 of a percentage point \u00a0
and the facility\u2019s lifetime PD has doubled since origination. The allowance account is relatively stable in terms of changes to the definition of \u00a0
significant increase in credit risk. At the end of 2024, the allowance account would increase by DKK 0.1 billion (2023: DKK 0.3 billion), if instead \u00a0
an increase in the facility\u2019s 12-month PD by at least 0.25 of a percentage point combined with a doubling of the lifetime PD was considered a \u00a0
significant increase in credit risk. \u00a0
G1. Material accounting policies andestimates - continued \u00a0
Management applies judgement when determining the need for post-model adjustments. At the end of 2024, the post-model adjustments \u00a0
amounted to DKK 5.9 billion (2023: DKK 6.7 billion). They mainly cover the macroeconomic and geopolitical uncertainties. Further information \u00a0
on the types of risks covered by post-model adjustments and the allocation of post-model adjustments to the underlying exposures can be \u00a0
found in the section Forward-looking information in note G40. \u00a0
Loan impairment charges for 2024 amounted to a net reversal of DKK 543 million (2023: DKK 262 million).\u00a0Impairment reversals were driven \u00a0
by robust credit quality and a reduction of post-model adjustments. \u00a0
The applied macroeconomic scenarios in 2024 differ from those used at 31 December 2023. The downside scenario continues to capture the \u00a0
severe recession scenario with high interest rates (reflecting a stagflation scenario) applied in the Group\u2019s Internal Capital Adequacy \u00a0
Assessment Process (ICAAP) processes and is similar in nature to regulatory stress tests. The severe recession scenario reflects negative \u00a0
growth, higher interest rates, and falling property prices for a longer period. The use of the downside scenario has been made to better capture \u00a0
the increasing risk from high interest rates and high inflation, and in order for the ECL calculation to include potential downside risks due to the \u00a0
elevated asset prices across the Nordics. \u00a0
Except as described above, all other policies and principles remain in place. Staging criteria are unchanged, including the 30 days past due \u00a0
criteria and PD-based criteria for transfer to stage 2. \u00a0
Sustainability risk \u00a0
The Group defines sustainability risk as the risk of a significant negative effect on the Group\u2019s performance \u2013 including financial and \u00a0
reputational effects \u2013 due to current or future environmental, social and governance (ESG) events or conditions. Sustainability risk is therefore \u00a0
considered a cross-cutting driver of existing risks as outlined in the Group\u2019s risk taxonomy, which can further exacerbate the risks the Group is \u00a0
already facing. The Group may be exposed to sustainability risk through its own operations and strategic commitments and from the activities \u00a0
of its various counter parties upstream and downstream in the value chain. \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability drivers in the long term, of which climate risk is currently the \u00a0
most urgent of all ESG-related drivers capable of affecting the Group\u2019s credit risk. In terms of risks arising from financial instruments, climate- \u00a0
related risks have been deemed most relevant for the Group\u2019s lending activities. Climate risk pertains to transition risks, which are the risks \u00a0
associated with shifting to a low-carbon economy, and to physical risks arising from projected climate changes, including both long-term shifts \u00a0
(chronic changes) and event-driven changes (acute changes) to weather patterns. Credit risk will be affected by both of these climate-related \u00a0
risks in the medium and long term, and efforts are being made to obtain improved climate data to refine the long- term view of climate risk \u00a0
across sectors. \u00a0
The Group takes a risk-based approach in prioritising risk management efforts for credit portfolios that are likely to be most exposed to \u00a0
transition and physical risks. For that purpose, the Group applies a mix of qualitative and quantitative input to define the credit exposures most \u00a0
exposed to transition and physical risks. \u00a0
High transition-risk exposures are identified using a mix of insights, including financed emissions estimates, findings from conducting climate \u00a0
scenario analysis as well as qualitative judgment to account for, e.g., credible transition plans, potential future technology and demand risks to \u00a0
a given sector. Most of the emissions are attributable to only a few sectors, e.g. agriculture, shipping, and oil and gas. The Group actively \u00a0
monitors and manages these sectors at both customer and portfolio levels. For instance, this is evidenced by the decline in the oil and gas \u00a0
portfolio in recent years. From the assessment of customers subject to high transition risk, the exposure to the lagging transition category \u00a0
remains limited and are monitored and managed on an ongoing basis. \u00a0
The Group performs quantitative climate scenario analyses, including bottom-up climate stress tests to assess the effects of both physical and \u00a0
transition climate-related risks over short-, medium- and long-term horizons. In relation to transition risks, the Group has analysed scenarios \u00a0
for carbon taxes as a key driver for this transition in different sectors e.g. the introduction of a carbon tax by the Danish government on the \u00a0
Danish Agricultural Sector and on the commercial real estate sector in view of the EU\u2019s Energy Performance of Buildings Directive. \u00a0
Stress tests related to physical risks focus on collateral-related exposures based on expected loss calculations related to river and coastal \u00a0
flooding. The Group had identified flooding risk (river and coastal flooding) as the key physical hazard applicable to the portfolio on the basis of \u00a0
the report on high confidence of hazard increase in Northern Europe issued by the Intergovernmental Panel on Climate Change. The current \u00a0
analyses on flooding risk focus on residential and commercial property and the risk is assessed to be limited. \u00a0
The Group will continue to refine its assessment methodology as more climate risk data becomes available to support the identification of \u00a0
both transition and physical risks for the purpose of determining financial significance, however, conclusions have not led to adjustments to \u00a0
staging or modelled expected credit losses, as the impacts either manifest over a longer time period than loan maturities, or as transition risks \u00a0
are concentrated on a few sectors with downside risks already recognised in the Group\u2019s modelled expected credit losses. Both transition and \u00a0
physical risks are either managed through risk tolerances or strategic targets, or already have post model adjustments allocated covering the \u00a0
climate related risks. \u00a0
For more detail on Sustainability risk, see note G40. \u00a0
Fair value measurement of financial instruments \u00a0
At the end of 2024, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The majority of \u00a0
valuation techniques continues to employ only observable market data, and there has been no significant increase in financial instruments \u00a0
measured on the basis of valuation techniques that are based on one or more significant unobservable inputs. The latter continues to include \u00a0
only unlisted shares, certain bonds and some long-dated derivatives for which there is no active market. On the derivatives portfolio, the Group \u00a0
makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover expected funding costs (FVA and ColVA) on derivatives, \u00a0
bid-offer spreads on the net open position of the portfolio of assets and liabilities with offsetting market risk recognised at mid-market prices, \u00a0
and model risk on level 3 derivatives.\u00a0FVA is calculated including both funding cost and funding benefit. At 31 December 2024, the \u00a0
adjustments totalled DKK 0.3 billion (2023: DKK 0.4 billion), including the adjustment for credit risk on derivatives that are credit impaired. Note \u00a0
G33(a) provides more details on the fair value measurement of financial instruments. \u00a0
The Group uses derivatives to hedge the fixed interest rate on some financial assets and liabilities, thus converting the fixed interest rates on \u00a0
the financial instruments to variable interest rates by the use of swaps. \u00a0
Measurement of goodwill \u00a0
Goodwill is tested for impairment once a year or more frequently if indications of impairment exist. Impairment testing requires management \u00a0
to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including discount rates, changes in \u00a0
the economic outlook, customer behaviour and competition. As at 31 December 2024, goodwill amounted to DKK 4.4 billion (31 December \u00a0
2023: DKK 4.4 billion). \u00a0
At each reporting date, management performs an impairment review to assess whether there are indications that goodwill might be impaired. \u00a0
This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under management, \u00a0
major restructurings, macroeconomic developments etc. The impairment test conducted in 2024 did not reveal any impairment loss. \u00a0
G1. Material accounting policies andestimates - continued \u00a0
Goodwill mainly consists of DKK 2.1 billion (2023: DKK 2.1 billion) in Markets, DKK 1.8 billion (2023: DKK 1.8 billion) in Asset Management and \u00a0
DKK 0.5 billion (2023: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & Institutions) showing significant \u00a0
amounts of excess value in the impairment tests in 2024 and 2023. \u00a0
Note G19 provides more information about the impairment test in 2024 and 2023 including sensitivity to changes in assumptions. \u00a0
Measurement of insurance contract liabilities (part of Insurance liabilities) \u00a0
Liabilities under insurance contracts are measured using either the General Measurement Model (GMM), Variable Fee Approach (VFA) or \u00a0
Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of future \u00a0
cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for non-financial \u00a0
risk, and a contractual service margin (CSM). \u00a0
Estimates of future cash flows include actuarial computations that rely on estimates of a number of variables such as mortality rates and \u00a0
disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the Group\u2019s own \u00a0
portfolio of insurance contracts. \u00a0
The discount rate is fixed on the basis of a zero-coupon yield curve, which is adjusted by a currency and credit risk deduction and a volatility \u00a0
adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European Insurance and \u00a0
Occupational Pension Authority (EIOPA) discount yield curve, as shown below:. \u00a0
DKK \u00a0
1 year \u00a0
5 years \u00a0
10 years \u00a0
20 years \u00a0
30 years \u00a0
2024 \u00a0
2.33 \u00a0
2.35 \u00a0
2.46 \u00a0
2.44 \u00a0
2.54 \u00a0
2023 \u00a0
3.26 \u00a0
2.55 \u00a0
2.63 \u00a0
2.63 \u00a0
2.73 \u00a0
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial assumptions, \u00a0
such as mortality rates and longevity. \u00a0
The confidence level used to determine the risk adjustment is at least 85%. \u00a0
For insurance contracts measured using VFA, CSM is calculated on the basis of stochastic models, whereas a deterministic model is used for \u00a0
life insurance contracts measured using GMM. \u00a0
For health and accident insurance contracts, the loss element includes expectations about mortality, reactivation, reinstatement and \u00a0
repurchase, as well as expected costs offset by premiums not yet due. Risk adjustment for non-financial risk is calculated based on a safety \u00a0
margin on applied actuarial assumptions. The confidence level used to determine the risk adjustment is at least 85%. \u00a0
Note G18 provides further information on the measurement of insurance liabilities. Note G40 contains a sensitivity analysis for life insurance. \u00a0
(d) Reporting on the ESEF Regulation \u00a0
The Commission\u2019s Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) requires a special digital \u00a0
reporting format for annual report for publicly listed entities. The ESEF Regulation includes requirements related to the preparation of the \u00a0
annual report in XHTML format and iXBRL tagging of the consolidated financial statements key elements including Income statement, \u00a0
Statement of comprehensive income, Balance sheet, Statement of capital, Cash flow statement and notes. \u00a0
Danske Bank Group\u2019s iXBRL tagging is prepared in accordance the ESEF taxonomy which is included in the appendices of the ESEF Regulation \u00a0
and is developed based on the IFRS taxonomy that is published by IFRS Foundation. For the annual report for 2024, the ESEF Taxonomy for \u00a0
2022 has been applied. \u00a0
The account balances in the consolidated financial statement is XBRL tagged to the elements in the ESEF Regulation that is assessed to \u00a0
correspond to the content of the account balances. For account balances that are assessed not to be covered by the account balances defined \u00a0
in the ESEF taxonomy, the Group has incorporated entity specific extensions to the taxonomy. These extensions are \u2013 except subtotals \u2013 \u00a0
embedded in the elements in the ESEF Taxonomy. The annual report comprises \u2013 in accordance with the requirements of the ESEF Regulation \u2013 \u00a0
of a zip-file DanskeBank-2024-12-31-0-en.zip, that includes an XHTML-file, that can be opened with standard web browsers and a number of \u00a0
technical XBRL files that make automated extracts of the incorporated XBRL data possible. \u00a0
G2. Changes in accounting policies and presentation \u00a0
(a) Changes in accounting policies \u00a0
With effect from 1 January 2024, the Group has changed the presentation in the IFRS Income statement in relation to income and expenses in \u00a0
Markets, Operating leases and margins on customer transactions in foreign currencies. At the same time, the Group\u2019s Financial highlights have \u00a0
been changed to align them with the IFRS financial statements. See note G3 for changes in the Financial highlights. The changes in presentation \u00a0
have been applied retrospectively, resulting in reclassifications between lines in the IFRS Income statement as described below: \u00a0
Markets (part of Large Corporates & Institutions) and Group Treasury (part of Group Functions) \u00a0
Under IFRS 9, the financial assets in Markets are mandatorily measured at fair value through profit or loss (FVPL) due to having a business \u00a0
model that is neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d. The Group has aligned presentation of income in Markets with its business \u00a0
model; as such, all interest income and expenses in Markets (including interest on the net funding of operations in Markets) have been changed \u00a0
to be presented as Net trading income, except any fixed income from customer transactions (presented as interest or fee income depending on \u00a0
the customer agreement). \u00a0
Group Treasury holds portfolios of financial assets with the business model \u201chold to collect\u201d, \u201chold to collect and sell\u201d and \u201cother\u201d under IFRS 9 \u00a0
within Internal Bank and financial assets mandatorily measured at fair value through profit or loss (FVPL) outside Internal Bank. To align the \u00a0
income in Group Treasury with its business models, all income at Internal Bank remains presented by the type of income, whereas all other \u00a0
income in Group Treasury (including interest on the net funding of investments in Group Treasury) is presented as Net trading income. \u00a0
Operating leases \u00a0
Under IFRS Accounting Standards, gains or losses on the sale of operating lease assets (excluding properties) is to be presented on a gross \u00a0
basis if an entity routinely sells items of property, plant and equipment that have been held for rental purposes as part of its ordinary activities. \u00a0
The Group has assessed that, although it does sell operating lease assets (primarily leased cars) that have previously been held for rental, this \u00a0
is not a primary activity of the Group. Therefore gains and losses on the sale of operating lease activities have been changed in 2024 to be \u00a0
presented on a net basis in the IFRS income statement. This results in the income from lease assets sold in 2023 being reclassified from Other \u00a0
income to Operating expenses. \u00a0
Margins on customer transactions in foreign currencies \u00a0
The Group has changed the presentation of its fixed margin on customer transactions in foreign currencies from Net trading income to Fee \u00a0
income, because it is a fee in substance. This income in 2023 has been reclassified. \u00a0
The following table shows the impact of the alignment on the IFRS income statement for full-year 2023 \u00a0
Margins on \u00a0
customer \u00a0
transactions in \u00a0
Markets and \u00a0
Operating \u00a0
foreign \u00a0
Restated Full \u00a0
(DKK millions) \u00a0
Full year 2023\u00a0Group Treasury \u00a0
leases \u00a0
currencies \u00a0
year 2023 \u00a0
Interest income calculated using the effective interest method \u00a0
60,842 \u00a0
-1,073 \u00a0
-
-
59,770 \u00a0
Other interest income \u00a0
18,752 \u00a0
-2,465 \u00a0
-
-
16,287 \u00a0
Interest expense \u00a0
47,325 \u00a0
-6,241 \u00a0
-
-
41,085 \u00a0
Net interest income from banking activities \u00a0
32,269 \u00a0
2,704 \u00a0
-
-
34,972 \u00a0
Fee income \u00a0
16,111 \u00a0
-52 \u00a0
-
1,049 \u00a0
17,108 \u00a0
Fee expenses \u00a0
4,481 \u00a0
-278 \u00a0
-
-
4,203 \u00a0
Net fee income \u00a0
11,630 \u00a0
225 \u00a0
-
1,049 \u00a0
12,904 \u00a0
Net trading income or loss \u00a0
6,590 \u00a0
-2,928 \u00a0
-
-1,049 \u00a0
2,613 \u00a0
Insurance revenue \u00a0
5,735 \u00a0
-
-
-
5,735 \u00a0
Insurance service expenses \u00a0
5,094 \u00a0
-
-
-
5,094 \u00a0
Net return on investments backing insurance liabilities \u00a0
35,228 \u00a0
-
-
-
35,228 \u00a0
Net finance income or expense from insurance \u00a0
-34,613 \u00a0
-
-
-
-34,613 \u00a0
Other insurance related income \u00a0
216 \u00a0
-
-
-
216 \u00a0
Net insurance result \u00a0
1,472 \u00a0
-
-
-
1,472 \u00a0
Gain or loss on sale of disposal groups \u00a0
-555 \u00a0
-
-
-
-555 \u00a0
Other income \u00a0
4,446 \u00a0
-
-3,431 \u00a0
-
1,015 \u00a0
Total other income \u00a0
3,891 \u00a0
-
-3,431 \u00a0
-
460 \u00a0
Total income \u00a0
55,852 \u00a0
-
-3,431 \u00a0
-
52,422 \u00a0
Operating expenses \u00a0
28,908 \u00a0
-
-3,431 \u00a0
-
25,478 \u00a0
Profit before loan impairment charges \u00a0
26,944 \u00a0
-
-
-
26,944 \u00a0
Loan impairment charges \u00a0
262 \u00a0
-
-
-
262 \u00a0
Profit before tax \u00a0
26,682 \u00a0
-
-
-
26,682 \u00a0
Tax \u00a0
5,420 \u00a0
-
-
-
5,420 \u00a0
Net profit \u00a0
21,262 \u00a0
-
-
-
21,262 \u00a0
Amendment to IFRS 16, Leases \u00a0
The amendment to IFRS 16 clarifies how a seller-lessee should apply subsequent measurement requirements in IFRS 16 to the lease liability \u00a0
that arises in a sale and leaseback transaction. The seller-lessee must measure the lease liabilities arising from the leaseback transactions \u00a0
such that it does not recognise any gain or loss that relates to the right of use it retains. The amendment has no impact on the financial \u00a0
statements. \u00a0
G2. Changes in accounting policies and presentation - continued \u00a0
Amendment to IAS 1, Presentation of financial statements \u00a0
The first amendment to IAS 1 provides a more general approach to classifying liabilities as current or non-current, based on the contractual \u00a0
arrangements in place at the reporting date, rather than based on whether management intends to exercise a right to defer the settlement of \u00a0
the liability. In addition, this amendment clarifies how conditions with which an entity must comply within twelve months after the reporting \u00a0
period affect the classification of a liability. \u00a0
The second amendment clarifies that only covenants with which an entity must comply on or before the reporting date affect the classification \u00a0
of the liability as current or non-current. In addition, an entity must disclose information in the notes that enables users of the financial \u00a0
statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months. \u00a0
The amendments have no impact on the financial statements. \u00a0
Amendment to IAS 7, Statement of cash flows, and IFRS 7, Financial instruments: disclosures \u00a0
The amendments to IAS 7 and IFRS 7 requires entities to provide additional disclosures about supplier finance arrangements, in order to assess \u00a0
how the arrangements affect the entity\u2019s liabilities and cash flows, and to allow users of the financial statements to understand the effect of \u00a0
supplier finance arrangements on the exposure to liquidity risk, and how the entity may be affected if it no longer has access to the \u00a0
arrangements. The amendments have no impact on the financial statements. \u00a0
G2(b) Change in accounting treatment for variation margin for derivative transactions \u00a0
During 2024 the Group changed its accounting treatment for some interest rate swaps to reflect the Group\u2019s updated understanding of the \u00a0
application of a legal framework in relation to variation margin for transactions cleared on London House Clearnet and EUREX. Previously, the \u00a0
outstanding mark-to-market on derivatives was considered pledged collateral that needed to be repaid. However the outstanding mark-to- \u00a0
market on derivatives is instead treated as a final settlement of the exposure. This change has been applied retrospectively, and thus requires \u00a0
an adjustment to balances in comparative periods for Trading portfolio assets, Loans at amortised cost, Trading portfolio liabilities and \u00a0
Deposits to reflect the treatment under the new framework. \u00a0
The total adjustment to Loans at amortised cost and Trading portfolio assets as at 31 December 2023 is a decrease of DKK 42 billion, and the \u00a0
total adjustment to Deposits and Trading portfolio liabilities as at 31 December 2023 is a decrease of DKK 42 billion. \u00a0
The adjustments have no impact on net profit nor equity in 2023 or 2022. \u00a0
The comparative figures in the Balance sheet, Cash flow statement and relevant notes show restated amounts for 2023. \u00a0
In the Cash flow statement, 2023 comparatives have been restated for Trading portfolio, Loans at amortised cost and fair value and Deposits \u00a0
(all part of Cash flows from operations). The remaining lines in the Cash flow statements have not been affected by the change, and therefore \u00a0
have not been restated. Similarly, there is no change to Cash and cash equivalents at the end of 2023. \u00a0
In the notes, all line items related to Loans at amortised cost, derivatives and Deposits have been restated as at 31 December 2023 in the \u00a0
following notes: G3, G12, G15, G20, G28, G29, G33 and G40. \u00a0
In the financial statements for Danske Bank A/S, line items related to Loans at amortised cost, Other assets (derivatives), Other liabilities \u00a0
(derivatives) and Deposits have been restated as at 31 December 2023 in the following notes: P11, P19, P21, P23. \u00a0
The following table shows the impact on the affected Balance sheet line items as at 1 January 2023 and as at 31 December 2023. Line items \u00a0
not included below have not been impacted by the change in presentation. \u00a0
G2. Changes in accounting policies and presentation - continued \u00a0
(DKK millions) \u00a0
31 December 2022 \u00a0
Adjustment \u00a0
1 January 2023 \u00a0
Assets \u00a0
Trading portfolio assets \u00a0
638,799 \u00a0
-38,954 \u00a0
599,845 \u00a0
Loans at amortised cost \u00a0
1,082,818 \u00a0
-5,542 \u00a0
1,077,276 \u00a0
Total assets \u00a0
3,790,556 \u00a0
-44,497 \u00a0
3,746,059 \u00a0
Liabilities \u00a0
Trading portfolio liabilities \u00a0
554,321 \u00a0
-22,110 \u00a0
532,211 \u00a0
Deposits \u00a0
1,262,293 \u00a0
-22,387 \u00a0
1,239,906 \u00a0
Total liabilities \u00a0
3,630,278 \u00a0
-44,497 \u00a0
3,585,781 \u00a0
Total equity \u00a0
160,278 \u00a0
-
160,278 \u00a0
Total liabilities and equity \u00a0
3,790,556 \u00a0
-44,497 \u00a0
3,746,059 \u00a0
(DKK millions) \u00a0
31 December 2023 \u00a0
Adjustment Restated\u00a031 December 2023 \u00a0
Assets \u00a0
Trading portfolio assets \u00a0
548,189 \u00a0
-44,641 \u00a0
503,548 \u00a0
Loans at amortised cost \u00a0
918,628 \u00a0
2,952 \u00a0
921,580 \u00a0
Total assets \u00a0
3,770,981 \u00a0
-41,689 \u00a0
3,729,292 \u00a0
Liabilities \u00a0
Trading portfolio liabilities \u00a0
454,487 \u00a0
-15,933 \u00a0
438,553 \u00a0
Deposits \u00a0
1,222,203 \u00a0
-25,756 \u00a0
1,196,447 \u00a0
Total liabilities \u00a0
3,595,242 \u00a0
-41,689 \u00a0
3,553,552 \u00a0
Total equity \u00a0
175,739 \u00a0
-
175,739 \u00a0
Total liabilities and equity \u00a0
3,770,981 \u00a0
-41,689 \u00a0
3,729,292 \u00a0
(c) Standards and interpretations not yet in force \u00a0
The International Accounting Standards Board (IASB) has issued two new standards (IFRS 18; IFRS 19) and amendments to existing \u00a0
international accounting standards (IFRS 7, IFRS 9, IAS 21) that are not yet in force. \u00a0
IFRS 18, Presentation and disclosure in financial statements \u00a0
IFRS 18 was issued in 2024 to improve reporting of financial performance by introducing new requirements for the Income statement and \u00a0
disclosures for management-defined performance measures. IFRS 18 will replace IAS 1 and is effective for periods beginning on or after 1 \u00a0
January 2027. \u00a0
IFRS 18 will have no impact on the Bank\u2019s net profit or equity on implementation. At time of writing, the Group is assessing the impact on the \u00a0
presentation of the Income statement and disclosure of management-defined performance measures. \u00a0
Amendment to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: disclosures \u00a0
The amendments to IFRS 9 and IFRS 7 clarifies requirements in relation to settling financial liabilities using an electronic payment system, \u00a0
assessing contractual cash flows of financial assets in respect of contingent events, disclosures relating to investments in equity instruments \u00a0
designated at FVOCI and disclosures for financial instruments with contingent features. The amendment is effective from 1 January 2026. \u00a0
The amendment regarding contractual cash flows is most relevant for the Group\u2019s loans with ESG features that are measured at amortised \u00a0
cost. To remain classified as amortised cost, the contractual cash flows before and after the triggering event (for example, meeting a \u00a0
contractually specified target) must pass the SPPI test, and the cash flows should not be significantly different from similar instruments \u00a0
without the contingent features. At time of writing, this amendment is not expected to have a material impact on the classification and \u00a0
measurement of financial instruments, however there will need to be more disclosures for financial instruments with contingent features. \u00a0
Other \u00a0
IFRS 19, Subsidiaries without public accountability: disclosures, amendments to IAS 21 and other amendments to IFRS 7 and IFRS 9 issued by \u00a0
IASB are not expected to materially impact the Bank\u2019s financial statements \u00a0
Accounting policy \u00a0
Segment reporting and the financial highlights are based on the information provided to management. Segment reporting and the \u00a0
financial highlights are fully aligned with the IFRS financial statements, and is presented as a condensed version of the IFRS reporting. \u00a0
Internal income and expenses are allocated to the individual segments on an arm\u2019s-length basis. Expenses incurred centrally, including \u00a0
expenses incurred by support, administrative and back-office functions, are charged to the business units according to consumption \u00a0
and activity. Funding costs for lending and deposit activities (FTP) are allocated on the basis of a maturity analysis of loans and deposits, \u00a0
interbank rates and funding spreads, and depend on market trends. \u00a0
Segment assets and liabilities are assets and liabilities that are used for maintaining the operating activities of a segment or have come \u00a0
into existence as a result of such activities and which are either directly attributable or may be reasonably allocated to a segment. A \u00a0
calculated share of shareholders\u2019 equity is allocated to each segment. Other assets and liabilities are recognised under Group Functions. \u00a0
Capital (shareholders\u2019 equity) is allocated to the business units based on the Group\u2019s capital allocation framework, with goodwill \u00a0
allocated directly to the relevant business units. The framework is based on a regulatory approach and is calibrated to the Group\u2019s CET1 \u00a0
capital ratio target. Therefore, the capital consumption of the individual business units is closely aligned with the Group\u2019s total capital \u00a0
consumption. However, for the Danica and Northern Ireland business units, the capital allocated equals the legal entity\u2019s capital. \u00a0
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
Accounting policy \u00a0
Fee income \u00a0
Fee income is recognised to reflect the transfer of services to customers at an amount that reflects the consideration that is expected to \u00a0
be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed with the customer, \u00a0
and the consideration, and recognises income in line with the transfer of services, the performance obligation, agreed with the \u00a0
customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance obligation \u00a0
over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is constrained by, for \u00a0
instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the identified performance \u00a0
obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is recognised once \u00a0
the consideration to be received is known and it is probable that a significant reversal of the consideration will not occur. \u00a0
Fee expense \u00a0
Fee expense for services provided over a period of time, such as guarantee commissions and investment management fees, are accrued \u00a0
over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the individual transaction. Fees \u00a0
that form an integral part of the effective rates of interest on financial liabilities measured at amortised cost, such as origination fees, \u00a0
are carried under interest expense. Similar fees related to financial liabilities at fair value through profit or loss are recognised when the \u00a0
financial liability is established and are carried under fee expense. \u00a0
Accounting policy \u00a0
Insurance revenue \u00a0
The Group recognises insurance revenue as it provides insurance services. Insurance revenue reflects the amount of consideration the \u00a0
Group expects to be entitled to in exchange for those services provided. For insurance contracts under the Premium Allocation Approach \u00a0
(PAA), insurance revenue is based on the expected premium for the period. \u00a0
The contractual service margin (CSM) is recognised in insurance revenue as insurance contracts services are provided. \u00a0
Insurance service expenses \u00a0
Insurance service expenses comprise incurred claims and other incurred insurance expenses. \u00a0
Net finance income or expense from insurance contracts \u00a0
Net investment return for insurance comprises the return on assets backing insurance activities, and Net finance income or expense \u00a0
from insurance, which comprises the change in carrying amount of groups of insurance contracts arising from the effect of time value of \u00a0
money and the effect of financial risk of groups of insurance contracts. \u00a0
Accounting policy \u00a0
Income from lease assets and investment property \u00a0
Income from lease assets and investment property includes income from assets let under operating leases. Lease payments are \u00a0
recognised on a straight-line basis over the period of the lease term. \u00a0
Income from holdings in associates \u00a0
Associates are accounted for using the equity method. Further information is provided in note G38. \u00a0
Operating expenses include staff costs, administrative expenses (including Resolution fund) and depreciation, amortisation and impairment \u00a0
charges. Operating expenses also include net gain or loss on the sale of operating lease assets that have been held for rental purposes as part \u00a0
of its ordinary activities. Note G19 provides more information on intangible assets. \u00a0
Accounting policy \u00a0
Staff costs \u00a0
This item includes salaries, performance-based pay, expenses for share-based payments, holiday allowances, anniversary bonuses, \u00a0
pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed when the \u00a0
employees render the services. Performance-based remuneration is expensed as it is earned. \u00a0
Share-based payment \u00a0
Part of the performance-based remuneration for the year is paid in the form of conditional shares. Rights to conditional shares vest up to \u00a0
four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from the Group. In \u00a0
addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of share-based payments at \u00a0
the grant date is expensed over the vesting period with the intrinsic value expensed in the year in which the share-based payments are \u00a0
earned, and the time value (if any) accrued over the remaining service period. Expenses are set off against shareholders\u2019 equity. Fair \u00a0
value adjustments after the grant date are not recognised in the income statement. \u00a0
Pension obligations \u00a0
The Group\u2019s contributions to defined contribution pension plans are recognised in the income statement as they are earned by the \u00a0
employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of the \u00a0
difference between expected trends in pension assets and benefits and actual trends are recognised under Other comprehensive \u00a0
income. \u00a0
Amortisation, depreciation and impairment charges \u00a0
In addition to amortisation, depreciation and impairment charges for intangible, tangible and right-of-use assets, the net of gain or loss \u00a0
on the sale of operating lease assets is presented here. \u00a0
Accounting policy \u00a0
The accounting policy for when a loan impairment charge is recognised and how the charge is determined is described under the \u00a0
relevant balance sheet line items. Notes G15, G16 and G24 provide more information. \u00a0
Trading portfolio assets comprise the equities and bonds held by the Group\u2019s trading units at Large Corporates & Institutions and all derivatives \u00a0
with positive fair value. Trading portfolio liabilities consist of derivatives with negative fair value and obligations to deliver securities \u00a0
(obligations to repurchase securities). \u00a0
(b) Explanation of derivatives \u00a0
The Group\u2019s activities in the financial markets include trading in derivatives. Derivatives are financial instruments whose value depends on the \u00a0
value of an underlying instrument or index etc. Derivatives can be used to manage market risk exposure, for example. The Group trades a \u00a0
considerable volume of the most commonly used interest rate, currency and equity derivatives, including: \u00a0
\u2022
Swaps \u00a0
\u2022
forwards and futures \u00a0
\u2022
options \u00a0
The Group trades a limited number of swaps whose value depends on developments in specific credit or commodity risks, or inflation \u00a0
indices. \u00a0
The Group trades derivatives as part of servicing customers\u2019 needs as individual transactions or as integral parts of other services, such as the \u00a0
issuance of bonds with yields that depend on developments in equity or currency indices. The Group also uses derivatives to manage the \u00a0
Group\u2019s own exposure to foreign exchange, interest rate, equity market and credit risks. Note G40 provide additional information about the \u00a0
Group\u2019s risk management policy. Large Corporates & Institutions is responsible for the day-to-day management and hedging of the Group\u2019s \u00a0
market risks. \u00a0
Derivatives are recognised and measured at fair value. Some of the Group\u2019s loans, deposits, issued bonds, etc. in the Group\u2019s banking units and \u00a0
Group Treasury carry fixed rates. Generally, such fixed-rate items are recognised at amortised cost. Further, the Group classifies \u00a0
certain bonds as \u2018hold to collect and sell\u2019 financial assets. Unrealised value adjustments of such bonds are recognised under Other \u00a0
comprehensive income. The Group uses fair value hedge accounting if the interest rate risk on fixed-rate financial assets and liabilities or \u00a0
bonds measured at fair value through Other comprehensive income is hedged by derivatives. \u00a0
Accounting policy \u00a0
Financial assets measured at fair value through profit or loss (FVPL) \u00a0
Financial assets measured at fair value include securities that are managed on a fair value basis with no short-term profit taking. \u00a0
Realised and unrealised capital gains and losses and dividends are carried in the income statement under Net trading income or loss. \u00a0
Further, all shares (including unlisted shares) and bonds held in Group Treasury that do not have contractual cash flows that are solely \u00a0
payments of principal and interest on the principal amount outstanding (i.e. that does not pass the SPPI test in IFRS 9) are mandatorily \u00a0
measured at FVPL and, consequently, included in this category. \u00a0
Financial assets measured at fair value through Other comprehensive income (FVOCI) \u00a0
This category comprises bonds only, and primarily bonds listed in a liquid market, as the Group does not use the option to designate \u00a0
equity instruments at FVOCI. The bonds are held within a business model for the purpose of collecting contractual cash flows and selling \u00a0
(hold to collect and sell). The bonds have cash flows that are solely payments of principal and interest on the principal amount \u00a0
outstanding (i.e. that pass the SPPI test in IFRS 9). FVOCI results in the assets being recognised at fair value in the balance sheet and at \u00a0
amortised cost in the income statement, including the recognition of expected credit losses as described in note G15. Gains and losses, \u00a0
except for expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income \u00a0
until the bond is derecognised. When a fixed interest rate risk is hedged in a hedge that qualifies for fair value hedge accounting, the fair \u00a0
value changes of the hedged interest risk are presented in the income statement under Net trading income or loss. When bonds are sold \u00a0
unrealised value adjustments recognised under Other comprehensive income are reclassified to the income statement and presented \u00a0
under Net trading income or loss. The Group recognises interest income according to the effective interest method, including \u00a0
amortisation of the difference between cost and the redemption value over the term to maturity of the bonds. \u00a0
Financial assets measured at amortised cost (AMC) \u00a0
This category consists of bonds held within a business model for the purpose of collecting the contractual cash flows (hold to collect) \u00a0
and with cash flows that are solely payments of principal and interest on the principal amount outstanding (i.e. that pass the SPPI test in \u00a0
IFRS 9). The bonds are measured at amortised cost. Interest income is recognised according to the effective interest method, including \u00a0
amortisation of the difference between cost and the redemption value over the term to maturity of the bonds. A change in the \u00a0
contractual cash flows that is required by the Interest Rate Benchmark Reform is accounted for by updating the effective interest rate, \u00a0
without recognising a gain or loss. This can only be applied if the change is necessary as a direct consequence of the reform, and the new \u00a0
basis for determining the contractual cash flows is economically equivalent to the previous basis. The bonds are subject to the expected \u00a0
credit model in IFRS 9 as described in note G15. The interest rate risk on fixed-rate bonds is not hedged. \u00a0
Accounting policy \u00a0
For balances due from credit institutions in the Group\u2019s banking units (Personal & Business Customers, General Banking in Large \u00a0
Corporates & Institutions and Northern Ireland), the business model is \u2018hold to collect\u2019. As the contractual cash flows \u00a0
represent basic lending feature, these balances are measured at amortised cost. For further information on the accounting policy etc., \u00a0
see note G15. \u00a0
For balances due from credit institutions and central banks in the Group\u2019s trading units (Markets in Large Corporates & Institutions) the \u00a0
business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and these balances are mandatorily recognised at fair value \u00a0
through profit or loss. For further information on the accounting policy, see note G16. \u00a0
Accounting policy \u00a0
At initial recognition, loans are measured at fair value plus transaction costs less origination fees and other charges that are an integral \u00a0
part of the effective interest rate on loans. This usually corresponds to the amount disbursed to the customer. Subsequently, they are \u00a0
measured at amortised cost, using the effective interest method, less impairment charges for expected credit losses. The difference \u00a0
between the value at initial recognition and the redemption value is amortised over the term to maturity as part of the effective interest. \u00a0
If fixed-rate loans are hedged effectively by derivatives, the fair value of the hedged interest rate risk is added to the carrying amount of \u00a0
the hedged assets. \u00a0
Impairment for expected credit losses \u00a0
The impairment charge for expected credit losses depends on whether the credit risk has increased significantly since initial recognition \u00a0
and follows a three stage model: \u00a0
\u2022
Stage 1: If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from \u00a0
default events that are possible within the next 12 months. \u00a0
\u2022
Stage 2: If the credit risk has increased significantly, the loan is transferred to stage 2 and an impairment charge equal to the lifetime \u00a0
expected credit losses is recognised. \u00a0
\u2022
Stage 3: If the loan is in default, it is transferred to stage 3, for which the impairment charge continues to equal the lifetime expected \u00a0
credit losses but with interest income being recognised on the net carrying amount. \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default \u00a0
(EAD) and the loss given default (LGD) and incorporates forward looking elements. For facilities in stages 2 and 3, the lifetime expected \u00a0
credit losses cover the expected remaining lifetime of a facility. \u00a0
Expected credit loss impairment charges are booked in an allowance account and allocated to individual exposures. \u00a0
Accounting policy \u00a0
Loans granted and bonds issued by Realkredit Danmark \u00a0
Loans granted by Realkredit Danmark have contractual cash flows that are not solely payment of principal and interest on the principal \u00a0
amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which represents an option to \u00a0
prepay at fair value that can be both above and below the principal amount plus interest. This is not consistent with the SPPI test since \u00a0
changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate developments.\u00a0Therefore, the loans are \u00a0
mandatorily recognised at fair value through profit or loss. The issued bonds that are funding the loans are designated at fair value \u00a0
through profit or loss in order not to create an accounting mismatch. For the issued bonds, changes in fair value attributable to the \u00a0
Group\u2019s own credit risk is presented in the income statement, as an accounting mismatch would otherwise be introduced. \u00a0
The fair value of the bonds issued by Realkredit Danmark is normally defined as their quoted market price. A small number of the issued \u00a0
bonds are illiquid, however, and the fair value of these bonds is calculated on the basis of a discounted cash flow valuation technique. \u00a0
The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair value of the interest \u00a0
rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in the fair value of cash flows \u00a0
from the loans that differ from the cash flows from the issued bonds. The most important component is the credit risk on the borrowers \u00a0
(covered by the Group and not by the bond holders and therefore not priced into the price of the issued bonds). \u00a0
Changes in fair value of credit risk etc. on the loans \u00a0
The IFRS 13 estimate of the fair value of the credit risk on the loans is based on the expected credit losses estimated in the models \u00a0
developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, including the \u00a0
allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as a function of PD, EAD \u00a0
and LGD and incorporates forward looking information, see further in note G15. The latter reflects management\u2019s expectations of \u00a0
expected credit losses and involves multiple scenarios (base case, upside and downside), including an assessment of the probability for \u00a0
each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other components \u00a0
in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an investors risk premium, \u00a0
compensation for administrative costs related to the loans and the possibility to increase the margin on the loans if the credit risk etc. \u00a0
increases. It is acknowledged that the possibility to increase the margin depends on the economic resources of the customers. The \u00a0
possibility to increase the margin is therefore only considered in the measurement if it is very likely that the margin can be increased \u00a0
without the customer defaulting. Further, the possibility to increase the margin is only relevant if it does not give the customer an \u00a0
incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to increase the margin is only relevant for the \u00a0
measurement of loans to customers with neither a relatively high credit risk nor a relatively low credit risk. \u00a0
The discount rate used to discount the cash flows represents the interest rate on the funding bonds. This is considered to be close to a \u00a0
risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher for customers \u00a0
Accounting policy - continued \u00a0
with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value of the credit risk and \u00a0
other components cannot increase the value of a loan (the adjustment cannot be positive). \u00a0
Other loans and issued bonds measured at fair value through profit or loss \u00a0
The loans in the Group\u2019s trading units (Markets and Investment Banking in LC&I) are managed and their performance reported on a fair \u00a0
value basis and the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an \u00a0
accounting mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities \u00a0
at amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value changes \u00a0
attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
794,568 \u00a0
806,157 \u00a0
Fair value adjustment of underlying bonds \u00a0
-36,190 \u00a0
-49,874 \u00a0
Adjustment for credit risk \u00a0
3,191 \u00a0
3,006 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
755,188 \u00a0
753,277 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
319,596 \u00a0
174,963 \u00a0
Total \u00a0
1,074,783 \u00a0
928,239 \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
875,633 \u00a0
848,774 \u00a0
Fair value adjustment of funding of current loans \u00a0
-36,190 \u00a0
-49,874 \u00a0
Holding of own mortgage bonds \u00a0
94,948 \u00a0
57,837 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
744,495 \u00a0
741,062 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
2,061 \u00a0
7,718 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
Accounting policy \u00a0
Assets earmarked for customer savings are measured at fair value and recognised under Assets under pooled schemes and investment \u00a0
contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment contracts. These \u00a0
deposits are measured at the value of savings, corresponding to the fair value of the assets. \u00a0
The Group has elected not to deduct own shares from equity that are held on behalf of customers. Therefore total assets under pooled \u00a0
schemes and investment contracts includes these own shares that meet this criterion. \u00a0
Accounting policy \u00a0
Insurance assets \u00a0
Insurance assets are managed on a fair value basis with no short-term profit taking. The business model for managing the assets is \u00a0
therefore neither \u2018held to collect\u2019 nor \u2018held to collect and sell\u2019 and the financial assets are therefore mandatorily recognised at fair value \u00a0
through profit or loss. The valuation technique used matches the Group\u2019s accounting policy for similar assets. \u00a0
The Group has elected to not deduct own shares and own bonds from equity and liabilities respectively that are underlying items of \u00a0
insurance contracts with direct participation features. Therefore total Insurance assets include these own shares and own bonds. \u00a0
Insurance contract liabilities (part of Insurance liabilities) \u00a0
The Group has divided all insurance contracts into portfolios and groups and determined measurement methods for the individual \u00a0
groups of contracts. The classification of insurance contracts in the four portfolios is based on an assessment of similar risks and on an \u00a0
overall management approach: \u00a0
\u2022
An average-rate portfolio \u00a0
\u2022
A unit-linked portfolio \u00a0
\u2022
A portfolio of legacy life insurance products in run-off \u00a0
\u2022
A portfolio containing health and accident insurance contracts. \u00a0
The Group applies the annual cohort exemption from the EU to the average-rate portfolio. \u00a0
The Group measures Insurance contract liabilities using the General Measurement Model (GMM), Variable Fee Approach (VFA) or \u00a0
Premium Allocation Approach (PAA). The majority of the Group\u2019s life insurance contracts are measured using VFA because they meet the \u00a0
definition of insurance contracts with direct participation features. GMM is used for legacy life insurance products in run-off. \u00a0
Insurance contracts measured using GMM or VFA are initially measured as the total of fulfilment cash flows (which comprise estimated \u00a0
future cash flows, an adjustment for time value of money and effect of financial risks, and a risk adjustment for non-financial risk) and \u00a0
contractual service margin (CSM; unearned profit that will be recognised as the Group provides insurance contract services).\u00a0At each \u00a0
reporting date, the group of insurance contracts is subsequently measured as the sum of the liability for remaining coverage \u00a0
(comprising fulfilment cash flows relating to future service and CSM) and liability for incurred claims (comprising fulfilment cash flows \u00a0
relating to past service). PAA is applied to the Health and accident insurance portfolio, which comprises only one-year insurance \u00a0
contracts. \u00a0
Accounting policy \u00a0
Goodwill \u00a0
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost (until 1 January 2010 including \u00a0
direct transaction costs) of the undertaking and the fair value of its net assets, including contingent liabilities, at the time of acquisition. \u00a0
Goodwill is allocated to cash-generating units at the level at which management monitors the investment. \u00a0
Goodwill is not amortised; instead, each cash-generating unit is tested for impairment once a year, or more frequently if indications of \u00a0
impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying amount of the net assets of \u00a0
the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value in use, which equals the present \u00a0
value of the future cash flows expected from the unit. \u00a0
Goodwill on associates is recognised under Holdings in associates. \u00a0
Software \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software acquired is \u00a0
amortised over its expected useful life, usually three years, according to the straight-line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show that \u00a0
future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a software \u00a0
application ready for use. Once a software application has been developed, the cost is amortised over its expected useful life, usually \u00a0
three years, according to the straight-line method. The cost of development consists primarily of direct remuneration and other directly \u00a0
attributable development costs. Costs incurred in the planning phase are not included but are expensed when incurred. \u00a0
Software is tested for impairment if indications of impairment exist and is written down to its value in use. \u00a0
Accounting policy \u00a0
Amounts due to credit institutions and central banks and Deposits in the Group\u2019s trading units (Markets in LC&I) are designated at fair value \u00a0
through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is recognised in Other \u00a0
comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of the \u00a0
hedged interest rate risk is added to the amortised cost of the liabilities. \u00a0
Accounting policy \u00a0
Current tax \u00a0
Current tax assets and liabilities are recognised in the balance sheet as the estimated tax payable on the profit for the year adjusted for \u00a0
prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a legally enforceable right to \u00a0
set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis or to realise the assets and settle the \u00a0
liabilities simultaneously. \u00a0
Deferred tax \u00a0
Deferred tax on all temporary differences between the tax base of assets and liabilities and their carrying amounts is accounted for in \u00a0
accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially enacted tax \u00a0
regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to crystallise as current tax. \u00a0
Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on the basis of expected cash flows. \u00a0
The Group does not recognise deferred tax on temporary differences between the tax base and the carrying amounts of goodwill not \u00a0
subject to amortisation for tax purposes and other items if the temporary differences arose at the time of acquisition without effect on \u00a0
net profit or taxable income. If the tax base may be calculated according to several sets of tax regulations, deferred tax is measured in \u00a0
accordance with the regulations that apply to the use of the asset or settlement of the liability as planned by management. Tax assets \u00a0
arising from unused tax losses are only recognised if it is expected that such tax losses can be offset against tax on future profit in the \u00a0
next five years. Deferred tax assets and liabilities are offset when they relate to the same tax jurisdiction, a legally enforceable right to \u00a0
offset exists and the Group intends to settle on a net basis. \u00a0
Current and deferred tax is calculated on the profit for the year, and adjustments of prior-year tax charges are recognised in the income \u00a0
statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive income. Similarly, tax \u00a0
on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the uncertainty is reflected by using \u00a0
either the most likely outcome (if the possible outcomes are binary or are concentrated on one value) or the expected value, probability \u00a0
weighted amounts in a range of possible outcomes (if there is a range of possible outcomes that are neither binary nor concentrated on \u00a0
one value). \u00a0
Accounting policy \u00a0
Issued bonds, both senior, non-preferred senior and subordinated bonds, are at initial recognition measured at fair value less \u00a0
transaction costs and subsequently measured at amortised cost plus the fair value of the hedged interest rate risk. Interest expense is \u00a0
recognised according to the effective interest rate method, including amortisation of any difference between the amount received on \u00a0
issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital under the \u00a0
Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily or converted into \u00a0
a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert into a variable number of \u00a0
ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are accounted for as equity. For liability \u00a0
accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds are accounted for as liabilities in their \u00a0
entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for example an \u00a0
equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading portfolio. \u00a0
Accounting policy \u00a0
Assets held for sale and Liabilities in disposal groups \u00a0
Assets held for sale are disposal groups of assets actively marketed for sale and for which a sale is expected to occur within 12 months. \u00a0
A disposal group is a group of assets that will be disposed of in a single transaction and includes any directly associated liabilities. A \u00a0
disposal group includes for example companies (subsidiaries) or properties taken over under non-performing loan agreements. Further, \u00a0
loans that are marketed for sale are transferred to Assets held for sale. The loans are written down to their expected selling price. \u00a0
The net assets in the disposal group are remeasured at the lower of the carrying amount of the net assets in the disposal group at the \u00a0
time of reclassification and fair value less expected cost to sell. \u00a0
If a disposal group of assets and liabilities represents a separate major line of business (typically a reportable segment) or a geographical \u00a0
area of operation or is a subsidiary acquired exclusively with a view of resale, it is presented as a discontinued operation. For a \u00a0
discontinued operation, net profit is presented as a single item \u2018Net profit from discontinued operations\u2019 in the income statement, i.e. no \u00a0
longer included as income and expenses from the Group\u2019s continuing operations. \u00a0
Accounting policy \u00a0
Right of use lease assets and lease liabilities \u00a0
The Group recognise a right-of-use asset and a lease liability at the commencement date, for all lease agreements, that the Group has \u00a0
entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured at the present \u00a0
value of the future payments from lease components, discounted using the incremental borrowing rate for the individual lease. The \u00a0
lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by reducing the carrying amount to \u00a0
reflect the lease payments made. Further lease liabilities are changed when remeasurements are needed, corresponding adjustment is \u00a0
the related right-of-use asset. Gain or loss from a lease modification that are not accounted for as a separate lease is recognised in profit \u00a0
and loss. The initial right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made at or \u00a0
before the commencement day, initial direct costs and costs to restore the underlying asset. The right-of-use asset are subsequently \u00a0
measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated over the shorter period \u00a0
of the lease term and the useful life of the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head \u00a0
lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of- \u00a0
use asset arising from the head lease. \u00a0
Loan commitments and guarantees \u00a0
The Group issues a number of loan commitments and guarantees. Such exposures are subject to impairment for expected credit losses. \u00a0
Further information can be found in note G15. \u00a0
Other provisions, including litigations \u00a0
Provisions for other obligations, such as lawsuits, are recognised if the obligation is likely to result in a payment obligation and the \u00a0
amount can be measured reliably. Liabilities are recognised at the present value of expected payments. \u00a0
Accounting policy \u00a0
Equity is the residual interest in recognised assets after deduction of recognised liabilities. In this context, the following items are of \u00a0
particular interest: \u00a0
Own shares \u00a0
Amounts received or paid for the Group\u2019s sale or purchase of Danske Bank shares that are neither held on behalf of customers or are \u00a0
underlying items of insurance contracts with direct participation features are recognised directly in equity under transactions with \u00a0
owners. The same applies to premiums received or paid for derivatives entailing settlement in own shares. A capital reduction by \u00a0
cancellation of own shares will lower the share capital by an amount equal to the nominal value of the shares at the time of registration \u00a0
of the capital reduction. \u00a0
With effect from 1 January 2023 the Group has elected to not deduct from equity own shares that are held on behalf of customers or \u00a0
those that are underlying items of insurance contracts with direct participation features. \u00a0
Accounting policy \u00a0
The cash flow statement is prepared according to the indirect method. The statement is based on pre-tax profit for the year and shows the \u00a0
cash flows from operating, investing and financing activities as well as the increase or decrease in cash and cash equivalents during the \u00a0
year. Cash and cash equivalents consists of cash in hand and demand deposits with central banks as well as amounts due from credit \u00a0
institutions and central banks with an original maturity shorter than three months. \u00a0
In the cash flow statement, cash flows are divided into cash flows from operations, investing activities and financing activities. Investing \u00a0
activities include cash flows from the sale or acquisition of tangible and intangible assets as well as businesses. Financing activities include \u00a0
cash flows from the Group\u2019s issued non-preferred senior bonds, subordinated debt, additional tier 1 capital (both liability- and equity- \u00a0
accounted bonds) and share capital. \u00a0
Accounting policy \u00a0
Guarantees and loan commitments are subject to the expected credit loss impairment model in IFRS 9. For further information, see note \u00a0
G15. \u00a0
Contingent liabilities consist of possible obligations arising from past events. The existence of such obligations will be confirmed only by \u00a0
the occurrence or non-occurrence of one or more uncertain future events not wholly within the Group\u2019s control. Further, contingent \u00a0
liabilities consist of present obligations arising from past events, for which it is either not probable that the obligation will result in an \u00a0
outflow of financial resources, or it is not possible to reliably estimate the amount of the obligation. \u00a0
A contingent liability is not recognised in the financial statement but disclosed, unless the possibility of an outflow of financial resources \u00a0
is remote. \u00a0
G30. Transferred financial assets that are not derecognised \u00a0
The Group enters into transactions that transfer ownership of financial assets, such as bonds and shares, to a counterparty, while the Group \u00a0
retains the risks associated with the holding of the assets. If the Group retains all significant risks, the securities remain in the balance sheet, \u00a0
and the transactions are accounted for as loans received against collateral. Such transactions are repo transactions and securities lending. The \u00a0
transactions involve selling the securities to be repurchased at a fixed price at a later date. Counterparties are entitled to sell the securities or \u00a0
deposit them as collateral for loans. \u00a0
Trading portfolio \u00a0
2024 \u00a0
2023 \u00a0
(DKK millions) \u00a0
Bonds \u00a0
Shares \u00a0
Bonds \u00a0
Shares \u00a0
Carrying amount of transferred assets \u00a0
Repo transactions \u00a0
176,271 \u00a0
164,189 \u00a0
Securities lending \u00a0
1,811 \u00a0
1,047 \u00a0
Total transferred assets \u00a0
176,271 \u00a0
1,811 \u00a0
164,189 \u00a0
1,047 \u00a0
Repo transactions, own issued bonds \u00a0
32,146 \u00a0
33,693 \u00a0
Carrying amount of associated liabilities \u00a0
209,057 \u00a0
1,901 \u00a0
197,140 \u00a0
1,099 \u00a0
Net positions \u00a0
639 \u00a0
91 \u00a0
-742 \u00a0
52 \u00a0
The Group has not entered into any agreements on the sale of assets that entail the Group\u2019s continuing involvement in derecognised \u00a0
financial assets. \u00a0
G32. Offsetting of financial assets and liabilities \u00a0
Offsetting of financial assets and liabilities in the financial statements requires some criteria to be fulfilled. In the event that the counterparty or \u00a0
the Group defaults, further offsetting will take place. This note shows the offsetting in the financial statements, further netting according to \u00a0
enforceable master netting agreements and similar agreements (i.e. in the event of default) and collateral provided or received under such \u00a0
agreements. \u00a0
Accounting policy \u00a0
Assets and liabilities are offset when the Group and the counterparty have a legally enforceable right to offset recognised amounts and \u00a0
have agreed to settle the balances on a net basis or to realise the asset and settle the liability simultaneously. Positive and negative fair \u00a0
values of derivatives with the same counterparty are offset if the Group has agreed with the counterparty to settle contractual cash flows \u00a0
net and to make cash payments or provide collateral on a daily basis to cover changes in the fair value of the derivative position. Master \u00a0
netting agreements or similar agreements give the right to additional offsetting in the event of default. Such agreements reduce the \u00a0
exposure further in the event of default, but do not qualify for offsetting in accordance with IFRS Accounting Standards. \u00a0
Offsetting of financial assets and financial liabilities \u00a0
Further \u00a0
Net amount \u00a0
presented in \u00a0
offsetting, \u00a0
master netting \u00a0
agreements \u00a0
(DKK millions) \u00a0
Gross amount \u00a0
Offsetting \u00a0
balance sheet \u00a0
Collateral \u00a0
Net amount \u00a0
2024 \u00a0
Financial assets \u00a0
Derivatives with positive market value \u00a0
264,550 \u00a0
3,503 \u00a0
261,046 \u00a0
158,285 \u00a0
92,045 \u00a0
10,716 \u00a0
Reverse transactions \u00a0
585,019 \u00a0
200,970 \u00a0
384,049 \u00a0
-
384,049 \u00a0
-
Other financial liabilities \u00a0
14,751 \u00a0
3,526 \u00a0
11,225 \u00a0
-
-
11,225 \u00a0
Total \u00a0
864,320 \u00a0
207,999 \u00a0
656,321 \u00a0
158,285 \u00a0
476,095 \u00a0
21,941 \u00a0
Financial liabilities \u00a0
Derivatives with negative market value \u00a0
258,003 \u00a0
3,503 \u00a0
254,500 \u00a0
158,285 \u00a0
47,587 \u00a0
48,628 \u00a0
Repo transactions \u00a0
410,026 \u00a0
200,970 \u00a0
209,057 \u00a0
-
208,418 \u00a0
639 \u00a0
Other financial liabilities \u00a0
73,828 \u00a0
3,526 \u00a0
70,302 \u00a0
-
-
70,302 \u00a0
Total \u00a0
741,857 \u00a0
207,999 \u00a0
533,859 \u00a0
158,285 \u00a0
256,004 \u00a0
119,569 \u00a0
2023* \u00a0
Financial assets \u00a0
Derivatives with positive market value \u00a0
848,199 \u00a0
541,118 \u00a0
307,081 \u00a0
217,631 \u00a0
83,666 \u00a0
5,784 \u00a0
Reverse transactions \u00a0
487,614 \u00a0
214,772 \u00a0
272,841 \u00a0
-
272,841 \u00a0
-
Other financial liabilities \u00a0
69,447 \u00a0
62,241 \u00a0
7,206 \u00a0
-
-
7,206 \u00a0
Total \u00a0
1,405,259 \u00a0
818,132 \u00a0
587,128 \u00a0
217,631 \u00a0
356,507 \u00a0
12,990 \u00a0
Financial liabilities \u00a0
Derivatives with negative market value \u00a0
866,103 \u00a0
541,118 \u00a0
324,985 \u00a0
246,339 \u00a0
32,581 \u00a0
46,064 \u00a0
Repo transactions \u00a0
411,912 \u00a0
214,772 \u00a0
197,140 \u00a0
-
197,882 \u00a0
-742 \u00a0
Other financial liabilities \u00a0
134,011 \u00a0
62,241 \u00a0
71,770 \u00a0
-
-
71,770 \u00a0
Total \u00a0
1,412,026 \u00a0
818,132 \u00a0
593,895 \u00a0
246,339 \u00a0
230,463 \u00a0
117,092 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
Insurance liabilities in the Balance sheet comprise insurance contract liabilities (as defined by IFRS 17) and Other insurance-related liabilities. \u00a0
The table above does not include insurance contract liabilities as they are measured using the General Measurement Model, Variable Fee \u00a0
Approach or Premium Allocation Approach as defined by IFRS 17. \u00a0
(a) Financial instruments at fair value \u00a0
The fair value is the amount for which a financial asset or a financial liability can be exchanged between knowledgeable, willing parties. Fair \u00a0
value is measured on the basis of the following hierarchy: \u00a0
The fair value hierarchy \u00a0
\u2022
Quoted price (level 1) consists of financial instruments that are quoted in an active market. The Group uses the price quoted in the principal \u00a0
market. \u00a0
\u2022
Valuation based on observable input (level 2) consists of financial instruments valued substantially on the basis of observable input other \u00a0
than a quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active, the Group bases its \u00a0
measurement on the most recent transaction price. Adjustment is made for subsequent changes to market conditions, for instance, by \u00a0
including transactions in similar financial instruments that are assumed to be motivated by normal business considerations. For a number \u00a0
of financial assets and liabilities, no market exists. In such cases, the Group uses recent transactions in similar instruments and discounted \u00a0
cash flows or other generally accepted estimation and valuation techniques based on market conditions at the balance sheet date to \u00a0
calculate an estimated value. This category covers instruments such as derivatives valued on the basis of observable yield curves and \u00a0
exchange rates and illiquid mortgage bonds valued by reference to the value of similar liquid bonds. \u00a0
\u2022
Valuation based on significant non-observable input (level 3): The valuation of certain financial instruments is based substantially on non- \u00a0
observable input. Such instruments include unlisted shares, some unlisted bonds and a limited portion of the derivatives portfolio (2%). \u00a0
Valuation techniques \u00a0
The most frequently used valuation techniques include the pricing of transactions with future settlement and swap models that apply present \u00a0
value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control environment, \u00a0
valuation models are validated by units that are independent of the business units that develop the models and trade in the products covered \u00a0
by the models. Validation is made to test the implementation, quality and operating stability of models to ensure that the models can be used \u00a0
for pricing and risk management of financial products. \u00a0
Loans granted and bonds issued by Realkredit Danmark are recognised at the fair value of the issued bonds (the quoted price in an active \u00a0
market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further in note G16. \u00a0
The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves for the full duration of \u00a0
the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable input as well as assumptions about \u00a0
the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance with the International Private Equity and \u00a0
Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting Standards. IPEV guides the calculation of the estimated \u00a0
fair value of unlisted shares as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between \u00a0
market participants at the measurement date. Valuation methods include discounted cash flow models and pricing based on a multiple of \u00a0
earnings or equity. \u00a0
Fair value adjustments \u00a0
Management estimates underlie the valuation of financial instruments for which the value is based on valuation techniques. The Group makes \u00a0
fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer spreads on the net \u00a0
open position of portfolios with offsetting market risk, and model risk on level 3 derivatives. \u00a0
Credit value adjustment (CVA) and funding value adjustment (FVA and ColVA) \u00a0
The Group makes a fair value adjustment to cover the counterparty credit risk on derivatives with a positive fair value (CVA). For a given \u00a0
counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive exposure (EPE) \u00a0
and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with counterparties in the \u00a0
Scandinavian market. \u00a0
The PDs used in the CVA model are derived from single name liquid credit default swap (CDS). If this is not available, the PDs are derived using \u00a0
proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive exposures to the \u00a0
counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. For the calculation of LGD, \u00a0
the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the expected credit loss impairment, CVA is \u00a0
calculated as if the derivatives were loans subject to impairment because of credit losses. \u00a0
A fair value adjustment for derivatives to cover expected funding costs (FVA and ColVA) is calculated. FVA primarily arises from the cost or \u00a0
benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected future exposures. \u00a0
ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a function of expected collateral \u00a0
balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2024, CVA, FVA and ColVA came to a net amount of DKK 173 million (2023: DKK 153 million), including the adjustment for credit \u00a0
risk on derivatives in stage 3. \u00a0
Bid-offer spread \u00a0
For portfolios of assets and liabilities with offsetting market risk, the Group bases its measurement of the portfolios on mid-market prices and \u00a0
makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the end of 2024, these \u00a0
fair value adjustments totalled DKK 106 million (2023: DKK 138 million). \u00a0
Model risk \u00a0
To account for the uncertainty associated with measuring the value of derivatives on the basis of non-observable input (level 3 in the fair value \u00a0
hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an ongoing basis. At the \u00a0
end of 2024, the reserve totalled DKK 1 million (2023: DKK 1 million). \u00a0
Accounting policy \u00a0
A related party to the Group is either a party over which the Group has control or significant influence or a party that has control or \u00a0
significant influence over the Group. All entities over which the Group has control are consolidated and are therefore not considered a \u00a0
related party to the Group. \u00a0
Entities that are related parties to the Group comprise shareholders that have a significant holding of shares (significant influence over the \u00a0
Group), associates, joint venture partners or defined benefit pension plan providers (the Group has significant influence over the entity). \u00a0
Further, key management personnel, defined as members of the Board of Directors and the Executive Leadership Team, are related parties \u00a0
to the Group. \u00a0
Transactions with related parties are settled on an arm\u2019s-length basis and recognised in the financial statements according to the same \u00a0
accounting policy as for similar transactions with unrelated parties. \u00a0
Accounting policy \u00a0
Joint ventures and associates are entities other than group undertakings in which the Group has holdings and joint control with one or \u00a0
more parties or significant but not controlling influence, respectively. The Group generally classifies entities as joint ventures/associates \u00a0
if Danske Bank A/S, directly or indirectly, holds 20-50% of the share capital and has influence over management and operating policy \u00a0
decisions. Holdings in joint ventures and associates are recognised at cost at the date of acquisition and are subsequently measured \u00a0
according to the equity method. The proportionate share of the net profit or loss of the individual entity is included under Income from \u00a0
holdings in associates. The share is calculated on the basis of data from financial statements with balance sheet dates no earlier than \u00a0
three months before the Group\u2019s balance sheet date. If objective evidence of impairment exists, the investment is recognised at the \u00a0
lower of carrying amount and the present value of future cash flows. \u00a0
The proportionate share of the profit or loss on transactions between associates/joint ventures and group undertakings is eliminated. \u00a0
Ownership shares held by the Group\u2019s insurance business are treated as held by a venture capital organisation and are measured at \u00a0
fair value. \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is obtaining \u00a0
collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to ensure it \u00a0
reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus ensuring that the \u00a0
Group complies with regulatory requirements. \u00a0
The validity of the internal and external inputs on which the valuation models depend is assessed regularly and the performance of the models \u00a0
themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that need to be addressed. \u00a0
The market value of collateral is subject to a haircut to reflect the fact that the Group may not be able to obtain the estimated market value \u00a0
upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility during the \u00a0
sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory purposes, the Group \u00a0
also applies more conservative haircuts in order to capture the risk of an economic downturn. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1469": { "value": "
Notes \u2013 Danske Bank Group \u00a0
G1. Material accounting policies andestimates \u00a0
(a) General \u00a0
Danske Bank Group prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS \u00a0
Accounting Standards) and applicable interpretations (IFRIC) issued by the International Accounting Standards Board (IASB), as adopted by the \u00a0
EU. Furthermore, the consolidated financial statements comply with the Danish FSA\u2019s Executive Order No. 1306 dated 16 December 2008 on \u00a0
the use of IFRS Accounting Standards by undertakings subject to the Danish Financial Business Act \u00a0
With effect from 1 January 2024, the Group has changed the presentation in the IFRS Income statement in relation to Markets, Operating \u00a0
leases and margins on customer transactions in foreign currencies. At the same time, the Group\u2019s Financial highlights have been changed to \u00a0
align them with the IFRS financial statements. The changes have been applied retrospectively, resulting in reclassifications between lines in the \u00a0
IFRS Income statement. The reclassifications have no impact on the net profit, balance sheet or equity for 2023. \u00a0
In addition, amendments to IFRS 7, IFRS 16, IAS 1 and IAS 7 became effective on 1 January 2024, and have no impact on the financial \u00a0
statements. \u00a0
The Group has also changed its accounting treatment for variation margin for derivative transactions to reflect the Group\u2019s updated \u00a0
understanding of the application of a legal framework applied to outstanding mark-to-market on derivatives. This change in accounting \u00a0
treatment has been applied retrospectively. The change has no impact on net profit for 2023 or equity. \u00a0
Further information on the changes to accounting policies and presentation in 2024 can be found in note G2. Except for these changes, the \u00a0
Group has not changed its material accounting policies from those applied in the Annual Report 2023. \u00a0
For changes in the financial highlights and segment reporting, see note G3. \u00a0
Financial statement figures are stated in Danish kroner and whole millions, unless otherwise stated. As a result, rounding discrepancies may \u00a0
occur because totals have been rounded off and the underlying decimals are not presented to financial statement users. \u00a0
Monetary assets and liabilities in foreign currency are translated at the exchange rates at the balance sheet date. Exchange rate adjustments \u00a0
of monetary assets and liabilities arising as a result of differences in the exchange rates at the transaction date and at the balance sheet date \u00a0
are recognised in the income statement. Non-monetary assets and liabilities in foreign currency that are subsequently revalued at fair value \u00a0
are translated at the exchange rates at the date of revaluation. Exchange rate adjustments are included in the fair value adjustment of an asset \u00a0
or liability. Other non-monetary items in foreign currency are translated at the exchange rates at the transaction date. The accounting \u00a0
treatment of foreign currency translation of units outside Denmark is described in note G25. \u00a0
For the purpose of clarity, the primary financial statements and the notes to the financial statements are prepared using the concepts of \u00a0
materiality and relevance. This means that line items not considered material in terms of quantitative and qualitative measures or relevant to \u00a0
financial statement users are aggregated and presented together with other items in the primary financial statements. Similarly, information \u00a0
not considered material is not presented in the notes. \u00a0
The material accounting policies are incorporated into the notes to which they relate. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1470": { "value": "
(a) General \u00a0
Danske Bank Group prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS \u00a0
Accounting Standards) and applicable interpretations (IFRIC) issued by the International Accounting Standards Board (IASB), as adopted by the \u00a0
EU. Furthermore, the consolidated financial statements comply with the Danish FSA\u2019s Executive Order No. 1306 dated 16 December 2008 on \u00a0
the use of IFRS Accounting Standards by undertakings subject to the Danish Financial Business Act \u00a0
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1471": { "value": "
With effect from 1 January 2024, the Group has changed the presentation in the IFRS Income statement in relation to Markets, Operating \u00a0
leases and margins on customer transactions in foreign currencies. At the same time, the Group\u2019s Financial highlights have been changed to \u00a0
align them with the IFRS financial statements. The changes have been applied retrospectively, resulting in reclassifications between lines in the \u00a0
IFRS Income statement. The reclassifications have no impact on the net profit, balance sheet or equity for 2023. \u00a0
In addition, amendments to IFRS 7, IFRS 16, IAS 1 and IAS 7 became effective on 1 January 2024, and have no impact on the financial \u00a0
statements. \u00a0
The Group has also changed its accounting treatment for variation margin for derivative transactions to reflect the Group\u2019s updated \u00a0
understanding of the application of a legal framework applied to outstanding mark-to-market on derivatives. This change in accounting \u00a0
treatment has been applied retrospectively. The change has no impact on net profit for 2023 or equity. \u00a0
Further information on the changes to accounting policies and presentation in 2024 can be found in note G2. Except for these changes, the \u00a0
Group has not changed its material accounting policies from those applied in the Annual Report 2023. \u00a0
For changes in the financial highlights and segment reporting, see note G3. \u00a0
G2. Changes in accounting policies and presentation \u00a0
(a) Changes in accounting policies \u00a0
With effect from 1 January 2024, the Group has changed the presentation in the IFRS Income statement in relation to income and expenses in \u00a0
Markets, Operating leases and margins on customer transactions in foreign currencies. At the same time, the Group\u2019s Financial highlights have \u00a0
been changed to align them with the IFRS financial statements. See note G3 for changes in the Financial highlights. The changes in presentation \u00a0
have been applied retrospectively, resulting in reclassifications between lines in the IFRS Income statement as described below: \u00a0
Markets (part of Large Corporates & Institutions) and Group Treasury (part of Group Functions) \u00a0
Under IFRS 9, the financial assets in Markets are mandatorily measured at fair value through profit or loss (FVPL) due to having a business \u00a0
model that is neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d. The Group has aligned presentation of income in Markets with its business \u00a0
model; as such, all interest income and expenses in Markets (including interest on the net funding of operations in Markets) have been changed \u00a0
to be presented as Net trading income, except any fixed income from customer transactions (presented as interest or fee income depending on \u00a0
the customer agreement). \u00a0
Group Treasury holds portfolios of financial assets with the business model \u201chold to collect\u201d, \u201chold to collect and sell\u201d and \u201cother\u201d under IFRS 9 \u00a0
within Internal Bank and financial assets mandatorily measured at fair value through profit or loss (FVPL) outside Internal Bank. To align the \u00a0
income in Group Treasury with its business models, all income at Internal Bank remains presented by the type of income, whereas all other \u00a0
income in Group Treasury (including interest on the net funding of investments in Group Treasury) is presented as Net trading income. \u00a0
Operating leases \u00a0
Under IFRS Accounting Standards, gains or losses on the sale of operating lease assets (excluding properties) is to be presented on a gross \u00a0
basis if an entity routinely sells items of property, plant and equipment that have been held for rental purposes as part of its ordinary activities. \u00a0
The Group has assessed that, although it does sell operating lease assets (primarily leased cars) that have previously been held for rental, this \u00a0
is not a primary activity of the Group. Therefore gains and losses on the sale of operating lease activities have been changed in 2024 to be \u00a0
presented on a net basis in the IFRS income statement. This results in the income from lease assets sold in 2023 being reclassified from Other \u00a0
income to Operating expenses. \u00a0
Margins on customer transactions in foreign currencies \u00a0
The Group has changed the presentation of its fixed margin on customer transactions in foreign currencies from Net trading income to Fee \u00a0
income, because it is a fee in substance. This income in 2023 has been reclassified. \u00a0
The following table shows the impact of the alignment on the IFRS income statement for full-year 2023 \u00a0
Margins on \u00a0
customer \u00a0
transactions in \u00a0
Markets and \u00a0
Operating \u00a0
foreign \u00a0
Restated Full \u00a0
(DKK millions) \u00a0
Full year 2023\u00a0Group Treasury \u00a0
leases \u00a0
currencies \u00a0
year 2023 \u00a0
Interest income calculated using the effective interest method \u00a0
60,842 \u00a0
-1,073 \u00a0
-
-
59,770 \u00a0
Other interest income \u00a0
18,752 \u00a0
-2,465 \u00a0
-
-
16,287 \u00a0
Interest expense \u00a0
47,325 \u00a0
-6,241 \u00a0
-
-
41,085 \u00a0
Net interest income from banking activities \u00a0
32,269 \u00a0
2,704 \u00a0
-
-
34,972 \u00a0
Fee income \u00a0
16,111 \u00a0
-52 \u00a0
-
1,049 \u00a0
17,108 \u00a0
Fee expenses \u00a0
4,481 \u00a0
-278 \u00a0
-
-
4,203 \u00a0
Net fee income \u00a0
11,630 \u00a0
225 \u00a0
-
1,049 \u00a0
12,904 \u00a0
Net trading income or loss \u00a0
6,590 \u00a0
-2,928 \u00a0
-
-1,049 \u00a0
2,613 \u00a0
Insurance revenue \u00a0
5,735 \u00a0
-
-
-
5,735 \u00a0
Insurance service expenses \u00a0
5,094 \u00a0
-
-
-
5,094 \u00a0
Net return on investments backing insurance liabilities \u00a0
35,228 \u00a0
-
-
-
35,228 \u00a0
Net finance income or expense from insurance \u00a0
-34,613 \u00a0
-
-
-
-34,613 \u00a0
Other insurance related income \u00a0
216 \u00a0
-
-
-
216 \u00a0
Net insurance result \u00a0
1,472 \u00a0
-
-
-
1,472 \u00a0
Gain or loss on sale of disposal groups \u00a0
-555 \u00a0
-
-
-
-555 \u00a0
Other income \u00a0
4,446 \u00a0
-
-3,431 \u00a0
-
1,015 \u00a0
Total other income \u00a0
3,891 \u00a0
-
-3,431 \u00a0
-
460 \u00a0
Total income \u00a0
55,852 \u00a0
-
-3,431 \u00a0
-
52,422 \u00a0
Operating expenses \u00a0
28,908 \u00a0
-
-3,431 \u00a0
-
25,478 \u00a0
Profit before loan impairment charges \u00a0
26,944 \u00a0
-
-
-
26,944 \u00a0
Loan impairment charges \u00a0
262 \u00a0
-
-
-
262 \u00a0
Profit before tax \u00a0
26,682 \u00a0
-
-
-
26,682 \u00a0
Tax \u00a0
5,420 \u00a0
-
-
-
5,420 \u00a0
Net profit \u00a0
21,262 \u00a0
-
-
-
21,262 \u00a0
Amendment to IFRS 16, Leases \u00a0
The amendment to IFRS 16 clarifies how a seller-lessee should apply subsequent measurement requirements in IFRS 16 to the lease liability \u00a0
that arises in a sale and leaseback transaction. The seller-lessee must measure the lease liabilities arising from the leaseback transactions \u00a0
such that it does not recognise any gain or loss that relates to the right of use it retains. The amendment has no impact on the financial \u00a0
statements. \u00a0
G2. Changes in accounting policies and presentation - continued \u00a0
Amendment to IAS 1, Presentation of financial statements \u00a0
The first amendment to IAS 1 provides a more general approach to classifying liabilities as current or non-current, based on the contractual \u00a0
arrangements in place at the reporting date, rather than based on whether management intends to exercise a right to defer the settlement of \u00a0
the liability. In addition, this amendment clarifies how conditions with which an entity must comply within twelve months after the reporting \u00a0
period affect the classification of a liability. \u00a0
The second amendment clarifies that only covenants with which an entity must comply on or before the reporting date affect the classification \u00a0
of the liability as current or non-current. In addition, an entity must disclose information in the notes that enables users of the financial \u00a0
statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months. \u00a0
The amendments have no impact on the financial statements. \u00a0
Amendment to IAS 7, Statement of cash flows, and IFRS 7, Financial instruments: disclosures \u00a0
The amendments to IAS 7 and IFRS 7 requires entities to provide additional disclosures about supplier finance arrangements, in order to assess \u00a0
how the arrangements affect the entity\u2019s liabilities and cash flows, and to allow users of the financial statements to understand the effect of \u00a0
supplier finance arrangements on the exposure to liquidity risk, and how the entity may be affected if it no longer has access to the \u00a0
arrangements. The amendments have no impact on the financial statements. \u00a0
G2(b) Change in accounting treatment for variation margin for derivative transactions \u00a0
During 2024 the Group changed its accounting treatment for some interest rate swaps to reflect the Group\u2019s updated understanding of the \u00a0
application of a legal framework in relation to variation margin for transactions cleared on London House Clearnet and EUREX. Previously, the \u00a0
outstanding mark-to-market on derivatives was considered pledged collateral that needed to be repaid. However the outstanding mark-to- \u00a0
market on derivatives is instead treated as a final settlement of the exposure. This change has been applied retrospectively, and thus requires \u00a0
an adjustment to balances in comparative periods for Trading portfolio assets, Loans at amortised cost, Trading portfolio liabilities and \u00a0
Deposits to reflect the treatment under the new framework. \u00a0
The total adjustment to Loans at amortised cost and Trading portfolio assets as at 31 December 2023 is a decrease of DKK 42 billion, and the \u00a0
total adjustment to Deposits and Trading portfolio liabilities as at 31 December 2023 is a decrease of DKK 42 billion. \u00a0
The adjustments have no impact on net profit nor equity in 2023 or 2022. \u00a0
The comparative figures in the Balance sheet, Cash flow statement and relevant notes show restated amounts for 2023. \u00a0
In the Cash flow statement, 2023 comparatives have been restated for Trading portfolio, Loans at amortised cost and fair value and Deposits \u00a0
(all part of Cash flows from operations). The remaining lines in the Cash flow statements have not been affected by the change, and therefore \u00a0
have not been restated. Similarly, there is no change to Cash and cash equivalents at the end of 2023. \u00a0
In the notes, all line items related to Loans at amortised cost, derivatives and Deposits have been restated as at 31 December 2023 in the \u00a0
following notes: G3, G12, G15, G20, G28, G29, G33 and G40. \u00a0
In the financial statements for Danske Bank A/S, line items related to Loans at amortised cost, Other assets (derivatives), Other liabilities \u00a0
(derivatives) and Deposits have been restated as at 31 December 2023 in the following notes: P11, P19, P21, P23. \u00a0
The following table shows the impact on the affected Balance sheet line items as at 1 January 2023 and as at 31 December 2023. Line items \u00a0
not included below have not been impacted by the change in presentation. \u00a0
G2. Changes in accounting policies and presentation - continued \u00a0
(DKK millions) \u00a0
31 December 2022 \u00a0
Adjustment \u00a0
1 January 2023 \u00a0
Assets \u00a0
Trading portfolio assets \u00a0
638,799 \u00a0
-38,954 \u00a0
599,845 \u00a0
Loans at amortised cost \u00a0
1,082,818 \u00a0
-5,542 \u00a0
1,077,276 \u00a0
Total assets \u00a0
3,790,556 \u00a0
-44,497 \u00a0
3,746,059 \u00a0
Liabilities \u00a0
Trading portfolio liabilities \u00a0
554,321 \u00a0
-22,110 \u00a0
532,211 \u00a0
Deposits \u00a0
1,262,293 \u00a0
-22,387 \u00a0
1,239,906 \u00a0
Total liabilities \u00a0
3,630,278 \u00a0
-44,497 \u00a0
3,585,781 \u00a0
Total equity \u00a0
160,278 \u00a0
-
160,278 \u00a0
Total liabilities and equity \u00a0
3,790,556 \u00a0
-44,497 \u00a0
3,746,059 \u00a0
(DKK millions) \u00a0
31 December 2023 \u00a0
Adjustment Restated\u00a031 December 2023 \u00a0
Assets \u00a0
Trading portfolio assets \u00a0
548,189 \u00a0
-44,641 \u00a0
503,548 \u00a0
Loans at amortised cost \u00a0
918,628 \u00a0
2,952 \u00a0
921,580 \u00a0
Total assets \u00a0
3,770,981 \u00a0
-41,689 \u00a0
3,729,292 \u00a0
Liabilities \u00a0
Trading portfolio liabilities \u00a0
454,487 \u00a0
-15,933 \u00a0
438,553 \u00a0
Deposits \u00a0
1,222,203 \u00a0
-25,756 \u00a0
1,196,447 \u00a0
Total liabilities \u00a0
3,595,242 \u00a0
-41,689 \u00a0
3,553,552 \u00a0
Total equity \u00a0
175,739 \u00a0
-
175,739 \u00a0
Total liabilities and equity \u00a0
3,770,981 \u00a0
-41,689 \u00a0
3,729,292 \u00a0
(c) Standards and interpretations not yet in force \u00a0
The International Accounting Standards Board (IASB) has issued two new standards (IFRS 18; IFRS 19) and amendments to existing \u00a0
international accounting standards (IFRS 7, IFRS 9, IAS 21) that are not yet in force. \u00a0
IFRS 18, Presentation and disclosure in financial statements \u00a0
IFRS 18 was issued in 2024 to improve reporting of financial performance by introducing new requirements for the Income statement and \u00a0
disclosures for management-defined performance measures. IFRS 18 will replace IAS 1 and is effective for periods beginning on or after 1 \u00a0
January 2027. \u00a0
IFRS 18 will have no impact on the Bank\u2019s net profit or equity on implementation. At time of writing, the Group is assessing the impact on the \u00a0
presentation of the Income statement and disclosure of management-defined performance measures. \u00a0
Amendment to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: disclosures \u00a0
The amendments to IFRS 9 and IFRS 7 clarifies requirements in relation to settling financial liabilities using an electronic payment system, \u00a0
assessing contractual cash flows of financial assets in respect of contingent events, disclosures relating to investments in equity instruments \u00a0
designated at FVOCI and disclosures for financial instruments with contingent features. The amendment is effective from 1 January 2026. \u00a0
The amendment regarding contractual cash flows is most relevant for the Group\u2019s loans with ESG features that are measured at amortised \u00a0
cost. To remain classified as amortised cost, the contractual cash flows before and after the triggering event (for example, meeting a \u00a0
contractually specified target) must pass the SPPI test, and the cash flows should not be significantly different from similar instruments \u00a0
without the contingent features. At time of writing, this amendment is not expected to have a material impact on the classification and \u00a0
measurement of financial instruments, however there will need to be more disclosures for financial instruments with contingent features. \u00a0
Other \u00a0
IFRS 19, Subsidiaries without public accountability: disclosures, amendments to IAS 21 and other amendments to IFRS 7 and IFRS 9 issued by \u00a0
IASB are not expected to materially impact the Bank\u2019s financial statements \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1472": { "value": "
The Group has also changed its accounting treatment for variation margin for derivative transactions to reflect the Group\u2019s updated \u00a0
understanding of the application of a legal framework applied to outstanding mark-to-market on derivatives. This change in accounting \u00a0
treatment has been applied retrospectively. The change has no impact on net profit for 2023 or equity. \u00a0
G2(b) Change in accounting treatment for variation margin for derivative transactions \u00a0
During 2024 the Group changed its accounting treatment for some interest rate swaps to reflect the Group\u2019s updated understanding of the \u00a0
application of a legal framework in relation to variation margin for transactions cleared on London House Clearnet and EUREX. Previously, the \u00a0
outstanding mark-to-market on derivatives was considered pledged collateral that needed to be repaid. However the outstanding mark-to- \u00a0
market on derivatives is instead treated as a final settlement of the exposure. This change has been applied retrospectively, and thus requires \u00a0
an adjustment to balances in comparative periods for Trading portfolio assets, Loans at amortised cost, Trading portfolio liabilities and \u00a0
Deposits to reflect the treatment under the new framework. \u00a0
The total adjustment to Loans at amortised cost and Trading portfolio assets as at 31 December 2023 is a decrease of DKK 42 billion, and the \u00a0
total adjustment to Deposits and Trading portfolio liabilities as at 31 December 2023 is a decrease of DKK 42 billion. \u00a0
The adjustments have no impact on net profit nor equity in 2023 or 2022. \u00a0
The comparative figures in the Balance sheet, Cash flow statement and relevant notes show restated amounts for 2023. \u00a0
In the Cash flow statement, 2023 comparatives have been restated for Trading portfolio, Loans at amortised cost and fair value and Deposits \u00a0
(all part of Cash flows from operations). The remaining lines in the Cash flow statements have not been affected by the change, and therefore \u00a0
have not been restated. Similarly, there is no change to Cash and cash equivalents at the end of 2023. \u00a0
In the notes, all line items related to Loans at amortised cost, derivatives and Deposits have been restated as at 31 December 2023 in the \u00a0
following notes: G3, G12, G15, G20, G28, G29, G33 and G40. \u00a0
In the financial statements for Danske Bank A/S, line items related to Loans at amortised cost, Other assets (derivatives), Other liabilities \u00a0
(derivatives) and Deposits have been restated as at 31 December 2023 in the following notes: P11, P19, P21, P23. \u00a0
The following table shows the impact on the affected Balance sheet line items as at 1 January 2023 and as at 31 December 2023. Line items \u00a0
not included below have not been impacted by the change in presentation. \u00a0
G2. Changes in accounting policies and presentation - continued \u00a0
(DKK millions) \u00a0
31 December 2022 \u00a0
Adjustment \u00a0
1 January 2023 \u00a0
Assets \u00a0
Trading portfolio assets \u00a0
638,799 \u00a0
-38,954 \u00a0
599,845 \u00a0
Loans at amortised cost \u00a0
1,082,818 \u00a0
-5,542 \u00a0
1,077,276 \u00a0
Total assets \u00a0
3,790,556 \u00a0
-44,497 \u00a0
3,746,059 \u00a0
Liabilities \u00a0
Trading portfolio liabilities \u00a0
554,321 \u00a0
-22,110 \u00a0
532,211 \u00a0
Deposits \u00a0
1,262,293 \u00a0
-22,387 \u00a0
1,239,906 \u00a0
Total liabilities \u00a0
3,630,278 \u00a0
-44,497 \u00a0
3,585,781 \u00a0
Total equity \u00a0
160,278 \u00a0
-
160,278 \u00a0
Total liabilities and equity \u00a0
3,790,556 \u00a0
-44,497 \u00a0
3,746,059 \u00a0
(DKK millions) \u00a0
31 December 2023 \u00a0
Adjustment Restated\u00a031 December 2023 \u00a0
Assets \u00a0
Trading portfolio assets \u00a0
548,189 \u00a0
-44,641 \u00a0
503,548 \u00a0
Loans at amortised cost \u00a0
918,628 \u00a0
2,952 \u00a0
921,580 \u00a0
Total assets \u00a0
3,770,981 \u00a0
-41,689 \u00a0
3,729,292 \u00a0
Liabilities \u00a0
Trading portfolio liabilities \u00a0
454,487 \u00a0
-15,933 \u00a0
438,553 \u00a0
Deposits \u00a0
1,222,203 \u00a0
-25,756 \u00a0
1,196,447 \u00a0
Total liabilities \u00a0
3,595,242 \u00a0
-41,689 \u00a0
3,553,552 \u00a0
Total equity \u00a0
175,739 \u00a0
-
175,739 \u00a0
Total liabilities and equity \u00a0
3,770,981 \u00a0
-41,689 \u00a0
3,729,292 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1473": { "value": "
Financial statement figures are stated in Danish kroner and whole millions, unless otherwise stated. As a result, rounding discrepancies may \u00a0
occur because totals have been rounded off and the underlying decimals are not presented to financial statement users. \u00a0
Foreign currency translation reserve \u00a0
Assets and liabilities of units outside Denmark are translated into DKK at the applicable exchange rates at the balance sheet date. Income and \u00a0
expenses are translated at the applicable exchange rates at the transaction date. Gains and losses arising at the translation of net investments \u00a0
in units outside Denmark are recognised under Other comprehensive income and recognised in the foreign currency translation reserve in \u00a0
equity. Net investments include the net assets and goodwill of the units as well as holdings in the form of subordinated loan capital and other \u00a0
loans to the units for which settlement is neither planned nor likely to occur in the foreseeable future. Exchange rate adjustments of financial \u00a0
liabilities used for hedging the Group\u2019s net investments are also recognised under Other comprehensive income and in the foreign currency \u00a0
translation reserve. Further information can be found in Note G12(c). \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1474": { "value": "
Monetary assets and liabilities in foreign currency are translated at the exchange rates at the balance sheet date. Exchange rate adjustments \u00a0
of monetary assets and liabilities arising as a result of differences in the exchange rates at the transaction date and at the balance sheet date \u00a0
are recognised in the income statement. Non-monetary assets and liabilities in foreign currency that are subsequently revalued at fair value \u00a0
are translated at the exchange rates at the date of revaluation. Exchange rate adjustments are included in the fair value adjustment of an asset \u00a0
or liability. Other non-monetary items in foreign currency are translated at the exchange rates at the transaction date. The accounting \u00a0
treatment of foreign currency translation of units outside Denmark is described in note G25. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1700": { "value": "
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 97% of total assets, and financial liabilities and insurance liabilities account for \u00a0
around 98% of total liabilities. A portion of financial assets relate to investments made under insurance contracts. The following sections \u00a0
provide a general description of the classification and measurement of financial instruments and obligations under insurance contracts. \u00a0
Financial instruments \u2013 general \u00a0
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. A financial asset, or a portion of a \u00a0
financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been transferred, usually by sale, \u00a0
leading to substantially all the risks and rewards of the asset or significant risks and rewards being transferred. Financial liabilities are \u00a0
derecognised when the liability has been settled, has expired or has been extinguished. \u00a0
Regular way purchases and sales of financial instruments are recognised and derecognised at the settlement date. Fair value adjustments of \u00a0
unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is classified at fair value \u00a0
through profit or loss or through Other comprehensive income. The classification is shown in the table on next page. \u00a0
Classification and measurement of financial assets and financial liabilities \u2013 general \u00a0
Financial assets are classified on the basis of the business model adopted for managing the assets and on their contractual cash flow \u00a0
characteristics (including embedded derivatives, if any) are grouped into one of the following measurement categories: \u00a0
\u2022
Amortised cost (AMC) \u00a0
\u2022
Fair value through Other comprehensive income (FVOCI) \u00a0
\u2022
Fair value through profit or loss (FVPL) \u00a0
Financial assets are measured at AMC if they are held within a business model for the purpose of collecting contractual cash flows (hold to \u00a0
collect) and if cash flows are solely payments of principal and interest on the principal amount outstanding. \u00a0
Financial assets are measured at FVOCI if they are held within a business model for the purpose of both collecting contractual cash flows and \u00a0
selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount outstanding. FVOCI \u00a0
results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains and losses, except for \u00a0
expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income until the financial \u00a0
asset is derecognised. When the financial asset is derecognised the cumulative gains and losses previously recognised in Other \u00a0
comprehensive income are reclassified to the income statement. \u00a0
All other financial assets are mandatorily measured at FVPL including financial assets held within other business models, such as financial \u00a0
assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments of principal and \u00a0
interest on the principal amount outstanding. \u00a0
Generally, financial liabilities are measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related \u00a0
to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to repurchase \u00a0
securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments relating to the inherent \u00a0
credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless this leads to an accounting \u00a0
mismatch. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
As at 31 December 2024, financial assets covered by the expected credit loss model accounted for about 53.8% of total assets (31 December \u00a0
2023: 54.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits with central banks, \u00a0
fair value OCI and FVPL due to SPPI test. \u00a0
The business model assessment \u00a0
The business model assessment in Danske Bank Group has been applied separately for each business unit represented by the Group\u2019s \u00a0
reportable segments, and it is based on observable factors for the different portfolios, such as (1) how the performance of the business model \u00a0
and the financial assets held within that business model are evaluated and reported to the Executive Board and the Board of Directors, (2) the \u00a0
risks that affect the performance of the business model and the way such risks are managed and (3) past and expected frequency, value and \u00a0
timing of sales from the portfolio. In general, the business model assessment of the Group can be summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates &Institutes (LC&I) and \u00a0
Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management and reporting of \u00a0
performance are based on collecting the contractual cash flows, and loans are only very infrequently sold. \u00a0
The trading unit at LC&I (Markets) and the financial assets related to the Group\u2019s insurance activities at Danica have a business model that is \u00a0
neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets consist of bonds, \u00a0
shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading pattern that falls under \u00a0
the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair value basis. \u00a0
Group Treasury has portfolios of bonds within the \u201chold to collect\u201d business model, the \u201chold to collect and sell\u201d business models and the \u00a0
\u201cother\u201d business model. \u00a0
The remaining portfolio of Non-core (part of Group Functions) is \u201chold to collect\u201d. The financial assets consist primarily of loans. \u00a0
The SPPI test (solely payment of principal and interest on the principal amount outstanding) \u00a0
The second step in the classification of the financial assets in portfolios being \u201chold to collect\u201d and \u201chold to collect and sell\u201d relates to the \u00a0
assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at initial \u00a0
recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time value of money, \u00a0
credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce more than de minimis \u00a0
exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily recognised at FVPL. \u00a0
In general, the Group\u2019s portfolios of financial assets that are \u201chold to collect\u201d or \u201chold to collect and sell\u201d (loans and bonds) have contractual \u00a0
cash flows that are consistent with the SPPI test, i.e. they have basic lending features. \u00a0
However, loans granted under Danish mortgage finance law are funded by issuing listed mortgage bonds with matching terms. Such loans are \u00a0
granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. This represents an \u00a0
option to prepay at fair value that can be both above and below the principal amount plus accrued interest. Changes in the fair value of the \u00a0
underlying bonds include other elements than the effect of changes in the relevant benchmark interest rate and the prepayment option is \u00a0
therefore not consistent with the SPPI test in IFRS 9 and are mandatorily measured at FVPL. \u00a0
All equity instruments have contractual cash flows that do not pass the SPPI test. All such holdings are recognised at FVPL since the Group has \u00a0
decided not to use the option to designate equity instruments at FVOCI. \u00a0
Financial liabilities \u00a0
Financial liabilities are generally measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related to \u00a0
the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities designated at FVPL under \u00a0
the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities designated at fair value are, however, \u00a0
recognised in Other comprehensive income unless this leads to an accounting mismatch. \u00a0
IFRS 9 allows the designation of financial liabilities at FVPL when doing so results in more relevant information, because either (1) it eliminates \u00a0
or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial instruments that are \u00a0
managed and their performance reported on a fair value basis to management. \u00a0
The Group designates the following financial liabilities at FVPL: \u00a0
\u2022
Mortgage bonds issued by Realkredit Danmark. The bonds fund the loans granted by Realkredit Danmark, i.e. loans that due to the SPPI test \u00a0
are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans and the issued \u00a0
bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the credit risk of borrowers. To \u00a0
eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds at AMC, the issued bonds are \u00a0
designated at FVPL, and fair value changes of the issued bonds (including fair value changes related to own credit risk) are offset by the fair \u00a0
value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own credit risk on the issued bonds are also \u00a0
recognised in the income statement since an accounting mismatch would otherwise arise. \u00a0
\u2022
Financial liabilities in Markets and Investment Banking in LC&I. These financial liabilities are part of a portfolio of financial assets and \u00a0
liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist of repo \u00a0
transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk is, however, \u00a0
recognised in Other comprehensive income. \u00a0
Hedge accounting \u00a0
The Group uses derivatives to hedge the interest rate risk on some fixed-rate assets and fixed-rate liabilities measured at amortised cost and \u00a0
on some bonds measured at fair value through Other comprehensive income. Hedged risks that meet the criteria for fair value hedge \u00a0
accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value through profit or loss. At \u00a0
the end of 2024, hedging derivatives measured at fair value accounted for about 0.01% of total assets and about 0.01% of total liabilities \u00a0
(31 December 2023: 0.16% and 0.36%, respectively). For further information on hedge accounting, see note G12(d). \u00a0
Insurance activities \u2013 general \u00a0
The Group issues contracts for life insurance and health and accident insurance, which are divided into insurance and investment contracts. \u00a0
Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder, by agreeing to compensate \u00a0
the policyholder if a specified uncertain future event adversely affects the policyholder. Investment contracts are contracts that entail no \u00a0
significant insurance risk and comprise unit-linked contracts under which the investment risk lies with the policyholder. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1701": { "value": "
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 97% of total assets, and financial liabilities and insurance liabilities account for \u00a0
around 98% of total liabilities. A portion of financial assets relate to investments made under insurance contracts. The following sections \u00a0
provide a general description of the classification and measurement of financial instruments and obligations under insurance contracts. \u00a0
Financial instruments \u2013 general \u00a0
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. A financial asset, or a portion of a \u00a0
financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been transferred, usually by sale, \u00a0
leading to substantially all the risks and rewards of the asset or significant risks and rewards being transferred. Financial liabilities are \u00a0
derecognised when the liability has been settled, has expired or has been extinguished. \u00a0
Regular way purchases and sales of financial instruments are recognised and derecognised at the settlement date. Fair value adjustments of \u00a0
unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is classified at fair value \u00a0
through profit or loss or through Other comprehensive income. The classification is shown in the table on next page. \u00a0
Classification and measurement of financial assets and financial liabilities \u2013 general \u00a0
Financial assets are classified on the basis of the business model adopted for managing the assets and on their contractual cash flow \u00a0
characteristics (including embedded derivatives, if any) are grouped into one of the following measurement categories: \u00a0
\u2022
Amortised cost (AMC) \u00a0
\u2022
Fair value through Other comprehensive income (FVOCI) \u00a0
\u2022
Fair value through profit or loss (FVPL) \u00a0
Financial assets are measured at AMC if they are held within a business model for the purpose of collecting contractual cash flows (hold to \u00a0
collect) and if cash flows are solely payments of principal and interest on the principal amount outstanding. \u00a0
Financial assets are measured at FVOCI if they are held within a business model for the purpose of both collecting contractual cash flows and \u00a0
selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount outstanding. FVOCI \u00a0
results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains and losses, except for \u00a0
expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income until the financial \u00a0
asset is derecognised. When the financial asset is derecognised the cumulative gains and losses previously recognised in Other \u00a0
comprehensive income are reclassified to the income statement. \u00a0
All other financial assets are mandatorily measured at FVPL including financial assets held within other business models, such as financial \u00a0
assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments of principal and \u00a0
interest on the principal amount outstanding. \u00a0
Generally, financial liabilities are measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related \u00a0
to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to repurchase \u00a0
securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments relating to the inherent \u00a0
credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless this leads to an accounting \u00a0
mismatch. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
As at 31 December 2024, financial assets covered by the expected credit loss model accounted for about 53.8% of total assets (31 December \u00a0
2023: 54.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits with central banks, \u00a0
fair value OCI and FVPL due to SPPI test. \u00a0
The business model assessment \u00a0
The business model assessment in Danske Bank Group has been applied separately for each business unit represented by the Group\u2019s \u00a0
reportable segments, and it is based on observable factors for the different portfolios, such as (1) how the performance of the business model \u00a0
and the financial assets held within that business model are evaluated and reported to the Executive Board and the Board of Directors, (2) the \u00a0
risks that affect the performance of the business model and the way such risks are managed and (3) past and expected frequency, value and \u00a0
timing of sales from the portfolio. In general, the business model assessment of the Group can be summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates &Institutes (LC&I) and \u00a0
Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management and reporting of \u00a0
performance are based on collecting the contractual cash flows, and loans are only very infrequently sold. \u00a0
The trading unit at LC&I (Markets) and the financial assets related to the Group\u2019s insurance activities at Danica have a business model that is \u00a0
neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets consist of bonds, \u00a0
shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading pattern that falls under \u00a0
the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair value basis. \u00a0
Group Treasury has portfolios of bonds within the \u201chold to collect\u201d business model, the \u201chold to collect and sell\u201d business models and the \u00a0
\u201cother\u201d business model. \u00a0
The remaining portfolio of Non-core (part of Group Functions) is \u201chold to collect\u201d. The financial assets consist primarily of loans. \u00a0
The SPPI test (solely payment of principal and interest on the principal amount outstanding) \u00a0
The second step in the classification of the financial assets in portfolios being \u201chold to collect\u201d and \u201chold to collect and sell\u201d relates to the \u00a0
assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at initial \u00a0
recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time value of money, \u00a0
credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce more than de minimis \u00a0
exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily recognised at FVPL. \u00a0
In general, the Group\u2019s portfolios of financial assets that are \u201chold to collect\u201d or \u201chold to collect and sell\u201d (loans and bonds) have contractual \u00a0
cash flows that are consistent with the SPPI test, i.e. they have basic lending features. \u00a0
However, loans granted under Danish mortgage finance law are funded by issuing listed mortgage bonds with matching terms. Such loans are \u00a0
granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. This represents an \u00a0
option to prepay at fair value that can be both above and below the principal amount plus accrued interest. Changes in the fair value of the \u00a0
underlying bonds include other elements than the effect of changes in the relevant benchmark interest rate and the prepayment option is \u00a0
therefore not consistent with the SPPI test in IFRS 9 and are mandatorily measured at FVPL. \u00a0
All equity instruments have contractual cash flows that do not pass the SPPI test. All such holdings are recognised at FVPL since the Group has \u00a0
decided not to use the option to designate equity instruments at FVOCI. \u00a0
Financial liabilities \u00a0
Financial liabilities are generally measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related to \u00a0
the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities designated at FVPL under \u00a0
the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities designated at fair value are, however, \u00a0
recognised in Other comprehensive income unless this leads to an accounting mismatch. \u00a0
IFRS 9 allows the designation of financial liabilities at FVPL when doing so results in more relevant information, because either (1) it eliminates \u00a0
or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial instruments that are \u00a0
managed and their performance reported on a fair value basis to management. \u00a0
The Group designates the following financial liabilities at FVPL: \u00a0
\u2022
Mortgage bonds issued by Realkredit Danmark. The bonds fund the loans granted by Realkredit Danmark, i.e. loans that due to the SPPI test \u00a0
are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans and the issued \u00a0
bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the credit risk of borrowers. To \u00a0
eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds at AMC, the issued bonds are \u00a0
designated at FVPL, and fair value changes of the issued bonds (including fair value changes related to own credit risk) are offset by the fair \u00a0
value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own credit risk on the issued bonds are also \u00a0
recognised in the income statement since an accounting mismatch would otherwise arise. \u00a0
\u2022
Financial liabilities in Markets and Investment Banking in LC&I. These financial liabilities are part of a portfolio of financial assets and \u00a0
liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist of repo \u00a0
transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk is, however, \u00a0
recognised in Other comprehensive income. \u00a0
Hedge accounting \u00a0
The Group uses derivatives to hedge the interest rate risk on some fixed-rate assets and fixed-rate liabilities measured at amortised cost and \u00a0
on some bonds measured at fair value through Other comprehensive income. Hedged risks that meet the criteria for fair value hedge \u00a0
accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value through profit or loss. At \u00a0
the end of 2024, hedging derivatives measured at fair value accounted for about 0.01% of total assets and about 0.01% of total liabilities \u00a0
(31 December 2023: 0.16% and 0.36%, respectively). For further information on hedge accounting, see note G12(d). \u00a0
Insurance activities \u2013 general \u00a0
The Group issues contracts for life insurance and health and accident insurance, which are divided into insurance and investment contracts. \u00a0
Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder, by agreeing to compensate \u00a0
the policyholder if a specified uncertain future event adversely affects the policyholder. Investment contracts are contracts that entail no \u00a0
significant insurance risk and comprise unit-linked contracts under which the investment risk lies with the policyholder. \u00a0
Financial assets measured at fair value through profit or loss (FVPL) \u00a0
Financial assets measured at fair value include securities that are managed on a fair value basis with no short-term profit taking. \u00a0
Realised and unrealised capital gains and losses and dividends are carried in the income statement under Net trading income or loss. \u00a0
Further, all shares (including unlisted shares) and bonds held in Group Treasury that do not have contractual cash flows that are solely \u00a0
payments of principal and interest on the principal amount outstanding (i.e. that does not pass the SPPI test in IFRS 9) are mandatorily \u00a0
measured at FVPL and, consequently, included in this category. \u00a0
Accounting policy \u00a0
Loans granted and bonds issued by Realkredit Danmark \u00a0
Loans granted by Realkredit Danmark have contractual cash flows that are not solely payment of principal and interest on the principal \u00a0
amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which represents an option to \u00a0
prepay at fair value that can be both above and below the principal amount plus interest. This is not consistent with the SPPI test since \u00a0
changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate developments.\u00a0Therefore, the loans are \u00a0
mandatorily recognised at fair value through profit or loss. The issued bonds that are funding the loans are designated at fair value \u00a0
through profit or loss in order not to create an accounting mismatch. For the issued bonds, changes in fair value attributable to the \u00a0
Group\u2019s own credit risk is presented in the income statement, as an accounting mismatch would otherwise be introduced. \u00a0
The fair value of the bonds issued by Realkredit Danmark is normally defined as their quoted market price. A small number of the issued \u00a0
bonds are illiquid, however, and the fair value of these bonds is calculated on the basis of a discounted cash flow valuation technique. \u00a0
The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair value of the interest \u00a0
rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in the fair value of cash flows \u00a0
from the loans that differ from the cash flows from the issued bonds. The most important component is the credit risk on the borrowers \u00a0
(covered by the Group and not by the bond holders and therefore not priced into the price of the issued bonds). \u00a0
Changes in fair value of credit risk etc. on the loans \u00a0
The IFRS 13 estimate of the fair value of the credit risk on the loans is based on the expected credit losses estimated in the models \u00a0
developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, including the \u00a0
allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as a function of PD, EAD \u00a0
and LGD and incorporates forward looking information, see further in note G15. The latter reflects management\u2019s expectations of \u00a0
expected credit losses and involves multiple scenarios (base case, upside and downside), including an assessment of the probability for \u00a0
each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other components \u00a0
in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an investors risk premium, \u00a0
compensation for administrative costs related to the loans and the possibility to increase the margin on the loans if the credit risk etc. \u00a0
increases. It is acknowledged that the possibility to increase the margin depends on the economic resources of the customers. The \u00a0
possibility to increase the margin is therefore only considered in the measurement if it is very likely that the margin can be increased \u00a0
without the customer defaulting. Further, the possibility to increase the margin is only relevant if it does not give the customer an \u00a0
incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to increase the margin is only relevant for the \u00a0
measurement of loans to customers with neither a relatively high credit risk nor a relatively low credit risk. \u00a0
The discount rate used to discount the cash flows represents the interest rate on the funding bonds. This is considered to be close to a \u00a0
risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher for customers \u00a0
Accounting policy - continued \u00a0
with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value of the credit risk and \u00a0
other components cannot increase the value of a loan (the adjustment cannot be positive). \u00a0
Other loans and issued bonds measured at fair value through profit or loss \u00a0
The loans in the Group\u2019s trading units (Markets and Investment Banking in LC&I) are managed and their performance reported on a fair \u00a0
value basis and the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an \u00a0
accounting mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities \u00a0
at amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value changes \u00a0
attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
794,568 \u00a0
806,157 \u00a0
Fair value adjustment of underlying bonds \u00a0
-36,190 \u00a0
-49,874 \u00a0
Adjustment for credit risk \u00a0
3,191 \u00a0
3,006 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
755,188 \u00a0
753,277 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
319,596 \u00a0
174,963 \u00a0
Total \u00a0
1,074,783 \u00a0
928,239 \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
875,633 \u00a0
848,774 \u00a0
Fair value adjustment of funding of current loans \u00a0
-36,190 \u00a0
-49,874 \u00a0
Holding of own mortgage bonds \u00a0
94,948 \u00a0
57,837 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
744,495 \u00a0
741,062 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
2,061 \u00a0
7,718 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
Accounting policy \u00a0
Assets earmarked for customer savings are measured at fair value and recognised under Assets under pooled schemes and investment \u00a0
contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment contracts. These \u00a0
deposits are measured at the value of savings, corresponding to the fair value of the assets. \u00a0
The Group has elected not to deduct own shares from equity that are held on behalf of customers. Therefore total assets under pooled \u00a0
schemes and investment contracts includes these own shares that meet this criterion. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1702": { "value": "
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 97% of total assets, and financial liabilities and insurance liabilities account for \u00a0
around 98% of total liabilities. A portion of financial assets relate to investments made under insurance contracts. The following sections \u00a0
provide a general description of the classification and measurement of financial instruments and obligations under insurance contracts. \u00a0
Financial instruments \u2013 general \u00a0
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. A financial asset, or a portion of a \u00a0
financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been transferred, usually by sale, \u00a0
leading to substantially all the risks and rewards of the asset or significant risks and rewards being transferred. Financial liabilities are \u00a0
derecognised when the liability has been settled, has expired or has been extinguished. \u00a0
Regular way purchases and sales of financial instruments are recognised and derecognised at the settlement date. Fair value adjustments of \u00a0
unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is classified at fair value \u00a0
through profit or loss or through Other comprehensive income. The classification is shown in the table on next page. \u00a0
Classification and measurement of financial assets and financial liabilities \u2013 general \u00a0
Financial assets are classified on the basis of the business model adopted for managing the assets and on their contractual cash flow \u00a0
characteristics (including embedded derivatives, if any) are grouped into one of the following measurement categories: \u00a0
\u2022
Amortised cost (AMC) \u00a0
\u2022
Fair value through Other comprehensive income (FVOCI) \u00a0
\u2022
Fair value through profit or loss (FVPL) \u00a0
Financial assets are measured at AMC if they are held within a business model for the purpose of collecting contractual cash flows (hold to \u00a0
collect) and if cash flows are solely payments of principal and interest on the principal amount outstanding. \u00a0
Financial assets are measured at FVOCI if they are held within a business model for the purpose of both collecting contractual cash flows and \u00a0
selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount outstanding. FVOCI \u00a0
results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains and losses, except for \u00a0
expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income until the financial \u00a0
asset is derecognised. When the financial asset is derecognised the cumulative gains and losses previously recognised in Other \u00a0
comprehensive income are reclassified to the income statement. \u00a0
All other financial assets are mandatorily measured at FVPL including financial assets held within other business models, such as financial \u00a0
assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments of principal and \u00a0
interest on the principal amount outstanding. \u00a0
Generally, financial liabilities are measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related \u00a0
to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to repurchase \u00a0
securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments relating to the inherent \u00a0
credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless this leads to an accounting \u00a0
mismatch. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
As at 31 December 2024, financial assets covered by the expected credit loss model accounted for about 53.8% of total assets (31 December \u00a0
2023: 54.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits with central banks, \u00a0
fair value OCI and FVPL due to SPPI test. \u00a0
The business model assessment \u00a0
The business model assessment in Danske Bank Group has been applied separately for each business unit represented by the Group\u2019s \u00a0
reportable segments, and it is based on observable factors for the different portfolios, such as (1) how the performance of the business model \u00a0
and the financial assets held within that business model are evaluated and reported to the Executive Board and the Board of Directors, (2) the \u00a0
risks that affect the performance of the business model and the way such risks are managed and (3) past and expected frequency, value and \u00a0
timing of sales from the portfolio. In general, the business model assessment of the Group can be summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates &Institutes (LC&I) and \u00a0
Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management and reporting of \u00a0
performance are based on collecting the contractual cash flows, and loans are only very infrequently sold. \u00a0
The trading unit at LC&I (Markets) and the financial assets related to the Group\u2019s insurance activities at Danica have a business model that is \u00a0
neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets consist of bonds, \u00a0
shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading pattern that falls under \u00a0
the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair value basis. \u00a0
Group Treasury has portfolios of bonds within the \u201chold to collect\u201d business model, the \u201chold to collect and sell\u201d business models and the \u00a0
\u201cother\u201d business model. \u00a0
The remaining portfolio of Non-core (part of Group Functions) is \u201chold to collect\u201d. The financial assets consist primarily of loans. \u00a0
The SPPI test (solely payment of principal and interest on the principal amount outstanding) \u00a0
The second step in the classification of the financial assets in portfolios being \u201chold to collect\u201d and \u201chold to collect and sell\u201d relates to the \u00a0
assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at initial \u00a0
recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time value of money, \u00a0
credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce more than de minimis \u00a0
exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily recognised at FVPL. \u00a0
In general, the Group\u2019s portfolios of financial assets that are \u201chold to collect\u201d or \u201chold to collect and sell\u201d (loans and bonds) have contractual \u00a0
cash flows that are consistent with the SPPI test, i.e. they have basic lending features. \u00a0
However, loans granted under Danish mortgage finance law are funded by issuing listed mortgage bonds with matching terms. Such loans are \u00a0
granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. This represents an \u00a0
option to prepay at fair value that can be both above and below the principal amount plus accrued interest. Changes in the fair value of the \u00a0
underlying bonds include other elements than the effect of changes in the relevant benchmark interest rate and the prepayment option is \u00a0
therefore not consistent with the SPPI test in IFRS 9 and are mandatorily measured at FVPL. \u00a0
All equity instruments have contractual cash flows that do not pass the SPPI test. All such holdings are recognised at FVPL since the Group has \u00a0
decided not to use the option to designate equity instruments at FVOCI. \u00a0
Financial liabilities \u00a0
Financial liabilities are generally measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related to \u00a0
the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities designated at FVPL under \u00a0
the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities designated at fair value are, however, \u00a0
recognised in Other comprehensive income unless this leads to an accounting mismatch. \u00a0
IFRS 9 allows the designation of financial liabilities at FVPL when doing so results in more relevant information, because either (1) it eliminates \u00a0
or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial instruments that are \u00a0
managed and their performance reported on a fair value basis to management. \u00a0
The Group designates the following financial liabilities at FVPL: \u00a0
\u2022
Mortgage bonds issued by Realkredit Danmark. The bonds fund the loans granted by Realkredit Danmark, i.e. loans that due to the SPPI test \u00a0
are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans and the issued \u00a0
bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the credit risk of borrowers. To \u00a0
eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds at AMC, the issued bonds are \u00a0
designated at FVPL, and fair value changes of the issued bonds (including fair value changes related to own credit risk) are offset by the fair \u00a0
value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own credit risk on the issued bonds are also \u00a0
recognised in the income statement since an accounting mismatch would otherwise arise. \u00a0
\u2022
Financial liabilities in Markets and Investment Banking in LC&I. These financial liabilities are part of a portfolio of financial assets and \u00a0
liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist of repo \u00a0
transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk is, however, \u00a0
recognised in Other comprehensive income. \u00a0
Hedge accounting \u00a0
The Group uses derivatives to hedge the interest rate risk on some fixed-rate assets and fixed-rate liabilities measured at amortised cost and \u00a0
on some bonds measured at fair value through Other comprehensive income. Hedged risks that meet the criteria for fair value hedge \u00a0
accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value through profit or loss. At \u00a0
the end of 2024, hedging derivatives measured at fair value accounted for about 0.01% of total assets and about 0.01% of total liabilities \u00a0
(31 December 2023: 0.16% and 0.36%, respectively). For further information on hedge accounting, see note G12(d). \u00a0
Insurance activities \u2013 general \u00a0
The Group issues contracts for life insurance and health and accident insurance, which are divided into insurance and investment contracts. \u00a0
Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder, by agreeing to compensate \u00a0
the policyholder if a specified uncertain future event adversely affects the policyholder. Investment contracts are contracts that entail no \u00a0
significant insurance risk and comprise unit-linked contracts under which the investment risk lies with the policyholder. \u00a0
Accounting policy \u00a0
Amounts due to credit institutions and central banks and Deposits in the Group\u2019s trading units (Markets in LC&I) are designated at fair value \u00a0
through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is recognised in Other \u00a0
comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of the \u00a0
hedged interest rate risk is added to the amortised cost of the liabilities. \u00a0
Accounting policy \u00a0
Issued bonds, both senior, non-preferred senior and subordinated bonds, are at initial recognition measured at fair value less \u00a0
transaction costs and subsequently measured at amortised cost plus the fair value of the hedged interest rate risk. Interest expense is \u00a0
recognised according to the effective interest rate method, including amortisation of any difference between the amount received on \u00a0
issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital under the \u00a0
Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily or converted into \u00a0
a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert into a variable number of \u00a0
ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are accounted for as equity. For liability \u00a0
accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds are accounted for as liabilities in their \u00a0
entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for example an \u00a0
equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading portfolio. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1703": { "value": "
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 97% of total assets, and financial liabilities and insurance liabilities account for \u00a0
around 98% of total liabilities. A portion of financial assets relate to investments made under insurance contracts. The following sections \u00a0
provide a general description of the classification and measurement of financial instruments and obligations under insurance contracts. \u00a0
Financial instruments \u2013 general \u00a0
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. A financial asset, or a portion of a \u00a0
financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been transferred, usually by sale, \u00a0
leading to substantially all the risks and rewards of the asset or significant risks and rewards being transferred. Financial liabilities are \u00a0
derecognised when the liability has been settled, has expired or has been extinguished. \u00a0
Regular way purchases and sales of financial instruments are recognised and derecognised at the settlement date. Fair value adjustments of \u00a0
unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is classified at fair value \u00a0
through profit or loss or through Other comprehensive income. The classification is shown in the table on next page. \u00a0
Classification and measurement of financial assets and financial liabilities \u2013 general \u00a0
Financial assets are classified on the basis of the business model adopted for managing the assets and on their contractual cash flow \u00a0
characteristics (including embedded derivatives, if any) are grouped into one of the following measurement categories: \u00a0
\u2022
Amortised cost (AMC) \u00a0
\u2022
Fair value through Other comprehensive income (FVOCI) \u00a0
\u2022
Fair value through profit or loss (FVPL) \u00a0
Financial assets are measured at AMC if they are held within a business model for the purpose of collecting contractual cash flows (hold to \u00a0
collect) and if cash flows are solely payments of principal and interest on the principal amount outstanding. \u00a0
Financial assets are measured at FVOCI if they are held within a business model for the purpose of both collecting contractual cash flows and \u00a0
selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount outstanding. FVOCI \u00a0
results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains and losses, except for \u00a0
expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income until the financial \u00a0
asset is derecognised. When the financial asset is derecognised the cumulative gains and losses previously recognised in Other \u00a0
comprehensive income are reclassified to the income statement. \u00a0
All other financial assets are mandatorily measured at FVPL including financial assets held within other business models, such as financial \u00a0
assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments of principal and \u00a0
interest on the principal amount outstanding. \u00a0
Generally, financial liabilities are measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related \u00a0
to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to repurchase \u00a0
securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments relating to the inherent \u00a0
credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless this leads to an accounting \u00a0
mismatch. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
As at 31 December 2024, financial assets covered by the expected credit loss model accounted for about 53.8% of total assets (31 December \u00a0
2023: 54.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits with central banks, \u00a0
fair value OCI and FVPL due to SPPI test. \u00a0
The business model assessment \u00a0
The business model assessment in Danske Bank Group has been applied separately for each business unit represented by the Group\u2019s \u00a0
reportable segments, and it is based on observable factors for the different portfolios, such as (1) how the performance of the business model \u00a0
and the financial assets held within that business model are evaluated and reported to the Executive Board and the Board of Directors, (2) the \u00a0
risks that affect the performance of the business model and the way such risks are managed and (3) past and expected frequency, value and \u00a0
timing of sales from the portfolio. In general, the business model assessment of the Group can be summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates &Institutes (LC&I) and \u00a0
Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management and reporting of \u00a0
performance are based on collecting the contractual cash flows, and loans are only very infrequently sold. \u00a0
The trading unit at LC&I (Markets) and the financial assets related to the Group\u2019s insurance activities at Danica have a business model that is \u00a0
neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets consist of bonds, \u00a0
shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading pattern that falls under \u00a0
the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair value basis. \u00a0
Group Treasury has portfolios of bonds within the \u201chold to collect\u201d business model, the \u201chold to collect and sell\u201d business models and the \u00a0
\u201cother\u201d business model. \u00a0
The remaining portfolio of Non-core (part of Group Functions) is \u201chold to collect\u201d. The financial assets consist primarily of loans. \u00a0
The SPPI test (solely payment of principal and interest on the principal amount outstanding) \u00a0
The second step in the classification of the financial assets in portfolios being \u201chold to collect\u201d and \u201chold to collect and sell\u201d relates to the \u00a0
assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at initial \u00a0
recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time value of money, \u00a0
credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce more than de minimis \u00a0
exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily recognised at FVPL. \u00a0
In general, the Group\u2019s portfolios of financial assets that are \u201chold to collect\u201d or \u201chold to collect and sell\u201d (loans and bonds) have contractual \u00a0
cash flows that are consistent with the SPPI test, i.e. they have basic lending features. \u00a0
However, loans granted under Danish mortgage finance law are funded by issuing listed mortgage bonds with matching terms. Such loans are \u00a0
granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. This represents an \u00a0
option to prepay at fair value that can be both above and below the principal amount plus accrued interest. Changes in the fair value of the \u00a0
underlying bonds include other elements than the effect of changes in the relevant benchmark interest rate and the prepayment option is \u00a0
therefore not consistent with the SPPI test in IFRS 9 and are mandatorily measured at FVPL. \u00a0
All equity instruments have contractual cash flows that do not pass the SPPI test. All such holdings are recognised at FVPL since the Group has \u00a0
decided not to use the option to designate equity instruments at FVOCI. \u00a0
Financial liabilities \u00a0
Financial liabilities are generally measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related to \u00a0
the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities designated at FVPL under \u00a0
the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities designated at fair value are, however, \u00a0
recognised in Other comprehensive income unless this leads to an accounting mismatch. \u00a0
IFRS 9 allows the designation of financial liabilities at FVPL when doing so results in more relevant information, because either (1) it eliminates \u00a0
or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial instruments that are \u00a0
managed and their performance reported on a fair value basis to management. \u00a0
The Group designates the following financial liabilities at FVPL: \u00a0
\u2022
Mortgage bonds issued by Realkredit Danmark. The bonds fund the loans granted by Realkredit Danmark, i.e. loans that due to the SPPI test \u00a0
are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans and the issued \u00a0
bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the credit risk of borrowers. To \u00a0
eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds at AMC, the issued bonds are \u00a0
designated at FVPL, and fair value changes of the issued bonds (including fair value changes related to own credit risk) are offset by the fair \u00a0
value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own credit risk on the issued bonds are also \u00a0
recognised in the income statement since an accounting mismatch would otherwise arise. \u00a0
\u2022
Financial liabilities in Markets and Investment Banking in LC&I. These financial liabilities are part of a portfolio of financial assets and \u00a0
liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist of repo \u00a0
transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk is, however, \u00a0
recognised in Other comprehensive income. \u00a0
Hedge accounting \u00a0
The Group uses derivatives to hedge the interest rate risk on some fixed-rate assets and fixed-rate liabilities measured at amortised cost and \u00a0
on some bonds measured at fair value through Other comprehensive income. Hedged risks that meet the criteria for fair value hedge \u00a0
accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value through profit or loss. At \u00a0
the end of 2024, hedging derivatives measured at fair value accounted for about 0.01% of total assets and about 0.01% of total liabilities \u00a0
(31 December 2023: 0.16% and 0.36%, respectively). For further information on hedge accounting, see note G12(d). \u00a0
Insurance activities \u2013 general \u00a0
The Group issues contracts for life insurance and health and accident insurance, which are divided into insurance and investment contracts. \u00a0
Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder, by agreeing to compensate \u00a0
the policyholder if a specified uncertain future event adversely affects the policyholder. Investment contracts are contracts that entail no \u00a0
significant insurance risk and comprise unit-linked contracts under which the investment risk lies with the policyholder. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1704": { "value": "
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 97% of total assets, and financial liabilities and insurance liabilities account for \u00a0
around 98% of total liabilities. A portion of financial assets relate to investments made under insurance contracts. The following sections \u00a0
provide a general description of the classification and measurement of financial instruments and obligations under insurance contracts. \u00a0
Financial instruments \u2013 general \u00a0
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. A financial asset, or a portion of a \u00a0
financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been transferred, usually by sale, \u00a0
leading to substantially all the risks and rewards of the asset or significant risks and rewards being transferred. Financial liabilities are \u00a0
derecognised when the liability has been settled, has expired or has been extinguished. \u00a0
Regular way purchases and sales of financial instruments are recognised and derecognised at the settlement date. Fair value adjustments of \u00a0
unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is classified at fair value \u00a0
through profit or loss or through Other comprehensive income. The classification is shown in the table on next page. \u00a0
Classification and measurement of financial assets and financial liabilities \u2013 general \u00a0
Financial assets are classified on the basis of the business model adopted for managing the assets and on their contractual cash flow \u00a0
characteristics (including embedded derivatives, if any) are grouped into one of the following measurement categories: \u00a0
\u2022
Amortised cost (AMC) \u00a0
\u2022
Fair value through Other comprehensive income (FVOCI) \u00a0
\u2022
Fair value through profit or loss (FVPL) \u00a0
Financial assets are measured at AMC if they are held within a business model for the purpose of collecting contractual cash flows (hold to \u00a0
collect) and if cash flows are solely payments of principal and interest on the principal amount outstanding. \u00a0
Financial assets are measured at FVOCI if they are held within a business model for the purpose of both collecting contractual cash flows and \u00a0
selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount outstanding. FVOCI \u00a0
results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains and losses, except for \u00a0
expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income until the financial \u00a0
asset is derecognised. When the financial asset is derecognised the cumulative gains and losses previously recognised in Other \u00a0
comprehensive income are reclassified to the income statement. \u00a0
All other financial assets are mandatorily measured at FVPL including financial assets held within other business models, such as financial \u00a0
assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments of principal and \u00a0
interest on the principal amount outstanding. \u00a0
Generally, financial liabilities are measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related \u00a0
to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to repurchase \u00a0
securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments relating to the inherent \u00a0
credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless this leads to an accounting \u00a0
mismatch. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
As at 31 December 2024, financial assets covered by the expected credit loss model accounted for about 53.8% of total assets (31 December \u00a0
2023: 54.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits with central banks, \u00a0
fair value OCI and FVPL due to SPPI test. \u00a0
The business model assessment \u00a0
The business model assessment in Danske Bank Group has been applied separately for each business unit represented by the Group\u2019s \u00a0
reportable segments, and it is based on observable factors for the different portfolios, such as (1) how the performance of the business model \u00a0
and the financial assets held within that business model are evaluated and reported to the Executive Board and the Board of Directors, (2) the \u00a0
risks that affect the performance of the business model and the way such risks are managed and (3) past and expected frequency, value and \u00a0
timing of sales from the portfolio. In general, the business model assessment of the Group can be summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates &Institutes (LC&I) and \u00a0
Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management and reporting of \u00a0
performance are based on collecting the contractual cash flows, and loans are only very infrequently sold. \u00a0
The trading unit at LC&I (Markets) and the financial assets related to the Group\u2019s insurance activities at Danica have a business model that is \u00a0
neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets consist of bonds, \u00a0
shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading pattern that falls under \u00a0
the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair value basis. \u00a0
Group Treasury has portfolios of bonds within the \u201chold to collect\u201d business model, the \u201chold to collect and sell\u201d business models and the \u00a0
\u201cother\u201d business model. \u00a0
The remaining portfolio of Non-core (part of Group Functions) is \u201chold to collect\u201d. The financial assets consist primarily of loans. \u00a0
The SPPI test (solely payment of principal and interest on the principal amount outstanding) \u00a0
The second step in the classification of the financial assets in portfolios being \u201chold to collect\u201d and \u201chold to collect and sell\u201d relates to the \u00a0
assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at initial \u00a0
recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time value of money, \u00a0
credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce more than de minimis \u00a0
exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily recognised at FVPL. \u00a0
In general, the Group\u2019s portfolios of financial assets that are \u201chold to collect\u201d or \u201chold to collect and sell\u201d (loans and bonds) have contractual \u00a0
cash flows that are consistent with the SPPI test, i.e. they have basic lending features. \u00a0
However, loans granted under Danish mortgage finance law are funded by issuing listed mortgage bonds with matching terms. Such loans are \u00a0
granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. This represents an \u00a0
option to prepay at fair value that can be both above and below the principal amount plus accrued interest. Changes in the fair value of the \u00a0
underlying bonds include other elements than the effect of changes in the relevant benchmark interest rate and the prepayment option is \u00a0
therefore not consistent with the SPPI test in IFRS 9 and are mandatorily measured at FVPL. \u00a0
All equity instruments have contractual cash flows that do not pass the SPPI test. All such holdings are recognised at FVPL since the Group has \u00a0
decided not to use the option to designate equity instruments at FVOCI. \u00a0
Financial liabilities \u00a0
Financial liabilities are generally measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related to \u00a0
the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities designated at FVPL under \u00a0
the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities designated at fair value are, however, \u00a0
recognised in Other comprehensive income unless this leads to an accounting mismatch. \u00a0
IFRS 9 allows the designation of financial liabilities at FVPL when doing so results in more relevant information, because either (1) it eliminates \u00a0
or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial instruments that are \u00a0
managed and their performance reported on a fair value basis to management. \u00a0
The Group designates the following financial liabilities at FVPL: \u00a0
\u2022
Mortgage bonds issued by Realkredit Danmark. The bonds fund the loans granted by Realkredit Danmark, i.e. loans that due to the SPPI test \u00a0
are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans and the issued \u00a0
bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the credit risk of borrowers. To \u00a0
eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds at AMC, the issued bonds are \u00a0
designated at FVPL, and fair value changes of the issued bonds (including fair value changes related to own credit risk) are offset by the fair \u00a0
value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own credit risk on the issued bonds are also \u00a0
recognised in the income statement since an accounting mismatch would otherwise arise. \u00a0
\u2022
Financial liabilities in Markets and Investment Banking in LC&I. These financial liabilities are part of a portfolio of financial assets and \u00a0
liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist of repo \u00a0
transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk is, however, \u00a0
recognised in Other comprehensive income. \u00a0
Hedge accounting \u00a0
The Group uses derivatives to hedge the interest rate risk on some fixed-rate assets and fixed-rate liabilities measured at amortised cost and \u00a0
on some bonds measured at fair value through Other comprehensive income. Hedged risks that meet the criteria for fair value hedge \u00a0
accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value through profit or loss. At \u00a0
the end of 2024, hedging derivatives measured at fair value accounted for about 0.01% of total assets and about 0.01% of total liabilities \u00a0
(31 December 2023: 0.16% and 0.36%, respectively). For further information on hedge accounting, see note G12(d). \u00a0
Insurance activities \u2013 general \u00a0
The Group issues contracts for life insurance and health and accident insurance, which are divided into insurance and investment contracts. \u00a0
Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder, by agreeing to compensate \u00a0
the policyholder if a specified uncertain future event adversely affects the policyholder. Investment contracts are contracts that entail no \u00a0
significant insurance risk and comprise unit-linked contracts under which the investment risk lies with the policyholder. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1707": { "value": "
Classification and measurement of financial assets and financial liabilities \u2013 general \u00a0
Financial assets are classified on the basis of the business model adopted for managing the assets and on their contractual cash flow \u00a0
characteristics (including embedded derivatives, if any) are grouped into one of the following measurement categories: \u00a0
\u2022
Amortised cost (AMC) \u00a0
\u2022
Fair value through Other comprehensive income (FVOCI) \u00a0
\u2022
Fair value through profit or loss (FVPL) \u00a0
Financial assets are measured at AMC if they are held within a business model for the purpose of collecting contractual cash flows (hold to \u00a0
collect) and if cash flows are solely payments of principal and interest on the principal amount outstanding. \u00a0
Financial assets are measured at FVOCI if they are held within a business model for the purpose of both collecting contractual cash flows and \u00a0
selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount outstanding. FVOCI \u00a0
results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains and losses, except for \u00a0
expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income until the financial \u00a0
asset is derecognised. When the financial asset is derecognised the cumulative gains and losses previously recognised in Other \u00a0
comprehensive income are reclassified to the income statement. \u00a0
All other financial assets are mandatorily measured at FVPL including financial assets held within other business models, such as financial \u00a0
assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments of principal and \u00a0
interest on the principal amount outstanding. \u00a0
Generally, financial liabilities are measured at amortised cost and when relevant with bifurcation of embedded derivatives not closely related \u00a0
to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to repurchase \u00a0
securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments relating to the inherent \u00a0
credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless this leads to an accounting \u00a0
mismatch. \u00a0
Insurance liabilities in the Balance sheet comprise insurance contract liabilities (as defined by IFRS 17) and Other insurance-related liabilities. \u00a0
The table above does not include insurance contract liabilities as they are measured using the General Measurement Model, Variable Fee \u00a0
Approach or Premium Allocation Approach as defined by IFRS 17. \u00a0
(a) Financial instruments at fair value \u00a0
The fair value is the amount for which a financial asset or a financial liability can be exchanged between knowledgeable, willing parties. Fair \u00a0
value is measured on the basis of the following hierarchy: \u00a0
The fair value hierarchy \u00a0
\u2022
Quoted price (level 1) consists of financial instruments that are quoted in an active market. The Group uses the price quoted in the principal \u00a0
market. \u00a0
\u2022
Valuation based on observable input (level 2) consists of financial instruments valued substantially on the basis of observable input other \u00a0
than a quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active, the Group bases its \u00a0
measurement on the most recent transaction price. Adjustment is made for subsequent changes to market conditions, for instance, by \u00a0
including transactions in similar financial instruments that are assumed to be motivated by normal business considerations. For a number \u00a0
of financial assets and liabilities, no market exists. In such cases, the Group uses recent transactions in similar instruments and discounted \u00a0
cash flows or other generally accepted estimation and valuation techniques based on market conditions at the balance sheet date to \u00a0
calculate an estimated value. This category covers instruments such as derivatives valued on the basis of observable yield curves and \u00a0
exchange rates and illiquid mortgage bonds valued by reference to the value of similar liquid bonds. \u00a0
\u2022
Valuation based on significant non-observable input (level 3): The valuation of certain financial instruments is based substantially on non- \u00a0
observable input. Such instruments include unlisted shares, some unlisted bonds and a limited portion of the derivatives portfolio (2%). \u00a0
Valuation techniques \u00a0
The most frequently used valuation techniques include the pricing of transactions with future settlement and swap models that apply present \u00a0
value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control environment, \u00a0
valuation models are validated by units that are independent of the business units that develop the models and trade in the products covered \u00a0
by the models. Validation is made to test the implementation, quality and operating stability of models to ensure that the models can be used \u00a0
for pricing and risk management of financial products. \u00a0
Loans granted and bonds issued by Realkredit Danmark are recognised at the fair value of the issued bonds (the quoted price in an active \u00a0
market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further in note G16. \u00a0
The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves for the full duration of \u00a0
the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable input as well as assumptions about \u00a0
the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance with the International Private Equity and \u00a0
Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting Standards. IPEV guides the calculation of the estimated \u00a0
fair value of unlisted shares as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between \u00a0
market participants at the measurement date. Valuation methods include discounted cash flow models and pricing based on a multiple of \u00a0
earnings or equity. \u00a0
Fair value adjustments \u00a0
Management estimates underlie the valuation of financial instruments for which the value is based on valuation techniques. The Group makes \u00a0
fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer spreads on the net \u00a0
open position of portfolios with offsetting market risk, and model risk on level 3 derivatives. \u00a0
Credit value adjustment (CVA) and funding value adjustment (FVA and ColVA) \u00a0
The Group makes a fair value adjustment to cover the counterparty credit risk on derivatives with a positive fair value (CVA). For a given \u00a0
counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive exposure (EPE) \u00a0
and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with counterparties in the \u00a0
Scandinavian market. \u00a0
The PDs used in the CVA model are derived from single name liquid credit default swap (CDS). If this is not available, the PDs are derived using \u00a0
proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive exposures to the \u00a0
counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. For the calculation of LGD, \u00a0
the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the expected credit loss impairment, CVA is \u00a0
calculated as if the derivatives were loans subject to impairment because of credit losses. \u00a0
A fair value adjustment for derivatives to cover expected funding costs (FVA and ColVA) is calculated. FVA primarily arises from the cost or \u00a0
benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected future exposures. \u00a0
ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a function of expected collateral \u00a0
balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2024, CVA, FVA and ColVA came to a net amount of DKK 173 million (2023: DKK 153 million), including the adjustment for credit \u00a0
risk on derivatives in stage 3. \u00a0
Bid-offer spread \u00a0
For portfolios of assets and liabilities with offsetting market risk, the Group bases its measurement of the portfolios on mid-market prices and \u00a0
makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the end of 2024, these \u00a0
fair value adjustments totalled DKK 106 million (2023: DKK 138 million). \u00a0
Model risk \u00a0
To account for the uncertainty associated with measuring the value of derivatives on the basis of non-observable input (level 3 in the fair value \u00a0
hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an ongoing basis. At the \u00a0
end of 2024, the reserve totalled DKK 1 million (2023: DKK 1 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1699": { "value": "
Measurement of insurance contract liabilities (part of Insurance liabilities) \u00a0
Liabilities under insurance contracts are measured using either the General Measurement Model (GMM), Variable Fee Approach (VFA) or \u00a0
Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of future \u00a0
cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for non-financial \u00a0
risk, and a contractual service margin (CSM). \u00a0
Estimates of future cash flows include actuarial computations that rely on estimates of a number of variables such as mortality rates and \u00a0
disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the Group\u2019s own \u00a0
portfolio of insurance contracts. \u00a0
The discount rate is fixed on the basis of a zero-coupon yield curve, which is adjusted by a currency and credit risk deduction and a volatility \u00a0
adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European Insurance and \u00a0
Occupational Pension Authority (EIOPA) discount yield curve, as shown below:. \u00a0
DKK \u00a0
1 year \u00a0
5 years \u00a0
10 years \u00a0
20 years \u00a0
30 years \u00a0
2024 \u00a0
2.33 \u00a0
2.35 \u00a0
2.46 \u00a0
2.44 \u00a0
2.54 \u00a0
2023 \u00a0
3.26 \u00a0
2.55 \u00a0
2.63 \u00a0
2.63 \u00a0
2.73 \u00a0
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial assumptions, \u00a0
such as mortality rates and longevity. \u00a0
The confidence level used to determine the risk adjustment is at least 85%. \u00a0
For insurance contracts measured using VFA, CSM is calculated on the basis of stochastic models, whereas a deterministic model is used for \u00a0
life insurance contracts measured using GMM. \u00a0
For health and accident insurance contracts, the loss element includes expectations about mortality, reactivation, reinstatement and \u00a0
repurchase, as well as expected costs offset by premiums not yet due. Risk adjustment for non-financial risk is calculated based on a safety \u00a0
margin on applied actuarial assumptions. The confidence level used to determine the risk adjustment is at least 85%. \u00a0
Note G18 provides further information on the measurement of insurance liabilities. Note G40 contains a sensitivity analysis for life insurance. \u00a0
Insurance contracts \u00a0
The Group\u2019s insurance contracts are measured in line with IFRS 17, Insurance contracts. Under IFRS 17, the majority of insurance contract \u00a0
liabilities are measured based on estimates of the present value of future cash flows, risk adjustment for non-financial risk, and contractual \u00a0
service margin. Most of these insurance contracts are with direct participating features, which means that the policyholder participates in a \u00a0
share of a pool of underlying items, the return of which accrues to the policyholder. The underlying items are measured at fair value, and are \u00a0
classified as Insurance assets in the Balance sheet. \u00a0
Insurance contracts with one-year duration are measured using an estimate of expected benefits payable but not yet disbursed. \u00a0
G1. Material accounting policies and estimates - continued \u00a0
Investment contracts \u00a0
Investment contracts are recognised as financial liabilities, and, consequently, contributions and benefits under such contracts are recognised \u00a0
directly in the balance sheet. Deposits are measured at the value of the savings under Deposits under pooled schemes and investment \u00a0
contracts. Savings under investment contracts are measured at fair value under Assets under pooled schemes and investment contracts. The \u00a0
return on the assets and the crediting of the amounts to policyholders\u2019 accounts are recognised under Net return on investments backing \u00a0
insurance liabilities. \u00a0
Net income from insurance business \u00a0
Insurance activities are presented in the Income statement under Net insurance result. Net insurance result comprises Insurance revenue, \u00a0
Insurance service expenses, Net return on investments backing insurance liabilities and Net finance income or expenses from insurance. \u00a0
Accounting policy \u00a0
Insurance revenue \u00a0
The Group recognises insurance revenue as it provides insurance services. Insurance revenue reflects the amount of consideration the \u00a0
Group expects to be entitled to in exchange for those services provided. For insurance contracts under the Premium Allocation Approach \u00a0
(PAA), insurance revenue is based on the expected premium for the period. \u00a0
The contractual service margin (CSM) is recognised in insurance revenue as insurance contracts services are provided. \u00a0
Insurance service expenses \u00a0
Insurance service expenses comprise incurred claims and other incurred insurance expenses. \u00a0
Net finance income or expense from insurance contracts \u00a0
Net investment return for insurance comprises the return on assets backing insurance activities, and Net finance income or expense \u00a0
from insurance, which comprises the change in carrying amount of groups of insurance contracts arising from the effect of time value of \u00a0
money and the effect of financial risk of groups of insurance contracts. \u00a0
Accounting policy \u00a0
Insurance assets \u00a0
Insurance assets are managed on a fair value basis with no short-term profit taking. The business model for managing the assets is \u00a0
therefore neither \u2018held to collect\u2019 nor \u2018held to collect and sell\u2019 and the financial assets are therefore mandatorily recognised at fair value \u00a0
through profit or loss. The valuation technique used matches the Group\u2019s accounting policy for similar assets. \u00a0
The Group has elected to not deduct own shares and own bonds from equity and liabilities respectively that are underlying items of \u00a0
insurance contracts with direct participation features. Therefore total Insurance assets include these own shares and own bonds. \u00a0
Insurance contract liabilities (part of Insurance liabilities) \u00a0
The Group has divided all insurance contracts into portfolios and groups and determined measurement methods for the individual \u00a0
groups of contracts. The classification of insurance contracts in the four portfolios is based on an assessment of similar risks and on an \u00a0
overall management approach: \u00a0
\u2022
An average-rate portfolio \u00a0
\u2022
A unit-linked portfolio \u00a0
\u2022
A portfolio of legacy life insurance products in run-off \u00a0
\u2022
A portfolio containing health and accident insurance contracts. \u00a0
The Group applies the annual cohort exemption from the EU to the average-rate portfolio. \u00a0
The Group measures Insurance contract liabilities using the General Measurement Model (GMM), Variable Fee Approach (VFA) or \u00a0
Premium Allocation Approach (PAA). The majority of the Group\u2019s life insurance contracts are measured using VFA because they meet the \u00a0
definition of insurance contracts with direct participation features. GMM is used for legacy life insurance products in run-off. \u00a0
Insurance contracts measured using GMM or VFA are initially measured as the total of fulfilment cash flows (which comprise estimated \u00a0
future cash flows, an adjustment for time value of money and effect of financial risks, and a risk adjustment for non-financial risk) and \u00a0
contractual service margin (CSM; unearned profit that will be recognised as the Group provides insurance contract services).\u00a0At each \u00a0
reporting date, the group of insurance contracts is subsequently measured as the sum of the liability for remaining coverage \u00a0
(comprising fulfilment cash flows relating to future service and CSM) and liability for incurred claims (comprising fulfilment cash flows \u00a0
relating to past service). PAA is applied to the Health and accident insurance portfolio, which comprises only one-year insurance \u00a0
contracts. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1719": { "value": "
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
Accounting policy \u00a0
The trading portfolio is recognised at fair value through profit or loss. Realised and unrealised capital gains and losses and dividends are \u00a0
recognised in the income statement under Net trading income or loss. Fair value is the amount for which a financial asset can be sold or \u00a0
a financial liability be transferred to a knowledgeable, willing third party. Note G33 provides information about fair value measurement \u00a0
and fair value adjustments. The Group uses the option in IFRS 9 to continue using the fair value hedge accounting model in IAS 39. The \u00a0
derivatives used as hedging instruments are presented in the balance sheet together with other derivatives. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1718": { "value": "
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
Accounting policy \u00a0
The trading portfolio is recognised at fair value through profit or loss. Realised and unrealised capital gains and losses and dividends are \u00a0
recognised in the income statement under Net trading income or loss. Fair value is the amount for which a financial asset can be sold or \u00a0
a financial liability be transferred to a knowledgeable, willing third party. Note G33 provides information about fair value measurement \u00a0
and fair value adjustments. The Group uses the option in IFRS 9 to continue using the fair value hedge accounting model in IAS 39. The \u00a0
derivatives used as hedging instruments are presented in the balance sheet together with other derivatives. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1717": { "value": "
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
G12. Trading portfolio assets and liabilities \u00a0
Trading portfolio assets comprise the equities and bonds held by the Group\u2019s trading units at Large Corporates & Institutions and all derivatives \u00a0
with positive fair value. Trading portfolio liabilities consist of derivatives with negative fair value and obligations to deliver securities \u00a0
(obligations to repurchase securities). \u00a0
Accounting policy \u00a0
The trading portfolio is recognised at fair value through profit or loss. Realised and unrealised capital gains and losses and dividends are \u00a0
recognised in the income statement under Net trading income or loss. Fair value is the amount for which a financial asset can be sold or \u00a0
a financial liability be transferred to a knowledgeable, willing third party. Note G33 provides information about fair value measurement \u00a0
and fair value adjustments. The Group uses the option in IFRS 9 to continue using the fair value hedge accounting model in IAS 39. The \u00a0
derivatives used as hedging instruments are presented in the balance sheet together with other derivatives. \u00a0
(a) Trading portfolio assets and liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Trading portfolio assets \u00a0
Derivatives with positive fair value \u00a0
261,046 \u00a0
307,081 \u00a0
Listed bonds \u00a0
178,017 \u00a0
177,563 \u00a0
Listed shares \u00a0
92,637 \u00a0
18,785 \u00a0
Unlisted shares \u00a0
131 \u00a0
119 \u00a0
Total \u00a0
531,831 \u00a0
503,547 \u00a0
Trading portfolio liabilities \u00a0
Derivatives with negative fair value \u00a0
254,500 \u00a0
324,984 \u00a0
Obligations to repurchase securities \u00a0
103,007 \u00a0
113,569 \u00a0
Total \u00a0
357,507 \u00a0
438,553 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
G12. Trading portfolio assets and liabilities \u2013 continued \u00a0
(b) Explanation of derivatives \u00a0
The Group\u2019s activities in the financial markets include trading in derivatives. Derivatives are financial instruments whose value depends on the \u00a0
value of an underlying instrument or index etc. Derivatives can be used to manage market risk exposure, for example. The Group trades a \u00a0
considerable volume of the most commonly used interest rate, currency and equity derivatives, including: \u00a0
\u2022
Swaps \u00a0
\u2022
forwards and futures \u00a0
\u2022
options \u00a0
The Group trades a limited number of swaps whose value depends on developments in specific credit or commodity risks, or inflation \u00a0
indices. \u00a0
The Group trades derivatives as part of servicing customers\u2019 needs as individual transactions or as integral parts of other services, such as the \u00a0
issuance of bonds with yields that depend on developments in equity or currency indices. The Group also uses derivatives to manage the \u00a0
Group\u2019s own exposure to foreign exchange, interest rate, equity market and credit risks. Note G40 provide additional information about the \u00a0
Group\u2019s risk management policy. Large Corporates & Institutions is responsible for the day-to-day management and hedging of the Group\u2019s \u00a0
market risks. \u00a0
Derivatives are recognised and measured at fair value. Some of the Group\u2019s loans, deposits, issued bonds, etc. in the Group\u2019s banking units and \u00a0
Group Treasury carry fixed rates. Generally, such fixed-rate items are recognised at amortised cost. Further, the Group classifies \u00a0
certain bonds as \u2018hold to collect and sell\u2019 financial assets. Unrealised value adjustments of such bonds are recognised under Other \u00a0
comprehensive income. The Group uses fair value hedge accounting if the interest rate risk on fixed-rate financial assets and liabilities or \u00a0
bonds measured at fair value through Other comprehensive income is hedged by derivatives. \u00a0
Derivatives \u00a0
2024 \u00a0
2023* \u00a0
Nominal \u00a0
amount \u00a0
Positive \u00a0
Negative \u00a0
fair value \u00a0
Nominal \u00a0
amount \u00a0
Positive \u00a0
Negative \u00a0
fair value \u00a0
(DKK millions) \u00a0
fair value \u00a0
fair value \u00a0
Currency contracts \u00a0
Forwards and swaps \u00a0
7,548,867 \u00a0
107,823 \u00a0
101,845 \u00a0
7,296,753 \u00a0
109,095 \u00a0
126,235 \u00a0
Options \u00a0
293,370 \u00a0
1,618 \u00a0
1,846 \u00a0
241,234 \u00a0
1,180 \u00a0
1,411 \u00a0
Interest rate contracts \u00a0
Forwards/swaps/FRAs \u00a0
24,523,269 \u00a0
115,357 \u00a0
117,037 \u00a0
26,216,460 \u00a0
155,043 \u00a0
157,952 \u00a0
Options \u00a0
2,727,354 \u00a0
26,210 \u00a0
21,456 \u00a0
3,163,676 \u00a0
35,177 \u00a0
31,289 \u00a0
Equity contracts \u00a0
Forwards \u00a0
256,796 \u00a0
2,746 \u00a0
5,364 \u00a0
216,008 \u00a0
3,122 \u00a0
3,846 \u00a0
Options \u00a0
346,880 \u00a0
6,945 \u00a0
6,607 \u00a0
227,452 \u00a0
2,980 \u00a0
3,462 \u00a0
Other contracts \u00a0
Credit derivatives bought \u00a0
143 \u00a0
-
90 \u00a0
438 \u00a0
-
96 \u00a0
Credit derivatives sold \u00a0
457 \u00a0
33 \u00a0
-113 \u00a0
696 \u00a0
96 \u00a0
-29 \u00a0
Total derivatives held for trading purposes \u00a0
35,697,136 \u00a0
260,732 \u00a0
254,134 \u00a0
37,362,717 \u00a0
306,695 \u00a0
324,262 \u00a0
Hedging derivatives \u00a0
Currency contracts \u00a0
2,322 \u00a0
1
107 \u00a0
1,839 \u00a0
-
93 \u00a0
Interest rate contracts \u00a0
508,980 \u00a0
314 \u00a0
259 \u00a0
537,923 \u00a0
386 \u00a0
629 \u00a0
Total derivatives \u00a0
36,208,438 \u00a0
261,046 \u00a0
254,500 \u00a0
37,902,479 \u00a0
307,081 \u00a0
324,984 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
Positive and negative fair values of derivatives are offset if certain criteria are fulfilled. Note G32 provides more information. \u00a0
G12. Trading portfolio assets and liabilities \u2013 Continued \u00a0
(c) Explanation of hedge accounting \u00a0
An overview over the risks the Group is exposed to and how they are defined is provided on the first page of note G40. For some of those risks \u00a0
hedge accounting is applied. The Group uses fair value hedge accounting for hedges of interest rate risk. Further, the Group hedges part of the \u00a0
foreign currency risk on net investment in foreign entities. \u00a0
Hedge of interest rate risk \u00a0
The Group manages the fixed interest rate risk on financial assets and liabilities measured at amortised cost as a combination of economic \u00a0
hedges (matching of interest rate risk from assets and liabilities at amortised cost across the Group\u2019s banking units) and hedges using interest \u00a0
rate swaps. Group Treasury is responsible for the risk management of the interest rate risk (the so-called interest rate risk in the banking book). \u00a0
In the risk management process, economic hedges are established and/or identified. This includes the acquisition of \u2018hold to collect\u2019 fixed \u00a0
interest rate bonds in Group Treasury and the identification of fixed-rate loans extended by the Group\u2019s banking units to hedge the fixed \u00a0
interest rate risk on liabilities (including core demand deposits). Interest rate risk on fixed-rate liabilities (such as long dated funding via bond \u00a0
issuance) is generally hedged by interest rate swaps and the interest rate risk on certain fixed-rate assets can be hedged using derivatives as \u00a0
well. For further information see the sections Market risk in relation to non-trading portfolios at Group Treasury and Interest rate risk in the \u00a0
banking book (IRRBB) in G40. \u00a0
When the Group uses swaps to hedge the fixed interest rate risk on financial instruments, the Group applies fair value hedge accounting using \u00a0
the option in IFRS 9 to continue to apply the fair value hedge accounting provisions in IAS 39. Fair value hedge accounting can be applied if \u00a0
changes in the fair value of the hedging swaps are expected to be effective in offsetting changes in the fair value of the hedged fixed interest \u00a0
rate risk. This requires (1) a formal designation and documentation of the hedging relationship, including a risk management objective and \u00a0
strategy for the hedge, (2) that the hedge is expected to be highly effective in achieving offsetting changes in fair value of the hedged interest \u00a0
rate risk, (3) the effectiveness of the hedge can be reliably measured and (4) the hedge on an ongoing basis has proven to be effective in \u00a0
actually offsetting of changes in fair value. With effective hedging, the hedged interest rate risk on hedged assets and liabilities is measured at \u00a0
fair value and recognised as a value adjustment of the hedged items. Value adjustments on the hedged item and the hedging swaps are \u00a0
presented in the income statement under Net trading income or loss. Any ineffective portion of a hedge that lies within the range for effective \u00a0
hedging is therefore also included under Net trading income or loss. \u00a0
The interest rate is considered fixed if the interest rate resets to a reference rate with a term longer than three months. Once a financial \u00a0
instrument has been designated as a hedged item it will remain as hedged item for the life of the instrument. For hedged assets and liabilities \u00a0
to which a fixed rate of interest applies for a specified period of time starting at the commencement date of the agreement, future interest \u00a0
payments are split into basis interest and a customer margin and into periods of time. By entering into swaps or forwards with matching \u00a0
payment profiles in the same currencies and for the same periods, the Group hedges the risk at portfolio level from the commencement date of \u00a0
the hedged items. The fair values of the hedged interest rate risk and the hedging derivatives to ensure that changes in the fair value of the \u00a0
hedged interest rate risk lie within a band of 80-125% of the changes in the fair value of the hedging derivatives. Portfolios of hedging \u00a0
derivatives are adjusted if necessary. \u00a0
The primary reasons for changes in the fair value of fixed interest rate financial assets are changes in the interest rate risk and the credit risk. \u00a0
Hedge ineffectiveness relates to the fact that fair value changes on the hedged items are measured based on the interest rate curve relevant \u00a0
for each hedged item while the fair value of the fixed legs of the hedging derivatives are measured based on a swap curve. Further, the \u00a0
adjustment of the portfolios of hedging derivatives to changes in hedged positions is not done instantly, and some hedge ineffectiveness can \u00a0
therefore exist. \u00a0
The tables below show the hedging derivatives and the hedged fixed interest rate financial instruments. \u00a0
Hedging derivatives \u00a0
Changes in fair \u00a0
value used for \u00a0
calculating \u00a0
Nominal \u00a0
hedge \u00a0
Hedging derivatives \u00a0
amount \u00a0
Carrying amount \u00a0
ineffectiveness \u00a0
(DKK millions) \u00a0
Assets \u00a0
Liabilities \u00a0
Interest rate swaps, 2024 \u00a0
Total \u00a0
511,302 \u00a0
315 \u00a0
366 \u00a0
5,945 \u00a0
Interest rate swaps, 2023 \u00a0
Total \u00a0
539,762 \u00a0
386 \u00a0
722 \u00a0
12,381 \u00a0
Profile of the timing of the nominal amount of the hedging derivatives \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
< 12 months \u00a0
177,667 \u00a0
168,795 \u00a0
1-5 years \u00a0
321,519 \u00a0
358,068 \u00a0
> 5 years \u00a0
12,117 \u00a0
12,899 \u00a0
Total \u00a0
511,302 \u00a0
539,762 \u00a0
EU carve-out to IAS 39 \u00a0
The Group has a portfolio of mortgage loans and a portfolio of non-maturing core deposits where the interest rate risk is most efficiently \u00a0
hedged by using derivatives. To avoid an accounting mismatch between these mortgage loans and deposits at amortised cost and hedging \u00a0
derivatives at fair value, the Group has adopted the EU\u2019s carve-out to IAS 39. The fair value adjustments on loans and deposits as at 31 \u00a0
December 2024 are DKK -29 million and DKK 106 million respectively. \u00a0
G12. Trading portfolio assets and liabilities \u2013 Continued \u00a0
Hedged fixed interest rate risk \u00a0
Accumulated amount of fair value hedge adjustments on \u00a0
the hedged item included in the carrying amount of the \u00a0
Change in fair value used \u00a0
for calculating hedge \u00a0
hedged item \u00a0
ineffectiveness \u00a0
Carrying amount of hedged items \u00a0
(DKK millions) \u00a0
Assets \u00a0
Liabilities \u00a0
Assets \u00a0
Liabilities \u00a0
2024 \u00a0
Loans \u00a0
18,903 \u00a0
-623 \u00a0
-77 \u00a0
Bonds 'held to collect and sell' \u00a0
1,432 \u00a0
59 \u00a0
-9 \u00a0
Amounts due to credit institutions \u00a0
13,274 \u00a0
12 \u00a0
-9 \u00a0
Deposits \u00a0
25,772 \u00a0
-81 \u00a0
186 \u00a0
Issued bonds \u00a0
215,665 \u00a0
-312 \u00a0
-4,705 \u00a0
Non-preferred senior debt \u00a0
77,884 \u00a0
-1,719 \u00a0
-818 \u00a0
Subordinated debt \u00a0
27,197 \u00a0
-382 \u00a0
-614 \u00a0
Total \u00a0
20,335 \u00a0
359,792 \u00a0
-564 \u00a0
-2,482 \u00a0
-6,046 \u00a0
2023 \u00a0
Loans \u00a0
11,232 \u00a0
-537 \u00a0
293 \u00a0
Bonds 'held to collect and sell' \u00a0
749 \u00a0
68 \u00a0
-8 \u00a0
Amounts due to credit institutions \u00a0
8,587 \u00a0
3
-9 \u00a0
Deposits \u00a0
18,899 \u00a0
105 \u00a0
-128 \u00a0
Issued bonds \u00a0
200,015 \u00a0
-5,044 \u00a0
-9,204 \u00a0
Non-preferred senior debt \u00a0
87,166 \u00a0
-2,537 \u00a0
-2,669 \u00a0
Subordinated debt \u00a0
22,974 \u00a0
-997 \u00a0
-846 \u00a0
Total \u00a0
11,980 \u00a0
337,641 \u00a0
-470 \u00a0
-8,470 \u00a0
-12,572 \u00a0
Hedge ineffectiveness recognised in the income statement, 2024 \u00a0
-101 \u00a0
Hedge ineffectiveness recognised in the income statement, 2023 \u00a0
-191 \u00a0
G12. Trading portfolio assets and liabilities \u2013 Continued \u00a0
Hedge of foreign exchange risk on net investments in foreign entities \u00a0
The Group hedges its foreign exchange risk on net investments in foreign currency units. Foreign exchange risk is defined as risk of losses from \u00a0
translating the net investments in foreign entities that are denominated in a foreign currency other than DKK. The net investment in foreign \u00a0
currency units includes the net assets and goodwill of the units. The Group has granted loans in the currency of the foreign unit to its branches \u00a0
in Sweden, Norway and Finland for a total of DKK 32,893 million (2023: 37,799 million). The loans represent the capital allocated to these units. \u00a0
The settlement of the loans is neither planned nor likely to occur in the foreseeable future and they are a part of the net investment in those \u00a0
units. Further, Danske Bank A/S has granted the subsidiary Northern Bank an additional tier 1 capital instrument that together with \u00a0
shareholders\u2019 equity in Northern Bank is considered part of the net investment in Northern Bank. The exchange differences from translating \u00a0
net profit in the foreign units at the date of underlying transactions and assets and liabilities at the closing rate and from translating the \u00a0
opening net assets at a closing rate that differs from the previous closing rate are recognised in Other comprehensive income (translation \u00a0
differences). \u00a0
The Group hedges the foreign exchange risk of net investments in branches and subsidiaries outside Denmark by designating funding \u00a0
arrangements in the matching currencies as a hedge of the foreign exchange risk on the net investments. The foreign exchange differences on \u00a0
the funding arrangements are recognised in Other comprehensive income to offset the exchange differences on the net investments. The \u00a0
funding arrangements consist primarily of issued bonds. Realised net profit is hedged in the beginning of the next month. The Group does not \u00a0
hedge the expected financial results of units outside Denmark or other future transactions. In terms of assessing hedge effectiveness, this is \u00a0
applied by comparing the nominal value of the funding arrangement to the nominal value of the net investments. Hedge ineffectiveness can \u00a0
arise to the extent the funding arrangements exceed the net investments. However, when the net investments are decreased, e.g. when the net \u00a0
investments are reduced by paying out dividend, the same amount of funding arrangements are de-designated as hedges and the funding \u00a0
arrangements designated as hedges will therefore, in general, not exceed the net investments. \u00a0
Part of the funding of the loans granted to the branches in Sweden, Norway and Finland is in DKK in order to create a so-called structural FX \u00a0
hedge position in accordance with banking regulation, i.e. to reduce the impact on capital ratios resulting from changes in the risk exposure \u00a0
amount due to changes in currency rates. The Group\u2019s net investment in its subsidiaries Danske Hypotek AB (Sweden) and Danske Mortgage \u00a0
Bank Plc (Finland) is included in the structural hedge position to extend the hedge to the risk exposure amount measured by currency for EUR, \u00a0
NOK and SEK across the entire Group balance sheet, although with constraints to the size of the loans to the foreign branches and the net \u00a0
investment in the foreign subsidiaries. This strategy of partly hedging the sensitivity to capital ratios from volatility in foreign currency rates, \u00a0
increases the volatility in Other comprehensive income and the Foreign currency translation reserve in equity under IFRS Accounting \u00a0
Standards since it decrease the hedge of the currency risk on the net investments in those units. At the end of 2024, the structural FX hedge \u00a0
position totalled DKK 36,952 million (2023: DKK 37,641 million) and a loss of DKK 946 million has been recognised in Other comprehensive \u00a0
income mainly due to a weakening of the SEK against DKK and NOK against the DKK. For comparison, a loss of DKK 730 million was recognised \u00a0
in Other comprehensive income due to a weakening of the NOK against the DKK, of which, a loss of DKK 786 million was realised and \u00a0
reclassified from Other comprehensive income to the Income statement (and therefore has no impact on total shareholders\u2019 equity). This was \u00a0
due to an adjustment made for the structural FX hedge position held in NOK, to reflect the reduction in long term risk exposure amount (REA) in \u00a0
NOK coming from the sale of personal customer business in Norway. For further information, see the section on Market risk \u2013 Structural FX risk \u00a0
in G40. \u00a0
The cumulative exchange differences on the hedging instrument and the translation differences related to the net investment are reclassified \u00a0
from Other comprehensive income to the income statement on the disposal of the foreign entities. \u00a0
Hedging of net investments in foreign entities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Net investment in foreign units \u00a0
39,999 \u00a0
47,909 \u00a0
Funding arrangements designated as a hedge of net investments in foreign units* \u00a0
3,047 \u00a0
10,269 \u00a0
Portion of net investment in foreign units not hedged, structural FX position \u00a0
36,952 \u00a0
37,641 \u00a0
Hedge ineffectiveness \u00a0
Exchange differences on the hedging instruments \u00a0
635 \u00a0
589 \u00a0
Exchange differences on the net investment used for recognising hedge ineffectiveness \u00a0
-635 \u00a0
-589 \u00a0
Hedge ineffectiveness recognised in the income statement (net trading income) \u00a0
-
-
Hedging gains or losses recognised in OCI \u00a0
635 \u00a0
589 \u00a0
Reclassified to the income statement on disposal of foreign units** \u00a0
-
806 \u00a0
* Primarily included on the line item \u2018Issued bonds at amortised cost\u2019 \u00a0
** Included in the item \u2018Net trading income or loss\u201d in the Income statement \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1716": { "value": "
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
G16. Loans and issued bonds at fair value \u00a0
The Group has two types of portfolios of loans and issued bonds that are measured at fair value through profit or loss. The first portfolio \u00a0
consists of loans granted and bonds issued by the subsidiary Realkredit Danmark, a Danish mortgage institution covered by Danish mortgage \u00a0
finance law. The other portfolio consists of loans and bonds issued by the Group\u2019s trading units (Markets in LC&I). \u00a0
Accounting policy \u00a0
Loans granted and bonds issued by Realkredit Danmark \u00a0
Loans granted by Realkredit Danmark have contractual cash flows that are not solely payment of principal and interest on the principal \u00a0
amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which represents an option to \u00a0
prepay at fair value that can be both above and below the principal amount plus interest. This is not consistent with the SPPI test since \u00a0
changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate developments.\u00a0Therefore, the loans are \u00a0
mandatorily recognised at fair value through profit or loss. The issued bonds that are funding the loans are designated at fair value \u00a0
through profit or loss in order not to create an accounting mismatch. For the issued bonds, changes in fair value attributable to the \u00a0
Group\u2019s own credit risk is presented in the income statement, as an accounting mismatch would otherwise be introduced. \u00a0
The fair value of the bonds issued by Realkredit Danmark is normally defined as their quoted market price. A small number of the issued \u00a0
bonds are illiquid, however, and the fair value of these bonds is calculated on the basis of a discounted cash flow valuation technique. \u00a0
The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair value of the interest \u00a0
rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in the fair value of cash flows \u00a0
from the loans that differ from the cash flows from the issued bonds. The most important component is the credit risk on the borrowers \u00a0
(covered by the Group and not by the bond holders and therefore not priced into the price of the issued bonds). \u00a0
Changes in fair value of credit risk etc. on the loans \u00a0
The IFRS 13 estimate of the fair value of the credit risk on the loans is based on the expected credit losses estimated in the models \u00a0
developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, including the \u00a0
allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as a function of PD, EAD \u00a0
and LGD and incorporates forward looking information, see further in note G15. The latter reflects management\u2019s expectations of \u00a0
expected credit losses and involves multiple scenarios (base case, upside and downside), including an assessment of the probability for \u00a0
each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other components \u00a0
in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an investors risk premium, \u00a0
compensation for administrative costs related to the loans and the possibility to increase the margin on the loans if the credit risk etc. \u00a0
increases. It is acknowledged that the possibility to increase the margin depends on the economic resources of the customers. The \u00a0
possibility to increase the margin is therefore only considered in the measurement if it is very likely that the margin can be increased \u00a0
without the customer defaulting. Further, the possibility to increase the margin is only relevant if it does not give the customer an \u00a0
incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to increase the margin is only relevant for the \u00a0
measurement of loans to customers with neither a relatively high credit risk nor a relatively low credit risk. \u00a0
The discount rate used to discount the cash flows represents the interest rate on the funding bonds. This is considered to be close to a \u00a0
risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher for customers \u00a0
Accounting policy - continued \u00a0
with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value of the credit risk and \u00a0
other components cannot increase the value of a loan (the adjustment cannot be positive). \u00a0
Other loans and issued bonds measured at fair value through profit or loss \u00a0
The loans in the Group\u2019s trading units (Markets and Investment Banking in LC&I) are managed and their performance reported on a fair \u00a0
value basis and the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an \u00a0
accounting mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities \u00a0
at amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value changes \u00a0
attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
794,568 \u00a0
806,157 \u00a0
Fair value adjustment of underlying bonds \u00a0
-36,190 \u00a0
-49,874 \u00a0
Adjustment for credit risk \u00a0
3,191 \u00a0
3,006 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
755,188 \u00a0
753,277 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
319,596 \u00a0
174,963 \u00a0
Total \u00a0
1,074,783 \u00a0
928,239 \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
875,633 \u00a0
848,774 \u00a0
Fair value adjustment of funding of current loans \u00a0
-36,190 \u00a0
-49,874 \u00a0
Holding of own mortgage bonds \u00a0
94,948 \u00a0
57,837 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
744,495 \u00a0
741,062 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
2,061 \u00a0
7,718 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
G16. Loans and issued bonds at fair value \u2013 Continued \u00a0
(c) Further explanation on loans granted and bonds issued by Realkredit Danmark \u00a0
Each loan granted by Realkredit Danmark is funded by issuing listed mortgage bonds with matching characteristics (e.g. amount outstanding, \u00a0
reference interest rate, term and currency). The borrower may repay the loan by delivering the underlying bonds to Realkredit Danmark. \u00a0
The loans are held in a business model being similar to other loans in the Group\u2019s banking units, i.e. the business model under IFRS 9 is \u2018held to \u00a0
collect\u2019. The customers\u2019 right to prepay a loan by delivering the underlying bonds represents an option to prepay at fair value. Under this \u00a0
prepayment option, the prepayment amount can be both above and below the principal amount plus accrued interest. Changes in the fair value \u00a0
of the underlying bonds include other elements than the effect of changes in the relevant benchmark interest rate and the prepayment option \u00a0
is therefore not consistent with the SPPI test in IFRS 9 and are mandatorily measured at FVPL. \u00a0
To eliminate the accounting mismatch that would exist if the loans are measured at fair value through profit or loss and the issued bonds at \u00a0
amortised cost, the issued bonds are designated at fair value through profit or loss using the fair value option for financial liabilities in IFRS 9. \u00a0
As the fair value of the loans is based on the fair value of the issued bonds, fair value changes of the issued bonds are offset by fair value \u00a0
changes of the loans, including the changes related to the fair value of the own credit risk of the issued bonds. For example, if the credit quality \u00a0
of the bonds worsens the fair value of the liability decreases and the fair value of the loans also decreases. Therefore, fair value changes of \u00a0
own credit risk on the issued bonds are recognised in the income statement, as an accounting mismatch would otherwise be created if \u00a0
changes in own credit risk were recognised in Other comprehensive income. \u00a0
The value of the loans is affected by changes in the credit risk on the loans. In 2024, the Group recognised DKK 333 million regarding changes \u00a0
in the credit risk on loans at fair value (2023: DKK -109 million) see note G11. At the end of 2024, the accumulated changes in the credit risk \u00a0
amounted to DKK 3,191 million (2023: DKK 3,006 million). The amounts are determined as the amount of the change in fair value that is not \u00a0
attributable to changes in market conditions that give rise to market risk, with the latter being represented by the fair value of the funding \u00a0
issued bonds. The Group does not use credit derivatives or similar instruments to mitigate the exposure to credit risk. \u00a0
The holding of own mortgage bonds includes pre-issued bonds of DKK 56 billion (2023: DKK 31 billion) used for FlexL\u00e5n\u00ae refinancing in \u00a0
January 2025. \u00a0
The nominal value of bonds issued by Realkredit Danmark equals the amount to be redeemed on maturity. \u00a0
Fair value adjustment for the credit risk on issued mortgage bonds is calculated on the basis of the option-adjusted spread (OAS). The \u00a0
calculation incorporates maturity, nominal holdings and OAS sensitivity. As a number of estimates are made, the calculation is subject to \u00a0
uncertainty. \u00a0
In 2024, the Danish mortgage bond yield spread increased and the fair value of issued mortgage bonds thus decreased by approximately \u00a0
DKK 7.0 billion. In 2023, the Danish mortgage bond yield spread increased, causing a decrease in the fair value of issued mortgage bonds. \u00a0
Based on the outstanding portfolio at the end of 2024, Realkredit Danmark estimates that there has been a net increase of the spread since the \u00a0
issuance of the bonds, which produces a positive fair value of approximately DKK 1.37 billion (2023: negative fair value of approximately DKK \u00a0
0.05 billion). Net profit and shareholders\u2019 equity remain unaffected by the change in fair value because the spread narrowing increased the \u00a0
value of mortgage loans correspondingly. \u00a0
Fair value adjustment for the credit risk on issued mortgage bonds may also be calculated on the basis of changes in similar AAA rated \u00a0
mortgage bonds offered by other Danish issuers. The market for such bonds is characterised by an absence of measurable price differences \u00a0
between bonds with similar features from different issuers. Using this method, no fair value adjustment for credit risk in 2024 or the period \u00a0
since the issue has been required. \u00a0
(d) Further explanation on loans, deposits and issued bonds by the Group\u2019s trading units \u00a0
The loans in the Group\u2019s trading units (Markets in LC&I) are managed and their performance reported on a fair value basis. The loans are \u00a0
mandatorily recognised at fair value through profit or loss as the business model is neither \u2018held to collect\u2019 nor \u2018held to collect and sell\u2019. The \u00a0
loans consist primarily of reverse transactions and short-term loans. In order not to introduce an accounting mismatch, the financial liabilities \u00a0
in the trading units are designated at fair value through profit or loss, using the fair value option in IFRS 9. \u00a0
The financial liabilities consist of issued bonds (certificates of deposits and commercial papers) and deposits (including repo transactions) with \u00a0
a maturity no longer than six months in general. Fair value changes attributable to the Group\u2019s own credit risk are presented in Other \u00a0
comprehensive income. During 2024, changes in fair value attributable to the Group\u2019s own credit risk recognised in Other Comprehensive \u00a0
Income amounted to DKK 0 million (2023: DKK 0 million). In the balance sheet, deposits in the trading units are presented together with other \u00a0
deposits. The amount that the Group would be contractually required to pay at maturity amounts to DKK 2,536 million (2023: DKK 8,066 million) \u00a0
for bonds issued by the Group\u2019s trading units. \u00a0
G20. Due to credit institutions and central banks and Deposits \u00a0
Amounts due to credit institutions and central banks and Deposits also include amounts received under repo transactions (sales of securities \u00a0
which the Group agrees to repurchase at a later date). Such transactions are presented as collateralised borrowings. \u00a0
Accounting policy \u00a0
Amounts due to credit institutions and central banks and Deposits in the Group\u2019s trading units (Markets in LC&I) are designated at fair value \u00a0
through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is recognised in Other \u00a0
comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of the \u00a0
hedged interest rate risk is added to the amortised cost of the liabilities. \u00a0
(a) Due to credit institutions and central banks \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
129,910 \u00a0
80,108 \u00a0
Other amounts due \u00a0
-
5,440 \u00a0
Total designated at fair value \u00a0
129,910 \u00a0
85,548 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
-
3,727 \u00a0
Other amounts due \u00a0
84,454 \u00a0
65,333 \u00a0
Total amortised cost \u00a0
84,454 \u00a0
69,060 \u00a0
Total \u00a0
214,364 \u00a0
154,608 \u00a0
(b) Deposits \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
78,528 \u00a0
113,306 \u00a0
Time deposits \u00a0
21 \u00a0
6,907 \u00a0
Total designated at fair value \u00a0
78,550 \u00a0
120,213 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
618 \u00a0
-
Transaction accounts \u00a0
891,606 \u00a0
904,328 \u00a0
Time deposits \u00a0
190,046 \u00a0
158,222 \u00a0
Pension savings etc. \u00a0
12,962 \u00a0
13,685 \u00a0
Total amortised cost \u00a0
1,095,232 \u00a0
1,076,235 \u00a0
Total \u00a0
1,173,781 \u00a0
1,196,447 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
(c) Further explanation on balances designated at fair value through profit or loss \u00a0
Any changes in the fair value that is attributable to changes in the Group\u2019s own credit risk of the liabilities are recognised in Other \u00a0
comprehensive income. As the deposits are collateralised and/or with a short maturity, no change in the fair value is attributable to changes in \u00a0
the Group\u2019s own credit risk. The amount that the Group would be contractually required to pay at maturity amounts to DKK 129.9 billion (2023: \u00a0
DKK 85.5 billion) for Due to credit institutions and central banks and DKK 78.6 billion (2023: DKK 120.2 billion) for Deposits. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1715": { "value": "
G1. Material accounting policies and estimates - continued \u00a0
Classification and measurement of financial instruments and insurance contracts \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect\u00a0and sell financial \u00a0
assets \u00a0
Managed at fair\u00a0FVPL due to SPPI \u00a0
value \u00a0
test \u00a0
Interest rate \u00a0
hedge* \u00a0
Own \u00a0
(DKK billions) \u00a0
assets/Liabilities \u00a0
Held for trading \u00a0
Designated \u00a0
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107 \u00a0
-
-
-
-
-
-
-
107 \u00a0
Due from credit institutions and central banks \u00a0
81 \u00a0
-
-
63 \u00a0
-
-
-
-
144 \u00a0
Derivatives \u00a0
-
-
261 \u00a0
-
-
-
-
-
261 \u00a0
Bonds \u00a0
136 \u00a0
105 \u00a0
178 \u00a0
28 \u00a0
-
-
-
-
447 \u00a0
Shares \u00a0
-
-
93 \u00a0
1
-
-
-
-
93 \u00a0
Loans \u00a0
923 \u00a0
-
-
320 \u00a0
755 \u00a0
-
-1 \u00a0
-
1,997 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
-
76 \u00a0
-
-
-
-
76 \u00a0
Insurance assets \u00a0
-
-
-
508 \u00a0
-
-
-
-
508 \u00a0
Total financial assets, 31 December 2024 \u00a0
1,246 \u00a0
105 \u00a0
532 \u00a0
995 \u00a0
755 \u00a0
-
-
-
3,633 \u00a0
Total financial assets, 31 December 2023** \u00a0
1,358 \u00a0
107 \u00a0
503 \u00a0
792 \u00a0
753 \u00a0
-
-
29 \u00a0
3,543 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
84 \u00a0
-
-
-
-
130 \u00a0
-
-
214 \u00a0
Trading portfolio liabilities \u00a0
-
-
357 \u00a0
-
-
-
-
-
358 \u00a0
Deposits \u00a0
1,095 \u00a0
-
-
-
-
79 \u00a0
-
-
1,174 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
-
747 \u00a0
-
-
747 \u00a0
Issued bonds at amortised cost \u00a0
244 \u00a0
-
-
-
-
-
-
-
243 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
-
77 \u00a0
-
-
77 \u00a0
Insurance liabilities *** \u00a0
-
-
-
-
-
530 \u00a0
-
-
530 \u00a0
Non-preferred senior bonds \u00a0
91 \u00a0
-
-
-
-
-
-2 \u00a0
-
89 \u00a0
Subordinated debt \u00a0
41 \u00a0
-
-
-
-
-
-
-
41 \u00a0
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
-
3
Total financial liabilities, 31 December 2024 \u00a0
1,558 \u00a0
-
357 \u00a0
-
-
1,562 \u00a0
-2 \u00a0
-
3,475 \u00a0
Total financial liabilities, 31 December 2023** \u00a0
1,502 \u00a0
-
438 \u00a0
-
-
1,508 \u00a0
-7 \u00a0
-
3,442 \u00a0
* The interest rate risk on some fixed-rate financial assets and liabilities is hedged by derivatives (fair value hedging). The interest rate risk on some fixed-rate bonds 'hold to collect and sell' is also hedged by derivatives. The fair value represents changes in the fair value of the interest rate risk on the hedged items, i.e. not a full fair \u00a0
value of the hedged items. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
*** insurance contract liabilities (part of Insurance liabilities) comprise the liability for remaining coverage and liability for incurred claims, which includes estimates of present value of future cash flows, risk adjustment for non-financial risk and contractual service margin. \u00a0
G5. Net interest and Net trading income or loss \u00a0
This note shows interest income, interest expense and Net trading income or loss broken down by balance sheet item and by portfolios of \u00a0
financial instruments measured at amortised cost, fair value through Other comprehensive income or fair value through profit or loss. \u00a0
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
G5. Net interest and net trading income or loss \u2013 continued \u00a0
Net interest and Net trading income 2024 \u00a0
(DKK millions) \u00a0
Interest \u00a0
expense \u00a0
Net interest \u00a0
income \u00a0
Net trading \u00a0
income \u00a0
Interest income \u00a0
Total \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
13,289 \u00a0
4,043 \u00a0
9,246 \u00a0
-9 \u00a0
9,237 \u00a0
Loans and deposits \u00a0
41,390 \u00a0
10,526 \u00a0
30,864 \u00a0
-77 \u00a0
30,787 \u00a0
Bonds held to collect (investment securities) \u00a0
2,322 \u00a0
-
2,322 \u00a0
-
2,322 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,482 \u00a0
-11,482 \u00a0
-5,523 \u00a0
-17,005 \u00a0
Subordinated debt \u00a0
-
1,351 \u00a0
-1,351 \u00a0
-614 \u00a0
-1,965 \u00a0
Other financial instruments \u00a0
2,008 \u00a0
379 \u00a0
1,630 \u00a0
-
1,630 \u00a0
Total \u00a0
59,009 \u00a0
27,780 \u00a0
31,230 \u00a0
-6,223 \u00a0
25,007 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Total \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
248 \u00a0
-
248 \u00a0
-
248 \u00a0
Loans and deposits \u00a0
21,627 \u00a0
-
21,627 \u00a0
-
21,627 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,257 \u00a0
-
-5,257 \u00a0
5,866 \u00a0
609 \u00a0
Bonds (investment securities) \u00a0
886 \u00a0
-
886 \u00a0
3,109 \u00a0
3,995 \u00a0
Issued bonds \u00a0
-
16,050 \u00a0
-16,050 \u00a0
-
-16,050 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-
-
Total \u00a0
17,504 \u00a0
16,050 \u00a0
1,454 \u00a0
8,900 \u00a0
10,354 \u00a0
Total net interest and net trading income \u00a0
80,526 \u00a0
43,829 \u00a0
36,697 \u00a0
2,668 \u00a0
39,365 \u00a0
Net interest and Net trading income 2023 \u00a0
(DKK millions) \u00a0
Interest \u00a0
Interest \u00a0
Net interest \u00a0
Net trading \u00a0
income* \u00a0
expense* \u00a0
income* \u00a0
income* \u00a0
Total* \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
10,201 \u00a0
5,174 \u00a0
5,027 \u00a0
-9 \u00a0
5,018 \u00a0
Loans and deposits \u00a0
42,221 \u00a0
10,199 \u00a0
32,022 \u00a0
293 \u00a0
32,315 \u00a0
Bonds held to collect (investment securities) \u00a0
2,102 \u00a0
-
2,102 \u00a0
-
2,102 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
8,202 \u00a0
-8,202 \u00a0
-11,873 \u00a0
-20,075 \u00a0
Subordinated debt \u00a0
-
1,313 \u00a0
-1,313 \u00a0
-846 \u00a0
-2,159 \u00a0
Other financial instruments \u00a0
1,654 \u00a0
444 \u00a0
1,210 \u00a0
-
1,210 \u00a0
Total \u00a0
56,178 \u00a0
25,332 \u00a0
30,846 \u00a0
-12,435 \u00a0
18,411 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Total \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
244 \u00a0
-
244 \u00a0
-
244 \u00a0
Loans and deposits \u00a0
21,397 \u00a0
-
21,397 \u00a0
-
21,397 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,886 \u00a0
-
-5,886 \u00a0
10,680 \u00a0
4,794 \u00a0
Bonds (investment securities) \u00a0
532 \u00a0
-
532 \u00a0
5,257 \u00a0
5,789 \u00a0
Issued bonds \u00a0
-
15,753 \u00a0
-15,753 \u00a0
-
-15,753 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-806 \u00a0
-806 \u00a0
Total \u00a0
16,287 \u00a0
15,753 \u00a0
534 \u00a0
15,056 \u00a0
15,590 \u00a0
Total net interest and net trading income \u00a0
76,057 \u00a0
41,085 \u00a0
34,972 \u00a0
2,613 \u00a0
37,585 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the hedged balance \u00a0
sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading income or loss under the \u00a0
trading portfolio. Net trading income or loss includes dividends from shares of DKK 410 million (2023: DKK 368 million) and foreign exchange \u00a0
adjustments of DKK 1,122 million (2023: DKK -515 million). \u00a0
(a) Investment securities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Financial assets at fair value through profit or loss \u00a0
Listed bonds \u00a0
28,112 \u00a0
20,798 \u00a0
Unlisted shares \u00a0
519 \u00a0
493 \u00a0
Total financial assets at fair value through profit or loss \u00a0
28,631 \u00a0
21,291 \u00a0
Bonds hold to collect and sell (FVOCI) \u00a0
Listed bonds \u00a0
104,773 \u00a0
107,226 \u00a0
Total bonds hold to collect and sell (FVOCI) \u00a0
104,773 \u00a0
107,226 \u00a0
Total at fair value \u00a0
133,404 \u00a0
128,517 \u00a0
Bonds hold to collect (AMC) \u00a0
Listed bonds \u00a0
135,714 \u00a0
155,398 \u00a0
Total investment securities \u00a0
269,118 \u00a0
283,914 \u00a0
Financial assets measured at fair value through profit or loss (FVPL) \u00a0
This portfolio includes the part of the liquidity bond portfolio that is actively traded although less frequently than what is required to be \u00a0
classified as a held-for-trading portfolio. These bonds are held in a business model being neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 \u00a0
and are therefore mandatorily recognised at fair value through profit or loss under IFRS 9. \u00a0
The portfolio comprises primarily Danish mortgage bonds. Further, the portfolio includes listed and unlisted shares. \u00a0
G14. Due from credit institutions and central banks \u00a0
The item due from credit institutions and central banks includes both balances that are measured at amortised cost and balances that are \u00a0
measured at fair value through profit or loss, depending on the business model for the management of the amounts due from credit \u00a0
institutions. \u00a0
Accounting policy \u00a0
For balances due from credit institutions in the Group\u2019s banking units (Personal & Business Customers, General Banking in Large \u00a0
Corporates & Institutions and Northern Ireland), the business model is \u2018hold to collect\u2019. As the contractual cash flows \u00a0
represent basic lending feature, these balances are measured at amortised cost. For further information on the accounting policy etc., \u00a0
see note G15. \u00a0
For balances due from credit institutions and central banks in the Group\u2019s trading units (Markets in Large Corporates & Institutions) the \u00a0
business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and these balances are mandatorily recognised at fair value \u00a0
through profit or loss. For further information on the accounting policy, see note G16. \u00a0
Cash in hand and demand deposits with central banks \u00a0
Includes cash in hand of DKK 6,909 million (2023: DKK 6,419 million) and demand deposits of DKK 100,590 million (2023: DKK 252,737 million) \u00a0
(measured at amortised cost). \u00a0
Due from credit institutions and central banks includes amounts due within three months and totalled DKK 134,601 million at the end of 2024 \u00a0
(2023: DKK 106,453 million). This amount is included under Cash and cash equivalents in the cash flow statement. \u00a0
Due from credit institutions and central banks \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Due from credit institutions and central banks measured at fair value through profit or loss: \u00a0
Reverse transactions \u00a0
62,039 \u00a0
92,389 \u00a0
Other amounts due \u00a0
1,000 \u00a0
595 \u00a0
Total at fair value through profit or loss \u00a0
63,040 \u00a0
92,984 \u00a0
Due from credit institutions and central banks measured at amortised cost: \u00a0
Reverse transactions \u00a0
6
3,727 \u00a0
Other amounts due \u00a0
80,536 \u00a0
18,118 \u00a0
Allowance account \u00a0
12 \u00a0
16 \u00a0
Total at amortised cost \u00a0
80,529 \u00a0
21,829 \u00a0
Total \u00a0
143,569 \u00a0
114,813 \u00a0
G16. Loans and issued bonds at fair value \u00a0
The Group has two types of portfolios of loans and issued bonds that are measured at fair value through profit or loss. The first portfolio \u00a0
consists of loans granted and bonds issued by the subsidiary Realkredit Danmark, a Danish mortgage institution covered by Danish mortgage \u00a0
finance law. The other portfolio consists of loans and bonds issued by the Group\u2019s trading units (Markets in LC&I). \u00a0
Accounting policy \u00a0
Loans granted and bonds issued by Realkredit Danmark \u00a0
Loans granted by Realkredit Danmark have contractual cash flows that are not solely payment of principal and interest on the principal \u00a0
amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which represents an option to \u00a0
prepay at fair value that can be both above and below the principal amount plus interest. This is not consistent with the SPPI test since \u00a0
changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate developments.\u00a0Therefore, the loans are \u00a0
mandatorily recognised at fair value through profit or loss. The issued bonds that are funding the loans are designated at fair value \u00a0
through profit or loss in order not to create an accounting mismatch. For the issued bonds, changes in fair value attributable to the \u00a0
Group\u2019s own credit risk is presented in the income statement, as an accounting mismatch would otherwise be introduced. \u00a0
The fair value of the bonds issued by Realkredit Danmark is normally defined as their quoted market price. A small number of the issued \u00a0
bonds are illiquid, however, and the fair value of these bonds is calculated on the basis of a discounted cash flow valuation technique. \u00a0
The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair value of the interest \u00a0
rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in the fair value of cash flows \u00a0
from the loans that differ from the cash flows from the issued bonds. The most important component is the credit risk on the borrowers \u00a0
(covered by the Group and not by the bond holders and therefore not priced into the price of the issued bonds). \u00a0
Changes in fair value of credit risk etc. on the loans \u00a0
The IFRS 13 estimate of the fair value of the credit risk on the loans is based on the expected credit losses estimated in the models \u00a0
developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, including the \u00a0
allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as a function of PD, EAD \u00a0
and LGD and incorporates forward looking information, see further in note G15. The latter reflects management\u2019s expectations of \u00a0
expected credit losses and involves multiple scenarios (base case, upside and downside), including an assessment of the probability for \u00a0
each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other components \u00a0
in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an investors risk premium, \u00a0
compensation for administrative costs related to the loans and the possibility to increase the margin on the loans if the credit risk etc. \u00a0
increases. It is acknowledged that the possibility to increase the margin depends on the economic resources of the customers. The \u00a0
possibility to increase the margin is therefore only considered in the measurement if it is very likely that the margin can be increased \u00a0
without the customer defaulting. Further, the possibility to increase the margin is only relevant if it does not give the customer an \u00a0
incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to increase the margin is only relevant for the \u00a0
measurement of loans to customers with neither a relatively high credit risk nor a relatively low credit risk. \u00a0
The discount rate used to discount the cash flows represents the interest rate on the funding bonds. This is considered to be close to a \u00a0
risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher for customers \u00a0
Accounting policy - continued \u00a0
with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value of the credit risk and \u00a0
other components cannot increase the value of a loan (the adjustment cannot be positive). \u00a0
Other loans and issued bonds measured at fair value through profit or loss \u00a0
The loans in the Group\u2019s trading units (Markets and Investment Banking in LC&I) are managed and their performance reported on a fair \u00a0
value basis and the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an \u00a0
accounting mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities \u00a0
at amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value changes \u00a0
attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
794,568 \u00a0
806,157 \u00a0
Fair value adjustment of underlying bonds \u00a0
-36,190 \u00a0
-49,874 \u00a0
Adjustment for credit risk \u00a0
3,191 \u00a0
3,006 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
755,188 \u00a0
753,277 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
319,596 \u00a0
174,963 \u00a0
Total \u00a0
1,074,783 \u00a0
928,239 \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
875,633 \u00a0
848,774 \u00a0
Fair value adjustment of funding of current loans \u00a0
-36,190 \u00a0
-49,874 \u00a0
Holding of own mortgage bonds \u00a0
94,948 \u00a0
57,837 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
744,495 \u00a0
741,062 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
2,061 \u00a0
7,718 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
G16. Loans and issued bonds at fair value \u2013 Continued \u00a0
(c) Further explanation on loans granted and bonds issued by Realkredit Danmark \u00a0
Each loan granted by Realkredit Danmark is funded by issuing listed mortgage bonds with matching characteristics (e.g. amount outstanding, \u00a0
reference interest rate, term and currency). The borrower may repay the loan by delivering the underlying bonds to Realkredit Danmark. \u00a0
The loans are held in a business model being similar to other loans in the Group\u2019s banking units, i.e. the business model under IFRS 9 is \u2018held to \u00a0
collect\u2019. The customers\u2019 right to prepay a loan by delivering the underlying bonds represents an option to prepay at fair value. Under this \u00a0
prepayment option, the prepayment amount can be both above and below the principal amount plus accrued interest. Changes in the fair value \u00a0
of the underlying bonds include other elements than the effect of changes in the relevant benchmark interest rate and the prepayment option \u00a0
is therefore not consistent with the SPPI test in IFRS 9 and are mandatorily measured at FVPL. \u00a0
To eliminate the accounting mismatch that would exist if the loans are measured at fair value through profit or loss and the issued bonds at \u00a0
amortised cost, the issued bonds are designated at fair value through profit or loss using the fair value option for financial liabilities in IFRS 9. \u00a0
As the fair value of the loans is based on the fair value of the issued bonds, fair value changes of the issued bonds are offset by fair value \u00a0
changes of the loans, including the changes related to the fair value of the own credit risk of the issued bonds. For example, if the credit quality \u00a0
of the bonds worsens the fair value of the liability decreases and the fair value of the loans also decreases. Therefore, fair value changes of \u00a0
own credit risk on the issued bonds are recognised in the income statement, as an accounting mismatch would otherwise be created if \u00a0
changes in own credit risk were recognised in Other comprehensive income. \u00a0
The value of the loans is affected by changes in the credit risk on the loans. In 2024, the Group recognised DKK 333 million regarding changes \u00a0
in the credit risk on loans at fair value (2023: DKK -109 million) see note G11. At the end of 2024, the accumulated changes in the credit risk \u00a0
amounted to DKK 3,191 million (2023: DKK 3,006 million). The amounts are determined as the amount of the change in fair value that is not \u00a0
attributable to changes in market conditions that give rise to market risk, with the latter being represented by the fair value of the funding \u00a0
issued bonds. The Group does not use credit derivatives or similar instruments to mitigate the exposure to credit risk. \u00a0
The holding of own mortgage bonds includes pre-issued bonds of DKK 56 billion (2023: DKK 31 billion) used for FlexL\u00e5n\u00ae refinancing in \u00a0
January 2025. \u00a0
The nominal value of bonds issued by Realkredit Danmark equals the amount to be redeemed on maturity. \u00a0
Fair value adjustment for the credit risk on issued mortgage bonds is calculated on the basis of the option-adjusted spread (OAS). The \u00a0
calculation incorporates maturity, nominal holdings and OAS sensitivity. As a number of estimates are made, the calculation is subject to \u00a0
uncertainty. \u00a0
In 2024, the Danish mortgage bond yield spread increased and the fair value of issued mortgage bonds thus decreased by approximately \u00a0
DKK 7.0 billion. In 2023, the Danish mortgage bond yield spread increased, causing a decrease in the fair value of issued mortgage bonds. \u00a0
Based on the outstanding portfolio at the end of 2024, Realkredit Danmark estimates that there has been a net increase of the spread since the \u00a0
issuance of the bonds, which produces a positive fair value of approximately DKK 1.37 billion (2023: negative fair value of approximately DKK \u00a0
0.05 billion). Net profit and shareholders\u2019 equity remain unaffected by the change in fair value because the spread narrowing increased the \u00a0
value of mortgage loans correspondingly. \u00a0
Fair value adjustment for the credit risk on issued mortgage bonds may also be calculated on the basis of changes in similar AAA rated \u00a0
mortgage bonds offered by other Danish issuers. The market for such bonds is characterised by an absence of measurable price differences \u00a0
between bonds with similar features from different issuers. Using this method, no fair value adjustment for credit risk in 2024 or the period \u00a0
since the issue has been required. \u00a0
(d) Further explanation on loans, deposits and issued bonds by the Group\u2019s trading units \u00a0
The loans in the Group\u2019s trading units (Markets in LC&I) are managed and their performance reported on a fair value basis. The loans are \u00a0
mandatorily recognised at fair value through profit or loss as the business model is neither \u2018held to collect\u2019 nor \u2018held to collect and sell\u2019. The \u00a0
loans consist primarily of reverse transactions and short-term loans. In order not to introduce an accounting mismatch, the financial liabilities \u00a0
in the trading units are designated at fair value through profit or loss, using the fair value option in IFRS 9. \u00a0
The financial liabilities consist of issued bonds (certificates of deposits and commercial papers) and deposits (including repo transactions) with \u00a0
a maturity no longer than six months in general. Fair value changes attributable to the Group\u2019s own credit risk are presented in Other \u00a0
comprehensive income. During 2024, changes in fair value attributable to the Group\u2019s own credit risk recognised in Other Comprehensive \u00a0
Income amounted to DKK 0 million (2023: DKK 0 million). In the balance sheet, deposits in the trading units are presented together with other \u00a0
deposits. The amount that the Group would be contractually required to pay at maturity amounts to DKK 2,536 million (2023: DKK 8,066 million) \u00a0
for bonds issued by the Group\u2019s trading units. \u00a0
G17. Assets and deposits under pooled schemes \u00a0
and investment contracts \u00a0
Assets and deposits under pooled schemes and investment contracts comprises contributions to pooled schemes and contracts defined as \u00a0
investment contracts. Assets include intra-group balances, which are eliminated. Consequently, the value of the line item Deposits under \u00a0
pooled schemes and investment contracts exceeds that of Assets under pooled schemes and investment contracts. \u00a0
Accounting policy \u00a0
Assets earmarked for customer savings are measured at fair value and recognised under Assets under pooled schemes and investment \u00a0
contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment contracts. These \u00a0
deposits are measured at the value of savings, corresponding to the fair value of the assets. \u00a0
The Group has elected not to deduct own shares from equity that are held on behalf of customers. Therefore total assets under pooled \u00a0
schemes and investment contracts includes these own shares that meet this criterion. \u00a0
Pooled schemes \u00a0
Investment contracts \u00a0
Total \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
(a) Assets \u00a0
Bonds \u00a0
13,204 \u00a0
16,992 \u00a0
5,834 \u00a0
6,024 \u00a0
19,038 \u00a0
23,016 \u00a0
Shares \u00a0
10,910 \u00a0
14,676 \u00a0
14,441 \u00a0
11,146 \u00a0
25,351 \u00a0
25,822 \u00a0
Unit trust certificates \u00a0
25,639 \u00a0
16,434 \u00a0
2,520 \u00a0
2,564 \u00a0
28,159 \u00a0
18,998 \u00a0
Other \u00a0
55 \u00a0
38 \u00a0
4,005 \u00a0
3,379 \u00a0
4,060 \u00a0
3,417 \u00a0
Total \u00a0
49,808 \u00a0
48,140 \u00a0
26,800 \u00a0
23,113 \u00a0
76,608 \u00a0
71,253 \u00a0
including \u00a0
other intra-group balances \u00a0
434 \u00a0
263 \u00a0
-
90 \u00a0
434 \u00a0
353 \u00a0
Total assets recognised in balance sheet \u00a0
49,373 \u00a0
47,877 \u00a0
26,800 \u00a0
23,023 \u00a0
76,173 \u00a0
70,900 \u00a0
(b) Deposits \u00a0
49,808 \u00a0
48,140 \u00a0
26,800 \u00a0
23,113 \u00a0
76,608 \u00a0
71,253 \u00a0
Assets under pooled schemes include DKK 258 million of own shares that are not eliminated (2023: DKK 198 million). Assets under investment \u00a0
contracts include DKK 65 million of own shares that are not eliminated (2023: DKK 60 million). \u00a0
G20. Due to credit institutions and central banks and Deposits \u00a0
Amounts due to credit institutions and central banks and Deposits also include amounts received under repo transactions (sales of securities \u00a0
which the Group agrees to repurchase at a later date). Such transactions are presented as collateralised borrowings. \u00a0
Accounting policy \u00a0
Amounts due to credit institutions and central banks and Deposits in the Group\u2019s trading units (Markets in LC&I) are designated at fair value \u00a0
through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is recognised in Other \u00a0
comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of the \u00a0
hedged interest rate risk is added to the amortised cost of the liabilities. \u00a0
(a) Due to credit institutions and central banks \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
129,910 \u00a0
80,108 \u00a0
Other amounts due \u00a0
-
5,440 \u00a0
Total designated at fair value \u00a0
129,910 \u00a0
85,548 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
-
3,727 \u00a0
Other amounts due \u00a0
84,454 \u00a0
65,333 \u00a0
Total amortised cost \u00a0
84,454 \u00a0
69,060 \u00a0
Total \u00a0
214,364 \u00a0
154,608 \u00a0
(b) Deposits \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
78,528 \u00a0
113,306 \u00a0
Time deposits \u00a0
21 \u00a0
6,907 \u00a0
Total designated at fair value \u00a0
78,550 \u00a0
120,213 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
618 \u00a0
-
Transaction accounts \u00a0
891,606 \u00a0
904,328 \u00a0
Time deposits \u00a0
190,046 \u00a0
158,222 \u00a0
Pension savings etc. \u00a0
12,962 \u00a0
13,685 \u00a0
Total amortised cost \u00a0
1,095,232 \u00a0
1,076,235 \u00a0
Total \u00a0
1,173,781 \u00a0
1,196,447 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
(c) Further explanation on balances designated at fair value through profit or loss \u00a0
Any changes in the fair value that is attributable to changes in the Group\u2019s own credit risk of the liabilities are recognised in Other \u00a0
comprehensive income. As the deposits are collateralised and/or with a short maturity, no change in the fair value is attributable to changes in \u00a0
the Group\u2019s own credit risk. The amount that the Group would be contractually required to pay at maturity amounts to DKK 129.9 billion (2023: \u00a0
DKK 85.5 billion) for Due to credit institutions and central banks and DKK 78.6 billion (2023: DKK 120.2 billion) for Deposits. \u00a0
G22. Issued bonds \u00a0
The issued bonds presented in this note consist of preferred senior, non-preferred senior and subordinated bonds issued by the Group, with \u00a0
the exception of additional tier 1 capital accounted for as equity. Note G16 provides more information about issued bonds measured at fair \u00a0
value through profit or loss and note G25 provides more information about additional tier 1 capital accounted for as equity. \u00a0
Preferred senior bonds are presented under the balance sheet item Issued bonds at amortised cost, while non-preferred senior and \u00a0
subordinated bonds are presented as separate line items in the balance sheet. Non-preferred senior bonds rank senior to subordinated debt \u00a0
and junior to other debt. Subordinated bonds are liabilities in the form of subordinated loan capital and other capital instruments which, in case \u00a0
of the Group\u2019s voluntary or compulsory winding-up, will not be repaid until the claims of its ordinary and non-preferred senior creditors have \u00a0
been met. Subordinated bonds include additional tier 1 capital that converts into a variable number of ordinary shares if the common equity \u00a0
tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group (the trigger event). The number of shares the additional tier 1 \u00a0
capital could potentially convert into a function of the share price at the time of conversion, however, minimised to USD 23.97 per share (a \u00a0
maximum of 62.6 million shares for the outstanding amount of the capital of USD 1.5 billion). This capital utilises 70% of the Board of Directors\u2019 \u00a0
authorisation to issue shares without pre-emption rights. \u00a0
Accounting policy \u00a0
Issued bonds, both senior, non-preferred senior and subordinated bonds, are at initial recognition measured at fair value less \u00a0
transaction costs and subsequently measured at amortised cost plus the fair value of the hedged interest rate risk. Interest expense is \u00a0
recognised according to the effective interest rate method, including amortisation of any difference between the amount received on \u00a0
issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital under the \u00a0
Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily or converted into \u00a0
a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert into a variable number of \u00a0
ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are accounted for as equity. For liability \u00a0
accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds are accounted for as liabilities in their \u00a0
entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for example an \u00a0
equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading portfolio. \u00a0
(a) Issued bonds \u00a0
Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark (covered bonds) \u00a0
744,495 \u00a0
741,062 \u00a0
Commercial papers and certificates of deposits \u00a0
-
5,228 \u00a0
Structured retail notes \u00a0
2,061 \u00a0
2,489 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
Bonds issued by Realkredit Danmark under the Group\u2019s green finance framework amounted to a nominal value of DKK 29,126 million \u00a0
outstanding at the end of 2024 (2023: DKK 27,153 million). \u00a0
Issued bonds at amortised cost \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Commercial papers and certificates of deposits \u00a0
49,044 \u00a0
24,419 \u00a0
Preferred senior bonds \u00a0
66,778 \u00a0
63,345 \u00a0
Covered bonds \u00a0
126,763 \u00a0
124,703 \u00a0
Structured retail notes \u00a0
612 \u00a0
1,766 \u00a0
Issued bonds at amortised cost, total \u00a0
243,198 \u00a0
214,234 \u00a0
Non-preferred senior bonds \u00a0
89,492 \u00a0
93,194 \u00a0
Further information on issued bonds at fair value through profit or loss can be found in note G16. The issuance and redemption of bonds \u00a0
(including commercial papers and certificates of deposits at fair value) during the year and the maturity of the outstanding bonds are \u00a0
presented in the following tables. \u00a0
G22. Issued bonds \u2013 continued \u00a0
Other issued bonds \u00a0
Other issued bonds in the following tables comprises Issued bonds at fair value excluding Realkredit Danmark, Issued bonds at amortised cost \u00a0
and Non-preferred senior bonds. \u00a0
Nominal value of other issued bonds \u00a0
Foreign \u00a0
1 January \u00a0
currency 31\u00a0December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2024 \u00a0
Commercial papers and certificate of deposits \u00a0
29,613 \u00a0
78,934 \u00a0
60,856 \u00a0
1,310 \u00a0
49,002 \u00a0
Preferred senior bonds \u00a0
65,545 \u00a0
10,684 \u00a0
8,735 \u00a0
1,099 \u00a0
68,592 \u00a0
Covered bonds \u00a0
129,419 \u00a0
27,161 \u00a0
25,770 \u00a0
-2,137 \u00a0
128,673 \u00a0
Structured retail notes \u00a0
4,076 \u00a0
-
1,154 \u00a0
196 \u00a0
3,117 \u00a0
Non-preferred senior bonds \u00a0
97,900 \u00a0
28,404 \u00a0
35,782 \u00a0
1,067 \u00a0
91,588 \u00a0
Total \u00a0
326,553 \u00a0
145,182 \u00a0
132,298 \u00a0
1,534 \u00a0
340,972 \u00a0
Foreign \u00a0
1 January \u00a0
currency \u00a0
31 December \u00a0
(DKK millions) \u00a0
2023 \u00a0
Issued \u00a0
Redeemed** \u00a0
translation \u00a0
2023 \u00a0
Commercial papers and certificate of deposits \u00a0
9,128 \u00a0
66,432 \u00a0
36,812 \u00a0
-9,135 \u00a0
29,613 \u00a0
Preferred senior bonds* \u00a0
52,421 \u00a0
39,700 \u00a0
25,430 \u00a0
-1,146 \u00a0
65,545 \u00a0
Covered bonds \u00a0
156,740 \u00a0
33,000 \u00a0
65,850 \u00a0
5,529 \u00a0
129,419 \u00a0
Structured retail notes* \u00a0
6,927 \u00a0
-
2,414 \u00a0
-437 \u00a0
4,076 \u00a0
Non-preferred senior bonds \u00a0
100,586 \u00a0
22,500 \u00a0
23,700 \u00a0
-1,486 \u00a0
97,900 \u00a0
Total \u00a0
325,801 \u00a0
161,633 \u00a0
154,206 \u00a0
-6,675 \u00a0
326,553 \u00a0
* DKK 4.1 billion of Structured retail notes as at 31 December 2023 that were previously included within Preferred senior bonds are now presented separately. \u00a0
There is no impact on total Other issued bonds. \u00a0
** Redeemed covered bonds in 2023 includes DKK 25.8 billion of covered bonds that were reclassified to Liabilities in disposal groups held for sale. See note G23 for \u00a0
more detail. \u00a0
The Group has issued non-preferred senior bonds and preferred senior bonds in accordance with the Group\u2019s green bond framework. At the \u00a0
end of 2024, the nominal value of green non-preferred senior bonds issued amounted to DKK 20,515 million (2023: DKK 24,223 million), and \u00a0
the nominal value of green preferred senior bonds issued amounted to DKK 9,082 million (2023: DKK 9,134 million). \u00a0
Broken down by maturity \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Redeemed bonds 2024 \u00a0
96,248 \u00a0
2025 \u00a0
114,771 \u00a0
69,343 \u00a0
2026 \u00a0
64,979 \u00a0
55,084 \u00a0
2027 or later \u00a0
161,222 \u00a0
105,877 \u00a0
Nominal value of other issued bonds \u00a0
340,972 \u00a0
326,553 \u00a0
Fair value hedging of interest rate risk \u00a0
-1,781 \u00a0
-7,389 \u00a0
Premium/discount \u00a0
-595 \u00a0
-432 \u00a0
Own holding of bonds issued \u00a0
3,844 \u00a0
3,586 \u00a0
Total other issued bonds \u00a0
334,751 \u00a0
315,145 \u00a0
(b) Subordinated debt \u00a0
Subordinated debt consists of liabilities in the form of issued subordinated bonds. Some of these bonds (presented as liability accounted \u00a0
additional tier 1 capital below) rank below other subordinated bonds. Early redemption of subordinated debt must be approved by the Danish \u00a0
FSA. Subordinated debt is included in total capital in accordance with the CRR. \u00a0
The issuance and redemption of subordinated debt during the year and the maturity of the outstanding debt are presented in the tables below. \u00a0
Nominal value of subordinated debt \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2024 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
24,895 \u00a0
12,056 \u00a0
6,236 \u00a0
17 \u00a0
30,732 \u00a0
Liability accounted additional tier 1 capital \u00a0
15,174 \u00a0
-
5,170 \u00a0
704 \u00a0
10,708 \u00a0
Total \u00a0
40,069 \u00a0
12,056 \u00a0
11,406 \u00a0
721 \u00a0
41,440 \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2023 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2023 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
24,837 \u00a0
-
-
58 \u00a0
24,895 \u00a0
Liability accounted additional tier 1 capital \u00a0
15,676 \u00a0
-
-
-503 \u00a0
15,174 \u00a0
Total \u00a0
40,514 \u00a0
-
-
-445 \u00a0
40,069 \u00a0
G22. Issued bonds \u2013 continued \u00a0
Nominal \u00a0
Interest \u00a0
Year of \u00a0
Redemption \u00a0
2024 \u00a0
2023 \u00a0
Currency \u00a0
Borrower \u00a0
Note \u00a0
(millions) \u00a0
rate \u00a0
issue \u00a0
Maturity \u00a0
price \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
Redeemed in 2024 \u00a0
6,262 \u00a0
EUR \u00a0
Danica \u00a0
a
500 \u00a0
4.375 \u00a0
2015 \u00a0
29.09.2045 \u00a0
100 \u00a0
3,730 \u00a0
3,727 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
b
750 \u00a0
1.375 \u00a0
2019 \u00a0
12.02.2030 \u00a0
100 \u00a0
5,595 \u00a0
5,590 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
c
500 \u00a0
1.50 \u00a0
2020 \u00a0
02.09.2030 \u00a0
100 \u00a0
3,730 \u00a0
3,727 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
d
750 \u00a0
1.00 \u00a0
2021 \u00a0
15.05.2031 \u00a0
100 \u00a0
5,595 \u00a0
5,590 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
e
750 \u00a0
4.625 \u00a0
2024 \u00a0
14.05.2034 \u00a0
100 \u00a0
5,595 \u00a0
-
SEK \u00a0
Danske Bank A/S \u00a0
f
4,250 \u00a0
var \u00a0
2024 \u00a0
23.08.2034 \u00a0
100 \u00a0
2,757 \u00a0
-
EUR \u00a0
Danske Bank A/S \u00a0
g
500 \u00a0
3.75 \u00a0
2024 \u00a0
19.11.2036 \u00a0
100 \u00a0
3,730 \u00a0
-
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
30,732 \u00a0
24,895 \u00a0
Liability accounted additional tier 1 capital \u00a0
Redeemed in 2024 \u00a0
5,058 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
h
750 \u00a0
7.00 \u00a0
2018 \u00a0
Perpetual \u00a0
100 \u00a0
5,354 \u00a0
5,058 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
i
750 \u00a0
4.375 \u00a0
2021 \u00a0
Perpetual \u00a0
100 \u00a0
5,354 \u00a0
5,058 \u00a0
Liability accounted additional tier 1 capital \u00a0
10,708 \u00a0
15,174 \u00a0
Nominal subordinated debt \u00a0
41,440 \u00a0
40,069 \u00a0
Discount \u00a0
-80 \u00a0
-72 \u00a0
Fair value hedging of interest rate risk \u00a0
-383 \u00a0
-997 \u00a0
Own holding of subordinated debt \u00a0
-180 \u00a0
-226 \u00a0
Total subordinated debt \u00a0
40,798 \u00a0
38,774 \u00a0
Portion included in total capital as additional tier 1 or tier 2 capital instruments \u00a0
27,002 \u00a0
36,342 \u00a0
As at 31 December 2024, the Group has no additional tier 1 bond issues accounted for as equity (31 December 2023: DKK 0 billion). \u00a0
G22. Issued bonds - continued \u00a0
a) \u00a0
Optional redemption from September 2025. If the debt is not redeemed, the annual interest rate will be reset at 4.375 percentage \u00a0
points above the 10-year EUR swap rate every tenth year until maturity. Solvency II compliant tier 2 capital and included in Danica\u2019s \u00a0
capital base. \u00a0
b) \u00a0
Optional redemption in February 2025. If the debt is not redeemed, the annual interest rate will be reset at 1.70 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
c) \u00a0
Optional redemption in September 2025. If the debt is not redeemed, the annual interest rate will be reset at 1.90 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
d) \u00a0
Optional redemption in February-May 2026. If the debt is not redeemed, the annual interest rate will be reset at 1.40 percentage \u00a0
points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
e) \u00a0
Optional redemption in February-May 2029. If the debt is not redeemed, the annual interest rate will be reset at 1.95 percentage \u00a0
points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
f) \u00a0
Optional redemption in May-August 2029. If the debt is not redeemed, the quarterly interest rate will be reset at 1.70 percentage \u00a0
points above the 3 month STIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
g) \u00a0
Optional redemption in November 2031. If the debt is not redeemed, the annual interest rate will be reset at 1.55 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
h) \u00a0
Optional redemption from June 2025. If the debt is not redeemed, the annual interest rate will be reset at 4.130 percentage points \u00a0
above 5-year CMT rate. CRR compliant tier 1 capital. The capital converts into a variable number of shares if Danske Bank Group\u2019s or \u00a0
Danske Bank A/S\u2019 common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant additional tier 1 \u00a0
capital instrument in the statement of capital. \u00a0
i) \u00a0
Optional redemption from May 2026. If the debt is not redeemed, the annual interest rate will be reset at 3.387 percentage points \u00a0
above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s or Danske Bank A/S\u2019s \u00a0
common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant additional tier 1 capital instrument \u00a0
in the statement of capital. \u00a0
G33. Fair value information for financial instruments \u00a0
Financial instruments are recognised in the balance sheet at fair value or amortised cost. Group breaks down its financial instruments \u00a0
according to the valuation method (note G1 provides additional information). \u00a0
31 December 2024 \u00a0
31 December 2023 \u00a0
(DKK millions) \u00a0
Fair value \u00a0
Amortised cost \u00a0
Fair value \u00a0
Amortised cost \u00a0
Financial assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
-
107,498 \u00a0
-
259,156 \u00a0
Due from credit institutions and central banks \u00a0
63,040 \u00a0
80,529 \u00a0
92,985 \u00a0
21,829 \u00a0
Trading portfolio assets* \u00a0
531,831 \u00a0
-
503,548 \u00a0
-
Investment securities held at amortised cost \u00a0
-
135,714 \u00a0
-
155,398 \u00a0
Investment securities held at fair value \u00a0
133,404 \u00a0
-
128,516 \u00a0
-
Loans at amortised cost* \u00a0
-
921,900 \u00a0
-
921,580 \u00a0
Loans at fair value \u00a0
1,074,783 \u00a0
-
928,239 \u00a0
-
Assets under pooled schemes and investment contracts \u00a0
76,173 \u00a0
-
70,900 \u00a0
-
Insurance assets \u00a0
508,045 \u00a0
-
460,747 \u00a0
-
Loans held for sale \u00a0
-
-
-
110,415 \u00a0
Total \u00a0
2,387,276 \u00a0
1,245,642 \u00a0
2,184,935 \u00a0
1,468,378 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
129,910 \u00a0
84,454 \u00a0
85,548 \u00a0
69,060 \u00a0
Trading portfolio liabilities* \u00a0
357,507 \u00a0
-
438,553 \u00a0
-
Deposits* \u00a0
78,550 \u00a0
1,095,232 \u00a0
120,213 \u00a0
1,076,235 \u00a0
Issued bonds at fair value \u00a0
746,556 \u00a0
-
748,780 \u00a0
-
Issued bonds at amortised cost \u00a0
-
243,198 \u00a0
-
214,234 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
76,608 \u00a0
-
71,253 \u00a0
-
Insurance liabilities** \u00a0
60,111 \u00a0
-
60,136 \u00a0
-
Liabilities held for sale \u00a0
-
-
-
56,476 \u00a0
Non-preferred senior bonds \u00a0
-
89,492 \u00a0
-
93,194 \u00a0
Subordinated debt \u00a0
-
40,798 \u00a0
-
38,774 \u00a0
Loan commitments and guarantees \u00a0
-
2,893 \u00a0
-
3,161 \u00a0
Total \u00a0
1,449,242 \u00a0
1,556,067 \u00a0
1,524,483 \u00a0
1,551,133 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
Insurance liabilities in the Balance sheet comprise insurance contract liabilities (as defined by IFRS 17) and Other insurance-related liabilities. \u00a0
The table above does not include insurance contract liabilities as they are measured using the General Measurement Model, Variable Fee \u00a0
Approach or Premium Allocation Approach as defined by IFRS 17. \u00a0
(a) Financial instruments at fair value \u00a0
The fair value is the amount for which a financial asset or a financial liability can be exchanged between knowledgeable, willing parties. Fair \u00a0
value is measured on the basis of the following hierarchy: \u00a0
The fair value hierarchy \u00a0
\u2022
Quoted price (level 1) consists of financial instruments that are quoted in an active market. The Group uses the price quoted in the principal \u00a0
market. \u00a0
\u2022
Valuation based on observable input (level 2) consists of financial instruments valued substantially on the basis of observable input other \u00a0
than a quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active, the Group bases its \u00a0
measurement on the most recent transaction price. Adjustment is made for subsequent changes to market conditions, for instance, by \u00a0
including transactions in similar financial instruments that are assumed to be motivated by normal business considerations. For a number \u00a0
of financial assets and liabilities, no market exists. In such cases, the Group uses recent transactions in similar instruments and discounted \u00a0
cash flows or other generally accepted estimation and valuation techniques based on market conditions at the balance sheet date to \u00a0
calculate an estimated value. This category covers instruments such as derivatives valued on the basis of observable yield curves and \u00a0
exchange rates and illiquid mortgage bonds valued by reference to the value of similar liquid bonds. \u00a0
\u2022
Valuation based on significant non-observable input (level 3): The valuation of certain financial instruments is based substantially on non- \u00a0
observable input. Such instruments include unlisted shares, some unlisted bonds and a limited portion of the derivatives portfolio (2%). \u00a0
G33. Fair value information for financial instruments \u2013 continued \u00a0
Financial instruments at fair value, by fair value category \u00a0
Non- \u00a0
Observable \u00a0
input \u00a0
observable \u00a0
input \u00a0
(DKK millions) \u00a0
Quoted prices \u00a0
Total \u00a0
31 December 2024 \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
63,040 \u00a0
-
63,040 \u00a0
Derivatives \u00a0
7,289 \u00a0
249,643 \u00a0
4,114 \u00a0
261,046 \u00a0
Interest rate contracts \u00a0
7,289 \u00a0
140,184 \u00a0
652 \u00a0
148,125 \u00a0
Currency contracts etc. \u00a0
-
109,460 \u00a0
3,462 \u00a0
112,922 \u00a0
Trading portfolio bonds \u00a0
160,849 \u00a0
17,168 \u00a0
-
178,017 \u00a0
Trading portfolio shares \u00a0
92,637 \u00a0
-
131 \u00a0
92,768 \u00a0
Investment securities, bonds \u00a0
108,843 \u00a0
24,042 \u00a0
-
132,885 \u00a0
Investment securities, shares \u00a0
-
-
519 \u00a0
519 \u00a0
Loans at fair value \u00a0
-
1,074,783 \u00a0
-
1,074,783 \u00a0
Assets under pooled schemes and investment contracts \u00a0
76,173 \u00a0
-
-
76,173 \u00a0
Insurance assets, bonds \u00a0
160,099 \u00a0
49,275 \u00a0
2,103 \u00a0
211,477 \u00a0
Danish mortgage bonds \u00a0
72,637 \u00a0
19,374 \u00a0
338 \u00a0
92,349 \u00a0
Other covered bonds \u00a0
87,462 \u00a0
29,901 \u00a0
1,765 \u00a0
119,128 \u00a0
Insurance assets, shares \u00a0
208,508 \u00a0
5,963 \u00a0
36,911 \u00a0
251,382 \u00a0
Insurance assets, derivatives \u00a0
826 \u00a0
43,682 \u00a0
678 \u00a0
45,186 \u00a0
Total \u00a0
815,224 \u00a0
1,527,596 \u00a0
44,456 \u00a0
2,387,276 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
129,910 \u00a0
-
129,910 \u00a0
Derivatives \u00a0
10,125 \u00a0
241,256 \u00a0
3,120 \u00a0
254,500 \u00a0
Interest rate contracts \u00a0
10,125 \u00a0
137,458 \u00a0
422 \u00a0
148,005 \u00a0
Currency contracts etc. \u00a0
-
103,798 \u00a0
2,697 \u00a0
106,495 \u00a0
Obligations to repurchase securities \u00a0
100,696 \u00a0
2,301 \u00a0
10 \u00a0
103,007 \u00a0
Deposits \u00a0
-
78,550 \u00a0
-
78,550 \u00a0
Issued bonds at fair value \u00a0
746,556 \u00a0
-
-
746,556 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
76,608 \u00a0
-
76,608 \u00a0
Insurance liabilities \u00a0
208 \u00a0
59,402 \u00a0
501 \u00a0
60,111 \u00a0
Total \u00a0
857,585 \u00a0
588,027 \u00a0
3,631 \u00a0
1,449,242 \u00a0
Non- \u00a0
Observable \u00a0
input \u00a0
observable \u00a0
input \u00a0
(DKK millions) \u00a0
Quoted prices \u00a0
Total \u00a0
31 December 2023* \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
92,985 \u00a0
-
92,985 \u00a0
Derivatives \u00a0
6,723 \u00a0
298,493 \u00a0
1,865 \u00a0
307,081 \u00a0
Interest rate contracts \u00a0
6,723 \u00a0
188,243 \u00a0
1,014 \u00a0
195,980 \u00a0
Currency contracts etc. \u00a0
-
110,250 \u00a0
851 \u00a0
111,101 \u00a0
Trading portfolio bonds \u00a0
168,031 \u00a0
9,532 \u00a0
-
177,563 \u00a0
Trading portfolio shares \u00a0
18,785 \u00a0
-
119 \u00a0
18,904 \u00a0
Investment securities, bonds \u00a0
100,554 \u00a0
27,470 \u00a0
-
128,023 \u00a0
Investment securities, shares \u00a0
-
-
493 \u00a0
493 \u00a0
Loans at fair value \u00a0
-
928,239 \u00a0
-
928,239 \u00a0
Assets under pooled schemes and investment contracts \u00a0
70,900 \u00a0
-
-
70,900 \u00a0
Insurance assets, bonds \u00a0
189,297 \u00a0
22,318 \u00a0
2,458 \u00a0
214,073 \u00a0
Danish mortgage bonds \u00a0
92,182 \u00a0
10,865 \u00a0
334 \u00a0
103,381 \u00a0
Other covered bonds \u00a0
97,115 \u00a0
11,453 \u00a0
2,124 \u00a0
110,692 \u00a0
Insurance assets, shares \u00a0
153,310 \u00a0
5,121 \u00a0
34,755 \u00a0
193,186 \u00a0
Insurance assets, derivatives \u00a0
141 \u00a0
52,436 \u00a0
911 \u00a0
53,488 \u00a0
Total \u00a0
707,741 \u00a0
1,436,594 \u00a0
40,601 \u00a0
2,184,935 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
85,548 \u00a0
-
85,548 \u00a0
Derivatives \u00a0
7,360 \u00a0
316,021 \u00a0
1,604 \u00a0
324,985 \u00a0
Interest rate contracts \u00a0
7,360 \u00a0
188,102 \u00a0
803 \u00a0
196,265 \u00a0
Currency contracts etc. \u00a0
-
127,919 \u00a0
801 \u00a0
128,720 \u00a0
Obligations to repurchase securities \u00a0
111,657 \u00a0
1,853 \u00a0
59 \u00a0
113,569 \u00a0
Deposits \u00a0
-
120,213 \u00a0
-
120,213 \u00a0
Issued bonds at fair value \u00a0
748,780 \u00a0
-
-
748,780 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
71,253 \u00a0
-
71,253 \u00a0
Insurance liabilities** \u00a0
58,976 \u00a0
1,160 \u00a0
60,136 \u00a0
Total \u00a0
867,797 \u00a0
653,864 \u00a0
2,823 \u00a0
1,524,483 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
G33. Fair value information for financial instruments \u2013 continued \u00a0
If, at the balance sheet date, a financial instrument\u2019s classification differs from its classification at the beginning of the year, the classification \u00a0
of the instrument changes. Changes are considered to have taken place at the balance sheet date. Developments in the financial markets have \u00a0
resulted in reclassifications between the categories. Some bonds have become illiquid and have therefore been moved from the Quoted prices \u00a0
to the Observable input category, while other bonds have instead become liquid and have been moved from the Observable input to the Quoted \u00a0
prices category. \u00a0
Valuation techniques \u00a0
The most frequently used valuation techniques include the pricing of transactions with future settlement and swap models that apply present \u00a0
value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control environment, \u00a0
valuation models are validated by units that are independent of the business units that develop the models and trade in the products covered \u00a0
by the models. Validation is made to test the implementation, quality and operating stability of models to ensure that the models can be used \u00a0
for pricing and risk management of financial products. \u00a0
Loans granted and bonds issued by Realkredit Danmark are recognised at the fair value of the issued bonds (the quoted price in an active \u00a0
market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further in note G16. \u00a0
The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves for the full duration of \u00a0
the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable input as well as assumptions about \u00a0
the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance with the International Private Equity and \u00a0
Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting Standards. IPEV guides the calculation of the estimated \u00a0
fair value of unlisted shares as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between \u00a0
market participants at the measurement date. Valuation methods include discounted cash flow models and pricing based on a multiple of \u00a0
earnings or equity. \u00a0
Fair value adjustments \u00a0
Management estimates underlie the valuation of financial instruments for which the value is based on valuation techniques. The Group makes \u00a0
fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer spreads on the net \u00a0
open position of portfolios with offsetting market risk, and model risk on level 3 derivatives. \u00a0
Credit value adjustment (CVA) and funding value adjustment (FVA and ColVA) \u00a0
The Group makes a fair value adjustment to cover the counterparty credit risk on derivatives with a positive fair value (CVA). For a given \u00a0
counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive exposure (EPE) \u00a0
and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with counterparties in the \u00a0
Scandinavian market. \u00a0
The PDs used in the CVA model are derived from single name liquid credit default swap (CDS). If this is not available, the PDs are derived using \u00a0
proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive exposures to the \u00a0
counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. For the calculation of LGD, \u00a0
the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the expected credit loss impairment, CVA is \u00a0
calculated as if the derivatives were loans subject to impairment because of credit losses. \u00a0
A fair value adjustment for derivatives to cover expected funding costs (FVA and ColVA) is calculated. FVA primarily arises from the cost or \u00a0
benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected future exposures. \u00a0
ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a function of expected collateral \u00a0
balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2024, CVA, FVA and ColVA came to a net amount of DKK 173 million (2023: DKK 153 million), including the adjustment for credit \u00a0
risk on derivatives in stage 3. \u00a0
Bid-offer spread \u00a0
For portfolios of assets and liabilities with offsetting market risk, the Group bases its measurement of the portfolios on mid-market prices and \u00a0
makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the end of 2024, these \u00a0
fair value adjustments totalled DKK 106 million (2023: DKK 138 million). \u00a0
Model risk \u00a0
To account for the uncertainty associated with measuring the value of derivatives on the basis of non-observable input (level 3 in the fair value \u00a0
hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an ongoing basis. At the \u00a0
end of 2024, the reserve totalled DKK 1 million (2023: DKK 1 million). \u00a0
Amortisation of initial margin \u00a0
If, at the time of acquisition, a difference arises between the model value of a financial instrument, calculated on the basis of non-observable \u00a0
input and actual cost (day-one profit or loss), and the difference is not the result of transaction costs, the Group adjusts model parameters to \u00a0
actual cost to take the initial margin into account. Accordingly, the valuation of derivatives includes amortisation of the value of initial margins \u00a0
over the remaining term to maturity. The initial margins relate to elements not covered by the above CVA and FVA adjustments, such as future \u00a0
administrative expenses and capital consumption. At 31 December 2024, the value of unamortised initial margins was DKK 1,229 million \u00a0
(2023: DKK 1,176 million). \u00a0
Amortisation of initial margin \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Unamortised initial margins at 1 January \u00a0
1,176 \u00a0
1,101 \u00a0
Amortised to the income statement during the year \u00a0
-455 \u00a0
-342 \u00a0
Initial margins on new derivatives contracts \u00a0
608 \u00a0
596 \u00a0
Terminated derivatives contracts \u00a0
-100 \u00a0
-179 \u00a0
Unamortised initial margins as at 31 December \u00a0
1,229 \u00a0
1,176 \u00a0
G33. Fair value information for financial instruments \u2013 continued \u00a0
The tables below shows financial instruments valued on the basis of non-observable input. \u00a0
Financial instruments valued on the basis of unobservable input \u00a0
Sensitivity (change in fair value) \u00a0
Gains/losses for the period \u00a0
Carrying \u00a0
(DKK millions) \u00a0
amount \u00a0
Increase \u00a0
Decrease \u00a0
Realised \u00a0
Unrealised \u00a0
31 December 2024 \u00a0
Unlisted shares allocated to insurance contract policyholders \u00a0
36,911 \u00a0
-
-
2,189 \u00a0
-10 \u00a0
Unlisted shares other \u00a0
640 \u00a0
64 \u00a0
64 \u00a0
98 \u00a0
-3 \u00a0
Illiquid bonds \u00a0
2,103 \u00a0
32 \u00a0
32 \u00a0
-
-1,398 \u00a0
Derivatives, net fair value \u00a0
1,171 \u00a0
-
-
-
615 \u00a0
31 December 2023* \u00a0
Unlisted shares allocated to insurance contract policyholders \u00a0
34,755 \u00a0
-
-
522 \u00a0
-522 \u00a0
Unlisted shares other \u00a0
553 \u00a0
55 \u00a0
55 \u00a0
302 \u00a0
-160 \u00a0
Illiquid bonds \u00a0
2,458 \u00a0
56 \u00a0
56 \u00a0
2
-152 \u00a0
Derivatives, net fair value \u00a0
12 \u00a0
-
-
-
1,102 \u00a0
* The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
For unlisted shares allocated to insurance contract policyholders, the policyholders assume most of the risk on the shares. Therefore, changes \u00a0
in the fair value of those shares will only to a limited extent affect the Group\u2019s net profit. The Group\u2019s remaining portfolio of unlisted shares \u00a0
consists primarily of banking-related investments and holdings in private equity funds. The sensitivity of the fair value measurement to \u00a0
changes in the unobservable input disclosed in the table is calculated as a 10% increase or 10 % decrease in fair value. Under current market \u00a0
conditions, an additional 10 % decrease in the fair value is considered to be a conservative adjustment compared to the estimated unrealized \u00a0
fair value at the end of the period. The unrealised adjustments in 2024 were attributable to various unlisted shares. \u00a0
The estimated fair value of illiquid bonds depends significantly on the estimated credit spread. In the table, the sensitivity of the fair value \u00a0
measurement to changes in non-observable input is calculated as a 50bps widening or narrowing of the credit spread. \u00a0
A substantial number of derivatives valued on the basis of non-observable input are hedged by similar derivatives or are used for hedging the \u00a0
credit risk on bonds also valued on the basis of non-observable input. Changing one or more of the non-observable inputs to reflect reasonable, \u00a0
possible alternative assumptions would not change the fair value of the derivatives significantly above what is already covered by the reserve \u00a0
related to fair value adjustment for model risk. \u00a0
Shares, bonds and derivatives valued on the basis of non-observable input \u00a0
Reconciliation from beginning to end of period \u00a0
31 December 2024 \u00a0
31 December 2023* \u00a0
(DKK millions) \u00a0
Shares \u00a0
Bonds \u00a0
Derivatives \u00a0
Shares \u00a0
Bonds \u00a0
Derivatives \u00a0
Fair value at 1 January \u00a0
35,308 \u00a0
2,458 \u00a0
12 \u00a0
48,292 \u00a0
3,369 \u00a0
-1,084 \u00a0
Value adjustment through profit or loss \u00a0
2,274 \u00a0
-1,398 \u00a0
615 \u00a0
142 \u00a0
-150 \u00a0
1,102 \u00a0
Acquisitions \u00a0
3,658 \u00a0
372 \u00a0
707 \u00a0
3,152 \u00a0
161 \u00a0
-250 \u00a0
Sale and redemption \u00a0
-3,856 \u00a0
-21 \u00a0
-105 \u00a0
-16,278 \u00a0
-922 \u00a0
-125 \u00a0
Transferred from quoted prices and observable input \u00a0
167 \u00a0
692 \u00a0
-
-
-
295 \u00a0
Transferred to quoted prices and observable input \u00a0
-
-
-58 \u00a0
-
-
74 \u00a0
Fair value end of period \u00a0
37,551 \u00a0
2,103 \u00a0
1,171 \u00a0
35,308 \u00a0
2,458 \u00a0
12 \u00a0
* The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
The value adjustment through profit or loss is recognised under Net trading income or loss. The transfer of derivatives to the Observable input \u00a0
category consists primarily of maturity reductions, implying that the yield curves have become observable. \u00a0
(b) Financial instruments at amortised cost \u00a0
In this section, the fair value of financial instruments recognised at amortised cost is presented. The fair value is based on quoted market \u00a0
prices, if available. If quoted prices are not available, the value is approximated to reflect the price that would have been fixed had the terms \u00a0
been agreed at the balance sheet date. \u00a0
The fair values disclosed below are determined on the basis of the following principles: \u00a0
Investment securities (bonds classified as hold-to-collect), other issued bonds and subordinated debt \u00a0
Quoted prices in an active market exist for a significant part of these financial instruments. If quoted prices in an active market do not exist, the \u00a0
Group uses an estimate of the current return required by the market to estimate the fair value. \u00a0
Other financial instruments \u00a0
The determination of the fair value of financial instruments recognised at amortised cost is based on the following preconditions relating to \u00a0
interest rate risk: \u00a0
\u2022
For a significant number of the Group\u2019s deposits and loans, the interest rate depends on the standard variable rate fixed by the Group. The \u00a0
rate is adjusted only upon certain changes in market conditions. Such deposits and loans are considered to carry interest at a variable rate, \u00a0
as the standard variable rate fixed by the Group at any time applies to both new and existing arrangements. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1749": { "value": "
(d) Reporting on the ESEF Regulation \u00a0
The Commission\u2019s Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) requires a special digital \u00a0
reporting format for annual report for publicly listed entities. The ESEF Regulation includes requirements related to the preparation of the \u00a0
annual report in XHTML format and iXBRL tagging of the consolidated financial statements key elements including Income statement, \u00a0
Statement of comprehensive income, Balance sheet, Statement of capital, Cash flow statement and notes. \u00a0
Danske Bank Group\u2019s iXBRL tagging is prepared in accordance the ESEF taxonomy which is included in the appendices of the ESEF Regulation \u00a0
and is developed based on the IFRS taxonomy that is published by IFRS Foundation. For the annual report for 2024, the ESEF Taxonomy for \u00a0
2022 has been applied. \u00a0
The account balances in the consolidated financial statement is XBRL tagged to the elements in the ESEF Regulation that is assessed to \u00a0
correspond to the content of the account balances. For account balances that are assessed not to be covered by the account balances defined \u00a0
in the ESEF taxonomy, the Group has incorporated entity specific extensions to the taxonomy. These extensions are \u2013 except subtotals \u2013 \u00a0
embedded in the elements in the ESEF Taxonomy. The annual report comprises \u2013 in accordance with the requirements of the ESEF Regulation \u2013 \u00a0
of a zip-file DanskeBank-2024-12-31-0-en.zip, that includes an XHTML-file, that can be opened with standard web browsers and a number of \u00a0
technical XBRL files that make automated extracts of the incorporated XBRL data possible. \u00a0
G2. Changes in accounting policies and presentation \u00a0
(a) Changes in accounting policies \u00a0
With effect from 1 January 2024, the Group has changed the presentation in the IFRS Income statement in relation to income and expenses in \u00a0
Markets, Operating leases and margins on customer transactions in foreign currencies. At the same time, the Group\u2019s Financial highlights have \u00a0
been changed to align them with the IFRS financial statements. See note G3 for changes in the Financial highlights. The changes in presentation \u00a0
have been applied retrospectively, resulting in reclassifications between lines in the IFRS Income statement as described below: \u00a0
Markets (part of Large Corporates & Institutions) and Group Treasury (part of Group Functions) \u00a0
Under IFRS 9, the financial assets in Markets are mandatorily measured at fair value through profit or loss (FVPL) due to having a business \u00a0
model that is neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d. The Group has aligned presentation of income in Markets with its business \u00a0
model; as such, all interest income and expenses in Markets (including interest on the net funding of operations in Markets) have been changed \u00a0
to be presented as Net trading income, except any fixed income from customer transactions (presented as interest or fee income depending on \u00a0
the customer agreement). \u00a0
Group Treasury holds portfolios of financial assets with the business model \u201chold to collect\u201d, \u201chold to collect and sell\u201d and \u201cother\u201d under IFRS 9 \u00a0
within Internal Bank and financial assets mandatorily measured at fair value through profit or loss (FVPL) outside Internal Bank. To align the \u00a0
income in Group Treasury with its business models, all income at Internal Bank remains presented by the type of income, whereas all other \u00a0
income in Group Treasury (including interest on the net funding of investments in Group Treasury) is presented as Net trading income. \u00a0
Operating leases \u00a0
Under IFRS Accounting Standards, gains or losses on the sale of operating lease assets (excluding properties) is to be presented on a gross \u00a0
basis if an entity routinely sells items of property, plant and equipment that have been held for rental purposes as part of its ordinary activities. \u00a0
The Group has assessed that, although it does sell operating lease assets (primarily leased cars) that have previously been held for rental, this \u00a0
is not a primary activity of the Group. Therefore gains and losses on the sale of operating lease activities have been changed in 2024 to be \u00a0
presented on a net basis in the IFRS income statement. This results in the income from lease assets sold in 2023 being reclassified from Other \u00a0
income to Operating expenses. \u00a0
Margins on customer transactions in foreign currencies \u00a0
The Group has changed the presentation of its fixed margin on customer transactions in foreign currencies from Net trading income to Fee \u00a0
income, because it is a fee in substance. This income in 2023 has been reclassified. \u00a0
The following table shows the impact of the alignment on the IFRS income statement for full-year 2023 \u00a0
Margins on \u00a0
customer \u00a0
transactions in \u00a0
Markets and \u00a0
Operating \u00a0
foreign \u00a0
Restated Full \u00a0
(DKK millions) \u00a0
Full year 2023\u00a0Group Treasury \u00a0
leases \u00a0
currencies \u00a0
year 2023 \u00a0
Interest income calculated using the effective interest method \u00a0
60,842 \u00a0
-1,073 \u00a0
-
-
59,770 \u00a0
Other interest income \u00a0
18,752 \u00a0
-2,465 \u00a0
-
-
16,287 \u00a0
Interest expense \u00a0
47,325 \u00a0
-6,241 \u00a0
-
-
41,085 \u00a0
Net interest income from banking activities \u00a0
32,269 \u00a0
2,704 \u00a0
-
-
34,972 \u00a0
Fee income \u00a0
16,111 \u00a0
-52 \u00a0
-
1,049 \u00a0
17,108 \u00a0
Fee expenses \u00a0
4,481 \u00a0
-278 \u00a0
-
-
4,203 \u00a0
Net fee income \u00a0
11,630 \u00a0
225 \u00a0
-
1,049 \u00a0
12,904 \u00a0
Net trading income or loss \u00a0
6,590 \u00a0
-2,928 \u00a0
-
-1,049 \u00a0
2,613 \u00a0
Insurance revenue \u00a0
5,735 \u00a0
-
-
-
5,735 \u00a0
Insurance service expenses \u00a0
5,094 \u00a0
-
-
-
5,094 \u00a0
Net return on investments backing insurance liabilities \u00a0
35,228 \u00a0
-
-
-
35,228 \u00a0
Net finance income or expense from insurance \u00a0
-34,613 \u00a0
-
-
-
-34,613 \u00a0
Other insurance related income \u00a0
216 \u00a0
-
-
-
216 \u00a0
Net insurance result \u00a0
1,472 \u00a0
-
-
-
1,472 \u00a0
Gain or loss on sale of disposal groups \u00a0
-555 \u00a0
-
-
-
-555 \u00a0
Other income \u00a0
4,446 \u00a0
-
-3,431 \u00a0
-
1,015 \u00a0
Total other income \u00a0
3,891 \u00a0
-
-3,431 \u00a0
-
460 \u00a0
Total income \u00a0
55,852 \u00a0
-
-3,431 \u00a0
-
52,422 \u00a0
Operating expenses \u00a0
28,908 \u00a0
-
-3,431 \u00a0
-
25,478 \u00a0
Profit before loan impairment charges \u00a0
26,944 \u00a0
-
-
-
26,944 \u00a0
Loan impairment charges \u00a0
262 \u00a0
-
-
-
262 \u00a0
Profit before tax \u00a0
26,682 \u00a0
-
-
-
26,682 \u00a0
Tax \u00a0
5,420 \u00a0
-
-
-
5,420 \u00a0
Net profit \u00a0
21,262 \u00a0
-
-
-
21,262 \u00a0
Amendment to IFRS 16, Leases \u00a0
The amendment to IFRS 16 clarifies how a seller-lessee should apply subsequent measurement requirements in IFRS 16 to the lease liability \u00a0
that arises in a sale and leaseback transaction. The seller-lessee must measure the lease liabilities arising from the leaseback transactions \u00a0
such that it does not recognise any gain or loss that relates to the right of use it retains. The amendment has no impact on the financial \u00a0
statements. \u00a0
G2. Changes in accounting policies and presentation - continued \u00a0
Amendment to IAS 1, Presentation of financial statements \u00a0
The first amendment to IAS 1 provides a more general approach to classifying liabilities as current or non-current, based on the contractual \u00a0
arrangements in place at the reporting date, rather than based on whether management intends to exercise a right to defer the settlement of \u00a0
the liability. In addition, this amendment clarifies how conditions with which an entity must comply within twelve months after the reporting \u00a0
period affect the classification of a liability. \u00a0
The second amendment clarifies that only covenants with which an entity must comply on or before the reporting date affect the classification \u00a0
of the liability as current or non-current. In addition, an entity must disclose information in the notes that enables users of the financial \u00a0
statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months. \u00a0
The amendments have no impact on the financial statements. \u00a0
Amendment to IAS 7, Statement of cash flows, and IFRS 7, Financial instruments: disclosures \u00a0
The amendments to IAS 7 and IFRS 7 requires entities to provide additional disclosures about supplier finance arrangements, in order to assess \u00a0
how the arrangements affect the entity\u2019s liabilities and cash flows, and to allow users of the financial statements to understand the effect of \u00a0
supplier finance arrangements on the exposure to liquidity risk, and how the entity may be affected if it no longer has access to the \u00a0
arrangements. The amendments have no impact on the financial statements. \u00a0
G2(b) Change in accounting treatment for variation margin for derivative transactions \u00a0
During 2024 the Group changed its accounting treatment for some interest rate swaps to reflect the Group\u2019s updated understanding of the \u00a0
application of a legal framework in relation to variation margin for transactions cleared on London House Clearnet and EUREX. Previously, the \u00a0
outstanding mark-to-market on derivatives was considered pledged collateral that needed to be repaid. However the outstanding mark-to- \u00a0
market on derivatives is instead treated as a final settlement of the exposure. This change has been applied retrospectively, and thus requires \u00a0
an adjustment to balances in comparative periods for Trading portfolio assets, Loans at amortised cost, Trading portfolio liabilities and \u00a0
Deposits to reflect the treatment under the new framework. \u00a0
The total adjustment to Loans at amortised cost and Trading portfolio assets as at 31 December 2023 is a decrease of DKK 42 billion, and the \u00a0
total adjustment to Deposits and Trading portfolio liabilities as at 31 December 2023 is a decrease of DKK 42 billion. \u00a0
The adjustments have no impact on net profit nor equity in 2023 or 2022. \u00a0
The comparative figures in the Balance sheet, Cash flow statement and relevant notes show restated amounts for 2023. \u00a0
In the Cash flow statement, 2023 comparatives have been restated for Trading portfolio, Loans at amortised cost and fair value and Deposits \u00a0
(all part of Cash flows from operations). The remaining lines in the Cash flow statements have not been affected by the change, and therefore \u00a0
have not been restated. Similarly, there is no change to Cash and cash equivalents at the end of 2023. \u00a0
In the notes, all line items related to Loans at amortised cost, derivatives and Deposits have been restated as at 31 December 2023 in the \u00a0
following notes: G3, G12, G15, G20, G28, G29, G33 and G40. \u00a0
In the financial statements for Danske Bank A/S, line items related to Loans at amortised cost, Other assets (derivatives), Other liabilities \u00a0
(derivatives) and Deposits have been restated as at 31 December 2023 in the following notes: P11, P19, P21, P23. \u00a0
The following table shows the impact on the affected Balance sheet line items as at 1 January 2023 and as at 31 December 2023. Line items \u00a0
not included below have not been impacted by the change in presentation. \u00a0
G2. Changes in accounting policies and presentation - continued \u00a0
(DKK millions) \u00a0
31 December 2022 \u00a0
Adjustment \u00a0
1 January 2023 \u00a0
Assets \u00a0
Trading portfolio assets \u00a0
638,799 \u00a0
-38,954 \u00a0
599,845 \u00a0
Loans at amortised cost \u00a0
1,082,818 \u00a0
-5,542 \u00a0
1,077,276 \u00a0
Total assets \u00a0
3,790,556 \u00a0
-44,497 \u00a0
3,746,059 \u00a0
Liabilities \u00a0
Trading portfolio liabilities \u00a0
554,321 \u00a0
-22,110 \u00a0
532,211 \u00a0
Deposits \u00a0
1,262,293 \u00a0
-22,387 \u00a0
1,239,906 \u00a0
Total liabilities \u00a0
3,630,278 \u00a0
-44,497 \u00a0
3,585,781 \u00a0
Total equity \u00a0
160,278 \u00a0
-
160,278 \u00a0
Total liabilities and equity \u00a0
3,790,556 \u00a0
-44,497 \u00a0
3,746,059 \u00a0
(DKK millions) \u00a0
31 December 2023 \u00a0
Adjustment Restated\u00a031 December 2023 \u00a0
Assets \u00a0
Trading portfolio assets \u00a0
548,189 \u00a0
-44,641 \u00a0
503,548 \u00a0
Loans at amortised cost \u00a0
918,628 \u00a0
2,952 \u00a0
921,580 \u00a0
Total assets \u00a0
3,770,981 \u00a0
-41,689 \u00a0
3,729,292 \u00a0
Liabilities \u00a0
Trading portfolio liabilities \u00a0
454,487 \u00a0
-15,933 \u00a0
438,553 \u00a0
Deposits \u00a0
1,222,203 \u00a0
-25,756 \u00a0
1,196,447 \u00a0
Total liabilities \u00a0
3,595,242 \u00a0
-41,689 \u00a0
3,553,552 \u00a0
Total equity \u00a0
175,739 \u00a0
-
175,739 \u00a0
Total liabilities and equity \u00a0
3,770,981 \u00a0
-41,689 \u00a0
3,729,292 \u00a0
(c) Standards and interpretations not yet in force \u00a0
The International Accounting Standards Board (IASB) has issued two new standards (IFRS 18; IFRS 19) and amendments to existing \u00a0
international accounting standards (IFRS 7, IFRS 9, IAS 21) that are not yet in force. \u00a0
IFRS 18, Presentation and disclosure in financial statements \u00a0
IFRS 18 was issued in 2024 to improve reporting of financial performance by introducing new requirements for the Income statement and \u00a0
disclosures for management-defined performance measures. IFRS 18 will replace IAS 1 and is effective for periods beginning on or after 1 \u00a0
January 2027. \u00a0
IFRS 18 will have no impact on the Bank\u2019s net profit or equity on implementation. At time of writing, the Group is assessing the impact on the \u00a0
presentation of the Income statement and disclosure of management-defined performance measures. \u00a0
Amendment to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: disclosures \u00a0
The amendments to IFRS 9 and IFRS 7 clarifies requirements in relation to settling financial liabilities using an electronic payment system, \u00a0
assessing contractual cash flows of financial assets in respect of contingent events, disclosures relating to investments in equity instruments \u00a0
designated at FVOCI and disclosures for financial instruments with contingent features. The amendment is effective from 1 January 2026. \u00a0
The amendment regarding contractual cash flows is most relevant for the Group\u2019s loans with ESG features that are measured at amortised \u00a0
cost. To remain classified as amortised cost, the contractual cash flows before and after the triggering event (for example, meeting a \u00a0
contractually specified target) must pass the SPPI test, and the cash flows should not be significantly different from similar instruments \u00a0
without the contingent features. At time of writing, this amendment is not expected to have a material impact on the classification and \u00a0
measurement of financial instruments, however there will need to be more disclosures for financial instruments with contingent features. \u00a0
Other \u00a0
IFRS 19, Subsidiaries without public accountability: disclosures, amendments to IAS 21 and other amendments to IFRS 7 and IFRS 9 issued by \u00a0
IASB are not expected to materially impact the Bank\u2019s financial statements \u00a0
Accounting policy \u00a0
For balances due from credit institutions in the Group\u2019s banking units (Personal & Business Customers, General Banking in Large \u00a0
Corporates & Institutions and Northern Ireland), the business model is \u2018hold to collect\u2019. As the contractual cash flows \u00a0
represent basic lending feature, these balances are measured at amortised cost. For further information on the accounting policy etc., \u00a0
see note G15. \u00a0
For balances due from credit institutions and central banks in the Group\u2019s trading units (Markets in Large Corporates & Institutions) the \u00a0
business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and these balances are mandatorily recognised at fair value \u00a0
through profit or loss. For further information on the accounting policy, see note G16. \u00a0
Accounting policy \u00a0
Issued bonds, both senior, non-preferred senior and subordinated bonds, are at initial recognition measured at fair value less \u00a0
transaction costs and subsequently measured at amortised cost plus the fair value of the hedged interest rate risk. Interest expense is \u00a0
recognised according to the effective interest rate method, including amortisation of any difference between the amount received on \u00a0
issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital under the \u00a0
Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily or converted into \u00a0
a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert into a variable number of \u00a0
ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are accounted for as equity. For liability \u00a0
accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds are accounted for as liabilities in their \u00a0
entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for example an \u00a0
equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading portfolio. \u00a0
Accounting policy \u00a0
Equity is the residual interest in recognised assets after deduction of recognised liabilities. In this context, the following items are of \u00a0
particular interest: \u00a0
Own shares \u00a0
Amounts received or paid for the Group\u2019s sale or purchase of Danske Bank shares that are neither held on behalf of customers or are \u00a0
underlying items of insurance contracts with direct participation features are recognised directly in equity under transactions with \u00a0
owners. The same applies to premiums received or paid for derivatives entailing settlement in own shares. A capital reduction by \u00a0
cancellation of own shares will lower the share capital by an amount equal to the nominal value of the shares at the time of registration \u00a0
of the capital reduction. \u00a0
With effect from 1 January 2023 the Group has elected to not deduct from equity own shares that are held on behalf of customers or \u00a0
those that are underlying items of insurance contracts with direct participation features. \u00a0
Accounting policy \u00a0
Assets and liabilities are offset when the Group and the counterparty have a legally enforceable right to offset recognised amounts and \u00a0
have agreed to settle the balances on a net basis or to realise the asset and settle the liability simultaneously. Positive and negative fair \u00a0
values of derivatives with the same counterparty are offset if the Group has agreed with the counterparty to settle contractual cash flows \u00a0
net and to make cash payments or provide collateral on a daily basis to cover changes in the fair value of the derivative position. Master \u00a0
netting agreements or similar agreements give the right to additional offsetting in the event of default. Such agreements reduce the \u00a0
exposure further in the event of default, but do not qualify for offsetting in accordance with IFRS Accounting Standards. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1754": { "value": "
G2. Changes in accounting policies and presentation \u00a0
(a) Changes in accounting policies \u00a0
With effect from 1 January 2024, the Group has changed the presentation in the IFRS Income statement in relation to income and expenses in \u00a0
Markets, Operating leases and margins on customer transactions in foreign currencies. At the same time, the Group\u2019s Financial highlights have \u00a0
been changed to align them with the IFRS financial statements. See note G3 for changes in the Financial highlights. The changes in presentation \u00a0
have been applied retrospectively, resulting in reclassifications between lines in the IFRS Income statement as described below: \u00a0
Markets (part of Large Corporates & Institutions) and Group Treasury (part of Group Functions) \u00a0
Under IFRS 9, the financial assets in Markets are mandatorily measured at fair value through profit or loss (FVPL) due to having a business \u00a0
model that is neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d. The Group has aligned presentation of income in Markets with its business \u00a0
model; as such, all interest income and expenses in Markets (including interest on the net funding of operations in Markets) have been changed \u00a0
to be presented as Net trading income, except any fixed income from customer transactions (presented as interest or fee income depending on \u00a0
the customer agreement). \u00a0
Group Treasury holds portfolios of financial assets with the business model \u201chold to collect\u201d, \u201chold to collect and sell\u201d and \u201cother\u201d under IFRS 9 \u00a0
within Internal Bank and financial assets mandatorily measured at fair value through profit or loss (FVPL) outside Internal Bank. To align the \u00a0
income in Group Treasury with its business models, all income at Internal Bank remains presented by the type of income, whereas all other \u00a0
income in Group Treasury (including interest on the net funding of investments in Group Treasury) is presented as Net trading income. \u00a0
Operating leases \u00a0
Under IFRS Accounting Standards, gains or losses on the sale of operating lease assets (excluding properties) is to be presented on a gross \u00a0
basis if an entity routinely sells items of property, plant and equipment that have been held for rental purposes as part of its ordinary activities. \u00a0
The Group has assessed that, although it does sell operating lease assets (primarily leased cars) that have previously been held for rental, this \u00a0
is not a primary activity of the Group. Therefore gains and losses on the sale of operating lease activities have been changed in 2024 to be \u00a0
presented on a net basis in the IFRS income statement. This results in the income from lease assets sold in 2023 being reclassified from Other \u00a0
income to Operating expenses. \u00a0
Margins on customer transactions in foreign currencies \u00a0
The Group has changed the presentation of its fixed margin on customer transactions in foreign currencies from Net trading income to Fee \u00a0
income, because it is a fee in substance. This income in 2023 has been reclassified. \u00a0
The following table shows the impact of the alignment on the IFRS income statement for full-year 2023 \u00a0
Margins on \u00a0
customer \u00a0
transactions in \u00a0
Markets and \u00a0
Operating \u00a0
foreign \u00a0
Restated Full \u00a0
(DKK millions) \u00a0
Full year 2023\u00a0Group Treasury \u00a0
leases \u00a0
currencies \u00a0
year 2023 \u00a0
Interest income calculated using the effective interest method \u00a0
60,842 \u00a0
-1,073 \u00a0
-
-
59,770 \u00a0
Other interest income \u00a0
18,752 \u00a0
-2,465 \u00a0
-
-
16,287 \u00a0
Interest expense \u00a0
47,325 \u00a0
-6,241 \u00a0
-
-
41,085 \u00a0
Net interest income from banking activities \u00a0
32,269 \u00a0
2,704 \u00a0
-
-
34,972 \u00a0
Fee income \u00a0
16,111 \u00a0
-52 \u00a0
-
1,049 \u00a0
17,108 \u00a0
Fee expenses \u00a0
4,481 \u00a0
-278 \u00a0
-
-
4,203 \u00a0
Net fee income \u00a0
11,630 \u00a0
225 \u00a0
-
1,049 \u00a0
12,904 \u00a0
Net trading income or loss \u00a0
6,590 \u00a0
-2,928 \u00a0
-
-1,049 \u00a0
2,613 \u00a0
Insurance revenue \u00a0
5,735 \u00a0
-
-
-
5,735 \u00a0
Insurance service expenses \u00a0
5,094 \u00a0
-
-
-
5,094 \u00a0
Net return on investments backing insurance liabilities \u00a0
35,228 \u00a0
-
-
-
35,228 \u00a0
Net finance income or expense from insurance \u00a0
-34,613 \u00a0
-
-
-
-34,613 \u00a0
Other insurance related income \u00a0
216 \u00a0
-
-
-
216 \u00a0
Net insurance result \u00a0
1,472 \u00a0
-
-
-
1,472 \u00a0
Gain or loss on sale of disposal groups \u00a0
-555 \u00a0
-
-
-
-555 \u00a0
Other income \u00a0
4,446 \u00a0
-
-3,431 \u00a0
-
1,015 \u00a0
Total other income \u00a0
3,891 \u00a0
-
-3,431 \u00a0
-
460 \u00a0
Total income \u00a0
55,852 \u00a0
-
-3,431 \u00a0
-
52,422 \u00a0
Operating expenses \u00a0
28,908 \u00a0
-
-3,431 \u00a0
-
25,478 \u00a0
Profit before loan impairment charges \u00a0
26,944 \u00a0
-
-
-
26,944 \u00a0
Loan impairment charges \u00a0
262 \u00a0
-
-
-
262 \u00a0
Profit before tax \u00a0
26,682 \u00a0
-
-
-
26,682 \u00a0
Tax \u00a0
5,420 \u00a0
-
-
-
5,420 \u00a0
Net profit \u00a0
21,262 \u00a0
-
-
-
21,262 \u00a0
Amendment to IFRS 16, Leases \u00a0
The amendment to IFRS 16 clarifies how a seller-lessee should apply subsequent measurement requirements in IFRS 16 to the lease liability \u00a0
that arises in a sale and leaseback transaction. The seller-lessee must measure the lease liabilities arising from the leaseback transactions \u00a0
such that it does not recognise any gain or loss that relates to the right of use it retains. The amendment has no impact on the financial \u00a0
statements. \u00a0
G2. Changes in accounting policies and presentation - continued \u00a0
Amendment to IAS 1, Presentation of financial statements \u00a0
The first amendment to IAS 1 provides a more general approach to classifying liabilities as current or non-current, based on the contractual \u00a0
arrangements in place at the reporting date, rather than based on whether management intends to exercise a right to defer the settlement of \u00a0
the liability. In addition, this amendment clarifies how conditions with which an entity must comply within twelve months after the reporting \u00a0
period affect the classification of a liability. \u00a0
The second amendment clarifies that only covenants with which an entity must comply on or before the reporting date affect the classification \u00a0
of the liability as current or non-current. In addition, an entity must disclose information in the notes that enables users of the financial \u00a0
statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months. \u00a0
The amendments have no impact on the financial statements. \u00a0
Amendment to IAS 7, Statement of cash flows, and IFRS 7, Financial instruments: disclosures \u00a0
The amendments to IAS 7 and IFRS 7 requires entities to provide additional disclosures about supplier finance arrangements, in order to assess \u00a0
how the arrangements affect the entity\u2019s liabilities and cash flows, and to allow users of the financial statements to understand the effect of \u00a0
supplier finance arrangements on the exposure to liquidity risk, and how the entity may be affected if it no longer has access to the \u00a0
arrangements. The amendments have no impact on the financial statements. \u00a0
G2(b) Change in accounting treatment for variation margin for derivative transactions \u00a0
During 2024 the Group changed its accounting treatment for some interest rate swaps to reflect the Group\u2019s updated understanding of the \u00a0
application of a legal framework in relation to variation margin for transactions cleared on London House Clearnet and EUREX. Previously, the \u00a0
outstanding mark-to-market on derivatives was considered pledged collateral that needed to be repaid. However the outstanding mark-to- \u00a0
market on derivatives is instead treated as a final settlement of the exposure. This change has been applied retrospectively, and thus requires \u00a0
an adjustment to balances in comparative periods for Trading portfolio assets, Loans at amortised cost, Trading portfolio liabilities and \u00a0
Deposits to reflect the treatment under the new framework. \u00a0
The total adjustment to Loans at amortised cost and Trading portfolio assets as at 31 December 2023 is a decrease of DKK 42 billion, and the \u00a0
total adjustment to Deposits and Trading portfolio liabilities as at 31 December 2023 is a decrease of DKK 42 billion. \u00a0
The adjustments have no impact on net profit nor equity in 2023 or 2022. \u00a0
The comparative figures in the Balance sheet, Cash flow statement and relevant notes show restated amounts for 2023. \u00a0
In the Cash flow statement, 2023 comparatives have been restated for Trading portfolio, Loans at amortised cost and fair value and Deposits \u00a0
(all part of Cash flows from operations). The remaining lines in the Cash flow statements have not been affected by the change, and therefore \u00a0
have not been restated. Similarly, there is no change to Cash and cash equivalents at the end of 2023. \u00a0
In the notes, all line items related to Loans at amortised cost, derivatives and Deposits have been restated as at 31 December 2023 in the \u00a0
following notes: G3, G12, G15, G20, G28, G29, G33 and G40. \u00a0
In the financial statements for Danske Bank A/S, line items related to Loans at amortised cost, Other assets (derivatives), Other liabilities \u00a0
(derivatives) and Deposits have been restated as at 31 December 2023 in the following notes: P11, P19, P21, P23. \u00a0
The following table shows the impact on the affected Balance sheet line items as at 1 January 2023 and as at 31 December 2023. Line items \u00a0
not included below have not been impacted by the change in presentation. \u00a0
G2. Changes in accounting policies and presentation - continued \u00a0
(DKK millions) \u00a0
31 December 2022 \u00a0
Adjustment \u00a0
1 January 2023 \u00a0
Assets \u00a0
Trading portfolio assets \u00a0
638,799 \u00a0
-38,954 \u00a0
599,845 \u00a0
Loans at amortised cost \u00a0
1,082,818 \u00a0
-5,542 \u00a0
1,077,276 \u00a0
Total assets \u00a0
3,790,556 \u00a0
-44,497 \u00a0
3,746,059 \u00a0
Liabilities \u00a0
Trading portfolio liabilities \u00a0
554,321 \u00a0
-22,110 \u00a0
532,211 \u00a0
Deposits \u00a0
1,262,293 \u00a0
-22,387 \u00a0
1,239,906 \u00a0
Total liabilities \u00a0
3,630,278 \u00a0
-44,497 \u00a0
3,585,781 \u00a0
Total equity \u00a0
160,278 \u00a0
-
160,278 \u00a0
Total liabilities and equity \u00a0
3,790,556 \u00a0
-44,497 \u00a0
3,746,059 \u00a0
(DKK millions) \u00a0
31 December 2023 \u00a0
Adjustment Restated\u00a031 December 2023 \u00a0
Assets \u00a0
Trading portfolio assets \u00a0
548,189 \u00a0
-44,641 \u00a0
503,548 \u00a0
Loans at amortised cost \u00a0
918,628 \u00a0
2,952 \u00a0
921,580 \u00a0
Total assets \u00a0
3,770,981 \u00a0
-41,689 \u00a0
3,729,292 \u00a0
Liabilities \u00a0
Trading portfolio liabilities \u00a0
454,487 \u00a0
-15,933 \u00a0
438,553 \u00a0
Deposits \u00a0
1,222,203 \u00a0
-25,756 \u00a0
1,196,447 \u00a0
Total liabilities \u00a0
3,595,242 \u00a0
-41,689 \u00a0
3,553,552 \u00a0
Total equity \u00a0
175,739 \u00a0
-
175,739 \u00a0
Total liabilities and equity \u00a0
3,770,981 \u00a0
-41,689 \u00a0
3,729,292 \u00a0
(c) Standards and interpretations not yet in force \u00a0
The International Accounting Standards Board (IASB) has issued two new standards (IFRS 18; IFRS 19) and amendments to existing \u00a0
international accounting standards (IFRS 7, IFRS 9, IAS 21) that are not yet in force. \u00a0
IFRS 18, Presentation and disclosure in financial statements \u00a0
IFRS 18 was issued in 2024 to improve reporting of financial performance by introducing new requirements for the Income statement and \u00a0
disclosures for management-defined performance measures. IFRS 18 will replace IAS 1 and is effective for periods beginning on or after 1 \u00a0
January 2027. \u00a0
IFRS 18 will have no impact on the Bank\u2019s net profit or equity on implementation. At time of writing, the Group is assessing the impact on the \u00a0
presentation of the Income statement and disclosure of management-defined performance measures. \u00a0
Amendment to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: disclosures \u00a0
The amendments to IFRS 9 and IFRS 7 clarifies requirements in relation to settling financial liabilities using an electronic payment system, \u00a0
assessing contractual cash flows of financial assets in respect of contingent events, disclosures relating to investments in equity instruments \u00a0
designated at FVOCI and disclosures for financial instruments with contingent features. The amendment is effective from 1 January 2026. \u00a0
The amendment regarding contractual cash flows is most relevant for the Group\u2019s loans with ESG features that are measured at amortised \u00a0
cost. To remain classified as amortised cost, the contractual cash flows before and after the triggering event (for example, meeting a \u00a0
contractually specified target) must pass the SPPI test, and the cash flows should not be significantly different from similar instruments \u00a0
without the contingent features. At time of writing, this amendment is not expected to have a material impact on the classification and \u00a0
measurement of financial instruments, however there will need to be more disclosures for financial instruments with contingent features. \u00a0
Other \u00a0
IFRS 19, Subsidiaries without public accountability: disclosures, amendments to IAS 21 and other amendments to IFRS 7 and IFRS 9 issued by \u00a0
IASB are not expected to materially impact the Bank\u2019s financial statements \u00a0
Changes in financial highlights and segment reporting \u00a0
With effect from 1 January 2024, the Group implemented the following changes to the Financial highlights in order to align with the IFRS \u00a0
financial statements: \u00a0
\u2022 Non-core has ceased to exist as a separate segment, and is now a sub-segment of Group Functions. Therefore income, expenses, assets and \u00a0
liabilities in the former Non-core segment have been reclassified to the relevant lines within Group Functions. \u00a0
\u2022 The presentation in the Financial Highlights\u2019 balance sheet of loans and deposits that are reported in the IFRS Balance sheet as Assets held for \u00a0
sale and Liabilities in disposal groups held for sale has been changed to be presented within Other assets and Other liabilities respectively. \u00a0
\u2022 Minor adjustments to Net interest income, Net fee income, Net trading income and Other income to align with IFRS reporting. The change in \u00a0
presentation of fixed margin on customer transactions in foreign currencies described in note G2(a) has also been applied to the Financial \u00a0
highlights, and reclassifies an amount of DKK 1,049 million from Net trading income to Fee income for 2023. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1819": { "value": "
Personal Customers serves personal customers and Private Banking customers in Denmark, Sweden, Norway and Finland. The personal \u00a0
customer business in Norway was sold during the fourth quarter of 2024. \u00a0
Business Customers serves small and medium-sized business customers across all markets, and includes the Group\u2019s Asset Finance \u00a0
operations. \u00a0
Large Corporates & Institutions serves large corporates and institutional customers across all Nordic markets. \u00a0
Danica specialises in pension schemes, life insurance policies and health insurance policies in Denmark. \u00a0
Northern Ireland serves personal, business and corporate in Northern Ireland. \u00a0
Group Functions encompasses Group Treasury, Group support functions, Non-core and eliminations, including the elimination of returns on \u00a0
own shares (that are held for trading) and issues. Group Treasury is responsible for the Group\u2019s liquidity management and funding. \u00a0
G3. Business segments \u2013 continued \u00a0
In the tables below, Net income from insurance business is equivalent to Net insurance result in the IFRS financial statements, and Other \u00a0
income is equivalent to Total other income in the IFRS financial statements. \u00a0
Business segments 2024 \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Danica \u00a0
Functions Eliminations \u00a0
Total \u00a0
Net interest income \u00a0
14,042 \u00a0
11,434 \u00a0
7,164 \u00a0
-
3,025 \u00a0
1,227 \u00a0
-195 \u00a0
36,697 \u00a0
Net fee income \u00a0
4,764 \u00a0
2,303 \u00a0
7,645 \u00a0
-
320 \u00a0
-345 \u00a0
224 \u00a0
14,912 \u00a0
Net trading income \u00a0
134 \u00a0
31 \u00a0
2,365 \u00a0
-
154 \u00a0
-2,145 \u00a0
2,129 \u00a0
2,668 \u00a0
Net income from insurance business \u00a0
-
-
-
1,387 \u00a0
-
-
-
1,387 \u00a0
Other income \u00a0
114 \u00a0
639 \u00a0
191 \u00a0
-
12 \u00a0
2,442 \u00a0
-2,659 \u00a0
741 \u00a0
Total income \u00a0
19,054 \u00a0
14,408 \u00a0
17,365 \u00a0
1,387 \u00a0
3,511 \u00a0
1,180 \u00a0
-501 \u00a0
56,405 \u00a0
Operating expenses \u00a0
9,774 \u00a0
5,501 \u00a0
7,460 \u00a0
-
1,580 \u00a0
3,995 \u00a0
-2,575 \u00a0
25,736 \u00a0
of which resolution fund, bank tax etc. \u00a0
150 \u00a0
226 \u00a0
459 \u00a0
-
-
71 \u00a0
-
906 \u00a0
Profit before loan impairment charges \u00a0
9,280 \u00a0
8,907 \u00a0
9,905 \u00a0
1,387 \u00a0
1,931 \u00a0
-2,815 \u00a0
2,074 \u00a0
30,669 \u00a0
Loan impairment charges \u00a0
-440 \u00a0
218 \u00a0
-233 \u00a0
-
-86 \u00a0
-2 \u00a0
-
-543 \u00a0
Profit before tax \u00a0
9,720 \u00a0
8,690 \u00a0
10,138 \u00a0
1,387 \u00a0
2,017 \u00a0
-2,813 \u00a0
2,074 \u00a0
31,212 \u00a0
Loans, excluding reverse transactions \u00a0
655,785 \u00a0
655,646 \u00a0
303,376 \u00a0
-
63,266 \u00a0
16,567 \u00a0
-19,959 \u00a0
1,674,680 \u00a0
Other assets \u00a0
444,773 \u00a0
175,777 \u00a0
3,003,255 \u00a0
595,335 \u00a0
66,842 \u00a0
5,215,052 \u00a0
-7,459,671 \u00a0
2,041,362 \u00a0
Total assets \u00a0
1,100,559 \u00a0
831,423 \u00a0
3,306,631 \u00a0
595,335 \u00a0
130,108 \u00a0
5,231,618 \u00a0
-7,479,630 \u00a0
3,716,042 \u00a0
Deposits, excluding repo deposits \u00a0
383,544 \u00a0
251,446 \u00a0
355,760 \u00a0
-
108,504 \u00a0
9,780 \u00a0
-14,398 \u00a0
1,094,635 \u00a0
Other liabilities \u00a0
691,488 \u00a0
538,204 \u00a0
2,909,686 \u00a0
574,831 \u00a0
15,152 \u00a0
5,181,592 \u00a0
-7,465,233 \u00a0
2,445,720 \u00a0
Allocated capital \u00a0
25,527 \u00a0
41,774 \u00a0
41,185 \u00a0
20,503 \u00a0
6,451 \u00a0
40,246 \u00a0
-
175,687 \u00a0
Total liabilities and equity \u00a0
1,100,559 \u00a0
831,423 \u00a0
3,306,631 \u00a0
595,335 \u00a0
130,108 \u00a0
5,231,618 \u00a0
-7,479,630 \u00a0
3,716,042 \u00a0
Profit before tax as % p.a. of allocated capital \u00a0
(avg.) \u00a0
32.5 \u00a0
20.6 \u00a0
25.0 \u00a0
6.9 \u00a0
31.0 \u00a0
-6.6 \u00a0
-
17.8 \u00a0
Cost/income ratio (%) \u00a0
51.3 \u00a0
38.2 \u00a0
43.0 \u00a0
-
45.0 \u00a0
-
-
45.6 \u00a0
Full-time-equivalent staff, end of period \u00a0
3,806 \u00a0
1,731 \u00a0
2,127 \u00a0
940 \u00a0
1,261 \u00a0
10,050 \u00a0
-
19,916 \u00a0
Business segments 2023 \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions* \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK millions) \u00a0
Customers* Customers* \u00a0
Danica \u00a0
Functions* \u00a0
Eliminations* \u00a0
Total* \u00a0
Net interest income \u00a0
14,166 \u00a0
11,684 \u00a0
6,935 \u00a0
-
2,549 \u00a0
-184 \u00a0
-178 \u00a0
34,972 \u00a0
Net fee income \u00a0
4,175 \u00a0
2,190 \u00a0
6,312 \u00a0
-
319 \u00a0
-283 \u00a0
191 \u00a0
12,904 \u00a0
Net trading income \u00a0
200 \u00a0
54 \u00a0
2,515 \u00a0
-
288 \u00a0
-425 \u00a0
-19 \u00a0
2,613 \u00a0
Net income from insurance business \u00a0
-
-
-
1,472 \u00a0
-
-
-
1,472 \u00a0
Other income \u00a0
-608 \u00a0
1,024 \u00a0
15 \u00a0
-
15 \u00a0
2,720 \u00a0
-2,705 \u00a0
460 \u00a0
Total income \u00a0
17,932 \u00a0
14,952 \u00a0
15,777 \u00a0
1,472 \u00a0
3,171 \u00a0
1,828 \u00a0
-2,712 \u00a0
52,422 \u00a0
Operating expenses \u00a0
9,460 \u00a0
5,255 \u00a0
7,397 \u00a0
-
1,368 \u00a0
4,632 \u00a0
-2,634 \u00a0
25,478 \u00a0
of which resolution fund, bank tax etc. \u00a0
169 \u00a0
255 \u00a0
492 \u00a0
-
-
72 \u00a0
-
989 \u00a0
Profit before loan impairment charges \u00a0
8,473 \u00a0
9,698 \u00a0
8,380 \u00a0
1,472 \u00a0
1,804 \u00a0
-2,804 \u00a0
-78 \u00a0
26,944 \u00a0
Loan impairment charges \u00a0
312 \u00a0
431 \u00a0
-367 \u00a0
-
-113 \u00a0
-1 \u00a0
-
262 \u00a0
Profit before tax \u00a0
8,160 \u00a0
9,267 \u00a0
8,747 \u00a0
1,472 \u00a0
1,917 \u00a0
-2,803 \u00a0
-78 \u00a0
26,682 \u00a0
Loans, excluding reverse transactions** \u00a0
660,431 \u00a0
644,735 \u00a0
309,904 \u00a0
-
57,846 \u00a0
27,810 \u00a0
-27,632 \u00a0
1,673,094 \u00a0
Other assets ** \u00a0
465,191 \u00a0
184,777 \u00a0
3,249,511 \u00a0
541,668 \u00a0
59,654 \u00a0
4,481,764 \u00a0
-6,926,366 \u00a0
2,056,198 \u00a0
Total assets** \u00a0
1,125,622 \u00a0
829,512 \u00a0
3,559,415 \u00a0
541,668 \u00a0
117,499 \u00a0
4,509,575 \u00a0
-6,953,998 \u00a0
3,729,292 \u00a0
Deposits, excluding repo deposits** \u00a0
377,419 \u00a0
257,076 \u00a0
356,840 \u00a0
-
97,396 \u00a0
5,300 \u00a0
-10,890 \u00a0
1,083,142 \u00a0
Other liabilities ** \u00a0
719,466 \u00a0
532,121 \u00a0
3,161,852 \u00a0
521,302 \u00a0
14,078 \u00a0
4,464,699 \u00a0
-6,943,107 \u00a0
2,470,411 \u00a0
Allocated capital \u00a0
28,737 \u00a0
40,315 \u00a0
40,722 \u00a0
20,366 \u00a0
6,025 \u00a0
39,575 \u00a0
-
175,739 \u00a0
Total liabilities and equity** \u00a0
1,125,622 \u00a0
829,512 \u00a0
3,559,415 \u00a0
541,668 \u00a0
117,499 \u00a0
4,509,575 \u00a0
-6,953,998 \u00a0
3,729,292 \u00a0
Profit before tax as % p.a. of allocated \u00a0
capital (avg.) \u00a0
27.8 \u00a0
23.4 \u00a0
21.7 \u00a0
7.5 \u00a0
28.4 \u00a0
-7.2 \u00a0
-
15.9 \u00a0
Cost/income ratio (%) \u00a0
52.8 \u00a0
35.1 \u00a0
46.9 \u00a0
-
43.1 \u00a0
-
-
48.6 \u00a0
Full-time-equivalent staff, end of period \u00a0
4,064 \u00a0
1,646 \u00a0
2,085 \u00a0
912 \u00a0
1,267 \u00a0
10,046 \u00a0
-
20,021 \u00a0
* Comparative information has been restated, as described in note G3(a). \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
Credit risk \u2013 continued \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is obtaining \u00a0
collateral. The table showing collateral by type (after haircut) is included. The mitigating effect from collateral at the \u00a0
end of December 2024 can be found as the difference between the columns \u2018Net exposure\u2019 and \u2018Net exposure, ex collateral\u2019 and amounted to \u00a0
DKK 1,319.9 billion at 31 December 2024 (31 December 2023: DKK 1,413.5 billion). \u00a0
Credit exposure by business unit \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2024 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Personal Customers \u00a0
Personal Customers Denmark \u00a0
431.1 \u00a0
23.2 \u00a0
7.1 \u00a0
0.7 \u00a0
0.9 \u00a0
1.4 \u00a0
430.3 \u00a0
22.3 \u00a0
5.7 \u00a0
57.5 \u00a0
2.1 \u00a0
0.4 \u00a0
Personal Customers Sweden \u00a0
95.2 \u00a0
4.0 \u00a0
0.5 \u00a0
0.1 \u00a0
0.2 \u00a0
0.1 \u00a0
95.2 \u00a0
3.8 \u00a0
0.4 \u00a0
27.9 \u00a0
0.9 \u00a0
-
Personal Customers Finland \u00a0
72.5 \u00a0
8.8 \u00a0
1.9 \u00a0
0.1 \u00a0
0.2 \u00a0
0.6 \u00a0
72.4 \u00a0
8.6 \u00a0
1.3 \u00a0
4.2 \u00a0
0.6 \u00a0
-
Personal Customers Norway \u00a0
0.5 \u00a0
0.2 \u00a0
0.3 \u00a0
-
-
0.1 \u00a0
0.5 \u00a0
0.2 \u00a0
0.2 \u00a0
0.1 \u00a0
-
-
Global Private Banking \u00a0
71.8 \u00a0
3.5 \u00a0
0.9 \u00a0
-
0.1 \u00a0
0.2 \u00a0
71.7 \u00a0
3.3 \u00a0
0.7 \u00a0
12.3 \u00a0
0.5 \u00a0
0.1 \u00a0
Personal Customers Other \u00a0
0.2 \u00a0
-
-
-
-
-
0.2 \u00a0
-
-
0.2 \u00a0
-
-
Total Personal Customers \u00a0
671.2 \u00a0
39.6 \u00a0
10.7 \u00a0
1.0 \u00a0
1.3 \u00a0
2.4 \u00a0
670.3 \u00a0
38.3 \u00a0
8.3 \u00a0
102.2 \u00a0
4.1 \u00a0
0.4 \u00a0
Business Customers \u00a0
Asset Finance \u00a0
49.1 \u00a0
10.4 \u00a0
2.7 \u00a0
0.1 \u00a0
0.4 \u00a0
0.7 \u00a0
49.0 \u00a0
10.0 \u00a0
2.0 \u00a0
17.8 \u00a0
2.1 \u00a0
0.2 \u00a0
Business Customers \u00a0
318.0 \u00a0
38.5 \u00a0
10.8 \u00a0
1.1 \u00a0
3.4 \u00a0
3.8 \u00a0
316.9 \u00a0
35.1 \u00a0
7.0 \u00a0
105.7 \u00a0
13.7 \u00a0
1.0 \u00a0
Commercial Real Estate \u00a0
326.1 \u00a0
22.2 \u00a0
0.7 \u00a0
0.4 \u00a0
0.7 \u00a0
0.1 \u00a0
325.7 \u00a0
21.6 \u00a0
0.6 \u00a0
60.8 \u00a0
2.5 \u00a0
-
Business Customers Other \u00a0
0.4 \u00a0
-
-
-
-
-
0.4 \u00a0
-
-
0.4 \u00a0
-
-
Total Business Customers \u00a0
693.6 \u00a0
71.1 \u00a0
14.2 \u00a0
1.6 \u00a0
4.5 \u00a0
4.7 \u00a0
692.0 \u00a0
66.7 \u00a0
9.5 \u00a0
184.7 \u00a0
18.4 \u00a0
1.2 \u00a0
Large Corporates & Institutions \u00a0
649.9 \u00a0
35.7 \u00a0
6.1 \u00a0
0.4 \u00a0
1.7 \u00a0
1.5 \u00a0
649.5 \u00a0
34.0 \u00a0
4.5 \u00a0
572.0 \u00a0
26.1 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
100.9 \u00a0
3.4 \u00a0
1.5 \u00a0
0.3 \u00a0
0.1 \u00a0
0.5 \u00a0
100.7 \u00a0
3.3 \u00a0
1.0 \u00a0
49.2 \u00a0
0.4 \u00a0
-
Group Functions \u00a0
111.7 \u00a0
0.1 \u00a0
-
-
-
-
111.7 \u00a0
0.1 \u00a0
-
109.2 \u00a0
0.1 \u00a0
-
Total \u00a0
2,227.3 \u00a0
150.0 \u00a0
32.5 \u00a0
3.2 \u00a0
7.6 \u00a0
9.1 \u00a0
2,224.1 \u00a0
142.4 \u00a0
23.5 \u00a0
1,017.3 \u00a0
49.0 \u00a0
3.8 \u00a0
Credit risk \u2013 continued \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2023* \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Personal Customers** \u00a0
Personal Customers Denmark \u00a0
424.0 \u00a0
18.6 \u00a0
6.2 \u00a0
1.0 \u00a0
0.9 \u00a0
1.3 \u00a0
423.0 \u00a0
17.7 \u00a0
4.9 \u00a0
49.4 \u00a0
1.8 \u00a0
-
Personal Customers Sweden \u00a0
101.8 \u00a0
2.9 \u00a0
0.3 \u00a0
0.1 \u00a0
0.2 \u00a0
0.1 \u00a0
101.7 \u00a0
2.7 \u00a0
0.3 \u00a0
32.1 \u00a0
0.4 \u00a0
-
Personal Customers Finland \u00a0
76.9 \u00a0
5.6 \u00a0
1.9 \u00a0
0.2 \u00a0
0.2 \u00a0
0.6 \u00a0
76.7 \u00a0
5.4 \u00a0
1.3 \u00a0
4.2 \u00a0
0.2 \u00a0
-
Personal Customers Norway \u00a0
125.9 \u00a0
4.3 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
125.8 \u00a0
4.2 \u00a0
0.4 \u00a0
30.1 \u00a0
0.7 \u00a0
-
Global Private Banking \u00a0
76.5 \u00a0
3.1 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
76.4 \u00a0
3.0 \u00a0
0.5 \u00a0
16.2 \u00a0
1.0 \u00a0
-
Personal Customers Other \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Total Personal Customers \u00a0
805.0 \u00a0
34.6 \u00a0
9.6 \u00a0
1.3 \u00a0
1.6 \u00a0
2.4 \u00a0
803.7 \u00a0
33.0 \u00a0
7.3 \u00a0
132.1 \u00a0
4.1 \u00a0
-
Business Customers \u00a0
Asset Finance \u00a0
52.7 \u00a0
9.4 \u00a0
1.4 \u00a0
0.1 \u00a0
0.5 \u00a0
0.5 \u00a0
52.6 \u00a0
8.8 \u00a0
0.9 \u00a0
19.5 \u00a0
1.6 \u00a0
-
Business Customers \u00a0
309.6 \u00a0
36.8 \u00a0
10.4 \u00a0
1.1 \u00a0
3.0 \u00a0
3.7 \u00a0
308.5 \u00a0
33.8 \u00a0
6.7 \u00a0
93.3 \u00a0
13.8 \u00a0
0.6 \u00a0
Commercial Real Esate \u00a0
308.0 \u00a0
24.9 \u00a0
2.3 \u00a0
0.4 \u00a0
1.1 \u00a0
0.3 \u00a0
307.6 \u00a0
23.8 \u00a0
2.0 \u00a0
44.8 \u00a0
3.9 \u00a0
0.1 \u00a0
Business Customers Other \u00a0
0.4 \u00a0
-
0.1 \u00a0
-
-
-
0.4 \u00a0
-
0.1 \u00a0
0.4 \u00a0
-
-
Total Business Customers \u00a0
670.6 \u00a0
71.1 \u00a0
14.2 \u00a0
1.6 \u00a0
4.7 \u00a0
4.5 \u00a0
669.0 \u00a0
66.4 \u00a0
9.7 \u00a0
158.0 \u00a0
19.3 \u00a0
0.6 \u00a0
Large Corporates & Institutions \u00a0
598.8 \u00a0
33.8 \u00a0
6.9 \u00a0
0.4 \u00a0
1.1 \u00a0
1.8 \u00a0
598.5 \u00a0
32.7 \u00a0
5.1 \u00a0
514.5 \u00a0
29.8 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
89.4 \u00a0
4.7 \u00a0
1.9 \u00a0
0.3 \u00a0
0.1 \u00a0
0.4 \u00a0
89.1 \u00a0
4.6 \u00a0
1.5 \u00a0
48.1 \u00a0
0.8 \u00a0
0.2 \u00a0
Group Functions \u00a0
232.3 \u00a0
0.1 \u00a0
-
-
-
-
232.3 \u00a0
0.1 \u00a0
-
229.7 \u00a0
-
-
Total \u00a0
2,396.2 \u00a0
144.2 \u00a0
32.7 \u00a0
3.6 \u00a0
7.5 \u00a0
9.1 \u00a0
2,392.6 \u00a0
136.7 \u00a0
23.6 \u00a0
1,082.3 \u00a0
54.1 \u00a0
3.0 \u00a0
* Comparative information has been restated as described in note G2(b). In addition, with effect from 1 January 2024, Non-core ceased to exist as a separate \u00a0
segment and became a new sub-segment of Group Functions. Credit exposure as at 31 December 2023 previously reported under Non-core has therefore been \u00a0
reclassified to Group Functions. \u00a0
** Personal Customers Sweden, Personal Customers Finland and Personal Customers Norway are new sub-segments in Personal Customers in 2024. Comparatives \u00a0
have been reclassified. There is no change to total credit exposure for Personal Customers as at 31 December 2023. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1820": { "value": "
Accounting policy \u00a0
Segment reporting and the financial highlights are based on the information provided to management. Segment reporting and the \u00a0
financial highlights are fully aligned with the IFRS financial statements, and is presented as a condensed version of the IFRS reporting. \u00a0
Internal income and expenses are allocated to the individual segments on an arm\u2019s-length basis. Expenses incurred centrally, including \u00a0
expenses incurred by support, administrative and back-office functions, are charged to the business units according to consumption \u00a0
and activity. Funding costs for lending and deposit activities (FTP) are allocated on the basis of a maturity analysis of loans and deposits, \u00a0
interbank rates and funding spreads, and depend on market trends. \u00a0
Segment assets and liabilities are assets and liabilities that are used for maintaining the operating activities of a segment or have come \u00a0
into existence as a result of such activities and which are either directly attributable or may be reasonably allocated to a segment. A \u00a0
calculated share of shareholders\u2019 equity is allocated to each segment. Other assets and liabilities are recognised under Group Functions. \u00a0
Capital (shareholders\u2019 equity) is allocated to the business units based on the Group\u2019s capital allocation framework, with goodwill \u00a0
allocated directly to the relevant business units. The framework is based on a regulatory approach and is calibrated to the Group\u2019s CET1 \u00a0
capital ratio target. Therefore, the capital consumption of the individual business units is closely aligned with the Group\u2019s total capital \u00a0
consumption. However, for the Danica and Northern Ireland business units, the capital allocated equals the legal entity\u2019s capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1965": { "value": "
G4. Activities by country \u00a0
Under CRD IV, a financial institution must disclose, by country in which it operates through a subsidiary or a branch, information about \u00a0
income, number of employees, profit before tax, tax and public subsidies received. This information is not comparable to the geographical \u00a0
segmentation presented in note G3(c), in which segmentation is based on the customer\u2019s country of residence. The Group has not received \u00a0
any public subsidies that relate to the Group\u2019s activities as a financial institution. \u00a0
Danske Bank carries out its activities in the countries listed below under a variety of names, of which the main ones are: Danske Bank (banking, \u00a0
trading and asset management activities), Realkredit Danmark (mortgage finance), Danske Mortgage Bank (mortgage finance), Danske Hypotek \u00a0
(mortgage finance), Northern Bank (banking), Danica (life insurance) and Danske Leasing A/S (leasing). Note G37 discloses the company names \u00a0
of the Group\u2019s significant subsidiaries. \u00a0
Activities in the individual countries \u00a0
Activities in Denmark include: Banking, trading, asset management, leasing, life and nonlife insurance and other activities. \u00a0
Activities in Finland include: Banking, trading, asset management, leasing and other activities. \u00a0
Activities in Sweden include: Banking, trading, asset management, leasing and other activities. \u00a0
Activities in Norway include: Banking, trading, asset management, leasing and other activities. \u00a0
Activities in the United Kingdom include: Banking, trading and leasing. \u00a0
Activities in Ireland include: Banking. \u00a0
Activities in Lithuania include: Other activities. \u00a0
Activities in Luxembourg: Asset management. \u00a0
Activities in Poland include: Banking. \u00a0
Activities in the USA include: Trading. \u00a0
Activities in India include: Other activities. As of the third quarter of 2023, the Group has no activities in India. \u00a0
Other activities include: Group support functions, real-estate brokerage and activities taken over by the Group under non-performing-loan \u00a0
agreements. \u00a0
Activities by country \u00a0
Income* \u00a0
Full-time- \u00a0
Profit before tax \u00a0
Tax on profit \u00a0
2024 \u00a0
(DKK millions) \u00a0
equivalent staff \u00a0
(DKK millions) \u00a0
(DKK millions) \u00a0
Denmark \u00a0
37,911 \u00a0
9,868 \u00a0
18,692 \u00a0
5,081 \u00a0
Finland \u00a0
14,729 \u00a0
1,554 \u00a0
3,559 \u00a0
714 \u00a0
Sweden \u00a0
16,930 \u00a0
1,429 \u00a0
3,480 \u00a0
744 \u00a0
Norway \u00a0
14,327 \u00a0
650 \u00a0
2,393 \u00a0
510 \u00a0
United Kingdom \u00a0
8,118 \u00a0
1,352 \u00a0
2,176 \u00a0
542 \u00a0
Ireland \u00a0
1,503 \u00a0
42 \u00a0
497 \u00a0
-91 \u00a0
Lithuania \u00a0
2,601 \u00a0
4,479 \u00a0
119 \u00a0
15 \u00a0
Luxembourg \u00a0
1,148 \u00a0
16 \u00a0
111 \u00a0
28 \u00a0
Poland \u00a0
259 \u00a0
509 \u00a0
142 \u00a0
28 \u00a0
USA \u00a0
71 \u00a0
16 \u00a0
43 \u00a0
11 \u00a0
India \u00a0
-
-
-
-
Total \u00a0
97,597 \u00a0
19,916 \u00a0
31,212 \u00a0
7,583 \u00a0
* Income is defined as interest income, fee and commission income and other operating income. \u00a0
Income* \u00a0
Full-time- \u00a0
Profit before tax \u00a0
Tax on profit \u00a0
2023** \u00a0
(DKK millions) \u00a0
equivalent staff \u00a0
(DKK millions) \u00a0
(DKK millions) \u00a0
Denmark \u00a0
39,737 \u00a0
9,785 \u00a0
18,444 \u00a0
3,686 \u00a0
Finland \u00a0
13,053 \u00a0
1,498 \u00a0
2,375 \u00a0
494 \u00a0
Sweden \u00a0
16,079 \u00a0
1,427 \u00a0
552 \u00a0
176 \u00a0
Norway \u00a0
14,088 \u00a0
957 \u00a0
2,461 \u00a0
596 \u00a0
United Kingdom \u00a0
5,826 \u00a0
1,366 \u00a0
2,052 \u00a0
374 \u00a0
Ireland \u00a0
758 \u00a0
45 \u00a0
364 \u00a0
-44 \u00a0
Lithuania \u00a0
2,120 \u00a0
4,383 \u00a0
43 \u00a0
19 \u00a0
Luxembourg \u00a0
1,161 \u00a0
19 \u00a0
96 \u00a0
23 \u00a0
Poland \u00a0
257 \u00a0
522 \u00a0
148 \u00a0
29 \u00a0
USA \u00a0
54 \u00a0
19 \u00a0
27 \u00a0
5
India \u00a0
491 \u00a0
-
120 \u00a0
60 \u00a0
Total \u00a0
93,625 \u00a0
20,021 \u00a0
26,682 \u00a0
5,420 \u00a0
* Income is defined as interest income, fee and commission income and other operating income. \u00a0
** Comparative information has been restated, as described in note G2(a). \u00a0
G28. Balance sheet items broken down by expected due date \u00a0
The Group presents the balance sheet items in order of liquidity instead of distinguishing between current and non-current items. The \u00a0
following table shows the balance sheet items expected to mature within one year and after more than one year. \u00a0
2024 \u00a0
2023* \u00a0
(DKK millions) \u00a0
Within 1 year \u00a0
After 1 year \u00a0
Within 1 year \u00a0
After 1 year \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
107,498 \u00a0
-
259,156 \u00a0
-
Due from credit institutions and central banks \u00a0
137,635 \u00a0
5,934 \u00a0
113,743 \u00a0
1,070 \u00a0
Trading portfolio assets \u00a0
352,853 \u00a0
178,978 \u00a0
238,371 \u00a0
265,177 \u00a0
Investment securities \u00a0
97,140 \u00a0
171,978 \u00a0
75,036 \u00a0
208,878 \u00a0
Loans at amortised cost \u00a0
258,166 \u00a0
663,734 \u00a0
184,704 \u00a0
736,876 \u00a0
Loans at fair value \u00a0
344,148 \u00a0
730,636 \u00a0
195,394 \u00a0
732,846 \u00a0
Assets under pooled schemes and investments contracts \u00a0
-
76,173 \u00a0
-
70,900 \u00a0
Insurance assets \u00a0
28,234 \u00a0
520,677 \u00a0
30,561 \u00a0
465,470 \u00a0
Assets held for sale \u00a0
160 \u00a0
-
110,704 \u00a0
-
Intangible assets \u00a0
-
6,737 \u00a0
-
6,064 \u00a0
Tax assets \u00a0
4,784 \u00a0
1,030 \u00a0
2,018 \u00a0
1,246 \u00a0
Other assets \u00a0
17,080 \u00a0
12,467 \u00a0
18,076 \u00a0
13,003 \u00a0
Total \u00a0
1,347,697 \u00a0
2,368,344 \u00a0
1,227,763 \u00a0
2,501,529 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
211,823 \u00a0
2,541 \u00a0
151,367 \u00a0
3,242 \u00a0
Trading portfolio liabilities \u00a0
86,496 \u00a0
271,011 \u00a0
115,982 \u00a0
322,572 \u00a0
Deposits \u00a0
265,143 \u00a0
908,639 \u00a0
218,157 \u00a0
978,290 \u00a0
Issued bonds at fair value \u00a0
137,282 \u00a0
609,275 \u00a0
162,084 \u00a0
586,695 \u00a0
Issued bonds at amortised cost, including Non-preferred senior bonds** \u00a0
108,761 \u00a0
223,928 \u00a0
84,863 \u00a0
222,564 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
13,424 \u00a0
63,183 \u00a0
11,346 \u00a0
59,907 \u00a0
Insurance liabilities \u00a0
53,671 \u00a0
476,122 \u00a0
57,415 \u00a0
425,215 \u00a0
Liabilities in disposal groups held for sale \u00a0
-
-
56,476 \u00a0
-
Tax liabilities \u00a0
1,007 \u00a0
1,218 \u00a0
450 \u00a0
1,107 \u00a0
Other liabilities \u00a0
61,969 \u00a0
4,063 \u00a0
52,641 \u00a0
4,406 \u00a0
Subordinated debt \u00a0
-
40,798 \u00a0
-
38,774 \u00a0
Total \u00a0
939,576 \u00a0
2,600,779 \u00a0
910,780 \u00a0
2,642,771 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** The expected due date of Issued bonds at amortised cost, including Non-preferred senior bonds as at 31 December 2023 has been corrected. There is no change \u00a0
to total Issued bonds at amortised cost, including Non-preferred senior bonds as at 31 December 2023. \u00a0
Deposits include fixed-term deposits and demand deposits. Fixed-term deposits are recognised according to maturity. Demand deposits have \u00a0
short contractual maturities but are considered a stable funding source with an expected maturity of more than one year. \u00a0
G29. Contractual due dates of financial liabilities \u00a0
The following table shows the contractual due dates of non-derivative financial liabilities broken down by maturity time bands. The maturity \u00a0
analysis is based on the earliest date on which the Group can be required to pay and does not reflect the expected due date. The section on \u00a0
liquidity risk in note G40 provides information about the Group\u2019s liquidity risk and liquidity risk management. \u00a0
(DKK millions) \u00a0
0-1 month \u00a0
1-3 months \u00a0
3-12 months \u00a0
1-5 years \u00a0
> 5 years \u00a0
2024 \u00a0
Due to credit institutions and central banks \u00a0
178,088 \u00a0
25,904 \u00a0
14,047 \u00a0
2,806 \u00a0
2
Deposits \u00a0
1,051,947 \u00a0
72,591 \u00a0
36,477 \u00a0
10,303 \u00a0
8,978 \u00a0
Repurchase obligation under reverse transactions \u00a0
103,007 \u00a0
-
-
-
-
Issued bonds at fair value \u00a0
78,226 \u00a0
9,458 \u00a0
102,928 \u00a0
477,350 \u00a0
210,268 \u00a0
Issued bonds at amortised cost \u00a0
18,158 \u00a0
18,372 \u00a0
75,943 \u00a0
222,742 \u00a0
38,053 \u00a0
Subordinated debt \u00a0
124 \u00a0
248 \u00a0
1,115 \u00a0
90,475 \u00a0
-
Other financial liabilities \u00a0
2,076 \u00a0
1,888 \u00a0
9,459 \u00a0
24,019 \u00a0
39,164 \u00a0
Financial and loss guarantees \u00a0
96,359 \u00a0
-
-
-
-
Loan commitments shorter than 1 year \u00a0
191,002 \u00a0
-
-
-
-
Loan commitments longer than 1 year \u00a0
244,372 \u00a0
-
-
-
-
Other unutilised loan commitments \u00a0
34 \u00a0
-
-
-
-
Total \u00a0
1,963,394 \u00a0
128,461 \u00a0
239,970 \u00a0
827,694 \u00a0
296,464 \u00a0
2023* \u00a0
Due to credit institutions and central banks \u00a0
138,074 \u00a0
9,418 \u00a0
8,898 \u00a0
3,819 \u00a0
2
Deposits \u00a0
1,122,173 \u00a0
53,941 \u00a0
37,648 \u00a0
12,705 \u00a0
9,807 \u00a0
Repurchase obligation under reverse transactions \u00a0
113,569 \u00a0
-
-
-
-
Issued bonds at fair value \u00a0
48,366 \u00a0
3,650 \u00a0
126,288 \u00a0
465,071 \u00a0
237,077 \u00a0
Issued bonds at amortised cost** \u00a0
5,080 \u00a0
14,336 \u00a0
67,948 \u00a0
215,797 \u00a0
45,552 \u00a0
Subordinated debt \u00a0
141 \u00a0
282 \u00a0
1,269 \u00a0
85,667 \u00a0
-
Other financial liabilities \u00a0
941 \u00a0
1,701 \u00a0
9,061 \u00a0
23,443 \u00a0
36,107 \u00a0
Financial and loss guarantees \u00a0
75,883 \u00a0
-
-
-
-
Loan commitments shorter than 1 year \u00a0
197,007 \u00a0
-
-
-
-
Loan commitments longer than 1 year \u00a0
220,285 \u00a0
-
-
-
-
Other unutilised loan commitments \u00a0
75 \u00a0
-
-
-
-
Total \u00a0
1,921,595 \u00a0
83,327 \u00a0
251,112 \u00a0
806,502 \u00a0
328,544 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** The contractual due date of Issued bonds at amortised cost as at 31 December 2023 has been corrected. \u00a0
(a) Further explanation \u00a0
Disclosures comprise agreed payments, including principal and interest. For liabilities with variable cash flows, for example variable-rate \u00a0
financial liabilities, disclosure is based on the contractual conditions at the balance sheet date. \u00a0
Usually, deposits are contractually very short-term funding, but in practice, they are considered a stable funding source, as amounts disbursed \u00a0
largely equal deposits received. A number of loan commitments and guarantees expire without being utilised. Loan commitments and \u00a0
guarantees are included at the earliest date on which the Group can be required to pay. To take into account potential drawings under loan \u00a0
commitments, the Group factors in the effect of the unutilised portion of the facilities in the calculation of liquidity risk. \u00a0
For guarantees to result in a payment obligation to the Group, a number of individual conditions must be met. As it is not possible to break \u00a0
down the earliest dates on which such conditions are met by maturity time bands, all guarantees are included in the 0-1 month column. \u00a0
The table excludes investment commitments in Danica of DKK 16,655 million (2023: 16,644 million). The investment commitments relate \u00a0
primarily to commitments to participate in alternative investments where the insurance policyholders\u2019 assume the majority of the risks on the \u00a0
investments. \u00a0
G39. Interests in unconsolidated structured entities \u00a0
The Group has established a number of investment funds in which the Group acts as fund manager. The Group is entitled to receive \u00a0
management fees based on the assets under management. The Group may also retain units in these funds. The assets in unconsolidated \u00a0
investment funds managed by the Group totalled DKK 875.5 billion (2023: DKK 764.7 billion). The Group retained holdings of DKK 167.1 billion \u00a0
(2023: DKK 113.8 billion) in these funds. Substantially all of these holdings are related to pooled schemes, investment contracts and insurance \u00a0
contracts. Income generated to the Group in the form of management fees amounted to DKK 3.7 billion (2023: DKK 3.3 billion). In addition, the \u00a0
Group has holdings in private equity investment funds of DKK 0.1 billion (2023: DKK 0.1 billion). \u00a0
The Group has limited exposure to structured securitisation entities. The exposure dates back to the period between 2001-2007 when the \u00a0
Group acted as an investor. This involved the purchase of bonds and entering into facilities for securitisation assets that were either \u00a0
structurally senior or triple A-rated by at least one of the major rating agencies. The Group has not acted as a sponsor or an orginator, and none \u00a0
of the assets of the structured entities were previously held on the Group's balance sheet. The remaining exposure consists mainly of liquidity \u00a0
facilities and is reported as part of the credit exposure in Non-core (part of Group Functions). At the end of 2024, the gross exposure amounted \u00a0
to DKK 2.5 billion (2023: DKK 2.5 billion). During the year, the Group did not provide any non-contractual financial or other support to any of the \u00a0
structural entities. The key risk on the portfolio relates to the underlying securitisation transactions, which consist mainly of commercial and \u00a0
residential mortgage loans originated in the UK and Germany. \u00a0
Life Insurance risk \u00a0
The Danske Bank Group\u2019s life insurance risk consists of risks originating from its ownership of Danica. This includes pension-related market \u00a0
risk and insurance risk. In addition, the operations of Danica are exposed to non-financial risk as well as sustainability and conduct risk. The \u00a0
Group runs its life insurance operations with the aim of providing best-in-class services to customers, while at the same time maintaining a \u00a0
predictable risk profile. The Group is also subject to internal pension risk through its defined benefit plans established for current and former \u00a0
employees. \u00a0
Danske Bank\u2019s financial results are affected by Danica\u2019s financial position. Earnings from Danica consist mainly of the risk allowance from with- \u00a0
profits policies, earnings from unit-linked products and from health and accident products, and the investment return on Danica\u2019s equity \u00a0
capital. \u00a0
The life insurance risk framework is governed by Danica\u2019s Board of Directors. On a daily basis, Danica\u2019s risk management function monitors \u00a0
both the risk and the asset-liability management (ALM) limits set by the Board of Directors, including limits set for excess own funds over \u00a0
solvency capital requirement, for the solvency coverage ratio and for the own funds loss exposure in a risk scenario defined by Danica \u2019s Board \u00a0
of Directors. The risk management function also follows up on investment limits and calculates key risk figures and sensitivities for ALM and \u00a0
solvency purposes. \u00a0
Operating under Solvency II regulations, Danica provides pensions as well as life and health insurance products in Denmark. As part of its \u00a0
product offerings, Danica provides benefits and life annuities on retirement, insurance against death, disability and accident. Danica no longer \u00a0
writes new business on guaranteed benefits and annuities but have large portfolio on existing customers in these products. This exposes \u00a0
Danica to insurance risks (such as longevity and disability risks) and to pension-related market risk. \u00a0
Pension-related market risk \u00a0
Pension-related market risk involves the risk of losses because of changes in the fair value of Danica\u2019s assets and liabilities since assets and \u00a0
liabilities are not fully exposed to the same types of market risk. Pension-related market risk primarily covers changing market conditions, such \u00a0
as changes in interest rates, equity prices, property values, exchange rates and credit spreads. Pension-related market risk also includes: \u00a0
\u2022
volatility risk, which relates primarily to the value of equity options and swaptions, but also assets with embedded options like Danish \u00a0
callable mortgage bonds, \u00a0
\u2022
inflation risk, which relates mainly to the indexation of benefits for part of Danica\u2019s health and accident products, \u00a0
\u2022
liquidity risk, which is the risk of losses because Danica may be forced to sell investment assets to meet liquidity needs, \u00a0
\u2022
counterparty credit risk, which is the risk of losses because counterparties default on their obligations, \u00a0
\u2022
concentration risk, which is the risk of losses as a result of high exposure to a few asset classes, industries, issuers, etc. \u00a0
Pension-related market risk may lead to financial losses for Danica, either as losses of investment assets or as the technical provisions \u00a0
increases. \u00a0
Danica has three sources of pension-related market risk: \u00a0
\u2022
with-profits products (conventional, average-rate products), \u00a0
\u2022
unit-linked products (to which customers may have attached an investment guarantee), \u00a0
\u2022
investments relating to assets allocated to the shareholders\u2019 equity of Danica and other products with direct equity exposure. \u00a0
The amount of pension-related market risk differs for the various products in Danica\u2019s product range, but the most significant pension-related \u00a0
market risk is the market risk related to its with-profit products. \u00a0
The with-profit products offer guaranteed benefits based on a technical rate of interest and are called Danica Traditionel. The portfolio of with- \u00a0
profit products is closed for new business, which means that it is in run-off. \u00a0
The products offer policyholders an annuity or a lump sum consisting of a guaranteed minimum amount in nominal terms. Customers are \u00a0
divided into homogeneous interest rate groups on basis of the technical rates, and each group has its own investment strategy and asset \u00a0
allocation. In each interest rate group, customers participate in a collective investment pool that covers a range of different assets (such as \u00a0
equities, real estate, alternative investments and fixed income products). \u00a0
The policyholders earn interest at a rate set at the discretion of Danica and subject to change at any time. \u00a0
The difference between the actual (set) interest rate and the return on the policyholders\u2019 (collective) assets is allocated to collective buffer \u00a0
accounts owned by the customers. The balances of these buffer accounts are gradually transferred to the individual customer accounts in \u00a0
subsequent years by means of a bonus allocation mechanism. This means that high investment returns may lead to higher benefits than those \u00a0
guaranteed. \u00a0
The mark-to-market value of the guaranteed benefits depends on the level of the discount curve, which is defined under Solvency II and based \u00a0
primarily on EUR swap rates plus the Volatility Adjustment spread, which is based on the yields on Danish mortgage, credit and government \u00a0
bonds. The level of the long end of the discount curve, for which no reliable market data is available, is determined by the European Insurance \u00a0
and Occupational Pensions Authority (EIOPA). \u00a0
For the portfolio of with-profit products Danica will have to cover the shortfall if the value of the assets falls below the value of the liabilities. \u00a0
This will be the case if, for example, investment returns become sufficiently negative (reducing the asset values) or if the level of the discount \u00a0
curve, other things being equal, falls (increasing the value of the liabilities). Hence, the market risk on investments is carried by the customers \u00a0
to the extent that the negative returns can be covered by the collective buffer accounts. Once the buffer accounts have been depleted, \u00a0
negative investment returns on customer savings will force Danica to step in with funds to ensure that it is possible to provide the benefits \u00a0
guaranteed to the policyholders. In that case, Danske Bank A/S will incur a loss in the form of a decrease in equity holdings in Danica. \u00a0
Furthermore, Danica can book the annual risk allowance fee income for each of the individual interest rate groups only if the collective bonus \u00a0
potential for the interest rate group is sufficient to cover the risk allowance. \u00a0
Managing the with-profits product thus involves a combination of managing risks on behalf of the policyholders and managing \u00a0
Danica\u2019s risk of having to cover losses. For more information about the management of these risks, see Danica\u2019s \u00a0
Annual Report 2024. \u00a0
The pension-related market risk associated with unit-linked products is primarily carried by the policyholders, particularly in respect of \u00a0
contracts without an investment guarantee. \u00a0
In unit-linked products, policyholders receive the actual return on the investments rather than a fixed interest rate return. However, some of \u00a0
the unit-linked products give the policyholders the option to have their benefits guaranteed. \u00a0
Danica\u2019s main savings product \u2013 and the product recommended to most customers \u2013 is called Danica Balance. Danica Balance is primarily a \u00a0
life-cycle product, meaning that the asset allocation between different risk categories (bonds or equities, for example) for each customer is \u00a0
adjusted gradually as the customer approaches retirement. \u00a0
Life Insurance risk - continued \u00a0
For unit-linked products with financial guarantees, Danica hedges the market risk related to the guarantees and also manages risk by adjusting \u00a0
the investment allocation during the period leading up to retirement. The investment allocation is adjusted according to the guaranteed \u00a0
amount, the investment horizon etc. However, if a guarantee is attached to the individual policy, Danica bears the risk in relation to the \u00a0
guarantee. \u00a0
The pension-related market risk associated with assets allocated to shareholders\u2019 equity and other products concerns the following: \u00a0
\u2022
Assets in which the shareholders\u2019 equity of Danica is invested, i.e. investment returns have a full effect on Danica profits. \u00a0
\u2022
The investment results for Danica\u2019s health and accident products. \u00a0
\u2022
Assets for some life insurance products with investment guarantees. This means, that Danica bears the risk if the changes in the value of \u00a0
provisions for these products differ from the changes in the value of the corresponding assets. The provisions are the net present value of \u00a0
expected future pay-outs and are exposed to movements in the discount curve, which is defined under Solvency II. The corresponding \u00a0
assets may be exposed to changes in interest rates and to changes in the values of equities and property. \u00a0
Danica has separate investment strategies for assets allocated to its equity, to health and accident products, and to life insurance products \u00a0
with investment guarantees. \u00a0
Insurance risk \u00a0
Insurance risks are linked to trends in policy surrender activity, mortality, disability, critical illness and other variables that could materialise \u00a0
unfavourably from Danica\u2019s current assumptions and expectations. For example, an increase in longevity lengthens the period during which \u00a0
benefits are payable under certain pension plans and may potentially have a negative effect on Danica\u2019s profits. Similarly, trends in mortality, \u00a0
sickness and recovery affect life insurance and disability benefits. The principal insurance risks are longevity risk and the risk of increased \u00a0
surrenders (i.e. the risk of customers leaving Danica or ceasing to pay premiums). Most insurance risks materialise over long-time horizons \u00a0
during which the gradual changes in biometric conditions deviate from those assumed in contract pricing. \u00a0
Insurance risk may also materialise through changes in the actuarial assumptions used for liability valuation. Unfavourable changes in \u00a0
assumptions resulting in an increase in liabilities will, to the extent possible, be covered by customer buffers. Once the buffer accounts have \u00a0
been depleted, Danica will have to step in with funds to ensure that it is possible to provide the benefits guaranteed to the policyholders. In that \u00a0
case, Danske Bank A/S will incur a loss in the form of a decrease in equity holdings in Danica. \u00a0
Concentration risk relating to life insurance risk comprises the risk of losses as a result of high exposure to a few customer groups and to a few \u00a0
individuals. Danica limits concentration risk by means of risk diversification of the insurance portfolio and by means of reinsurance. \u00a0
To limit losses on individual life insurance policies subject to high-risk exposure, Danica reinsures a small portion of the risk related to mortality \u00a0
and disability. Moreover, Danica use reinsurance to reduce the risk on expected future earnings in case of an increase in lapse rates. \u00a0
The various risk elements are subject to ongoing actuarial assessment for the purposes of calculating insurance obligations and making \u00a0
relevant business adjustments. \u00a0
Monitoring and reporting \u00a0
Danica\u2019s Board of Directors has set overall risk limits on the potential loss in a number of stress scenarios. The risk management function \u00a0
monitors these limits on a daily basis. Any breaches are reported by the CRO to the ALM Committee and senior management. \u00a0
Danica\u2019s Board of Directors receives quarterly reports on Danica\u2019s risk and solvency position, including stress and sensitivity figures. Stress \u00a0
and sensitivity figures are also reported to Danske Bank A/S via Group Risk Management and CFO Area (Capital Management). \u00a0
The table below shows the changes in different risk factors and their effect on equity. \u00a0
The table shows sensitivity information in accordance with IFRS 17.128. The scenarios resulting in the largest effects on shareholders equity are \u00a0
especially: \u00a0
\u2022
Insurance risks related to an increase in longevity and an increase in claims / lower reactivations related to the H&A business, \u00a0
\u2022
Market risks related to large changes in interest rates, decrease in volatility adjustment and increasing credit spreads on mortgage bonds. \u00a0
The above risks have a significant focus and are mitigated as part of Danica's governance structure, where the BoD has set limits and tolerances \u00a0
for all significant risks. \u00a0
Sensitivity analysis SCR \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Volatility adjustment in the discount curve (VA) =0 \u00a0
-253 \u00a0
-324 \u00a0
Rates down 100 bps \u00a0
94 \u00a0
-140 \u00a0
Rates up 100bps \u00a0
-141 \u00a0
-107 \u00a0
Listed equities down 10% \u00a0
-84 \u00a0
-105 \u00a0
Property down 10% \u00a0
-328 \u00a0
-271 \u00a0
Mortgage spreads increase 40 bps \u00a0
-295 \u00a0
-187 \u00a0
DKK and EUR inflation increase 10 bps \u00a0
-8 \u00a0
-5 \u00a0
10% increase in cases in Health & Accident (H&A) \u00a0
-578 \u00a0
-798 \u00a0
10% decrease in frequency of re-activation in H&A \u00a0
-976 \u00a0
-726 \u00a0
10% increase in longevity assumptions \u00a0
-1594 \u00a0
-1496 \u00a0
Life insurance risk - continued \u00a0
The tables below provides information on the bond portfolio held in connection with with-profit and unit-linked products. \u00a0
Bond portfolio (insurance business) broken down by geographical area \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bond \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
2024 \u00a0
Denmark \u00a0
14,040 \u00a0
-
92,349 \u00a0
-
6
15,074 \u00a0
121,469 \u00a0
Sweden \u00a0
-
-
-
-
1
530 \u00a0
531 \u00a0
UK \u00a0
6
-
-
-
4
2,307 \u00a0
2,317 \u00a0
Norway \u00a0
4
-
-
-
-
1,233 \u00a0
1,237 \u00a0
USA \u00a0
10,044 \u00a0
957 \u00a0
-
-
4
11,920 \u00a0
22,925 \u00a0
Spain \u00a0
1,938 \u00a0
-
-
-
3
994 \u00a0
2,935 \u00a0
France \u00a0
6,835 \u00a0
-
-
-
-
2,591 \u00a0
9,426 \u00a0
Luxembourg \u00a0
-
85 \u00a0
-
-
-
2,245 \u00a0
2,330 \u00a0
Canada \u00a0
-
-
-
-
-
484 \u00a0
484 \u00a0
Finland \u00a0
236 \u00a0
5
-
-
-
450 \u00a0
691 \u00a0
Ireland \u00a0
629 \u00a0
-
-
-
-
269 \u00a0
898 \u00a0
Italy \u00a0
4,072 \u00a0
-
-
-
-
1,045 \u00a0
5,117 \u00a0
Portugal \u00a0
-
-
-
-
-
37 \u00a0
37 \u00a0
Austria \u00a0
-
-
-
-
-
19 \u00a0
19 \u00a0
Netherlands \u00a0
1,765 \u00a0
-
-
-
-
2,425 \u00a0
4,190 \u00a0
Germany \u00a0
21,710 \u00a0
-
-
-
-
2,157 \u00a0
23,867 \u00a0
Other \u00a0
4,374 \u00a0
807 \u00a0
-
-
-
7,823 \u00a0
13,004 \u00a0
Total \u00a0
65,653 \u00a0
1,854 \u00a0
92,349 \u00a0
-
18 \u00a0
51,603 \u00a0
211,477 \u00a0
Life insurance risk - continued \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bond \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
2023 \u00a0
Denmark \u00a0
12,122 \u00a0
-
103,381 \u00a0
-
-
7,406 \u00a0
122,909 \u00a0
Sweden \u00a0
-
-
-
16 \u00a0
1,882 \u00a0
1,898 \u00a0
UK \u00a0
5
-
-
-
6
2,146 \u00a0
2,157 \u00a0
Norway \u00a0
-
-
-
-
-
841 \u00a0
841 \u00a0
USA \u00a0
11,570 \u00a0
986 \u00a0
-
-
9
12,482 \u00a0
25,047 \u00a0
Spain \u00a0
1,323 \u00a0
-
-
-
-
744 \u00a0
2,067 \u00a0
France \u00a0
5,893 \u00a0
-
-
-
-
2,859 \u00a0
8,752 \u00a0
Luxembourg \u00a0
-
124 \u00a0
-
-
-
2,746 \u00a0
2,870 \u00a0
Canada \u00a0
-
-
-
-
-
1,312 \u00a0
1,312 \u00a0
Finland \u00a0
225 \u00a0
5
-
-
-
504 \u00a0
734 \u00a0
Ireland \u00a0
638 \u00a0
-
-
-
-
438 \u00a0
1,076 \u00a0
Italy \u00a0
3,055 \u00a0
-
-
-
-
1,082 \u00a0
4,137 \u00a0
Portugal \u00a0
2
-
-
-
-
106 \u00a0
108 \u00a0
Austria \u00a0
-
-
-
-
-
88 \u00a0
88 \u00a0
Netherlands \u00a0
841 \u00a0
-
-
-
-
2,825 \u00a0
3,666 \u00a0
Germany \u00a0
19,077 \u00a0
-
-
-
-
2,395 \u00a0
21,472 \u00a0
Other \u00a0
7,018 \u00a0
842 \u00a0
-
-
-
7,079 \u00a0
14,939 \u00a0
Total \u00a0
61,769 \u00a0
1,957 \u00a0
103,381 \u00a0
-
31 \u00a0
46,935 \u00a0
214,073 \u00a0
Bond portfolio (insurance business) broken down by external \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bond \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
2024 \u00a0
AAA \u00a0
47,564 \u00a0
1,362 \u00a0
81,389 \u00a0
-
6
1,637 \u00a0
131,958 \u00a0
AA+ \u00a0
236 \u00a0
-
-
-
-
1,427 \u00a0
1,663 \u00a0
AA \u00a0
7,526 \u00a0
27 \u00a0
-
-
-
168 \u00a0
7,721 \u00a0
AA- \u00a0
20 \u00a0
-
-
-
1
1,110 \u00a0
1,131 \u00a0
A+ \u00a0
193 \u00a0
-
7,661 \u00a0
-
-
14,742 \u00a0
22,596 \u00a0
A
2,036 \u00a0
-
2,928 \u00a0
-
-
1,896 \u00a0
6,860 \u00a0
A- \u00a0
118 \u00a0
10 \u00a0
-
-
-
3,250 \u00a0
3,378 \u00a0
BBB+ \u00a0
184 \u00a0
4
-
-
-
1,911 \u00a0
2,099 \u00a0
BBB \u00a0
4,775 \u00a0
124 \u00a0
371 \u00a0
-
-
3,432 \u00a0
8,702 \u00a0
BBB- \u00a0
588 \u00a0
53 \u00a0
-
-
1
1,704 \u00a0
2,346 \u00a0
Sub-inv. grade or unrated \u00a0
2,413 \u00a0
274 \u00a0
-
-
10 \u00a0
20,326 \u00a0
23,023 \u00a0
Total \u00a0
65,653 \u00a0
1,854 \u00a0
92,349 \u00a0
-
18 \u00a0
51,603 \u00a0
211,477 \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bond \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
2023 \u00a0
AAA \u00a0
43,609 \u00a0
1,401 \u00a0
90,451 \u00a0
-
-
3,060 \u00a0
138,521 \u00a0
AA+ \u00a0
225 \u00a0
-
-
-
-
2,335 \u00a0
2,560 \u00a0
AA \u00a0
6,978 \u00a0
68 \u00a0
-
-
-
149 \u00a0
7,195 \u00a0
AA- \u00a0
134 \u00a0
-
-
-
17 \u00a0
1,268 \u00a0
1,419 \u00a0
A+ \u00a0
407 \u00a0
-
8,561 \u00a0
-
-
5,920 \u00a0
14,888 \u00a0
A
1,544 \u00a0
-
3,594 \u00a0
-
-
1,778 \u00a0
6,916 \u00a0
A- \u00a0
792 \u00a0
47 \u00a0
-
-
-
2,947 \u00a0
3,786 \u00a0
BBB+ \u00a0
296 \u00a0
3
-
-
-
2,127 \u00a0
2,426 \u00a0
BBB \u00a0
4,280 \u00a0
151 \u00a0
775 \u00a0
-
-
4,498 \u00a0
9,704 \u00a0
BBB- \u00a0
974 \u00a0
96 \u00a0
-
-
-
1,841 \u00a0
2,911 \u00a0
Sub-inv. grade or unrated \u00a0
2,530 \u00a0
191 \u00a0
-
-
14 \u00a0
21,012 \u00a0
23,747 \u00a0
Total \u00a0
61,769 \u00a0
1,957 \u00a0
103,381 \u00a0
-
31 \u00a0
46,935 \u00a0
214,073 \u00a0
Danica has set a separate investment strategy for assets in which its shareholders\u2019 equity is invested. \u00a0
Non-financial risk \u00a0
Non-financial risk is the risk of financial losses\u00a0or gains, regulatory impact, reputational impact or customer impact resulting from inadequate \u00a0
or failed internal processes, people or systems or from external events, including legal and compliance risks. According to the Group\u2019s risk \u00a0
taxonomy as set out in its enterprise risk management (ERM) framework, non-financial risk consists of five risk categories: operational risk, \u00a0
Information Technology (IT) and security risk, data risk, financial crime risk and regulatory compliance risk. In addition to the five non-financial \u00a0
risk categories, sustainability risk is embedded as risk driver across the taxonomy and may arise as any or all other risk types materialise. \u00a0
Implementation of the non-financial risk management framework is linked to building and maintaining a strong risk and compliance culture \u00a0
across the Group. The Group has a suite of mandatory training courses for all employees including the Executive Leadership Team. The internal \u00a0
website \u201cDoRight\u201d allows employees to share their concerns and is supported by a group-wide whistleblower system. The Executive Leadership \u00a0
Team uses a set of key performance indicators (KPIs) to measure the risk and compliance culture. \u00a0
The Group\u00b4s approach to non-financial risk management is laid out in the Non-Financial Risk Policy complemented by the Group Compliance \u00a0
Policy and the Financial Crime Policy. The Group Non-Financial Risk Policy is the overarching policy and lays down the principles and \u00a0
responsibilities for managing non-financial risks across the three lines of defence. Supplementary policies and instructions are in place and \u00a0
reviewed annually to ensure alignment with regulatory developments. \u00a0
Given the varying levels of development and maturity across non-financial risk, an iterative approach has been taken to establish risk tolerance \u00a0
statements. The overarching non-financial risk tolerance threshold for loss exposure is set for net losses after recoveries for events that occur \u00a0
in the current calendar year. Where individual boundaries are set for risk types under non-financial risk, these can be found in their respective \u00a0
policies and instructions. Adherence with these tolerances is monitored and reported in accordance with internal procedures. \u00a0
Risk assessment \u00a0
The Group\u00b4s standard approach to risk assessment of its non-financial risks and controls is in line with industry standards and comprises the \u00a0
following steps: scoping, risk identification, inherent risk assessment, control identification and assessment, residual risk assessment, and \u00a0
mitigation actions/issues management. The Group also conducts scenario analyses to understand exposure to low-frequency high-severity \u00a0
events. Results from risk assessments and stress tests are used as input for the Group\u2019s Internal Capital Adequacy Assessment Process (ICAAP). \u00a0
Event management \u00a0
Event management aims to ensure timely and appropriate handling of detected events in order to minimise the impact on the Group and its \u00a0
stakeholders, as well as to prevent reoccurrence. Furthermore, event management provides timely, accurate and complete information for both \u00a0
internal and external reporting, including timely notification to relevant supervisory authorities. Non-financial risk events are registered, \u00a0
categorised and handled according to reporting thresholds. Risk assessment and root-cause analyses are performed to effectively address \u00a0
underlying risks and provide mitigation plans. The Group strives to learn from materialised events and observed near-misses to continually \u00a0
improve its operational risk management framework. \u00a0
Business Continuity \u00a0
Business continuity risk management is a holistic approach resulting in proactive measures that enable the Group to identify potential threats \u00a0
and their impacts on business operations, effectively respond to them, and continue the delivery of its products and services supported by \u00a0
functions at acceptable predefined levels following a Disruption. The Business Continuity and Crisis Management Policy sets control \u00a0
requirements for business continuity risk. \u00a0
Information Technology (IT) and security risk management \u00a0
Information technology (IT) and security risk is the risk of losses due to the breach of confidentiality, the failure of integrity of systems and data \u00a0
or the inappropriateness or unavailability of systems and data. This includes security risks resulting from inadequate or failed internal processes \u00a0
or external events, including cyber-related attacks or inadequate physical security. The requirements for managing IT and security risk are \u00a0
integrated into the Group\u2019s Non-Financial Risk Policy, IT Risk Management Policy and Security Policy. \u00a0
Data risk management \u00a0
Data risk refers to the risk of losses resulting from untimely or flawed decision-making based on insufficient or inappropriate data. The \u00a0
requirements for managing Data risk is integrated into the Group\u2019s Non-Financial Risk Policy and Data Risk Management Policy. In February 2024, \u00a0
the Danish Financial Supervisory Authority (the Danish FSA) concluded an inspection of Danske Bank\u2019s management of data quality. In response, \u00a0
remediation activities to support data risk management has been initiated and Data management remains a key risk focus area in the Group. \u00a0
Third-party risk management \u00a0
Third-party risk management (TPRM) considers the risks associated with processes, services, or activities provided to the Group by third parties. \u00a0
The purpose of TPRM is to identify, manage and mitigate non-financial risks when the Group engages with a third party. Third-party arrangements \u00a0
classified as outsourcing, or critical or important outsourcing are subject to specific regulatory requirements listed in the EBA Guidelines on \u00a0
Outsourcing and the Danish Executive Order on Outsourcing. Outsourcing arrangements are to be managed in accordance with the Group\u2019s TPRM \u00a0
Policy. \u00a0
Financial Crime Risk \u00a0
Financial crime risk is the risk that internal or external parties misuse the Group\u2019s infrastructure and services to steal, defraud, manipulate, or \u00a0
circumvent established rules, laws and regulations through money laundering, terrorist financing, sanctions violations, bribery and corruption, \u00a0
tax evasion or fraud. The Group\u2019s financial crime risk is managed and monitored through the Group\u2019s three lines of defence, and Financial Crime \u00a0
Compliance acts as the second line of defence. \u00a0
Regulatory Compliance risk management \u00a0
Regulatory compliance risk is defined as the risk that the Group receives regulatory, criminal or administrative sanctions, incurs material financial \u00a0
losses, or suffers a loss of reputation as a result of its failure to comply with laws, rules and regulations applicable to the Group\u2019s activities in the \u00a0
areas of fair treatment of customers, market integrity, data protection and confidentiality or because of a breach of licensing, accreditation \u00a0
and/or individual registration requirements. \u00a0
Sustainability in non-financial risks \u00a0
The Group\u2019s non-financial risks most materially affected by sustainability drivers relate specifically to regulatory compliance risk, i.e. the risk of \u00a0
not treating customers fairly by mis-selling and / or giving misinformation to customers. This includes risks in relation to marketing, branding \u00a0
and communications, and to operational risk, i.e. practices and arrangements for product governance and product and service practices related \u00a0
to investment products. \u00a0
Sustainability and treating customers fairly \u00a0
The Treating Customers Fairly policy defines the principles, which are the further detailed in the Group\u2019s instructions and Standard Operating \u00a0
Procedures that address customer needs, profiling and information. In addition, the Group increased the oversight of positioning and marketing \u00a0
activities in 2024 to ensure a fair representation of the Group\u2019s ESG related products and services offerings and to maintain a balance between \u00a0
risk related to fair representation and opportunities to communicate the Group\u2019s efforts. This includes the Group\u2019s sustainability strategy, targets \u00a0
and commitments. \u00a0
Non-financial risk - continued \u00a0
Sustainability and product practices \u00a0
The Group\u2019s New & Amended Product Approval Policy and Product Governance Instructions For product governance practices details \u00a0
sustainability risks as integral to the design, approval and delivery of products and services. \u00a0
Example of how sustainability risks is integrated into product practices are within asset management where sustainability Impacts, Risks and \u00a0
Opportunities may affect returns for customers and investors. Various tools and analysis are applied to determine the right approach for a given \u00a0
investee. This includes a digital system for determining each customer\u2019s sustainability preferences as part of the suitability assessment through \u00a0
a set of questions based on the MiFID II and the Insurance Distribution Directive regulatory requirements for sustainability preferences. To ensure \u00a0
a product match between customer sustainability preferences and product recommendation, the Group\u2019s sustainability preferences approach \u00a0
is designed to ensure a link between the individual customer\u2019s sustainability preferences and the Group\u2019s product offerings. \u00a0
The Group\u2019s Responsible Investment Policy and underlying instruction of Sustainability Risk Integration govern the identification and assessment \u00a0
of sustainability risks in investment decisions. \u00a0
G41. Highlight and ratios \u2013 continued \u00a0
Definitions of ratios \u00a0
Ratios \u00a0
Definition \u00a0
Earnings per share (DKK) \u00a0
Net profit for the year divided by the average number of shares outstanding during the year. Net \u00a0
profit is stated after the deduction of interest on equity-accounted additional tier 1 capital. \u00a0
Diluted earnings per share (DKK) \u00a0
Net profit for the year divided by the average number of shares outstanding during the year, \u00a0
including the dilutive effect of share options and conditional shares granted as share-based \u00a0
payments. Net profit is stated after the deduction of interest on equity-accounted additional tier 1 \u00a0
capital. \u00a0
Return on equity (%) \u00a0
Net profit for the year divided by average equity (average equity as end of current and prior year), \u00a0
including equity-accounted additional tier 1 capital. For the definition used in the management \u00a0
report see page \u201cDefinition of alternative performance measures\u201d. \u00a0
Income/cost ratio (%) \u00a0
Total income divided by expenses, including goodwill impairment charges and provision for Estonia \u00a0
matter. \u00a0
Common equity tier 1 (CET1) capital \u00a0
Primarily paid-up share capital and retained earnings. CET1 capital is defined in the Capital \u00a0
Requirements Regulation (CRR). \u00a0
Additional tier 1 capital \u00a0
Capital instruments that form part of tier 1 capital. Additional tier 1 capital is defined in CRR. \u00a0
Tier 1 capital \u00a0
Common equity tier 1 capital plus additional tier 1 capital, less certain deductions, such as \u00a0
intangible assets. \u00a0
The deductions are defined in CRR. \u00a0
Tier 2 capital \u00a0
Subordinated loan capital subject to certain restrictions that falls under the requirements for such \u00a0
instruments in CRR. \u00a0
Total capital \u00a0
Tier 1 capital plus tier 2 capital, less certain deductions as defined in CRR. \u00a0
Risk exposure amount \u00a0
Total risk exposure amount and off-balance-sheet items that involve credit risk, market risk and \u00a0
operational risk as calculated in accordance with the Capital Requirements Regulation (CRR). \u00a0
Common equity tier 1 capital ratio \u00a0
Common equity tier 1 capital divided by the total risk exposure amount. \u00a0
Tier 1 capital ratio \u00a0
Tier 1 capital divided by the total risk exposure amount. \u00a0
Total capital ratio \u00a0
Total capital divided by the total risk exposure amount. \u00a0
Dividend per share (DKK) \u00a0
The sum of dividends, extraordinary dividends and special dividends, divided by the number of \u00a0
shares outstanding. \u00a0
Share price at 31 December \u00a0
Closing price of Danske Bank shares at the end of the year. \u00a0
Ratios \u00a0
Definition \u00a0
Book value per share (DKK) \u00a0
Total equity at 31 December divided by the number of shares outstanding at the end of the year. \u00a0
For the definition used in the management report see page \u201cDefinition of alternative performance \u00a0
measures\u201d. \u00a0
Number of full-time-equivalent staff at 31 December \u00a0
Number of full-time-equivalent staff (part-time staff translated into full-time staff) at the end of \u00a0
the year. \u00a0
Lending growth \u00a0
Growth in lending from the beginning to the end of the year, excluding repo transactions. \u00a0
Loans plus impairment charges as % of deposits \u00a0
Loans at fair value and loans at amortised cost (gross of expected credit losses) divided by deposits \u00a0
including deposits under pooled schemes. \u00a0
Return on assets \u00a0
Net profit for the year divided by average assets (average assets as total assets end of current and \u00a0
prior year). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1967": { "value": "
G5. Net interest and Net trading income or loss \u00a0
This note shows interest income, interest expense and Net trading income or loss broken down by balance sheet item and by portfolios of \u00a0
financial instruments measured at amortised cost, fair value through Other comprehensive income or fair value through profit or loss. \u00a0
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
G5. Net interest and net trading income or loss \u2013 continued \u00a0
Net interest and Net trading income 2024 \u00a0
(DKK millions) \u00a0
Interest \u00a0
expense \u00a0
Net interest \u00a0
income \u00a0
Net trading \u00a0
income \u00a0
Interest income \u00a0
Total \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
13,289 \u00a0
4,043 \u00a0
9,246 \u00a0
-9 \u00a0
9,237 \u00a0
Loans and deposits \u00a0
41,390 \u00a0
10,526 \u00a0
30,864 \u00a0
-77 \u00a0
30,787 \u00a0
Bonds held to collect (investment securities) \u00a0
2,322 \u00a0
-
2,322 \u00a0
-
2,322 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,482 \u00a0
-11,482 \u00a0
-5,523 \u00a0
-17,005 \u00a0
Subordinated debt \u00a0
-
1,351 \u00a0
-1,351 \u00a0
-614 \u00a0
-1,965 \u00a0
Other financial instruments \u00a0
2,008 \u00a0
379 \u00a0
1,630 \u00a0
-
1,630 \u00a0
Total \u00a0
59,009 \u00a0
27,780 \u00a0
31,230 \u00a0
-6,223 \u00a0
25,007 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Total \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
248 \u00a0
-
248 \u00a0
-
248 \u00a0
Loans and deposits \u00a0
21,627 \u00a0
-
21,627 \u00a0
-
21,627 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,257 \u00a0
-
-5,257 \u00a0
5,866 \u00a0
609 \u00a0
Bonds (investment securities) \u00a0
886 \u00a0
-
886 \u00a0
3,109 \u00a0
3,995 \u00a0
Issued bonds \u00a0
-
16,050 \u00a0
-16,050 \u00a0
-
-16,050 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-
-
Total \u00a0
17,504 \u00a0
16,050 \u00a0
1,454 \u00a0
8,900 \u00a0
10,354 \u00a0
Total net interest and net trading income \u00a0
80,526 \u00a0
43,829 \u00a0
36,697 \u00a0
2,668 \u00a0
39,365 \u00a0
Net interest and Net trading income 2023 \u00a0
(DKK millions) \u00a0
Interest \u00a0
Interest \u00a0
Net interest \u00a0
Net trading \u00a0
income* \u00a0
expense* \u00a0
income* \u00a0
income* \u00a0
Total* \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
10,201 \u00a0
5,174 \u00a0
5,027 \u00a0
-9 \u00a0
5,018 \u00a0
Loans and deposits \u00a0
42,221 \u00a0
10,199 \u00a0
32,022 \u00a0
293 \u00a0
32,315 \u00a0
Bonds held to collect (investment securities) \u00a0
2,102 \u00a0
-
2,102 \u00a0
-
2,102 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
8,202 \u00a0
-8,202 \u00a0
-11,873 \u00a0
-20,075 \u00a0
Subordinated debt \u00a0
-
1,313 \u00a0
-1,313 \u00a0
-846 \u00a0
-2,159 \u00a0
Other financial instruments \u00a0
1,654 \u00a0
444 \u00a0
1,210 \u00a0
-
1,210 \u00a0
Total \u00a0
56,178 \u00a0
25,332 \u00a0
30,846 \u00a0
-12,435 \u00a0
18,411 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Total \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
244 \u00a0
-
244 \u00a0
-
244 \u00a0
Loans and deposits \u00a0
21,397 \u00a0
-
21,397 \u00a0
-
21,397 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,886 \u00a0
-
-5,886 \u00a0
10,680 \u00a0
4,794 \u00a0
Bonds (investment securities) \u00a0
532 \u00a0
-
532 \u00a0
5,257 \u00a0
5,789 \u00a0
Issued bonds \u00a0
-
15,753 \u00a0
-15,753 \u00a0
-
-15,753 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-806 \u00a0
-806 \u00a0
Total \u00a0
16,287 \u00a0
15,753 \u00a0
534 \u00a0
15,056 \u00a0
15,590 \u00a0
Total net interest and net trading income \u00a0
76,057 \u00a0
41,085 \u00a0
34,972 \u00a0
2,613 \u00a0
37,585 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the hedged balance \u00a0
sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading income or loss under the \u00a0
trading portfolio. Net trading income or loss includes dividends from shares of DKK 410 million (2023: DKK 368 million) and foreign exchange \u00a0
adjustments of DKK 1,122 million (2023: DKK -515 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1968": { "value": "
G5. Net interest and Net trading income or loss \u00a0
This note shows interest income, interest expense and Net trading income or loss broken down by balance sheet item and by portfolios of \u00a0
financial instruments measured at amortised cost, fair value through Other comprehensive income or fair value through profit or loss. \u00a0
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
G5. Net interest and net trading income or loss \u2013 continued \u00a0
Net interest and Net trading income 2024 \u00a0
(DKK millions) \u00a0
Interest \u00a0
expense \u00a0
Net interest \u00a0
income \u00a0
Net trading \u00a0
income \u00a0
Interest income \u00a0
Total \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
13,289 \u00a0
4,043 \u00a0
9,246 \u00a0
-9 \u00a0
9,237 \u00a0
Loans and deposits \u00a0
41,390 \u00a0
10,526 \u00a0
30,864 \u00a0
-77 \u00a0
30,787 \u00a0
Bonds held to collect (investment securities) \u00a0
2,322 \u00a0
-
2,322 \u00a0
-
2,322 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,482 \u00a0
-11,482 \u00a0
-5,523 \u00a0
-17,005 \u00a0
Subordinated debt \u00a0
-
1,351 \u00a0
-1,351 \u00a0
-614 \u00a0
-1,965 \u00a0
Other financial instruments \u00a0
2,008 \u00a0
379 \u00a0
1,630 \u00a0
-
1,630 \u00a0
Total \u00a0
59,009 \u00a0
27,780 \u00a0
31,230 \u00a0
-6,223 \u00a0
25,007 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Total \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
248 \u00a0
-
248 \u00a0
-
248 \u00a0
Loans and deposits \u00a0
21,627 \u00a0
-
21,627 \u00a0
-
21,627 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,257 \u00a0
-
-5,257 \u00a0
5,866 \u00a0
609 \u00a0
Bonds (investment securities) \u00a0
886 \u00a0
-
886 \u00a0
3,109 \u00a0
3,995 \u00a0
Issued bonds \u00a0
-
16,050 \u00a0
-16,050 \u00a0
-
-16,050 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-
-
Total \u00a0
17,504 \u00a0
16,050 \u00a0
1,454 \u00a0
8,900 \u00a0
10,354 \u00a0
Total net interest and net trading income \u00a0
80,526 \u00a0
43,829 \u00a0
36,697 \u00a0
2,668 \u00a0
39,365 \u00a0
Net interest and Net trading income 2023 \u00a0
(DKK millions) \u00a0
Interest \u00a0
Interest \u00a0
Net interest \u00a0
Net trading \u00a0
income* \u00a0
expense* \u00a0
income* \u00a0
income* \u00a0
Total* \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
10,201 \u00a0
5,174 \u00a0
5,027 \u00a0
-9 \u00a0
5,018 \u00a0
Loans and deposits \u00a0
42,221 \u00a0
10,199 \u00a0
32,022 \u00a0
293 \u00a0
32,315 \u00a0
Bonds held to collect (investment securities) \u00a0
2,102 \u00a0
-
2,102 \u00a0
-
2,102 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
8,202 \u00a0
-8,202 \u00a0
-11,873 \u00a0
-20,075 \u00a0
Subordinated debt \u00a0
-
1,313 \u00a0
-1,313 \u00a0
-846 \u00a0
-2,159 \u00a0
Other financial instruments \u00a0
1,654 \u00a0
444 \u00a0
1,210 \u00a0
-
1,210 \u00a0
Total \u00a0
56,178 \u00a0
25,332 \u00a0
30,846 \u00a0
-12,435 \u00a0
18,411 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Total \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
244 \u00a0
-
244 \u00a0
-
244 \u00a0
Loans and deposits \u00a0
21,397 \u00a0
-
21,397 \u00a0
-
21,397 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,886 \u00a0
-
-5,886 \u00a0
10,680 \u00a0
4,794 \u00a0
Bonds (investment securities) \u00a0
532 \u00a0
-
532 \u00a0
5,257 \u00a0
5,789 \u00a0
Issued bonds \u00a0
-
15,753 \u00a0
-15,753 \u00a0
-
-15,753 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-806 \u00a0
-806 \u00a0
Total \u00a0
16,287 \u00a0
15,753 \u00a0
534 \u00a0
15,056 \u00a0
15,590 \u00a0
Total net interest and net trading income \u00a0
76,057 \u00a0
41,085 \u00a0
34,972 \u00a0
2,613 \u00a0
37,585 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the hedged balance \u00a0
sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading income or loss under the \u00a0
trading portfolio. Net trading income or loss includes dividends from shares of DKK 410 million (2023: DKK 368 million) and foreign exchange \u00a0
adjustments of DKK 1,122 million (2023: DKK -515 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1969": { "value": "
G5. Net interest and Net trading income or loss \u00a0
This note shows interest income, interest expense and Net trading income or loss broken down by balance sheet item and by portfolios of \u00a0
financial instruments measured at amortised cost, fair value through Other comprehensive income or fair value through profit or loss. \u00a0
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
G5. Net interest and net trading income or loss \u2013 continued \u00a0
Net interest and Net trading income 2024 \u00a0
(DKK millions) \u00a0
Interest \u00a0
expense \u00a0
Net interest \u00a0
income \u00a0
Net trading \u00a0
income \u00a0
Interest income \u00a0
Total \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
13,289 \u00a0
4,043 \u00a0
9,246 \u00a0
-9 \u00a0
9,237 \u00a0
Loans and deposits \u00a0
41,390 \u00a0
10,526 \u00a0
30,864 \u00a0
-77 \u00a0
30,787 \u00a0
Bonds held to collect (investment securities) \u00a0
2,322 \u00a0
-
2,322 \u00a0
-
2,322 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,482 \u00a0
-11,482 \u00a0
-5,523 \u00a0
-17,005 \u00a0
Subordinated debt \u00a0
-
1,351 \u00a0
-1,351 \u00a0
-614 \u00a0
-1,965 \u00a0
Other financial instruments \u00a0
2,008 \u00a0
379 \u00a0
1,630 \u00a0
-
1,630 \u00a0
Total \u00a0
59,009 \u00a0
27,780 \u00a0
31,230 \u00a0
-6,223 \u00a0
25,007 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Total \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
248 \u00a0
-
248 \u00a0
-
248 \u00a0
Loans and deposits \u00a0
21,627 \u00a0
-
21,627 \u00a0
-
21,627 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,257 \u00a0
-
-5,257 \u00a0
5,866 \u00a0
609 \u00a0
Bonds (investment securities) \u00a0
886 \u00a0
-
886 \u00a0
3,109 \u00a0
3,995 \u00a0
Issued bonds \u00a0
-
16,050 \u00a0
-16,050 \u00a0
-
-16,050 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-
-
Total \u00a0
17,504 \u00a0
16,050 \u00a0
1,454 \u00a0
8,900 \u00a0
10,354 \u00a0
Total net interest and net trading income \u00a0
80,526 \u00a0
43,829 \u00a0
36,697 \u00a0
2,668 \u00a0
39,365 \u00a0
Net interest and Net trading income 2023 \u00a0
(DKK millions) \u00a0
Interest \u00a0
Interest \u00a0
Net interest \u00a0
Net trading \u00a0
income* \u00a0
expense* \u00a0
income* \u00a0
income* \u00a0
Total* \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
10,201 \u00a0
5,174 \u00a0
5,027 \u00a0
-9 \u00a0
5,018 \u00a0
Loans and deposits \u00a0
42,221 \u00a0
10,199 \u00a0
32,022 \u00a0
293 \u00a0
32,315 \u00a0
Bonds held to collect (investment securities) \u00a0
2,102 \u00a0
-
2,102 \u00a0
-
2,102 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
8,202 \u00a0
-8,202 \u00a0
-11,873 \u00a0
-20,075 \u00a0
Subordinated debt \u00a0
-
1,313 \u00a0
-1,313 \u00a0
-846 \u00a0
-2,159 \u00a0
Other financial instruments \u00a0
1,654 \u00a0
444 \u00a0
1,210 \u00a0
-
1,210 \u00a0
Total \u00a0
56,178 \u00a0
25,332 \u00a0
30,846 \u00a0
-12,435 \u00a0
18,411 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Total \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
244 \u00a0
-
244 \u00a0
-
244 \u00a0
Loans and deposits \u00a0
21,397 \u00a0
-
21,397 \u00a0
-
21,397 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,886 \u00a0
-
-5,886 \u00a0
10,680 \u00a0
4,794 \u00a0
Bonds (investment securities) \u00a0
532 \u00a0
-
532 \u00a0
5,257 \u00a0
5,789 \u00a0
Issued bonds \u00a0
-
15,753 \u00a0
-15,753 \u00a0
-
-15,753 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-806 \u00a0
-806 \u00a0
Total \u00a0
16,287 \u00a0
15,753 \u00a0
534 \u00a0
15,056 \u00a0
15,590 \u00a0
Total net interest and net trading income \u00a0
76,057 \u00a0
41,085 \u00a0
34,972 \u00a0
2,613 \u00a0
37,585 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the hedged balance \u00a0
sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading income or loss under the \u00a0
trading portfolio. Net trading income or loss includes dividends from shares of DKK 410 million (2023: DKK 368 million) and foreign exchange \u00a0
adjustments of DKK 1,122 million (2023: DKK -515 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1970": { "value": "
G5. Net interest and Net trading income or loss \u00a0
This note shows interest income, interest expense and Net trading income or loss broken down by balance sheet item and by portfolios of \u00a0
financial instruments measured at amortised cost, fair value through Other comprehensive income or fair value through profit or loss. \u00a0
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
G5. Net interest and net trading income or loss \u2013 continued \u00a0
Net interest and Net trading income 2024 \u00a0
(DKK millions) \u00a0
Interest \u00a0
expense \u00a0
Net interest \u00a0
income \u00a0
Net trading \u00a0
income \u00a0
Interest income \u00a0
Total \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
13,289 \u00a0
4,043 \u00a0
9,246 \u00a0
-9 \u00a0
9,237 \u00a0
Loans and deposits \u00a0
41,390 \u00a0
10,526 \u00a0
30,864 \u00a0
-77 \u00a0
30,787 \u00a0
Bonds held to collect (investment securities) \u00a0
2,322 \u00a0
-
2,322 \u00a0
-
2,322 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,482 \u00a0
-11,482 \u00a0
-5,523 \u00a0
-17,005 \u00a0
Subordinated debt \u00a0
-
1,351 \u00a0
-1,351 \u00a0
-614 \u00a0
-1,965 \u00a0
Other financial instruments \u00a0
2,008 \u00a0
379 \u00a0
1,630 \u00a0
-
1,630 \u00a0
Total \u00a0
59,009 \u00a0
27,780 \u00a0
31,230 \u00a0
-6,223 \u00a0
25,007 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Total \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
248 \u00a0
-
248 \u00a0
-
248 \u00a0
Loans and deposits \u00a0
21,627 \u00a0
-
21,627 \u00a0
-
21,627 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,257 \u00a0
-
-5,257 \u00a0
5,866 \u00a0
609 \u00a0
Bonds (investment securities) \u00a0
886 \u00a0
-
886 \u00a0
3,109 \u00a0
3,995 \u00a0
Issued bonds \u00a0
-
16,050 \u00a0
-16,050 \u00a0
-
-16,050 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-
-
Total \u00a0
17,504 \u00a0
16,050 \u00a0
1,454 \u00a0
8,900 \u00a0
10,354 \u00a0
Total net interest and net trading income \u00a0
80,526 \u00a0
43,829 \u00a0
36,697 \u00a0
2,668 \u00a0
39,365 \u00a0
Net interest and Net trading income 2023 \u00a0
(DKK millions) \u00a0
Interest \u00a0
Interest \u00a0
Net interest \u00a0
Net trading \u00a0
income* \u00a0
expense* \u00a0
income* \u00a0
income* \u00a0
Total* \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
10,201 \u00a0
5,174 \u00a0
5,027 \u00a0
-9 \u00a0
5,018 \u00a0
Loans and deposits \u00a0
42,221 \u00a0
10,199 \u00a0
32,022 \u00a0
293 \u00a0
32,315 \u00a0
Bonds held to collect (investment securities) \u00a0
2,102 \u00a0
-
2,102 \u00a0
-
2,102 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
8,202 \u00a0
-8,202 \u00a0
-11,873 \u00a0
-20,075 \u00a0
Subordinated debt \u00a0
-
1,313 \u00a0
-1,313 \u00a0
-846 \u00a0
-2,159 \u00a0
Other financial instruments \u00a0
1,654 \u00a0
444 \u00a0
1,210 \u00a0
-
1,210 \u00a0
Total \u00a0
56,178 \u00a0
25,332 \u00a0
30,846 \u00a0
-12,435 \u00a0
18,411 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Total \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
244 \u00a0
-
244 \u00a0
-
244 \u00a0
Loans and deposits \u00a0
21,397 \u00a0
-
21,397 \u00a0
-
21,397 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,886 \u00a0
-
-5,886 \u00a0
10,680 \u00a0
4,794 \u00a0
Bonds (investment securities) \u00a0
532 \u00a0
-
532 \u00a0
5,257 \u00a0
5,789 \u00a0
Issued bonds \u00a0
-
15,753 \u00a0
-15,753 \u00a0
-
-15,753 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-806 \u00a0
-806 \u00a0
Total \u00a0
16,287 \u00a0
15,753 \u00a0
534 \u00a0
15,056 \u00a0
15,590 \u00a0
Total net interest and net trading income \u00a0
76,057 \u00a0
41,085 \u00a0
34,972 \u00a0
2,613 \u00a0
37,585 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the hedged balance \u00a0
sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading income or loss under the \u00a0
trading portfolio. Net trading income or loss includes dividends from shares of DKK 410 million (2023: DKK 368 million) and foreign exchange \u00a0
adjustments of DKK 1,122 million (2023: DKK -515 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1971": { "value": "
G5. Net interest and Net trading income or loss \u00a0
This note shows interest income, interest expense and Net trading income or loss broken down by balance sheet item and by portfolios of \u00a0
financial instruments measured at amortised cost, fair value through Other comprehensive income or fair value through profit or loss. \u00a0
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
G5. Net interest and net trading income or loss \u2013 continued \u00a0
Net interest and Net trading income 2024 \u00a0
(DKK millions) \u00a0
Interest \u00a0
expense \u00a0
Net interest \u00a0
income \u00a0
Net trading \u00a0
income \u00a0
Interest income \u00a0
Total \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
13,289 \u00a0
4,043 \u00a0
9,246 \u00a0
-9 \u00a0
9,237 \u00a0
Loans and deposits \u00a0
41,390 \u00a0
10,526 \u00a0
30,864 \u00a0
-77 \u00a0
30,787 \u00a0
Bonds held to collect (investment securities) \u00a0
2,322 \u00a0
-
2,322 \u00a0
-
2,322 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,482 \u00a0
-11,482 \u00a0
-5,523 \u00a0
-17,005 \u00a0
Subordinated debt \u00a0
-
1,351 \u00a0
-1,351 \u00a0
-614 \u00a0
-1,965 \u00a0
Other financial instruments \u00a0
2,008 \u00a0
379 \u00a0
1,630 \u00a0
-
1,630 \u00a0
Total \u00a0
59,009 \u00a0
27,780 \u00a0
31,230 \u00a0
-6,223 \u00a0
25,007 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Total \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
248 \u00a0
-
248 \u00a0
-
248 \u00a0
Loans and deposits \u00a0
21,627 \u00a0
-
21,627 \u00a0
-
21,627 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,257 \u00a0
-
-5,257 \u00a0
5,866 \u00a0
609 \u00a0
Bonds (investment securities) \u00a0
886 \u00a0
-
886 \u00a0
3,109 \u00a0
3,995 \u00a0
Issued bonds \u00a0
-
16,050 \u00a0
-16,050 \u00a0
-
-16,050 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-
-
Total \u00a0
17,504 \u00a0
16,050 \u00a0
1,454 \u00a0
8,900 \u00a0
10,354 \u00a0
Total net interest and net trading income \u00a0
80,526 \u00a0
43,829 \u00a0
36,697 \u00a0
2,668 \u00a0
39,365 \u00a0
Net interest and Net trading income 2023 \u00a0
(DKK millions) \u00a0
Interest \u00a0
Interest \u00a0
Net interest \u00a0
Net trading \u00a0
income* \u00a0
expense* \u00a0
income* \u00a0
income* \u00a0
Total* \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
10,201 \u00a0
5,174 \u00a0
5,027 \u00a0
-9 \u00a0
5,018 \u00a0
Loans and deposits \u00a0
42,221 \u00a0
10,199 \u00a0
32,022 \u00a0
293 \u00a0
32,315 \u00a0
Bonds held to collect (investment securities) \u00a0
2,102 \u00a0
-
2,102 \u00a0
-
2,102 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
8,202 \u00a0
-8,202 \u00a0
-11,873 \u00a0
-20,075 \u00a0
Subordinated debt \u00a0
-
1,313 \u00a0
-1,313 \u00a0
-846 \u00a0
-2,159 \u00a0
Other financial instruments \u00a0
1,654 \u00a0
444 \u00a0
1,210 \u00a0
-
1,210 \u00a0
Total \u00a0
56,178 \u00a0
25,332 \u00a0
30,846 \u00a0
-12,435 \u00a0
18,411 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Total \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
244 \u00a0
-
244 \u00a0
-
244 \u00a0
Loans and deposits \u00a0
21,397 \u00a0
-
21,397 \u00a0
-
21,397 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,886 \u00a0
-
-5,886 \u00a0
10,680 \u00a0
4,794 \u00a0
Bonds (investment securities) \u00a0
532 \u00a0
-
532 \u00a0
5,257 \u00a0
5,789 \u00a0
Issued bonds \u00a0
-
15,753 \u00a0
-15,753 \u00a0
-
-15,753 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-806 \u00a0
-806 \u00a0
Total \u00a0
16,287 \u00a0
15,753 \u00a0
534 \u00a0
15,056 \u00a0
15,590 \u00a0
Total net interest and net trading income \u00a0
76,057 \u00a0
41,085 \u00a0
34,972 \u00a0
2,613 \u00a0
37,585 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the hedged balance \u00a0
sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading income or loss under the \u00a0
trading portfolio. Net trading income or loss includes dividends from shares of DKK 410 million (2023: DKK 368 million) and foreign exchange \u00a0
adjustments of DKK 1,122 million (2023: DKK -515 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1972": { "value": "
G5. Net interest and Net trading income or loss \u00a0
This note shows interest income, interest expense and Net trading income or loss broken down by balance sheet item and by portfolios of \u00a0
financial instruments measured at amortised cost, fair value through Other comprehensive income or fair value through profit or loss. \u00a0
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
G5. Net interest and net trading income or loss \u2013 continued \u00a0
Net interest and Net trading income 2024 \u00a0
(DKK millions) \u00a0
Interest \u00a0
expense \u00a0
Net interest \u00a0
income \u00a0
Net trading \u00a0
income \u00a0
Interest income \u00a0
Total \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
13,289 \u00a0
4,043 \u00a0
9,246 \u00a0
-9 \u00a0
9,237 \u00a0
Loans and deposits \u00a0
41,390 \u00a0
10,526 \u00a0
30,864 \u00a0
-77 \u00a0
30,787 \u00a0
Bonds held to collect (investment securities) \u00a0
2,322 \u00a0
-
2,322 \u00a0
-
2,322 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,482 \u00a0
-11,482 \u00a0
-5,523 \u00a0
-17,005 \u00a0
Subordinated debt \u00a0
-
1,351 \u00a0
-1,351 \u00a0
-614 \u00a0
-1,965 \u00a0
Other financial instruments \u00a0
2,008 \u00a0
379 \u00a0
1,630 \u00a0
-
1,630 \u00a0
Total \u00a0
59,009 \u00a0
27,780 \u00a0
31,230 \u00a0
-6,223 \u00a0
25,007 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Total \u00a0
4,013 \u00a0
-
4,013 \u00a0
-9 \u00a0
4,004 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
248 \u00a0
-
248 \u00a0
-
248 \u00a0
Loans and deposits \u00a0
21,627 \u00a0
-
21,627 \u00a0
-
21,627 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,257 \u00a0
-
-5,257 \u00a0
5,866 \u00a0
609 \u00a0
Bonds (investment securities) \u00a0
886 \u00a0
-
886 \u00a0
3,109 \u00a0
3,995 \u00a0
Issued bonds \u00a0
-
16,050 \u00a0
-16,050 \u00a0
-
-16,050 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-
-
Total \u00a0
17,504 \u00a0
16,050 \u00a0
1,454 \u00a0
8,900 \u00a0
10,354 \u00a0
Total net interest and net trading income \u00a0
80,526 \u00a0
43,829 \u00a0
36,697 \u00a0
2,668 \u00a0
39,365 \u00a0
Net interest and Net trading income 2023 \u00a0
(DKK millions) \u00a0
Interest \u00a0
Interest \u00a0
Net interest \u00a0
Net trading \u00a0
income* \u00a0
expense* \u00a0
income* \u00a0
income* \u00a0
Total* \u00a0
Financial portfolios at amortised cost \u00a0
Due from/to credit institutions and central banks \u00a0
10,201 \u00a0
5,174 \u00a0
5,027 \u00a0
-9 \u00a0
5,018 \u00a0
Loans and deposits \u00a0
42,221 \u00a0
10,199 \u00a0
32,022 \u00a0
293 \u00a0
32,315 \u00a0
Bonds held to collect (investment securities) \u00a0
2,102 \u00a0
-
2,102 \u00a0
-
2,102 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
8,202 \u00a0
-8,202 \u00a0
-11,873 \u00a0
-20,075 \u00a0
Subordinated debt \u00a0
-
1,313 \u00a0
-1,313 \u00a0
-846 \u00a0
-2,159 \u00a0
Other financial instruments \u00a0
1,654 \u00a0
444 \u00a0
1,210 \u00a0
-
1,210 \u00a0
Total \u00a0
56,178 \u00a0
25,332 \u00a0
30,846 \u00a0
-12,435 \u00a0
18,411 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Total \u00a0
3,592 \u00a0
-
3,592 \u00a0
-8 \u00a0
3,584 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
244 \u00a0
-
244 \u00a0
-
244 \u00a0
Loans and deposits \u00a0
21,397 \u00a0
-
21,397 \u00a0
-
21,397 \u00a0
Trading portfolio assets and liabilities \u00a0
-5,886 \u00a0
-
-5,886 \u00a0
10,680 \u00a0
4,794 \u00a0
Bonds (investment securities) \u00a0
532 \u00a0
-
532 \u00a0
5,257 \u00a0
5,789 \u00a0
Issued bonds \u00a0
-
15,753 \u00a0
-15,753 \u00a0
-
-15,753 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-
-75 \u00a0
-75 \u00a0
Reclassification on disposal of units outside Denmark \u00a0
-
-
-
-806 \u00a0
-806 \u00a0
Total \u00a0
16,287 \u00a0
15,753 \u00a0
534 \u00a0
15,056 \u00a0
15,590 \u00a0
Total net interest and net trading income \u00a0
76,057 \u00a0
41,085 \u00a0
34,972 \u00a0
2,613 \u00a0
37,585 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the hedged balance \u00a0
sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading income or loss under the \u00a0
trading portfolio. Net trading income or loss includes dividends from shares of DKK 410 million (2023: DKK 368 million) and foreign exchange \u00a0
adjustments of DKK 1,122 million (2023: DKK -515 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1975": { "value": "
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1976": { "value": "
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1977": { "value": "
Accounting policy \u00a0
Interest income and expenses \u00a0
Interest income and expenses arising from interest-bearing financial instruments measured at amortised cost or at fair value through \u00a0
Other comprehensive income are recognised according to the effective interest method on the basis of the cost of the individual \u00a0
financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a financial instrument, \u00a0
such as origination fees, and amortised differences between the cost and the redemption price, if any. Interest on financial instruments \u00a0
included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of the carrying amount (i.e. net of impairment \u00a0
charges). The interest rate risk on some financial portfolios recognised at amortised cost is hedged by derivatives using fair value hedge \u00a0
accounting. Note G12 provides more information on hedge accounting. \u00a0
Interest income and expenses also includes interest on financial instruments measured at fair value through profit or loss due to failing \u00a0
the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the credit risk on these \u00a0
loans are presented under Loan impairment charges. Interest income on loans measured at fair value for which interest on loans \u00a0
included in stage 3 is recognised on the basis of the gross carrying amount. \u00a0
Interest on other financial instruments mandatorily measured at fair value are recognised in trading income or loss (see below). \u00a0
In the income statement, interest income on financial assets measured at amortised cost or fair value through other comprehensive \u00a0
income is presented as Interest income calculated using the effective interest method. All other interest income is presented as Other \u00a0
interest income. The line item Interest expenses includes all interest expenses. \u00a0
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1991": { "value": "
Accounting policy \u00a0
Net trading income or loss \u00a0
Net trading income or loss includes realised and unrealised capital gains and losses on financial assets and financial liabilities \u00a0
recognised at fair value through profit or loss as well as exchange rate adjustments and dividends. Net trading income or loss also \u00a0
includes all interest on financial instruments measured at fair value through profit or loss that do not have the business model \u201chold to \u00a0
collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & Institutes), except for \u00a0
fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) except income at Internal Bank \u00a0
and returns on assets under pooled schemes (including the crediting of these returns to customer accounts). Further, the fair value \u00a0
adjustment of own credit risk on financial liabilities designated at fair value through profit or loss in the Group\u2019s trading unit is presented \u00a0
in Other comprehensive income. Net trading income or loss includes the fair value adjustments of own credit risk on bonds issued by \u00a0
Realkredit Danmark, as an accounting mismatch between the fair value adjustment of the loans and the bonds in Realkredit Danmark \u00a0
would otherwise exist (see further information in note G16). \u00a0
Realised gains and losses on financial assets at amortised cost, e.g. loans, are recognised under Net trading income or loss when the \u00a0
financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case the gain or \u00a0
loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the financial asset is \u00a0
calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment amount. For financial \u00a0
assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts previously recognised in \u00a0
Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the difference between the carrying amount \u00a0
and the redemption price including cost related to the redemption, if any. \u00a0
For financial assets and liabilities subject to fair value hedge accounting, the fair value adjustments of the hedged financial instrument \u00a0
and the hedging instruments are recognised in Net trading income or loss. Therefore, any hedge ineffectiveness is also presented in Net \u00a0
trading income or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2006": { "value": "
G6. Fee income and expenses \u00a0
Fee income and expenses are presented on a net fee income basis in the Management\u2019s report, representing the presentation provided to key \u00a0
management for decision making purposes. Fee income and Fee expense are broken down by fee type on the basis of the underlying activity, \u00a0
and by business segment. \u00a0
Accounting policy \u00a0
Fee income \u00a0
Fee income is recognised to reflect the transfer of services to customers at an amount that reflects the consideration that is expected to \u00a0
be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed with the customer, \u00a0
and the consideration, and recognises income in line with the transfer of services, the performance obligation, agreed with the \u00a0
customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance obligation \u00a0
over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is constrained by, for \u00a0
instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the identified performance \u00a0
obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is recognised once \u00a0
the consideration to be received is known and it is probable that a significant reversal of the consideration will not occur. \u00a0
Fee expense \u00a0
Fee expense for services provided over a period of time, such as guarantee commissions and investment management fees, are accrued \u00a0
over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the individual transaction. Fees \u00a0
that form an integral part of the effective rates of interest on financial liabilities measured at amortised cost, such as origination fees, \u00a0
are carried under interest expense. Similar fees related to financial liabilities at fair value through profit or loss are recognised when the \u00a0
financial liability is established and are carried under fee expense. \u00a0
(a) Presentation by activity \u00a0
Fee income is managed internally net of fee expenses, and on the basis of the underlying activity, i.e. \u00a0
\u2022
Investment \u00a0
\u2022
Money transfers, account fees, cash management and other fees \u00a0
\u2022
Lending and guarantees \u00a0
\u2022
Capital markets \u00a0
See note G3 for net fee income per business segment. A description of each activity by business segment is provided below: \u00a0
Banking units \u00a0
Fee income in the banking units relates to Personal Customers and Business Customers, General Banking in LC&I, and Northern Ireland, and it \u00a0
primarily relates to the provision of general banking services to customers, i.e.: \u00a0
Fee income from investment activities, for example for executing customer security purchase orders, is recognised at the time of the \u00a0
transaction. When the service is provided over time, for example fee income for managed accounts, fee income is recognised over time. \u00a0
Fee income from money transfers, account fees, cash management and other activities, is generally recognised when the service is provided. For \u00a0
transactions such as money transfers and card transactions, fee income is recognised at the time of the transaction. Similarly, fixed income on \u00a0
customer transactions in foreign currencies are recognised at the time of the transaction. This includes the fixed margin on customer \u00a0
transactions in foreign currencies. Fee income charged for services provided over time, for example subscription fees, account packages and \u00a0
cash deposit services, is recognised over time as the service is provided to the customer. \u00a0
Fee income from lending and guarantee activities, such as services provided in relation to mortgage loans recognised at fair value, and the \u00a0
provision of trade finance guarantees, is recognised when the service has been provided to the customer at a point in time. For fee income for \u00a0
establishing loans recognised at amortised cost, although the performance obligation is satisfied when the loan is granted, the fee income is \u00a0
recognised over time (the expected maturity of the loan), in accordance with IFRS 9 and classified as interest income. \u00a0
LC&I \u00a0
Net fee income in LC&I primarily relates to income derived from General Banking (see above description of Banking units) and from Investment \u00a0
Banking. \u00a0
Markets share of margins on customer derivatives is presented as part of fee income. Except for margins on customer derivatives, fee income \u00a0
consists mainly of fees received for services provided at a point in time. \u00a0
Fee income in Investment Banking primarily consists of: \u00a0
Fee income from investment activities, for example executing share trades on behalf of customers and securities lending, is recognised when \u00a0
the service is provided at a point in time. \u00a0
Fee income from lending and guarantee activities is primarily derived from coordinating and arranging syndicated loan transactions, as well as \u00a0
issuing bonds on behalf of customers. Such income is recognised at a point in time, once the agreed performance obligation has been fulfilled. \u00a0
However any establishment fee for syndicated loan transactions is recognised over time. \u00a0
Fee income from capital markets activities is primarily derived from arranging transactions on behalf of customers. Such income is recognised \u00a0
when the individual performance obligation has been fulfilled. \u00a0
G6. Fee income and expenses continued \u00a0
Asset Management (part of LC&I) \u00a0
Fee income for asset management services is recognised over time when the service is provided to the customer provided that it is probable \u00a0
that a significant reversal of the consideration will not occur. \u00a0
Performance fee income is variable, and the consideration is based on the accumulated return on the underlying asset, determined at a \u00a0
specific date, such as the end of the year. The accumulated return is highly susceptible to external factors, such as the development in the \u00a0
financial markets. Fee income is recognised once the fee to be received is known. \u00a0
Fee income and expenses 2024 \u00a0
(DKK millions) \u00a0
Fee income \u00a0
Fee expenses \u00a0
Net fee income \u00a0
Investment \u00a0
8,995 \u00a0
3,457 \u00a0
5,538 \u00a0
Money transfers, account fee, cash management and other fees \u00a0
6,367 \u00a0
894 \u00a0
5,472 \u00a0
Lending and Guarantees \u00a0
2,324 \u00a0
148 \u00a0
2,176 \u00a0
Capital markets \u00a0
1,778 \u00a0
52 \u00a0
1,726 \u00a0
Total \u00a0
19,463 \u00a0
4,551 \u00a0
14,912 \u00a0
Fee income and expenses 2023 \u00a0
(DKK millions) \u00a0
Fee income* \u00a0
Fee expenses*\u00a0Net fee income* \u00a0
Investment \u00a0
7,469 \u00a0
3,001 \u00a0
4,468 \u00a0
Money transfers, account fee, cash management and other fees \u00a0
5,918 \u00a0
985 \u00a0
4,932 \u00a0
Lending and Guarantees \u00a0
2,295 \u00a0
132 \u00a0
2,163 \u00a0
Capital markets \u00a0
1,426 \u00a0
86 \u00a0
1,340 \u00a0
Total \u00a0
17,108 \u00a0
4,203 \u00a0
12,904 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
Fees for financial instruments not recognised at fair value relates primarily to fees on loans, guarantees and issued bonds. In the table above, \u00a0
such fees are included as fee income or expense from lending and guarantee activities. Fee income on loans and guarantees amounted to DKK \u00a0
1,399 million (2023: DKK 1,703 million), of which DKK 562 million relates to financial instruments not recognized at fair value (2023: 820 \u00a0
million), whereas expenses amounted to DKK 85 million (2023: DKK 97 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2007": { "value": "
G6. Fee income and expenses \u00a0
Fee income and expenses are presented on a net fee income basis in the Management\u2019s report, representing the presentation provided to key \u00a0
management for decision making purposes. Fee income and Fee expense are broken down by fee type on the basis of the underlying activity, \u00a0
and by business segment. \u00a0
Accounting policy \u00a0
Fee income \u00a0
Fee income is recognised to reflect the transfer of services to customers at an amount that reflects the consideration that is expected to \u00a0
be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed with the customer, \u00a0
and the consideration, and recognises income in line with the transfer of services, the performance obligation, agreed with the \u00a0
customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance obligation \u00a0
over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is constrained by, for \u00a0
instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the identified performance \u00a0
obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is recognised once \u00a0
the consideration to be received is known and it is probable that a significant reversal of the consideration will not occur. \u00a0
Fee expense \u00a0
Fee expense for services provided over a period of time, such as guarantee commissions and investment management fees, are accrued \u00a0
over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the individual transaction. Fees \u00a0
that form an integral part of the effective rates of interest on financial liabilities measured at amortised cost, such as origination fees, \u00a0
are carried under interest expense. Similar fees related to financial liabilities at fair value through profit or loss are recognised when the \u00a0
financial liability is established and are carried under fee expense. \u00a0
(a) Presentation by activity \u00a0
Fee income is managed internally net of fee expenses, and on the basis of the underlying activity, i.e. \u00a0
\u2022
Investment \u00a0
\u2022
Money transfers, account fees, cash management and other fees \u00a0
\u2022
Lending and guarantees \u00a0
\u2022
Capital markets \u00a0
See note G3 for net fee income per business segment. A description of each activity by business segment is provided below: \u00a0
Banking units \u00a0
Fee income in the banking units relates to Personal Customers and Business Customers, General Banking in LC&I, and Northern Ireland, and it \u00a0
primarily relates to the provision of general banking services to customers, i.e.: \u00a0
Fee income from investment activities, for example for executing customer security purchase orders, is recognised at the time of the \u00a0
transaction. When the service is provided over time, for example fee income for managed accounts, fee income is recognised over time. \u00a0
Fee income from money transfers, account fees, cash management and other activities, is generally recognised when the service is provided. For \u00a0
transactions such as money transfers and card transactions, fee income is recognised at the time of the transaction. Similarly, fixed income on \u00a0
customer transactions in foreign currencies are recognised at the time of the transaction. This includes the fixed margin on customer \u00a0
transactions in foreign currencies. Fee income charged for services provided over time, for example subscription fees, account packages and \u00a0
cash deposit services, is recognised over time as the service is provided to the customer. \u00a0
Fee income from lending and guarantee activities, such as services provided in relation to mortgage loans recognised at fair value, and the \u00a0
provision of trade finance guarantees, is recognised when the service has been provided to the customer at a point in time. For fee income for \u00a0
establishing loans recognised at amortised cost, although the performance obligation is satisfied when the loan is granted, the fee income is \u00a0
recognised over time (the expected maturity of the loan), in accordance with IFRS 9 and classified as interest income. \u00a0
LC&I \u00a0
Net fee income in LC&I primarily relates to income derived from General Banking (see above description of Banking units) and from Investment \u00a0
Banking. \u00a0
Markets share of margins on customer derivatives is presented as part of fee income. Except for margins on customer derivatives, fee income \u00a0
consists mainly of fees received for services provided at a point in time. \u00a0
Fee income in Investment Banking primarily consists of: \u00a0
Fee income from investment activities, for example executing share trades on behalf of customers and securities lending, is recognised when \u00a0
the service is provided at a point in time. \u00a0
Fee income from lending and guarantee activities is primarily derived from coordinating and arranging syndicated loan transactions, as well as \u00a0
issuing bonds on behalf of customers. Such income is recognised at a point in time, once the agreed performance obligation has been fulfilled. \u00a0
However any establishment fee for syndicated loan transactions is recognised over time. \u00a0
Fee income from capital markets activities is primarily derived from arranging transactions on behalf of customers. Such income is recognised \u00a0
when the individual performance obligation has been fulfilled. \u00a0
G6. Fee income and expenses continued \u00a0
Asset Management (part of LC&I) \u00a0
Fee income for asset management services is recognised over time when the service is provided to the customer provided that it is probable \u00a0
that a significant reversal of the consideration will not occur. \u00a0
Performance fee income is variable, and the consideration is based on the accumulated return on the underlying asset, determined at a \u00a0
specific date, such as the end of the year. The accumulated return is highly susceptible to external factors, such as the development in the \u00a0
financial markets. Fee income is recognised once the fee to be received is known. \u00a0
Fee income and expenses 2024 \u00a0
(DKK millions) \u00a0
Fee income \u00a0
Fee expenses \u00a0
Net fee income \u00a0
Investment \u00a0
8,995 \u00a0
3,457 \u00a0
5,538 \u00a0
Money transfers, account fee, cash management and other fees \u00a0
6,367 \u00a0
894 \u00a0
5,472 \u00a0
Lending and Guarantees \u00a0
2,324 \u00a0
148 \u00a0
2,176 \u00a0
Capital markets \u00a0
1,778 \u00a0
52 \u00a0
1,726 \u00a0
Total \u00a0
19,463 \u00a0
4,551 \u00a0
14,912 \u00a0
Fee income and expenses 2023 \u00a0
(DKK millions) \u00a0
Fee income* \u00a0
Fee expenses*\u00a0Net fee income* \u00a0
Investment \u00a0
7,469 \u00a0
3,001 \u00a0
4,468 \u00a0
Money transfers, account fee, cash management and other fees \u00a0
5,918 \u00a0
985 \u00a0
4,932 \u00a0
Lending and Guarantees \u00a0
2,295 \u00a0
132 \u00a0
2,163 \u00a0
Capital markets \u00a0
1,426 \u00a0
86 \u00a0
1,340 \u00a0
Total \u00a0
17,108 \u00a0
4,203 \u00a0
12,904 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
Fees for financial instruments not recognised at fair value relates primarily to fees on loans, guarantees and issued bonds. In the table above, \u00a0
such fees are included as fee income or expense from lending and guarantee activities. Fee income on loans and guarantees amounted to DKK \u00a0
1,399 million (2023: DKK 1,703 million), of which DKK 562 million relates to financial instruments not recognized at fair value (2023: 820 \u00a0
million), whereas expenses amounted to DKK 85 million (2023: DKK 97 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2008": { "value": "
Accounting policy \u00a0
Fee income \u00a0
Fee income is recognised to reflect the transfer of services to customers at an amount that reflects the consideration that is expected to \u00a0
be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed with the customer, \u00a0
and the consideration, and recognises income in line with the transfer of services, the performance obligation, agreed with the \u00a0
customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance obligation \u00a0
over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is constrained by, for \u00a0
instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the identified performance \u00a0
obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is recognised once \u00a0
the consideration to be received is known and it is probable that a significant reversal of the consideration will not occur. \u00a0
Fee expense \u00a0
Fee expense for services provided over a period of time, such as guarantee commissions and investment management fees, are accrued \u00a0
over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the individual transaction. Fees \u00a0
that form an integral part of the effective rates of interest on financial liabilities measured at amortised cost, such as origination fees, \u00a0
are carried under interest expense. Similar fees related to financial liabilities at fair value through profit or loss are recognised when the \u00a0
financial liability is established and are carried under fee expense. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2009": { "value": "
Accounting policy \u00a0
Fee income \u00a0
Fee income is recognised to reflect the transfer of services to customers at an amount that reflects the consideration that is expected to \u00a0
be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed with the customer, \u00a0
and the consideration, and recognises income in line with the transfer of services, the performance obligation, agreed with the \u00a0
customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance obligation \u00a0
over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is constrained by, for \u00a0
instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the identified performance \u00a0
obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is recognised once \u00a0
the consideration to be received is known and it is probable that a significant reversal of the consideration will not occur. \u00a0
Fee expense \u00a0
Fee expense for services provided over a period of time, such as guarantee commissions and investment management fees, are accrued \u00a0
over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the individual transaction. Fees \u00a0
that form an integral part of the effective rates of interest on financial liabilities measured at amortised cost, such as origination fees, \u00a0
are carried under interest expense. Similar fees related to financial liabilities at fair value through profit or loss are recognised when the \u00a0
financial liability is established and are carried under fee expense. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2016": { "value": "
G7. Net insurance result \u00a0
Insurance contracts are contracts entered into by Danica that entail significant insurance risks or entitle policyholders to a bonus \u00a0
(discretionary participation feature). \u00a0
Contracts that do not entail significant insurance risk are recognised as investment contracts with premiums recognised directly in the balance \u00a0
sheet. Note G17 provides more information on the accounting for investment contracts. \u00a0
Accounting policy \u00a0
Insurance revenue \u00a0
The Group recognises insurance revenue as it provides insurance services. Insurance revenue reflects the amount of consideration the \u00a0
Group expects to be entitled to in exchange for those services provided. For insurance contracts under the Premium Allocation Approach \u00a0
(PAA), insurance revenue is based on the expected premium for the period. \u00a0
The contractual service margin (CSM) is recognised in insurance revenue as insurance contracts services are provided. \u00a0
Insurance service expenses \u00a0
Insurance service expenses comprise incurred claims and other incurred insurance expenses. \u00a0
Net finance income or expense from insurance contracts \u00a0
Net investment return for insurance comprises the return on assets backing insurance activities, and Net finance income or expense \u00a0
from insurance, which comprises the change in carrying amount of groups of insurance contracts arising from the effect of time value of \u00a0
money and the effect of financial risk of groups of insurance contracts. \u00a0
G7. Net insurance result continued \u00a0
In the IFRS Income statement, Insurance service expenses also includes net expenses of DKK 17 million from reinsurance. \u00a0
(a) Insurance revenue \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Insurance revenue from contracts not under PAA \u00a0
Contractual service margin recognised for the services provided \u00a0
1,542 \u00a0
1,591 \u00a0
Change in risk adjustment for non-financial risk for the risk expired \u00a0
28 \u00a0
28 \u00a0
Expected incurred claims and directly attributable expenses \u00a0
2,297 \u00a0
2,366 \u00a0
Insurance revenue from contracts not under PAA \u00a0
3,867 \u00a0
3,985 \u00a0
Insurance revenue from contracts under PAA \u00a0
2,002 \u00a0
1,750 \u00a0
Total insurance revenue \u00a0
5,869 \u00a0
5,735 \u00a0
(b) Insurance service expenses \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Incurred claims and other incurred insurance service expenses \u00a0
2,394 \u00a0
2,319 \u00a0
Insurance service expenses from contracts not under PAA \u00a0
2,394 \u00a0
2,319 \u00a0
Insurance service expenses from contracts under PAA \u00a0
3,198 \u00a0
2,775 \u00a0
Total insurance service expenses \u00a0
5,592 \u00a0
5,094 \u00a0
(c) Net investment return for insurance \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Net return on investments backing insurance liabilities \u00a0
Income from investment property \u00a0
848 \u00a0
766 \u00a0
Interest income and dividends \u00a0
24,977 \u00a0
83,066 \u00a0
Value adjustments \u00a0
39,006 \u00a0
27,606 \u00a0
Income from holdings in associates and joint ventures \u00a0
719 \u00a0
-609 \u00a0
Interest expenses \u00a0
-15,630 \u00a0
-74,171 \u00a0
Tax on pension returns \u00a0
-5,164 \u00a0
-729 \u00a0
Other \u00a0
-755 \u00a0
-701 \u00a0
Net return on investments backing insurance liabilities \u00a0
44,001 \u00a0
35,228 \u00a0
Net finance income or expense from insurance contracts \u00a0
Finance income or expense from insurance contracts \u00a0
-39,281 \u00a0
-32,444 \u00a0
Movement in investment contracts liabilities \u00a0
-3,687 \u00a0
-2,169 \u00a0
Net finance income or expense from insurance contracts \u00a0
-42,968 \u00a0
-34,613 \u00a0
Net investment return for insurance \u00a0
1,033 \u00a0
615 \u00a0
G18. Insurance assets and Insurance liabilities \u00a0
Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder, by agreeing to compensate \u00a0
the policyholder if a specified uncertain future event adversely affects the policyholder. The Group issues contracts for life insurance and \u00a0
health and accident insurance. \u00a0
Insurance assets comprise assets earmarked for policyholders because most of the return accrues to policyholders. As the assets can be used \u00a0
only for payment of insurance liabilities, they are presented as a single line in the balance sheet. \u00a0
Insurance liabilities comprise liabilities as defined by IFRS 17 and other liabilities in the insurance business. \u00a0
Accounting policy \u00a0
Insurance assets \u00a0
Insurance assets are managed on a fair value basis with no short-term profit taking. The business model for managing the assets is \u00a0
therefore neither \u2018held to collect\u2019 nor \u2018held to collect and sell\u2019 and the financial assets are therefore mandatorily recognised at fair value \u00a0
through profit or loss. The valuation technique used matches the Group\u2019s accounting policy for similar assets. \u00a0
The Group has elected to not deduct own shares and own bonds from equity and liabilities respectively that are underlying items of \u00a0
insurance contracts with direct participation features. Therefore total Insurance assets include these own shares and own bonds. \u00a0
Insurance contract liabilities (part of Insurance liabilities) \u00a0
The Group has divided all insurance contracts into portfolios and groups and determined measurement methods for the individual \u00a0
groups of contracts. The classification of insurance contracts in the four portfolios is based on an assessment of similar risks and on an \u00a0
overall management approach: \u00a0
\u2022
An average-rate portfolio \u00a0
\u2022
A unit-linked portfolio \u00a0
\u2022
A portfolio of legacy life insurance products in run-off \u00a0
\u2022
A portfolio containing health and accident insurance contracts. \u00a0
The Group applies the annual cohort exemption from the EU to the average-rate portfolio. \u00a0
The Group measures Insurance contract liabilities using the General Measurement Model (GMM), Variable Fee Approach (VFA) or \u00a0
Premium Allocation Approach (PAA). The majority of the Group\u2019s life insurance contracts are measured using VFA because they meet the \u00a0
definition of insurance contracts with direct participation features. GMM is used for legacy life insurance products in run-off. \u00a0
Insurance contracts measured using GMM or VFA are initially measured as the total of fulfilment cash flows (which comprise estimated \u00a0
future cash flows, an adjustment for time value of money and effect of financial risks, and a risk adjustment for non-financial risk) and \u00a0
contractual service margin (CSM; unearned profit that will be recognised as the Group provides insurance contract services).\u00a0At each \u00a0
reporting date, the group of insurance contracts is subsequently measured as the sum of the liability for remaining coverage \u00a0
(comprising fulfilment cash flows relating to future service and CSM) and liability for incurred claims (comprising fulfilment cash flows \u00a0
relating to past service). PAA is applied to the Health and accident insurance portfolio, which comprises only one-year insurance \u00a0
contracts. \u00a0
G18. Insurance assets and Insurance liabilities - continued \u00a0
Investment properties held on behalf of insurance customers amount to DKK 23,757 million (2023: DKK 21,716 million). Changes in the fair \u00a0
value of these investment properties will only to a limited extent affect the Group\u2019s net profit. The valuation is based on the same principles as \u00a0
investments made for own investment purposes. The required rate of return ranged between 2.5- 7.0% (2023: 2.5-7.0%) and averaged 4.4% \u00a0
(2023: 4.8%). An increase in the required rate of return of 1.0 percentage point would reduce fair value at the end of 2024 by DKK 1,114 million \u00a0
(2023: DKK 3,937 million). \u00a0
(a) Insurance assets \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Due from credit institutions \u00a0
13,872 \u00a0
6,922 \u00a0
Investment securities \u00a0
509,309 \u00a0
468,312 \u00a0
Holdings in associates \u00a0
11,873 \u00a0
11,612 \u00a0
Investment property \u00a0
23,757 \u00a0
21,716 \u00a0
Reinsurance contract assets \u00a0
204 \u00a0
213 \u00a0
Other assets \u00a0
8,258 \u00a0
9,780 \u00a0
Total \u00a0
567,273 \u00a0
518,555 \u00a0
including \u00a0
own bonds \u00a0
5,437 \u00a0
5,984 \u00a0
other intra-group balances \u00a0
12,924 \u00a0
16,540 \u00a0
Total assets under insurance contracts \u00a0
548,912 \u00a0
496,031 \u00a0
Insurance assets include DKK 26,341 million of own bonds that are not eliminated (2023: DKK 27,794 million) and DKK 1,147 million of own \u00a0
shares that are not eliminated (2023: DKK 1,040 million). \u00a0
Investment securities within insurance assets \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Listed bonds \u00a0
190,122 \u00a0
191,938 \u00a0
Unlisted bonds \u00a0
2,103 \u00a0
2,458 \u00a0
Listed shares \u00a0
200,163 \u00a0
146,591 \u00a0
Unlisted shares \u00a0
36,911 \u00a0
34,755 \u00a0
Unit trust certificates \u00a0
26,869 \u00a0
27,742 \u00a0
Derivatives with positive fair value \u00a0
52,102 \u00a0
61,991 \u00a0
Other securities \u00a0
1,039 \u00a0
2,837 \u00a0
Total \u00a0
509,309 \u00a0
468,312 \u00a0
(b) Insurance liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Insurance contract liabilities \u00a0
Life insurance \u00a0
439,987 \u00a0
399,330 \u00a0
Health and accident \u00a0
16,240 \u00a0
16,084 \u00a0
Total insurance contract liabilities \u00a0
456,227 \u00a0
415,414 \u00a0
Other insurance-related liabilities \u00a0
Due to credit institutions \u00a0
12,852 \u00a0
14,091 \u00a0
Derivatives with negative fair value \u00a0
62,479 \u00a0
57,220 \u00a0
Other \u00a0
12,259 \u00a0
6,819 \u00a0
Total other insurance-related liabilities \u00a0
87,590 \u00a0
78,130 \u00a0
Total insurance liabilities before eliminations \u00a0
543,817 \u00a0
493,544 \u00a0
including \u00a0
Intra-group balances \u00a0
14,024 \u00a0
10,914 \u00a0
Total \u00a0
529,793 \u00a0
482,630 \u00a0
Other insurance-related liabilities are those held within the insurance business. They comprise mostly derivatives and liabilities due to credit \u00a0
institutions, and are measured in accordance with the Group\u2019s accounting policies for such liability types. \u00a0
G18. Insurance assets and Insurance liabilities \u2013 continued \u00a0
(c) Insurance contract liabilities \u2013 Life insurance \u00a0
Analysis by remaining coverage and incurred claims \u00a0
2024 \u00a0
2023 \u00a0
Liabilities for remaining \u00a0
Liabilities for incurred \u00a0
Liabilities for remaining \u00a0
Liabilities for incurred \u00a0
coverage \u00a0
claims \u00a0
coverage \u00a0
claims \u00a0
(DKK millions) \u00a0
Excluding loss component \u00a0
Total \u00a0
Excluding loss component \u00a0
Total \u00a0
Balance as at 1 January \u00a0
399,330 \u00a0
-
399,330 \u00a0
379,358 \u00a0
-
379,358 \u00a0
Insurance revenue \u00a0
-3,736 \u00a0
-
-3,736 \u00a0
-3,826 \u00a0
-
-3,826 \u00a0
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-
2,124 \u00a0
2,124 \u00a0
-
2,096 \u00a0
2,096 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
22 \u00a0
-
22 \u00a0
-
-
-
Total insurance service expenses \u00a0
22 \u00a0
2,124 \u00a0
2,146 \u00a0
-
2,096 \u00a0
2,096 \u00a0
Investment component \u00a0
-29,506 \u00a0
29,506 \u00a0
-
-25,545 \u00a0
25,545 \u00a0
-
Net finance income or expense from insurance contracts issued \u00a0
39,829 \u00a0
-
39,829 \u00a0
31,859 \u00a0
-
31,859 \u00a0
Cash flows \u00a0
Premiums received \u00a0
37,646 \u00a0
-
37,646 \u00a0
33,547 \u00a0
-
33,547 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-31,630 \u00a0
-31,630 \u00a0
-
-27,641 \u00a0
-27,641 \u00a0
Changes in amounts due from policyholders \u00a0
-46 \u00a0
-46 \u00a0
221 \u00a0
-
221 \u00a0
Total cash flows \u00a0
37,600 \u00a0
-31,630 \u00a0
5,970 \u00a0
33,768 \u00a0
-27,641 \u00a0
6,127 \u00a0
Other \u00a0
-3,552 \u00a0
-
-3,552 \u00a0
-16,284 \u00a0
-
-16,284 \u00a0
Balance as at 31 December \u00a0
439,987 \u00a0
-
439,987 \u00a0
399,330 \u00a0
-
399,330 \u00a0
G18. Insurance assets and Insurance liabilities - continued \u00a0
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was impracticable. \u00a0
DKK 3.4 billion of insurance revenue in 2024 relates to contracts that existed at the transition date (2023: DKK 3.6 billion). \u00a0
Analysis by measurement components - life insurance \u00a0
Estimated present \u00a0
value of future \u00a0
Risk adjustment\u00a0CSM for contracts \u00a0
for non-financial \u00a0
existing at \u00a0
cash flows \u00a0
risk \u00a0
CSM for other \u00a0
contracts \u00a0
(DKK millions) \u00a0
transition date \u00a0
Total \u00a0
Balance as at 1 January 2024 \u00a0
381,717 \u00a0
910 \u00a0
14,748 \u00a0
1,955 \u00a0
399,330 \u00a0
Changes that relate to current service \u00a0
-
CSM recognised for services provided \u00a0
-
-
-1,352 \u00a0
-190 \u00a0
-1,542 \u00a0
Change in risk adjustment for non-financial risk for risk expired \u00a0
-
-28 \u00a0
-
-
-28 \u00a0
Experience adjustments \u00a0
45 \u00a0
-
-
-
45 \u00a0
Total changes that relate to current service \u00a0
45 \u00a0
-28 \u00a0
-1,352 \u00a0
-190 \u00a0
-1,525 \u00a0
Changes that relate to future service \u00a0
Contracts initially recognised during the year \u00a0
-954 \u00a0
-
-
954 \u00a0
-
Changes in estimates that adjust the CSM \u00a0
-348 \u00a0
-52 \u00a0
270 \u00a0
152 \u00a0
22 \u00a0
Total changes that relate to future service \u00a0
-1,302 \u00a0
-52 \u00a0
270 \u00a0
1,106 \u00a0
22 \u00a0
Insurance service result \u00a0
-1,257 \u00a0
-80 \u00a0
-1,082 \u00a0
916 \u00a0
-1,503 \u00a0
Net finance income or expense from insurance contracts issued \u00a0
39,824 \u00a0
5
-
39,829 \u00a0
Cash flows \u00a0
Premiums received \u00a0
37,646 \u00a0
-
-
-
37,646 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-31,630 \u00a0
-
-
-
-31,630 \u00a0
Changes in amounts due from policyholders \u00a0
-46 \u00a0
-
-
-
-46 \u00a0
Total cash flows \u00a0
5,970 \u00a0
-
-
-
5,970 \u00a0
Other \u00a0
-3,639 \u00a0
-
-
-
-3,639 \u00a0
Balance as at 31 December 2024 \u00a0
422,615 \u00a0
835 \u00a0
13,666 \u00a0
2,871 \u00a0
439,987 \u00a0
Estimated \u00a0
Risk adjustment\u00a0CSM for contracts \u00a0
existing at \u00a0
present value of\u00a0for non-financial \u00a0
risk \u00a0
CSM for other \u00a0
contracts \u00a0
(DKK millions) \u00a0
future cash flows \u00a0
transition date \u00a0
Total \u00a0
Balance as at 1 January 2023 \u00a0
364,881 \u00a0
1,007 \u00a0
13,194 \u00a0
276 \u00a0
379,358 \u00a0
Changes that relate to current service \u00a0
CSM recognised for services provided \u00a0
-
-
-1,506 \u00a0
-85 \u00a0
-1,591 \u00a0
Change in risk adjustment for non-financial risk for risk expired \u00a0
-28 \u00a0
-28 \u00a0
Experience adjustments \u00a0
-41 \u00a0
-41 \u00a0
Total changes that relate to current service \u00a0
-41 \u00a0
-28 \u00a0
-1,506 \u00a0
-85 \u00a0
-1,660 \u00a0
Changes that relate to future service \u00a0
Contracts initially recognised during the year \u00a0
-883 \u00a0
-
-
883 \u00a0
-
Changes in estimates that adjust the CSM \u00a0
-3,864 \u00a0
-77 \u00a0
3,060 \u00a0
881 \u00a0
-
Total changes that relate to future service \u00a0
-4,747 \u00a0
-77 \u00a0
3,060 \u00a0
1,764 \u00a0
-
Insurance service result \u00a0
-4,788 \u00a0
-105 \u00a0
1,554 \u00a0
1,679 \u00a0
-1,660 \u00a0
Net finance income or expense from insurance contracts issued \u00a0
31,851 \u00a0
8
-
-
31,859 \u00a0
Cash flows \u00a0
Premiums received \u00a0
33,547 \u00a0
-
-
-
33,547 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-27,641 \u00a0
-
-
-
-27,641 \u00a0
Changes in amounts due from policyholders \u00a0
221 \u00a0
-
-
-
221 \u00a0
Total cash flows \u00a0
6,127 \u00a0
-
-
-
6,127 \u00a0
Other \u00a0
-16,354 \u00a0
-
-
-
-16,354 \u00a0
Balance as at 31 December 2023 \u00a0
381,717 \u00a0
910 \u00a0
14,748 \u00a0
1,955 \u00a0
399,330 \u00a0
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was impracticable. As \u00a0
at 31 December 2024, DKK 13.7 billion of total CSM relates to contracts that existed at the transition date (31 December 2023: 14.8 billion). \u00a0
G18. Insurance assets and Insurance liabilities - continued \u00a0
Life insurance contracts issued during the year \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Estimates of the present value of future cash outflows \u00a0
21,628 \u00a0
24,365 \u00a0
Estimates of the present value of future cash inflows \u00a0
- 22,582 \u00a0
- 25,249 \u00a0
Risk adjustment for non-financial risk \u00a0
-
-
Contractual service margin \u00a0
954 \u00a0
884 \u00a0
Increase in insurance contract liabilities from contracts recognised in the year \u00a0
-
-
Expected timing of Contractual service margin recognition \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Less than 1 year \u00a0
1,396 \u00a0
1,513 \u00a0
1 \u2013 5 years \u00a0
5,635 \u00a0
6,061 \u00a0
5 \u2013 10 years \u00a0
3,742 \u00a0
3,948 \u00a0
More than 10 years \u00a0
5,764 \u00a0
5,181 \u00a0
Total \u00a0
16,537 \u00a0
16,703 \u00a0
G18. Insurance assets and Insurance liabilities \u2013 continued \u00a0
(d) Insurance contract liabilities \u2013 Health and accident \u00a0
Analysis by remaining coverage and incurred claims - Health and accident \u00a0
2024 \u00a0
2023 \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Risk adjustment \u00a0
Risk adjustment \u00a0
Excluding loss \u00a0
component Loss\u00a0component future\u00a0cash flows \u00a0
Present value of\u00a0for non-financial \u00a0
risk \u00a0
Excluding loss \u00a0
component Loss\u00a0component future\u00a0cash flows \u00a0
Present value of\u00a0for non-financial \u00a0
risk \u00a0
(DKK millions) \u00a0
Total \u00a0
Total \u00a0
Balance as at 1 January \u00a0
64 \u00a0
1,550 \u00a0
13,659 \u00a0
811 \u00a0
16,084 \u00a0
62 \u00a0
1,196 \u00a0
13,094 \u00a0
1,072 \u00a0
15,424 \u00a0
Insurance revenue \u00a0
-2,002 \u00a0
-
-
-
-2,002 \u00a0
-1,750 \u00a0
-
-
-
-1,750 \u00a0
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-
-1,287 \u00a0
3,494 \u00a0
-411 \u00a0
1,796 \u00a0
-887 \u00a0
2,979 \u00a0
436 \u00a0
2,528 \u00a0
Adjustments to liabilities for incurred claims (past service) \u00a0
-
-166 \u00a0
385 \u00a0
219 \u00a0
-
-
-375 \u00a0
-682 \u00a0
-1,057 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
-
1,182 \u00a0
-
-
1,182 \u00a0
-
1,303 \u00a0
-
-
1,303 \u00a0
Total insurance service expenses \u00a0
-
-105 \u00a0
3,328 \u00a0
-26 \u00a0
3,197 \u00a0
-
416 \u00a0
2,604 \u00a0
-246 \u00a0
2,774 \u00a0
Investment component \u00a0
-33 \u00a0
18 \u00a0
-7 \u00a0
-22 \u00a0
-57 \u00a0
553 \u00a0
-15 \u00a0
481 \u00a0
Cash flows \u00a0
Premiums received \u00a0
2,003 \u00a0
-
-
-
2,003 \u00a0
1,752 \u00a0
-
-
-
1,752 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-
-3,011 \u00a0
-
-3,011 \u00a0
-
-
-2,710 \u00a0
-
-2,710 \u00a0
Changes in amounts due from policyholders \u00a0
-
-
8
-
8
-
-
-3 \u00a0
-
-3 \u00a0
Total cash flows \u00a0
2,003 \u00a0
-
-3,003 \u00a0
-
-1,000 \u00a0
1,752 \u00a0
-
-2,713 \u00a0
-
-961 \u00a0
Other \u00a0
-9 \u00a0
-8 \u00a0
-
-
-17 \u00a0
-
-5 \u00a0
121 \u00a0
-
116 \u00a0
Balance as at 31 December \u00a0
56 \u00a0
1,404 \u00a0
14,002 \u00a0
778 \u00a0
16,240 \u00a0
64 \u00a0
1,550 \u00a0
13,659 \u00a0
811 \u00a0
16,084 \u00a0
G18. Insurance assets and Insurance liabilities - continued \u00a0
(e) Maturity of insurance contract liabilities \u00a0
The following table shows a maturity analysis of the Group\u2019s insurance contracts, reflecting the timing of estimated present value of future \u00a0
cash flows. \u00a0
Maturity analysis of insurance contracts \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
1 year \u00a0
42,914 \u00a0
40,866 \u00a0
1-2 years \u00a0
37,152 \u00a0
35,284 \u00a0
2-3 years \u00a0
34,493 \u00a0
32,920 \u00a0
3-4 years \u00a0
31,918 \u00a0
30,546 \u00a0
4-5 years \u00a0
29,352 \u00a0
28,125 \u00a0
More than 5 years \u00a0
280,398 \u00a0
247,673 \u00a0
Total \u00a0
456,227 \u00a0
415,414 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2020": { "value": "
(a) Insurance revenue \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Insurance revenue from contracts not under PAA \u00a0
Contractual service margin recognised for the services provided \u00a0
1,542 \u00a0
1,591 \u00a0
Change in risk adjustment for non-financial risk for the risk expired \u00a0
28 \u00a0
28 \u00a0
Expected incurred claims and directly attributable expenses \u00a0
2,297 \u00a0
2,366 \u00a0
Insurance revenue from contracts not under PAA \u00a0
3,867 \u00a0
3,985 \u00a0
Insurance revenue from contracts under PAA \u00a0
2,002 \u00a0
1,750 \u00a0
Total insurance revenue \u00a0
5,869 \u00a0
5,735 \u00a0
G18. Insurance assets and Insurance liabilities \u2013 continued \u00a0
(c) Insurance contract liabilities \u2013 Life insurance \u00a0
Analysis by remaining coverage and incurred claims \u00a0
2024 \u00a0
2023 \u00a0
Liabilities for remaining \u00a0
Liabilities for incurred \u00a0
Liabilities for remaining \u00a0
Liabilities for incurred \u00a0
coverage \u00a0
claims \u00a0
coverage \u00a0
claims \u00a0
(DKK millions) \u00a0
Excluding loss component \u00a0
Total \u00a0
Excluding loss component \u00a0
Total \u00a0
Balance as at 1 January \u00a0
399,330 \u00a0
-
399,330 \u00a0
379,358 \u00a0
-
379,358 \u00a0
Insurance revenue \u00a0
-3,736 \u00a0
-
-3,736 \u00a0
-3,826 \u00a0
-
-3,826 \u00a0
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-
2,124 \u00a0
2,124 \u00a0
-
2,096 \u00a0
2,096 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
22 \u00a0
-
22 \u00a0
-
-
-
Total insurance service expenses \u00a0
22 \u00a0
2,124 \u00a0
2,146 \u00a0
-
2,096 \u00a0
2,096 \u00a0
Investment component \u00a0
-29,506 \u00a0
29,506 \u00a0
-
-25,545 \u00a0
25,545 \u00a0
-
Net finance income or expense from insurance contracts issued \u00a0
39,829 \u00a0
-
39,829 \u00a0
31,859 \u00a0
-
31,859 \u00a0
Cash flows \u00a0
Premiums received \u00a0
37,646 \u00a0
-
37,646 \u00a0
33,547 \u00a0
-
33,547 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-31,630 \u00a0
-31,630 \u00a0
-
-27,641 \u00a0
-27,641 \u00a0
Changes in amounts due from policyholders \u00a0
-46 \u00a0
-46 \u00a0
221 \u00a0
-
221 \u00a0
Total cash flows \u00a0
37,600 \u00a0
-31,630 \u00a0
5,970 \u00a0
33,768 \u00a0
-27,641 \u00a0
6,127 \u00a0
Other \u00a0
-3,552 \u00a0
-
-3,552 \u00a0
-16,284 \u00a0
-
-16,284 \u00a0
Balance as at 31 December \u00a0
439,987 \u00a0
-
439,987 \u00a0
399,330 \u00a0
-
399,330 \u00a0
G18. Insurance assets and Insurance liabilities - continued \u00a0
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was impracticable. \u00a0
DKK 3.4 billion of insurance revenue in 2024 relates to contracts that existed at the transition date (2023: DKK 3.6 billion). \u00a0
Analysis by measurement components - life insurance \u00a0
Estimated present \u00a0
value of future \u00a0
Risk adjustment\u00a0CSM for contracts \u00a0
for non-financial \u00a0
existing at \u00a0
cash flows \u00a0
risk \u00a0
CSM for other \u00a0
contracts \u00a0
(DKK millions) \u00a0
transition date \u00a0
Total \u00a0
Balance as at 1 January 2024 \u00a0
381,717 \u00a0
910 \u00a0
14,748 \u00a0
1,955 \u00a0
399,330 \u00a0
Changes that relate to current service \u00a0
-
CSM recognised for services provided \u00a0
-
-
-1,352 \u00a0
-190 \u00a0
-1,542 \u00a0
Change in risk adjustment for non-financial risk for risk expired \u00a0
-
-28 \u00a0
-
-
-28 \u00a0
Experience adjustments \u00a0
45 \u00a0
-
-
-
45 \u00a0
Total changes that relate to current service \u00a0
45 \u00a0
-28 \u00a0
-1,352 \u00a0
-190 \u00a0
-1,525 \u00a0
Changes that relate to future service \u00a0
Contracts initially recognised during the year \u00a0
-954 \u00a0
-
-
954 \u00a0
-
Changes in estimates that adjust the CSM \u00a0
-348 \u00a0
-52 \u00a0
270 \u00a0
152 \u00a0
22 \u00a0
Total changes that relate to future service \u00a0
-1,302 \u00a0
-52 \u00a0
270 \u00a0
1,106 \u00a0
22 \u00a0
Insurance service result \u00a0
-1,257 \u00a0
-80 \u00a0
-1,082 \u00a0
916 \u00a0
-1,503 \u00a0
Net finance income or expense from insurance contracts issued \u00a0
39,824 \u00a0
5
-
39,829 \u00a0
Cash flows \u00a0
Premiums received \u00a0
37,646 \u00a0
-
-
-
37,646 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-31,630 \u00a0
-
-
-
-31,630 \u00a0
Changes in amounts due from policyholders \u00a0
-46 \u00a0
-
-
-
-46 \u00a0
Total cash flows \u00a0
5,970 \u00a0
-
-
-
5,970 \u00a0
Other \u00a0
-3,639 \u00a0
-
-
-
-3,639 \u00a0
Balance as at 31 December 2024 \u00a0
422,615 \u00a0
835 \u00a0
13,666 \u00a0
2,871 \u00a0
439,987 \u00a0
Estimated \u00a0
Risk adjustment\u00a0CSM for contracts \u00a0
existing at \u00a0
present value of\u00a0for non-financial \u00a0
risk \u00a0
CSM for other \u00a0
contracts \u00a0
(DKK millions) \u00a0
future cash flows \u00a0
transition date \u00a0
Total \u00a0
Balance as at 1 January 2023 \u00a0
364,881 \u00a0
1,007 \u00a0
13,194 \u00a0
276 \u00a0
379,358 \u00a0
Changes that relate to current service \u00a0
CSM recognised for services provided \u00a0
-
-
-1,506 \u00a0
-85 \u00a0
-1,591 \u00a0
Change in risk adjustment for non-financial risk for risk expired \u00a0
-28 \u00a0
-28 \u00a0
Experience adjustments \u00a0
-41 \u00a0
-41 \u00a0
Total changes that relate to current service \u00a0
-41 \u00a0
-28 \u00a0
-1,506 \u00a0
-85 \u00a0
-1,660 \u00a0
Changes that relate to future service \u00a0
Contracts initially recognised during the year \u00a0
-883 \u00a0
-
-
883 \u00a0
-
Changes in estimates that adjust the CSM \u00a0
-3,864 \u00a0
-77 \u00a0
3,060 \u00a0
881 \u00a0
-
Total changes that relate to future service \u00a0
-4,747 \u00a0
-77 \u00a0
3,060 \u00a0
1,764 \u00a0
-
Insurance service result \u00a0
-4,788 \u00a0
-105 \u00a0
1,554 \u00a0
1,679 \u00a0
-1,660 \u00a0
Net finance income or expense from insurance contracts issued \u00a0
31,851 \u00a0
8
-
-
31,859 \u00a0
Cash flows \u00a0
Premiums received \u00a0
33,547 \u00a0
-
-
-
33,547 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-27,641 \u00a0
-
-
-
-27,641 \u00a0
Changes in amounts due from policyholders \u00a0
221 \u00a0
-
-
-
221 \u00a0
Total cash flows \u00a0
6,127 \u00a0
-
-
-
6,127 \u00a0
Other \u00a0
-16,354 \u00a0
-
-
-
-16,354 \u00a0
Balance as at 31 December 2023 \u00a0
381,717 \u00a0
910 \u00a0
14,748 \u00a0
1,955 \u00a0
399,330 \u00a0
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was impracticable. As \u00a0
at 31 December 2024, DKK 13.7 billion of total CSM relates to contracts that existed at the transition date (31 December 2023: 14.8 billion). \u00a0
Expected timing of Contractual service margin recognition \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Less than 1 year \u00a0
1,396 \u00a0
1,513 \u00a0
1 \u2013 5 years \u00a0
5,635 \u00a0
6,061 \u00a0
5 \u2013 10 years \u00a0
3,742 \u00a0
3,948 \u00a0
More than 10 years \u00a0
5,764 \u00a0
5,181 \u00a0
Total \u00a0
16,537 \u00a0
16,703 \u00a0
G18. Insurance assets and Insurance liabilities \u2013 continued \u00a0
(d) Insurance contract liabilities \u2013 Health and accident \u00a0
Analysis by remaining coverage and incurred claims - Health and accident \u00a0
2024 \u00a0
2023 \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Risk adjustment \u00a0
Risk adjustment \u00a0
Excluding loss \u00a0
component Loss\u00a0component future\u00a0cash flows \u00a0
Present value of\u00a0for non-financial \u00a0
risk \u00a0
Excluding loss \u00a0
component Loss\u00a0component future\u00a0cash flows \u00a0
Present value of\u00a0for non-financial \u00a0
risk \u00a0
(DKK millions) \u00a0
Total \u00a0
Total \u00a0
Balance as at 1 January \u00a0
64 \u00a0
1,550 \u00a0
13,659 \u00a0
811 \u00a0
16,084 \u00a0
62 \u00a0
1,196 \u00a0
13,094 \u00a0
1,072 \u00a0
15,424 \u00a0
Insurance revenue \u00a0
-2,002 \u00a0
-
-
-
-2,002 \u00a0
-1,750 \u00a0
-
-
-
-1,750 \u00a0
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-
-1,287 \u00a0
3,494 \u00a0
-411 \u00a0
1,796 \u00a0
-887 \u00a0
2,979 \u00a0
436 \u00a0
2,528 \u00a0
Adjustments to liabilities for incurred claims (past service) \u00a0
-
-166 \u00a0
385 \u00a0
219 \u00a0
-
-
-375 \u00a0
-682 \u00a0
-1,057 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
-
1,182 \u00a0
-
-
1,182 \u00a0
-
1,303 \u00a0
-
-
1,303 \u00a0
Total insurance service expenses \u00a0
-
-105 \u00a0
3,328 \u00a0
-26 \u00a0
3,197 \u00a0
-
416 \u00a0
2,604 \u00a0
-246 \u00a0
2,774 \u00a0
Investment component \u00a0
-33 \u00a0
18 \u00a0
-7 \u00a0
-22 \u00a0
-57 \u00a0
553 \u00a0
-15 \u00a0
481 \u00a0
Cash flows \u00a0
Premiums received \u00a0
2,003 \u00a0
-
-
-
2,003 \u00a0
1,752 \u00a0
-
-
-
1,752 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-
-3,011 \u00a0
-
-3,011 \u00a0
-
-
-2,710 \u00a0
-
-2,710 \u00a0
Changes in amounts due from policyholders \u00a0
-
-
8
-
8
-
-
-3 \u00a0
-
-3 \u00a0
Total cash flows \u00a0
2,003 \u00a0
-
-3,003 \u00a0
-
-1,000 \u00a0
1,752 \u00a0
-
-2,713 \u00a0
-
-961 \u00a0
Other \u00a0
-9 \u00a0
-8 \u00a0
-
-
-17 \u00a0
-
-5 \u00a0
121 \u00a0
-
116 \u00a0
Balance as at 31 December \u00a0
56 \u00a0
1,404 \u00a0
14,002 \u00a0
778 \u00a0
16,240 \u00a0
64 \u00a0
1,550 \u00a0
13,659 \u00a0
811 \u00a0
16,084 \u00a0
G18. Insurance assets and Insurance liabilities - continued \u00a0
(e) Maturity of insurance contract liabilities \u00a0
The following table shows a maturity analysis of the Group\u2019s insurance contracts, reflecting the timing of estimated present value of future \u00a0
cash flows. \u00a0
Maturity analysis of insurance contracts \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
1 year \u00a0
42,914 \u00a0
40,866 \u00a0
1-2 years \u00a0
37,152 \u00a0
35,284 \u00a0
2-3 years \u00a0
34,493 \u00a0
32,920 \u00a0
3-4 years \u00a0
31,918 \u00a0
30,546 \u00a0
4-5 years \u00a0
29,352 \u00a0
28,125 \u00a0
More than 5 years \u00a0
280,398 \u00a0
247,673 \u00a0
Total \u00a0
456,227 \u00a0
415,414 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2021": { "value": "
(b) Insurance service expenses \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Incurred claims and other incurred insurance service expenses \u00a0
2,394 \u00a0
2,319 \u00a0
Insurance service expenses from contracts not under PAA \u00a0
2,394 \u00a0
2,319 \u00a0
Insurance service expenses from contracts under PAA \u00a0
3,198 \u00a0
2,775 \u00a0
Total insurance service expenses \u00a0
5,592 \u00a0
5,094 \u00a0
G18. Insurance assets and Insurance liabilities \u2013 continued \u00a0
(c) Insurance contract liabilities \u2013 Life insurance \u00a0
Analysis by remaining coverage and incurred claims \u00a0
2024 \u00a0
2023 \u00a0
Liabilities for remaining \u00a0
Liabilities for incurred \u00a0
Liabilities for remaining \u00a0
Liabilities for incurred \u00a0
coverage \u00a0
claims \u00a0
coverage \u00a0
claims \u00a0
(DKK millions) \u00a0
Excluding loss component \u00a0
Total \u00a0
Excluding loss component \u00a0
Total \u00a0
Balance as at 1 January \u00a0
399,330 \u00a0
-
399,330 \u00a0
379,358 \u00a0
-
379,358 \u00a0
Insurance revenue \u00a0
-3,736 \u00a0
-
-3,736 \u00a0
-3,826 \u00a0
-
-3,826 \u00a0
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-
2,124 \u00a0
2,124 \u00a0
-
2,096 \u00a0
2,096 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
22 \u00a0
-
22 \u00a0
-
-
-
Total insurance service expenses \u00a0
22 \u00a0
2,124 \u00a0
2,146 \u00a0
-
2,096 \u00a0
2,096 \u00a0
Investment component \u00a0
-29,506 \u00a0
29,506 \u00a0
-
-25,545 \u00a0
25,545 \u00a0
-
Net finance income or expense from insurance contracts issued \u00a0
39,829 \u00a0
-
39,829 \u00a0
31,859 \u00a0
-
31,859 \u00a0
Cash flows \u00a0
Premiums received \u00a0
37,646 \u00a0
-
37,646 \u00a0
33,547 \u00a0
-
33,547 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-31,630 \u00a0
-31,630 \u00a0
-
-27,641 \u00a0
-27,641 \u00a0
Changes in amounts due from policyholders \u00a0
-46 \u00a0
-46 \u00a0
221 \u00a0
-
221 \u00a0
Total cash flows \u00a0
37,600 \u00a0
-31,630 \u00a0
5,970 \u00a0
33,768 \u00a0
-27,641 \u00a0
6,127 \u00a0
Other \u00a0
-3,552 \u00a0
-
-3,552 \u00a0
-16,284 \u00a0
-
-16,284 \u00a0
Balance as at 31 December \u00a0
439,987 \u00a0
-
439,987 \u00a0
399,330 \u00a0
-
399,330 \u00a0
G18. Insurance assets and Insurance liabilities - continued \u00a0
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was impracticable. \u00a0
DKK 3.4 billion of insurance revenue in 2024 relates to contracts that existed at the transition date (2023: DKK 3.6 billion). \u00a0
Analysis by measurement components - life insurance \u00a0
Estimated present \u00a0
value of future \u00a0
Risk adjustment\u00a0CSM for contracts \u00a0
for non-financial \u00a0
existing at \u00a0
cash flows \u00a0
risk \u00a0
CSM for other \u00a0
contracts \u00a0
(DKK millions) \u00a0
transition date \u00a0
Total \u00a0
Balance as at 1 January 2024 \u00a0
381,717 \u00a0
910 \u00a0
14,748 \u00a0
1,955 \u00a0
399,330 \u00a0
Changes that relate to current service \u00a0
-
CSM recognised for services provided \u00a0
-
-
-1,352 \u00a0
-190 \u00a0
-1,542 \u00a0
Change in risk adjustment for non-financial risk for risk expired \u00a0
-
-28 \u00a0
-
-
-28 \u00a0
Experience adjustments \u00a0
45 \u00a0
-
-
-
45 \u00a0
Total changes that relate to current service \u00a0
45 \u00a0
-28 \u00a0
-1,352 \u00a0
-190 \u00a0
-1,525 \u00a0
Changes that relate to future service \u00a0
Contracts initially recognised during the year \u00a0
-954 \u00a0
-
-
954 \u00a0
-
Changes in estimates that adjust the CSM \u00a0
-348 \u00a0
-52 \u00a0
270 \u00a0
152 \u00a0
22 \u00a0
Total changes that relate to future service \u00a0
-1,302 \u00a0
-52 \u00a0
270 \u00a0
1,106 \u00a0
22 \u00a0
Insurance service result \u00a0
-1,257 \u00a0
-80 \u00a0
-1,082 \u00a0
916 \u00a0
-1,503 \u00a0
Net finance income or expense from insurance contracts issued \u00a0
39,824 \u00a0
5
-
39,829 \u00a0
Cash flows \u00a0
Premiums received \u00a0
37,646 \u00a0
-
-
-
37,646 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-31,630 \u00a0
-
-
-
-31,630 \u00a0
Changes in amounts due from policyholders \u00a0
-46 \u00a0
-
-
-
-46 \u00a0
Total cash flows \u00a0
5,970 \u00a0
-
-
-
5,970 \u00a0
Other \u00a0
-3,639 \u00a0
-
-
-
-3,639 \u00a0
Balance as at 31 December 2024 \u00a0
422,615 \u00a0
835 \u00a0
13,666 \u00a0
2,871 \u00a0
439,987 \u00a0
Estimated \u00a0
Risk adjustment\u00a0CSM for contracts \u00a0
existing at \u00a0
present value of\u00a0for non-financial \u00a0
risk \u00a0
CSM for other \u00a0
contracts \u00a0
(DKK millions) \u00a0
future cash flows \u00a0
transition date \u00a0
Total \u00a0
Balance as at 1 January 2023 \u00a0
364,881 \u00a0
1,007 \u00a0
13,194 \u00a0
276 \u00a0
379,358 \u00a0
Changes that relate to current service \u00a0
CSM recognised for services provided \u00a0
-
-
-1,506 \u00a0
-85 \u00a0
-1,591 \u00a0
Change in risk adjustment for non-financial risk for risk expired \u00a0
-28 \u00a0
-28 \u00a0
Experience adjustments \u00a0
-41 \u00a0
-41 \u00a0
Total changes that relate to current service \u00a0
-41 \u00a0
-28 \u00a0
-1,506 \u00a0
-85 \u00a0
-1,660 \u00a0
Changes that relate to future service \u00a0
Contracts initially recognised during the year \u00a0
-883 \u00a0
-
-
883 \u00a0
-
Changes in estimates that adjust the CSM \u00a0
-3,864 \u00a0
-77 \u00a0
3,060 \u00a0
881 \u00a0
-
Total changes that relate to future service \u00a0
-4,747 \u00a0
-77 \u00a0
3,060 \u00a0
1,764 \u00a0
-
Insurance service result \u00a0
-4,788 \u00a0
-105 \u00a0
1,554 \u00a0
1,679 \u00a0
-1,660 \u00a0
Net finance income or expense from insurance contracts issued \u00a0
31,851 \u00a0
8
-
-
31,859 \u00a0
Cash flows \u00a0
Premiums received \u00a0
33,547 \u00a0
-
-
-
33,547 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-27,641 \u00a0
-
-
-
-27,641 \u00a0
Changes in amounts due from policyholders \u00a0
221 \u00a0
-
-
-
221 \u00a0
Total cash flows \u00a0
6,127 \u00a0
-
-
-
6,127 \u00a0
Other \u00a0
-16,354 \u00a0
-
-
-
-16,354 \u00a0
Balance as at 31 December 2023 \u00a0
381,717 \u00a0
910 \u00a0
14,748 \u00a0
1,955 \u00a0
399,330 \u00a0
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was impracticable. As \u00a0
at 31 December 2024, DKK 13.7 billion of total CSM relates to contracts that existed at the transition date (31 December 2023: 14.8 billion). \u00a0
G18. Insurance assets and Insurance liabilities \u2013 continued \u00a0
(d) Insurance contract liabilities \u2013 Health and accident \u00a0
Analysis by remaining coverage and incurred claims - Health and accident \u00a0
2024 \u00a0
2023 \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Risk adjustment \u00a0
Risk adjustment \u00a0
Excluding loss \u00a0
component Loss\u00a0component future\u00a0cash flows \u00a0
Present value of\u00a0for non-financial \u00a0
risk \u00a0
Excluding loss \u00a0
component Loss\u00a0component future\u00a0cash flows \u00a0
Present value of\u00a0for non-financial \u00a0
risk \u00a0
(DKK millions) \u00a0
Total \u00a0
Total \u00a0
Balance as at 1 January \u00a0
64 \u00a0
1,550 \u00a0
13,659 \u00a0
811 \u00a0
16,084 \u00a0
62 \u00a0
1,196 \u00a0
13,094 \u00a0
1,072 \u00a0
15,424 \u00a0
Insurance revenue \u00a0
-2,002 \u00a0
-
-
-
-2,002 \u00a0
-1,750 \u00a0
-
-
-
-1,750 \u00a0
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-
-1,287 \u00a0
3,494 \u00a0
-411 \u00a0
1,796 \u00a0
-887 \u00a0
2,979 \u00a0
436 \u00a0
2,528 \u00a0
Adjustments to liabilities for incurred claims (past service) \u00a0
-
-166 \u00a0
385 \u00a0
219 \u00a0
-
-
-375 \u00a0
-682 \u00a0
-1,057 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
-
1,182 \u00a0
-
-
1,182 \u00a0
-
1,303 \u00a0
-
-
1,303 \u00a0
Total insurance service expenses \u00a0
-
-105 \u00a0
3,328 \u00a0
-26 \u00a0
3,197 \u00a0
-
416 \u00a0
2,604 \u00a0
-246 \u00a0
2,774 \u00a0
Investment component \u00a0
-33 \u00a0
18 \u00a0
-7 \u00a0
-22 \u00a0
-57 \u00a0
553 \u00a0
-15 \u00a0
481 \u00a0
Cash flows \u00a0
Premiums received \u00a0
2,003 \u00a0
-
-
-
2,003 \u00a0
1,752 \u00a0
-
-
-
1,752 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-
-3,011 \u00a0
-
-3,011 \u00a0
-
-
-2,710 \u00a0
-
-2,710 \u00a0
Changes in amounts due from policyholders \u00a0
-
-
8
-
8
-
-
-3 \u00a0
-
-3 \u00a0
Total cash flows \u00a0
2,003 \u00a0
-
-3,003 \u00a0
-
-1,000 \u00a0
1,752 \u00a0
-
-2,713 \u00a0
-
-961 \u00a0
Other \u00a0
-9 \u00a0
-8 \u00a0
-
-
-17 \u00a0
-
-5 \u00a0
121 \u00a0
-
116 \u00a0
Balance as at 31 December \u00a0
56 \u00a0
1,404 \u00a0
14,002 \u00a0
778 \u00a0
16,240 \u00a0
64 \u00a0
1,550 \u00a0
13,659 \u00a0
811 \u00a0
16,084 \u00a0
G18. Insurance assets and Insurance liabilities - continued \u00a0
(e) Maturity of insurance contract liabilities \u00a0
The following table shows a maturity analysis of the Group\u2019s insurance contracts, reflecting the timing of estimated present value of future \u00a0
cash flows. \u00a0
Maturity analysis of insurance contracts \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
1 year \u00a0
42,914 \u00a0
40,866 \u00a0
1-2 years \u00a0
37,152 \u00a0
35,284 \u00a0
2-3 years \u00a0
34,493 \u00a0
32,920 \u00a0
3-4 years \u00a0
31,918 \u00a0
30,546 \u00a0
4-5 years \u00a0
29,352 \u00a0
28,125 \u00a0
More than 5 years \u00a0
280,398 \u00a0
247,673 \u00a0
Total \u00a0
456,227 \u00a0
415,414 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2023": { "value": "
G8. Gain or loss on sale of disposal groups and Other income \u00a0
The Group uses quantitative and qualitative materiality considerations when aggregating line items in the income statement that are not \u00a0
considered individually material. Such line items are presented under Other income. Similarly, the materiality assessments includes presenting \u00a0
additional line items in the income statement. Other income includes rental income and lease payments under operating leases (when the \u00a0
Group is a lessor), fair value adjustments of investment property, income from holdings in associates, and amounts received on the sale of \u00a0
lease assets and income from real-estate brokerage. \u00a0
Accounting policy \u00a0
Income from lease assets and investment property \u00a0
Income from lease assets and investment property includes income from assets let under operating leases. Lease payments are \u00a0
recognised on a straight-line basis over the period of the lease term. \u00a0
Income from holdings in associates \u00a0
Associates are accounted for using the equity method. Further information is provided in note G38. \u00a0
(a) Gain or loss on sale of disposal groups \u00a0
Gain or loss on sale of disposal groups of DKK 244 million in 2024 includes a gain of DKK 185 million on the sale of investment funds in \u00a0
connection with the divestment of the personal customer business in Norway. In 2023, the net loss of DKK 555 million on sale of disposal \u00a0
groups includes a loss of DKK 693 million in relation to the expected loss and expected costs directly attributable to the sale of the personal \u00a0
customers business in Norway and a gain of DKK 104 million on the sale of Danske IT. \u00a0
(b) Other income \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Income from lease assets and investment property \u00a0
271 \u00a0
864 \u00a0
Income from real-estate brokerage \u00a0
93 \u00a0
82 \u00a0
Income from holdings in associates \u00a0
-257 \u00a0
-110 \u00a0
Other income \u00a0
389 \u00a0
179 \u00a0
Total \u00a0
497 \u00a0
1,015 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2026": { "value": "
Income from lease assets and investment property \u00a0
Income from lease assets and investment property includes income from assets let under operating leases. Lease payments are \u00a0
recognised on a straight-line basis over the period of the lease term. \u00a0
Right of use lease assets and lease liabilities \u00a0
The Group recognise a right-of-use asset and a lease liability at the commencement date, for all lease agreements, that the Group has \u00a0
entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured at the present \u00a0
value of the future payments from lease components, discounted using the incremental borrowing rate for the individual lease. The \u00a0
lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by reducing the carrying amount to \u00a0
reflect the lease payments made. Further lease liabilities are changed when remeasurements are needed, corresponding adjustment is \u00a0
the related right-of-use asset. Gain or loss from a lease modification that are not accounted for as a separate lease is recognised in profit \u00a0
and loss. The initial right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made at or \u00a0
before the commencement day, initial direct costs and costs to restore the underlying asset. The right-of-use asset are subsequently \u00a0
measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated over the shorter period \u00a0
of the lease term and the useful life of the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head \u00a0
lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of- \u00a0
use asset arising from the head lease. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2027": { "value": "
Income from lease assets and investment property \u00a0
Income from lease assets and investment property includes income from assets let under operating leases. Lease payments are \u00a0
recognised on a straight-line basis over the period of the lease term. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2028": { "value": "
Income from holdings in associates \u00a0
Associates are accounted for using the equity method. Further information is provided in note G38. \u00a0
Accounting policy \u00a0
Joint ventures and associates are entities other than group undertakings in which the Group has holdings and joint control with one or \u00a0
more parties or significant but not controlling influence, respectively. The Group generally classifies entities as joint ventures/associates \u00a0
if Danske Bank A/S, directly or indirectly, holds 20-50% of the share capital and has influence over management and operating policy \u00a0
decisions. Holdings in joint ventures and associates are recognised at cost at the date of acquisition and are subsequently measured \u00a0
according to the equity method. The proportionate share of the net profit or loss of the individual entity is included under Income from \u00a0
holdings in associates. The share is calculated on the basis of data from financial statements with balance sheet dates no earlier than \u00a0
three months before the Group\u2019s balance sheet date. If objective evidence of impairment exists, the investment is recognised at the \u00a0
lower of carrying amount and the present value of future cash flows. \u00a0
The proportionate share of the profit or loss on transactions between associates/joint ventures and group undertakings is eliminated. \u00a0
Ownership shares held by the Group\u2019s insurance business are treated as held by a venture capital organisation and are measured at \u00a0
fair value. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2029": { "value": "
Income from holdings in associates \u00a0
Associates are accounted for using the equity method. Further information is provided in note G38. \u00a0
Accounting policy \u00a0
Joint ventures and associates are entities other than group undertakings in which the Group has holdings and joint control with one or \u00a0
more parties or significant but not controlling influence, respectively. The Group generally classifies entities as joint ventures/associates \u00a0
if Danske Bank A/S, directly or indirectly, holds 20-50% of the share capital and has influence over management and operating policy \u00a0
decisions. Holdings in joint ventures and associates are recognised at cost at the date of acquisition and are subsequently measured \u00a0
according to the equity method. The proportionate share of the net profit or loss of the individual entity is included under Income from \u00a0
holdings in associates. The share is calculated on the basis of data from financial statements with balance sheet dates no earlier than \u00a0
three months before the Group\u2019s balance sheet date. If objective evidence of impairment exists, the investment is recognised at the \u00a0
lower of carrying amount and the present value of future cash flows. \u00a0
The proportionate share of the profit or loss on transactions between associates/joint ventures and group undertakings is eliminated. \u00a0
Ownership shares held by the Group\u2019s insurance business are treated as held by a venture capital organisation and are measured at \u00a0
fair value. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2030": { "value": "
(a) Gain or loss on sale of disposal groups \u00a0
Gain or loss on sale of disposal groups of DKK 244 million in 2024 includes a gain of DKK 185 million on the sale of investment funds in \u00a0
connection with the divestment of the personal customer business in Norway. In 2023, the net loss of DKK 555 million on sale of disposal \u00a0
groups includes a loss of DKK 693 million in relation to the expected loss and expected costs directly attributable to the sale of the personal \u00a0
customers business in Norway and a gain of DKK 104 million on the sale of Danske IT. \u00a0
G23. Assets held for sale and Liabilities in disposal groups \u00a0
Assets held for sale and Liabilities in disposal groups held for sale includes assets and liabilities that fall under IFRS 5. \u00a0
Accounting policy \u00a0
Assets held for sale and Liabilities in disposal groups \u00a0
Assets held for sale are disposal groups of assets actively marketed for sale and for which a sale is expected to occur within 12 months. \u00a0
A disposal group is a group of assets that will be disposed of in a single transaction and includes any directly associated liabilities. A \u00a0
disposal group includes for example companies (subsidiaries) or properties taken over under non-performing loan agreements. Further, \u00a0
loans that are marketed for sale are transferred to Assets held for sale. The loans are written down to their expected selling price. \u00a0
The net assets in the disposal group are remeasured at the lower of the carrying amount of the net assets in the disposal group at the \u00a0
time of reclassification and fair value less expected cost to sell. \u00a0
If a disposal group of assets and liabilities represents a separate major line of business (typically a reportable segment) or a geographical \u00a0
area of operation or is a subsidiary acquired exclusively with a view of resale, it is presented as a discontinued operation. For a \u00a0
discontinued operation, net profit is presented as a single item \u2018Net profit from discontinued operations\u2019 in the income statement, i.e. no \u00a0
longer included as income and expenses from the Group\u2019s continuing operations. \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Assets held for sale \u00a0
Loans \u00a0
-
110,415 \u00a0
Other \u00a0
160 \u00a0
289 \u00a0
Total \u00a0
160 \u00a0
110,704 \u00a0
Liabilities in disposal groups \u00a0
Deposits \u00a0
-
30,599 \u00a0
Covered bonds \u00a0
-
25,877 \u00a0
Total \u00a0
-
56,476 \u00a0
As announced in July 2023, Danske Bank has entered into an agreement to sell its personal customers business Norway. The sale, which \u00a0
included loans, deposits and issued bonds at amortised cost, was completed in the fourth quarter of 2024. \u00a0
Assets held for sale also includes lease assets (where the Group acts as lessor) put up for sale at the end of the lease and properties taken over \u00a0
by the Group under non-performing loan agreements. The Group expects to sell the properties through a real estate agent within 12 months \u00a0
from the date of acquisition. The properties comprise properties in Denmark and in other countries. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2043": { "value": "
(b) Other income \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Income from lease assets and investment property \u00a0
271 \u00a0
864 \u00a0
Income from real-estate brokerage \u00a0
93 \u00a0
82 \u00a0
Income from holdings in associates \u00a0
-257 \u00a0
-110 \u00a0
Other income \u00a0
389 \u00a0
179 \u00a0
Total \u00a0
497 \u00a0
1,015 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2031": { "value": "
G9. Operating expenses \u00a0
Operating expenses include staff costs, administrative expenses (including Resolution fund) and depreciation, amortisation and impairment \u00a0
charges. Operating expenses also include net gain or loss on the sale of operating lease assets that have been held for rental purposes as part \u00a0
of its ordinary activities. Note G19 provides more information on intangible assets. \u00a0
Accounting policy \u00a0
Staff costs \u00a0
This item includes salaries, performance-based pay, expenses for share-based payments, holiday allowances, anniversary bonuses, \u00a0
pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed when the \u00a0
employees render the services. Performance-based remuneration is expensed as it is earned. \u00a0
Share-based payment \u00a0
Part of the performance-based remuneration for the year is paid in the form of conditional shares. Rights to conditional shares vest up to \u00a0
four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from the Group. In \u00a0
addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of share-based payments at \u00a0
the grant date is expensed over the vesting period with the intrinsic value expensed in the year in which the share-based payments are \u00a0
earned, and the time value (if any) accrued over the remaining service period. Expenses are set off against shareholders\u2019 equity. Fair \u00a0
value adjustments after the grant date are not recognised in the income statement. \u00a0
Pension obligations \u00a0
The Group\u2019s contributions to defined contribution pension plans are recognised in the income statement as they are earned by the \u00a0
employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of the \u00a0
difference between expected trends in pension assets and benefits and actual trends are recognised under Other comprehensive \u00a0
income. \u00a0
Amortisation, depreciation and impairment charges \u00a0
In addition to amortisation, depreciation and impairment charges for intangible, tangible and right-of-use assets, the net of gain or loss \u00a0
on the sale of operating lease assets is presented here. \u00a0
(a) Operating expenses \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Staff costs \u00a0
15,644 \u00a0
15,729 \u00a0
Administrative expenses \u00a0
8,291 \u00a0
8,156 \u00a0
Amortisation/depreciation and impairment charges of intangible, tangible and right-of-use assets \u00a0
1,799 \u00a0
1,592 \u00a0
Total \u00a0
25,736 \u00a0
25,478 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
G9. Operating expenses - continued \u00a0
An impairment loss of DKK 61 million was recognised in 2024 on software development costs (2023: DKK 26 million) and is included in the \u00a0
table above. See note G19 for further information. \u00a0
Staff costs* \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Salaries \u00a0
11,944 \u00a0
11,931 \u00a0
Share-based payments \u00a0
203 \u00a0
172 \u00a0
Pension, defined contribution plans \u00a0
1,454 \u00a0
1,403 \u00a0
Pension, defined benefit plans \u00a0
42 \u00a0
10 \u00a0
Severance payments \u00a0
213 \u00a0
378 \u00a0
Financial services employer tax and social security costs \u00a0
1,787 \u00a0
1,837 \u00a0
Total \u00a0
15,644 \u00a0
15,729 \u00a0
* Staff costs does not include staff costs directly attributable to insurance contracts. These are included within Insurance service expenses. See note G7. \u00a0
Total salary costs amounted to DKK 13.9 billion (2023: DKK 13.9 billion), with variable remuneration accounting for 8.8% of this amount (2023: \u00a0
8.5%). Note G35 provides more information on share-based payments. \u00a0
(b) Pension plans \u00a0
Most of the Group\u2019s pension plans are defined contribution plans under which the Group pays contributions to insurance companies, including \u00a0
Danica. Such payments are expensed regularly. The Group has, to a minor extent, entered into defined benefit pension plans. Under defined \u00a0
benefit pension plans, the Group is under an obligation to pay defined future benefits from the time of retirement. Defined benefit pension \u00a0
plans are typically funded by ordinary contributions made by employers and employees to separate pension funds investing the contributions \u00a0
on behalf of the members to fund future pension obligations. Defined benefit pension plans in Northern Ireland and Ireland account for most of \u00a0
the Group\u2019s obligations under such plans, but the Group also has a small number of defined benefit pension plans in Denmark and Sweden. The \u00a0
plans in these countries do not accept new members and, for most of the plans, contributions payable by existing members have been \u00a0
discontinued. \u00a0
At 31 December 2024, the net present value of pension obligations was DKK 11,163 million (2023: DKK 11,880 million), and the fair value of \u00a0
plan assets was DKK 11,796 million (2023: DKK 12,385 million). The present value of obligations under defined benefit pension plans less the \u00a0
fair value of pension assets is recognised for each plan under Other assets and Other liabilities. Pension plan net assets amounted to DKK 907 \u00a0
million (2023: DKK 806 million) and pension plan net liabilities amounted to DKK 275 million (2023: DKK 301 million). \u00a0
The Group recognises the service cost and interest on the net defined benefit pension asset/liability in the income statement, whereas \u00a0
actuarial gains or losses are recognised under Other comprehensive income. \u00a0
During 2024, a bulk annuity-buy-in policy covering pension liabilities of DKK 267 million was purchased in relation to the defined benefit plan in \u00a0
Ireland. This led to a loss on plan assets of DKK 9 million, which is recognised in Other comprehensive income, as the liabilities under IFRS \u00a0
Accounting Standards were lower than the premium paid. \u00a0
The calculation of the net obligation is based on valuations made by external actuaries. These valuations rely on assumptions about a number \u00a0
of variables, including discount and mortality rates and salary increases. The measurement of the net obligation is particularly sensitive to \u00a0
changes in the discount rate. The discount rate is determined by reference to yields on high-quality corporate bonds with terms matching the \u00a0
terms of the pension obligations. If the discount rate was lowered half a percentage point, the gross pension obligation would increase DKK 0.7 \u00a0
billion (2023: DKK 0.8 billion). The amount would be recognised under Other comprehensive income. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2032": { "value": "
G9. Operating expenses \u00a0
Operating expenses include staff costs, administrative expenses (including Resolution fund) and depreciation, amortisation and impairment \u00a0
charges. Operating expenses also include net gain or loss on the sale of operating lease assets that have been held for rental purposes as part \u00a0
of its ordinary activities. Note G19 provides more information on intangible assets. \u00a0
Accounting policy \u00a0
Staff costs \u00a0
This item includes salaries, performance-based pay, expenses for share-based payments, holiday allowances, anniversary bonuses, \u00a0
pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed when the \u00a0
employees render the services. Performance-based remuneration is expensed as it is earned. \u00a0
Share-based payment \u00a0
Part of the performance-based remuneration for the year is paid in the form of conditional shares. Rights to conditional shares vest up to \u00a0
four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from the Group. In \u00a0
addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of share-based payments at \u00a0
the grant date is expensed over the vesting period with the intrinsic value expensed in the year in which the share-based payments are \u00a0
earned, and the time value (if any) accrued over the remaining service period. Expenses are set off against shareholders\u2019 equity. Fair \u00a0
value adjustments after the grant date are not recognised in the income statement. \u00a0
Pension obligations \u00a0
The Group\u2019s contributions to defined contribution pension plans are recognised in the income statement as they are earned by the \u00a0
employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of the \u00a0
difference between expected trends in pension assets and benefits and actual trends are recognised under Other comprehensive \u00a0
income. \u00a0
Amortisation, depreciation and impairment charges \u00a0
In addition to amortisation, depreciation and impairment charges for intangible, tangible and right-of-use assets, the net of gain or loss \u00a0
on the sale of operating lease assets is presented here. \u00a0
(a) Operating expenses \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Staff costs \u00a0
15,644 \u00a0
15,729 \u00a0
Administrative expenses \u00a0
8,291 \u00a0
8,156 \u00a0
Amortisation/depreciation and impairment charges of intangible, tangible and right-of-use assets \u00a0
1,799 \u00a0
1,592 \u00a0
Total \u00a0
25,736 \u00a0
25,478 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
G9. Operating expenses - continued \u00a0
An impairment loss of DKK 61 million was recognised in 2024 on software development costs (2023: DKK 26 million) and is included in the \u00a0
table above. See note G19 for further information. \u00a0
Staff costs* \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Salaries \u00a0
11,944 \u00a0
11,931 \u00a0
Share-based payments \u00a0
203 \u00a0
172 \u00a0
Pension, defined contribution plans \u00a0
1,454 \u00a0
1,403 \u00a0
Pension, defined benefit plans \u00a0
42 \u00a0
10 \u00a0
Severance payments \u00a0
213 \u00a0
378 \u00a0
Financial services employer tax and social security costs \u00a0
1,787 \u00a0
1,837 \u00a0
Total \u00a0
15,644 \u00a0
15,729 \u00a0
* Staff costs does not include staff costs directly attributable to insurance contracts. These are included within Insurance service expenses. See note G7. \u00a0
Total salary costs amounted to DKK 13.9 billion (2023: DKK 13.9 billion), with variable remuneration accounting for 8.8% of this amount (2023: \u00a0
8.5%). Note G35 provides more information on share-based payments. \u00a0
(b) Pension plans \u00a0
Most of the Group\u2019s pension plans are defined contribution plans under which the Group pays contributions to insurance companies, including \u00a0
Danica. Such payments are expensed regularly. The Group has, to a minor extent, entered into defined benefit pension plans. Under defined \u00a0
benefit pension plans, the Group is under an obligation to pay defined future benefits from the time of retirement. Defined benefit pension \u00a0
plans are typically funded by ordinary contributions made by employers and employees to separate pension funds investing the contributions \u00a0
on behalf of the members to fund future pension obligations. Defined benefit pension plans in Northern Ireland and Ireland account for most of \u00a0
the Group\u2019s obligations under such plans, but the Group also has a small number of defined benefit pension plans in Denmark and Sweden. The \u00a0
plans in these countries do not accept new members and, for most of the plans, contributions payable by existing members have been \u00a0
discontinued. \u00a0
At 31 December 2024, the net present value of pension obligations was DKK 11,163 million (2023: DKK 11,880 million), and the fair value of \u00a0
plan assets was DKK 11,796 million (2023: DKK 12,385 million). The present value of obligations under defined benefit pension plans less the \u00a0
fair value of pension assets is recognised for each plan under Other assets and Other liabilities. Pension plan net assets amounted to DKK 907 \u00a0
million (2023: DKK 806 million) and pension plan net liabilities amounted to DKK 275 million (2023: DKK 301 million). \u00a0
The Group recognises the service cost and interest on the net defined benefit pension asset/liability in the income statement, whereas \u00a0
actuarial gains or losses are recognised under Other comprehensive income. \u00a0
During 2024, a bulk annuity-buy-in policy covering pension liabilities of DKK 267 million was purchased in relation to the defined benefit plan in \u00a0
Ireland. This led to a loss on plan assets of DKK 9 million, which is recognised in Other comprehensive income, as the liabilities under IFRS \u00a0
Accounting Standards were lower than the premium paid. \u00a0
The calculation of the net obligation is based on valuations made by external actuaries. These valuations rely on assumptions about a number \u00a0
of variables, including discount and mortality rates and salary increases. The measurement of the net obligation is particularly sensitive to \u00a0
changes in the discount rate. The discount rate is determined by reference to yields on high-quality corporate bonds with terms matching the \u00a0
terms of the pension obligations. If the discount rate was lowered half a percentage point, the gross pension obligation would increase DKK 0.7 \u00a0
billion (2023: DKK 0.8 billion). The amount would be recognised under Other comprehensive income. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2034": { "value": "
Operating expenses include staff costs, administrative expenses (including Resolution fund) and depreciation, amortisation and impairment \u00a0
charges. Operating expenses also include net gain or loss on the sale of operating lease assets that have been held for rental purposes as part \u00a0
of its ordinary activities. Note G19 provides more information on intangible assets. \u00a0
Accounting policy \u00a0
Staff costs \u00a0
This item includes salaries, performance-based pay, expenses for share-based payments, holiday allowances, anniversary bonuses, \u00a0
pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed when the \u00a0
employees render the services. Performance-based remuneration is expensed as it is earned. \u00a0
Share-based payment \u00a0
Part of the performance-based remuneration for the year is paid in the form of conditional shares. Rights to conditional shares vest up to \u00a0
four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from the Group. In \u00a0
addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of share-based payments at \u00a0
the grant date is expensed over the vesting period with the intrinsic value expensed in the year in which the share-based payments are \u00a0
earned, and the time value (if any) accrued over the remaining service period. Expenses are set off against shareholders\u2019 equity. Fair \u00a0
value adjustments after the grant date are not recognised in the income statement. \u00a0
Pension obligations \u00a0
The Group\u2019s contributions to defined contribution pension plans are recognised in the income statement as they are earned by the \u00a0
employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of the \u00a0
difference between expected trends in pension assets and benefits and actual trends are recognised under Other comprehensive \u00a0
income. \u00a0
Amortisation, depreciation and impairment charges \u00a0
In addition to amortisation, depreciation and impairment charges for intangible, tangible and right-of-use assets, the net of gain or loss \u00a0
on the sale of operating lease assets is presented here. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2036": { "value": "
Staff costs \u00a0
This item includes salaries, performance-based pay, expenses for share-based payments, holiday allowances, anniversary bonuses, \u00a0
pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed when the \u00a0
employees render the services. Performance-based remuneration is expensed as it is earned. \u00a0
Pension obligations \u00a0
The Group\u2019s contributions to defined contribution pension plans are recognised in the income statement as they are earned by the \u00a0
employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of the \u00a0
difference between expected trends in pension assets and benefits and actual trends are recognised under Other comprehensive \u00a0
income. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2037": { "value": "
Share-based payment \u00a0
Part of the performance-based remuneration for the year is paid in the form of conditional shares. Rights to conditional shares vest up to \u00a0
four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from the Group. In \u00a0
addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of share-based payments at \u00a0
the grant date is expensed over the vesting period with the intrinsic value expensed in the year in which the share-based payments are \u00a0
earned, and the time value (if any) accrued over the remaining service period. Expenses are set off against shareholders\u2019 equity. Fair \u00a0
value adjustments after the grant date are not recognised in the income statement. \u00a0
Share-based payments \u00a0
Share-based payments by the Group are settled in Danske Bank shares. The fair value at the grant date is expensed over the vesting period and \u00a0
set off against equity. At the time of exercise, payments by employees are recognised as an increase in equity. As with other purchases of \u00a0
Danske Bank shares, shares acquired for hedging purposes reduce equity by the amount paid. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2039": { "value": "
Amortisation, depreciation and impairment charges \u00a0
In addition to amortisation, depreciation and impairment charges for intangible, tangible and right-of-use assets, the net of gain or loss \u00a0
on the sale of operating lease assets is presented here. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2042": { "value": "
(a) Operating expenses \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Staff costs \u00a0
15,644 \u00a0
15,729 \u00a0
Administrative expenses \u00a0
8,291 \u00a0
8,156 \u00a0
Amortisation/depreciation and impairment charges of intangible, tangible and right-of-use assets \u00a0
1,799 \u00a0
1,592 \u00a0
Total \u00a0
25,736 \u00a0
25,478 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
An impairment loss of DKK 61 million was recognised in 2024 on software development costs (2023: DKK 26 million) and is included in the \u00a0
table above. See note G19 for further information. \u00a0
Staff costs* \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Salaries \u00a0
11,944 \u00a0
11,931 \u00a0
Share-based payments \u00a0
203 \u00a0
172 \u00a0
Pension, defined contribution plans \u00a0
1,454 \u00a0
1,403 \u00a0
Pension, defined benefit plans \u00a0
42 \u00a0
10 \u00a0
Severance payments \u00a0
213 \u00a0
378 \u00a0
Financial services employer tax and social security costs \u00a0
1,787 \u00a0
1,837 \u00a0
Total \u00a0
15,644 \u00a0
15,729 \u00a0
* Staff costs does not include staff costs directly attributable to insurance contracts. These are included within Insurance service expenses. See note G7. \u00a0
Total salary costs amounted to DKK 13.9 billion (2023: DKK 13.9 billion), with variable remuneration accounting for 8.8% of this amount (2023: \u00a0
8.5%). Note G35 provides more information on share-based payments. \u00a0
At the end of 2024, the Group recognised software development cost of DKK 2,126 million as an asset (2023: DKK 1,546 million), DKK 456 \u00a0
million was amortised for 2024 (2023: DKK 434 million). An impairment loss of DKK 61 million was recognised in 2024 on software \u00a0
development costs (2023: DKK 26 million). \u00a0
(b) Further explanation of impairment testing of goodwill \u00a0
The Group\u2019s goodwill is tested for impairment at least once a year by testing at the level of identifiable cash-generating units to which goodwill \u00a0
has been allocated. Further, if goodwill in a cash-generating unit is fully impaired, a further impairment loss is recognised as an impairment loss \u00a0
on intangible or tangible assets, if any. \u00a0
1 January \u00a0
Foreign \u00a0
31 December \u00a0
Foreign \u00a0
31 December \u00a0
2023 \u00a0
currency \u00a0
2023 \u00a0
currency \u00a0
2024 \u00a0
(DKK millions) \u00a0
Goodwill \u00a0
translation \u00a0
Goodwill \u00a0
translation \u00a0
Goodwill \u00a0
LC&I, General Banking \u00a0
507 \u00a0
1
508 \u00a0
-
508 \u00a0
LC&I, Markets and Investment Banking \u00a0
2,094 \u00a0
5
2,099 \u00a0
2
2,101 \u00a0
LC&I, Asset Management \u00a0
1,807 \u00a0
4
1,811 \u00a0
2
1,813 \u00a0
Others \u00a0
19 \u00a0
-
19 \u00a0
-3 \u00a0
16 \u00a0
Total \u00a0
4,427 \u00a0
10 \u00a0
4,437 \u00a0
1
4,438 \u00a0
Model applied in the goodwill impairment tests for 2024 and 2023 \u00a0
The impairment test compares the recoverable amount and the carrying amount for each cash-generating unit. The recoverable amount is \u00a0
represented by the present value of expected future cash flows (value in use). The special debt structure of financial institutions requires the \u00a0
use of a discounted dividend (equity) model to calculate the present value of expected future cash flows, as the interest on lending and \u00a0
borrowings is included as part of the cash flows. \u00a0
The carrying amount for each cash-generating unit is the aggregate of the cash-generating unit\u2019s goodwill and allocated capital. The cash- \u00a0
generating unit\u2019s allocated capital is derived using the Group\u2019s capital allocation framework. The capital framework is based on a regulatory \u00a0
approach to identify the individual business unit\u2019s capital consumption and is in accordance with the Group\u2019s capital targets. In the 2024 test, \u00a0
allocated capital is allocated as 14% of the cash-generating unit`s risk exposure amount (2023: 14.0%). \u00a0
For each cash generating unit, the expected future cash flow is based on approved strategies and earnings estimates for the budget period \u00a0
representing the first five years. For the terminal period, the steady state normalised level of earnings (expected dividend) is expected to grow \u00a0
at a constant growth rate equal to expected real GDP growth. Cash flow estimates are post-tax, and the risks of the individual cash-generating \u00a0
units are reflected in the estimated earnings. Accordingly, the risk-adjusted cash flows carry a similar risk profile. The estimated cash flows are \u00a0
discounted at the Group\u2019s risk-adjusted required rates of return post-tax. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2041": { "value": "
(a) Operating expenses \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Staff costs \u00a0
15,644 \u00a0
15,729 \u00a0
Administrative expenses \u00a0
8,291 \u00a0
8,156 \u00a0
Amortisation/depreciation and impairment charges of intangible, tangible and right-of-use assets \u00a0
1,799 \u00a0
1,592 \u00a0
Total \u00a0
25,736 \u00a0
25,478 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
An impairment loss of DKK 61 million was recognised in 2024 on software development costs (2023: DKK 26 million) and is included in the \u00a0
table above. See note G19 for further information. \u00a0
Staff costs* \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Salaries \u00a0
11,944 \u00a0
11,931 \u00a0
Share-based payments \u00a0
203 \u00a0
172 \u00a0
Pension, defined contribution plans \u00a0
1,454 \u00a0
1,403 \u00a0
Pension, defined benefit plans \u00a0
42 \u00a0
10 \u00a0
Severance payments \u00a0
213 \u00a0
378 \u00a0
Financial services employer tax and social security costs \u00a0
1,787 \u00a0
1,837 \u00a0
Total \u00a0
15,644 \u00a0
15,729 \u00a0
* Staff costs does not include staff costs directly attributable to insurance contracts. These are included within Insurance service expenses. See note G7. \u00a0
Total salary costs amounted to DKK 13.9 billion (2023: DKK 13.9 billion), with variable remuneration accounting for 8.8% of this amount (2023: \u00a0
8.5%). Note G35 provides more information on share-based payments. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2040": { "value": "
(a) Operating expenses \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Staff costs \u00a0
15,644 \u00a0
15,729 \u00a0
Administrative expenses \u00a0
8,291 \u00a0
8,156 \u00a0
Amortisation/depreciation and impairment charges of intangible, tangible and right-of-use assets \u00a0
1,799 \u00a0
1,592 \u00a0
Total \u00a0
25,736 \u00a0
25,478 \u00a0
* Comparative information has been restated, as described in note G2(a). \u00a0
An impairment loss of DKK 61 million was recognised in 2024 on software development costs (2023: DKK 26 million) and is included in the \u00a0
table above. See note G19 for further information. \u00a0
Staff costs* \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Salaries \u00a0
11,944 \u00a0
11,931 \u00a0
Share-based payments \u00a0
203 \u00a0
172 \u00a0
Pension, defined contribution plans \u00a0
1,454 \u00a0
1,403 \u00a0
Pension, defined benefit plans \u00a0
42 \u00a0
10 \u00a0
Severance payments \u00a0
213 \u00a0
378 \u00a0
Financial services employer tax and social security costs \u00a0
1,787 \u00a0
1,837 \u00a0
Total \u00a0
15,644 \u00a0
15,729 \u00a0
* Staff costs does not include staff costs directly attributable to insurance contracts. These are included within Insurance service expenses. See note G7. \u00a0
Total salary costs amounted to DKK 13.9 billion (2023: DKK 13.9 billion), with variable remuneration accounting for 8.8% of this amount (2023: \u00a0
8.5%). Note G35 provides more information on share-based payments. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2049": { "value": "
An impairment loss of DKK 61 million was recognised in 2024 on software development costs (2023: DKK 26 million) and is included in the \u00a0
table above. See note G19 for further information. \u00a0
Staff costs* \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Salaries \u00a0
11,944 \u00a0
11,931 \u00a0
Share-based payments \u00a0
203 \u00a0
172 \u00a0
Pension, defined contribution plans \u00a0
1,454 \u00a0
1,403 \u00a0
Pension, defined benefit plans \u00a0
42 \u00a0
10 \u00a0
Severance payments \u00a0
213 \u00a0
378 \u00a0
Financial services employer tax and social security costs \u00a0
1,787 \u00a0
1,837 \u00a0
Total \u00a0
15,644 \u00a0
15,729 \u00a0
* Staff costs does not include staff costs directly attributable to insurance contracts. These are included within Insurance service expenses. See note G7. \u00a0
Total salary costs amounted to DKK 13.9 billion (2023: DKK 13.9 billion), with variable remuneration accounting for 8.8% of this amount (2023: \u00a0
8.5%). Note G35 provides more information on share-based payments. \u00a0
(b) Pension plans \u00a0
Most of the Group\u2019s pension plans are defined contribution plans under which the Group pays contributions to insurance companies, including \u00a0
Danica. Such payments are expensed regularly. The Group has, to a minor extent, entered into defined benefit pension plans. Under defined \u00a0
benefit pension plans, the Group is under an obligation to pay defined future benefits from the time of retirement. Defined benefit pension \u00a0
plans are typically funded by ordinary contributions made by employers and employees to separate pension funds investing the contributions \u00a0
on behalf of the members to fund future pension obligations. Defined benefit pension plans in Northern Ireland and Ireland account for most of \u00a0
the Group\u2019s obligations under such plans, but the Group also has a small number of defined benefit pension plans in Denmark and Sweden. The \u00a0
plans in these countries do not accept new members and, for most of the plans, contributions payable by existing members have been \u00a0
discontinued. \u00a0
At 31 December 2024, the net present value of pension obligations was DKK 11,163 million (2023: DKK 11,880 million), and the fair value of \u00a0
plan assets was DKK 11,796 million (2023: DKK 12,385 million). The present value of obligations under defined benefit pension plans less the \u00a0
fair value of pension assets is recognised for each plan under Other assets and Other liabilities. Pension plan net assets amounted to DKK 907 \u00a0
million (2023: DKK 806 million) and pension plan net liabilities amounted to DKK 275 million (2023: DKK 301 million). \u00a0
The Group recognises the service cost and interest on the net defined benefit pension asset/liability in the income statement, whereas \u00a0
actuarial gains or losses are recognised under Other comprehensive income. \u00a0
During 2024, a bulk annuity-buy-in policy covering pension liabilities of DKK 267 million was purchased in relation to the defined benefit plan in \u00a0
Ireland. This led to a loss on plan assets of DKK 9 million, which is recognised in Other comprehensive income, as the liabilities under IFRS \u00a0
Accounting Standards were lower than the premium paid. \u00a0
The calculation of the net obligation is based on valuations made by external actuaries. These valuations rely on assumptions about a number \u00a0
of variables, including discount and mortality rates and salary increases. The measurement of the net obligation is particularly sensitive to \u00a0
changes in the discount rate. The discount rate is determined by reference to yields on high-quality corporate bonds with terms matching the \u00a0
terms of the pension obligations. If the discount rate was lowered half a percentage point, the gross pension obligation would increase DKK 0.7 \u00a0
billion (2023: DKK 0.8 billion). The amount would be recognised under Other comprehensive income. \u00a0
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,352 \u00a0
7,264 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,727 \u00a0
10,811 \u00a0
Defined benefit pension plan, net assets \u00a0
907 \u00a0
806 \u00a0
Investment property \u00a0
396 \u00a0
157 \u00a0
Tangible assets \u00a0
7,092 \u00a0
7,418 \u00a0
Right of use lease assets \u00a0
3,675 \u00a0
4,010 \u00a0
Holdings in associates \u00a0
396 \u00a0
612 \u00a0
Total \u00a0
29,547 \u00a0
31,079 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
42,659 \u00a0
33,005 \u00a0
Accrued interest and commissions due \u00a0
13,265 \u00a0
12,902 \u00a0
Defined benefit pension plans, net liabilities \u00a0
275 \u00a0
301 \u00a0
Other staff commitments \u00a0
1,287 \u00a0
1,175 \u00a0
Lease liabilities \u00a0
3,787 \u00a0
4,102 \u00a0
Loan commitments and guarantees etc. \u00a0
2,893 \u00a0
3,161 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,866 \u00a0
2,398 \u00a0
Total \u00a0
66,033 \u00a0
57,046 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2050": { "value": "
An impairment loss of DKK 61 million was recognised in 2024 on software development costs (2023: DKK 26 million) and is included in the \u00a0
table above. See note G19 for further information. \u00a0
Staff costs* \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Salaries \u00a0
11,944 \u00a0
11,931 \u00a0
Share-based payments \u00a0
203 \u00a0
172 \u00a0
Pension, defined contribution plans \u00a0
1,454 \u00a0
1,403 \u00a0
Pension, defined benefit plans \u00a0
42 \u00a0
10 \u00a0
Severance payments \u00a0
213 \u00a0
378 \u00a0
Financial services employer tax and social security costs \u00a0
1,787 \u00a0
1,837 \u00a0
Total \u00a0
15,644 \u00a0
15,729 \u00a0
* Staff costs does not include staff costs directly attributable to insurance contracts. These are included within Insurance service expenses. See note G7. \u00a0
Total salary costs amounted to DKK 13.9 billion (2023: DKK 13.9 billion), with variable remuneration accounting for 8.8% of this amount (2023: \u00a0
8.5%). Note G35 provides more information on share-based payments. \u00a0
(d) Share-based payment \u00a0
The total expense recognised as operating expenses in 2024 arising from share-based payments was DKK 203 million (2023: DKK 172 million). \u00a0
All share-based payments are equity-settled. The exact number of shares granted for 2024 will be determined at the beginning of April 2025. \u00a0
The Group has granted rights to conditional shares under the bonus structure for material risk takers and other employees as part of their \u00a0
variable remuneration. Such employees have a performance agreement based on the performance of the Group, the business unit and the \u00a0
individual employee. Part of the Danske Bank shares granted to material risk takers are deferred, as required by the EBA (see section (c) above \u00a0
on payouts from variable remuneration). The fair value at the grant date is measured at the monetary value of the underlying performance \u00a0
agreement. \u00a0
The variable remuneration of the Executive Leadership Team is provided as part of a short-term incentive- and a long-term incentive \u00a0
programme. \u00a0
The short-term incentive programme is structured similarly to that of other material risk takers, as described above. However, the rights to \u00a0
Danske Bank shares are deferred for five years, followed by a one year holding period before shares are available to trade. \u00a0
The long-term incentive programme is based on the performance in selected KPIs over a three-year performance period. In 2024, there were \u00a0
three long-term incentive programmes running: the 2022-2024, the 2023-2025 and the 2024-2026. While for the long-term incentive \u00a0
programmes 2022-2024 and 2023-2025 only the total shareholder return performance relative to peers was selected as a KPI, the long-term \u00a0
incentive programme 2024-2026 is based also on the return on equity. Both KPIs are weighted equally. After the performance period of three \u00a0
years, part of the shares will be paid out. The remaining shares are deferred for five years from the grant date followed by a one year holding \u00a0
period before shares are available to trade. \u00a0
The remuneration is subject to backtesting and clawback. \u00a0
The fair value of the long-term incentive programmes at the grant date was DKK 10.4 million for the 2024-2026 programme and DKK 6.1 \u00a0
million for the 2023-2025 programme. The fair value of the shares is calculated at the grant date and is based on relevant assumptions, which \u00a0
relate to volatility relative to peers. The fair value at grant date is expensed over the three-year vesting period. The increase between the 2023- \u00a0
2025 programme and 2024-2026 programme is due to a change in to the remuneration model \u2013 see Remuneration Report 2024 for more \u00a0
details. \u00a0
G35. Remuneration of management and material risk takers - continued \u00a0
Conditional shares \u00a0
Employee \u00a0
Number \u00a0
payment price \u00a0
Fair value \u00a0
Employee \u00a0
payment \u00a0
Executive \u00a0
Other \u00a0
At issue \u00a0
End of year \u00a0
Leadership \u00a0
Team \u00a0
Granted in 2016 \u00a0
staff \u00a0
Total \u00a0
price (DKK) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
1 January 2023 \u00a0
-
239 \u00a0
239 \u00a0
-
0.0 \u00a0
0.0 \u00a0
Vested 2023 \u00a0
-
-
-
-
-
-
Forfeited 2023 \u00a0
-
-
-
-
-
-
Other changes 2023 \u00a0
-
-
-
-
-
-
31 December 2023 \u00a0
-
239 \u00a0
239 \u00a0
-
0.0 \u00a0
0.0 \u00a0
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-
-
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
-
239 \u00a0
239 \u00a0
-
0.0 \u00a0
0.0 \u00a0
Granted in 2017 \u00a0
1 January 2023 \u00a0
-
5,378 \u00a0
5,378 \u00a0
-
1.3 \u00a0
1.1 \u00a0
Vested 2023 \u00a0
-
-2,998 \u00a0
-2,998 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-
-
-
-
-
Other changes 2023 \u00a0
-
-
-
-
-
-
31 December 2023 \u00a0
-
2,380 \u00a0
2,380 \u00a0
-
0.6 \u00a0
0.5 \u00a0
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-938 \u00a0
-938 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
-
1,442 \u00a0
1,442 \u00a0
-
0.3 \u00a0
0.3 \u00a0
Granted in 2018 \u00a0
1 January 2023 \u00a0
1,062 \u00a0
14,024 \u00a0
15,086 \u00a0
-
3.5 \u00a0
3.1 \u00a0
Vested 2023 \u00a0
-1,062 \u00a0
-10,391 \u00a0
-11,453 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-3,075 \u00a0
-3,075 \u00a0
-
-
-
Other changes 2023 \u00a0
-
-558 \u00a0
-558 \u00a0
-
-
-
31 December 2023 \u00a0
-
-
-
-
-
-
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-
-
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
-
-
-
-
-
-
Employee \u00a0
Number \u00a0
payment price \u00a0
Fair value \u00a0
Employee \u00a0
payment \u00a0
Executive \u00a0
Other \u00a0
At issue \u00a0
End of year \u00a0
Leadership \u00a0
Team \u00a0
Granted in 2019 \u00a0
staff \u00a0
Total \u00a0
price (DKK) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
1 January 2023 \u00a0
-
31,122 \u00a0
31,122 \u00a0
-
3.9 \u00a0
6.3 \u00a0
Vested 2023 \u00a0
-
-9,390 \u00a0
-9,390 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-
-
-
-
-
Other changes 2023 \u00a0
-
-19,397 \u00a0
-19,397 \u00a0
-
-
-
31 December 2023 \u00a0
-
2,335 \u00a0
2,335 \u00a0
-
0.3 \u00a0
0.5 \u00a0
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-2,335 \u00a0
-2,335 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
-
-
-
-
-
-
Granted in 2020 \u00a0
1 January 2023 \u00a0
80,220 \u00a0
716,798 \u00a0
797,018 \u00a0
-
77.0 \u00a0
162.4 \u00a0
Vested 2023 \u00a0
-2,922 \u00a0
-526,301 \u00a0
-529,223 \u00a0
-
-
-
Forfeited 2023 \u00a0
-64,350 \u00a0
-133,887 \u00a0
-198,237 \u00a0
-
-
-
Other changes 2023 \u00a0
-6,543 \u00a0
3,347 \u00a0
-3,196 \u00a0
-
-
-
31 December 2023 \u00a0
6,405 \u00a0
59,957 \u00a0
66,362 \u00a0
-
6.4 \u00a0
13.5 \u00a0
Vested 2024 \u00a0
-
-5,428 \u00a0
-5,428 \u00a0
-
-
-
Forfeited 2024 \u00a0
-
-
-
-
-
-
Other changes 2024 \u00a0
-
-6,405 \u00a0
-6,405 \u00a0
-
-
-
31 December 2024 \u00a0
6,405 \u00a0
48,124 \u00a0
54,529 \u00a0
-
5.3 \u00a0
11.1 \u00a0
Granted in 2021 \u00a0
1 January 2023 \u00a0
113,621 \u00a0
718,739 \u00a0
832,360 \u00a0
-
98.7 \u00a0
169.6 \u00a0
Vested 2023 \u00a0
-
-5,523 \u00a0
-5,523 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-28,586 \u00a0
-28,586 \u00a0
-
-
-
Other changes 2023 \u00a0
-769 \u00a0
125 \u00a0
-644 \u00a0
-
-
-
31 December 2023 \u00a0
112,852 \u00a0
684,755 \u00a0
797,607 \u00a0
-
94.5 \u00a0
162.5 \u00a0
Vested 2024 \u00a0
-21,960 \u00a0
-146,848 \u00a0
-168,808 \u00a0
-
-
-
Forfeited 2024 \u00a0
-32,306 \u00a0
-28,032 \u00a0
-60,338 \u00a0
-
-
-
Other changes 2024 \u00a0
-
1,573 \u00a0
1,573 \u00a0
-
-
-
31 December 2024 \u00a0
58,586 \u00a0
511,448 \u00a0
570,034 \u00a0
-
67.9 \u00a0
116.1 \u00a0
G35. Remuneration of management and material risk takers - continued \u00a0
Employee \u00a0
Number \u00a0
payment price \u00a0
Fair value \u00a0
Employee \u00a0
Executive \u00a0
Other \u00a0
payment \u00a0
At issue \u00a0
End of year \u00a0
Leadership \u00a0
Granted in 2022 \u00a0
Team \u00a0
staff \u00a0
Total \u00a0
price (DKK) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
1 January 2023 \u00a0
172,628 \u00a0
1,053,790 \u00a0
1,226,418 \u00a0
-
140.7 \u00a0
249.8 \u00a0
Vested 2023 \u00a0
-7,389 \u00a0
-299,858 \u00a0
-307,247 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-14,126 \u00a0
-14,126 \u00a0
-
-
-
Other changes 2023 \u00a0
-39,217 \u00a0
2,534 \u00a0
-36,683 \u00a0
-
-
-
31 December 2023 \u00a0
126,022 \u00a0
742,340 \u00a0
868,362 \u00a0
-
99.7 \u00a0
176.9 \u00a0
Vested 2024 \u00a0
-7,389 \u00a0
-195,734 \u00a0
-203,123 \u00a0
-
-
-
Forfeited 2024 \u00a0
-
-3,373 \u00a0
-3,373 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-66,754 \u00a0
-66,754 \u00a0
-
-
-
31 December 2024 \u00a0
118,633 \u00a0
476,479 \u00a0
595,112 \u00a0
-
68.3 \u00a0
121.2 \u00a0
Granted in 2023 \u00a0
Granted in 2023 \u00a0
140,524 \u00a0
633,671 \u00a0
774,195 \u00a0
-
109.6 \u00a0
157.7 \u00a0
Vested 2023 \u00a0
-549 \u00a0
-269,062 \u00a0
-269,611 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-11,834 \u00a0
-11,834 \u00a0
-
-
-
Other changes 2023 \u00a0
-12,396 \u00a0
15,451 \u00a0
3,055 \u00a0
-
-
-
31 December 2023 \u00a0
127,579 \u00a0
368,226 \u00a0
495,805 \u00a0
-
70.2 \u00a0
101.0 \u00a0
Vested 2024 \u00a0
-5,580 \u00a0
-88,645 \u00a0
-94,225 \u00a0
-
-
-
Forfeited 2024 \u00a0
-
-2,086 \u00a0
-2,086 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-22,765 \u00a0
-22,765 \u00a0
-
-
-
31 December 2024 \u00a0
121,999 \u00a0
254,730 \u00a0
376,729 \u00a0
-
53.3 \u00a0
76.7 \u00a0
Granted in 2024 \u00a0
Granted in 2024 \u00a0
196,016 \u00a0
1,071,957 \u00a0
1,267,973 \u00a0
-
262.7 \u00a0
258.3 \u00a0
Vested 2024 \u00a0
-
-257,758 \u00a0
-257,758 \u00a0
-
-
-
Forfeited 2024 \u00a0
-
-34,291 \u00a0
-34,291 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-157,627 \u00a0
-157,627 \u00a0
-
-
-
31 December 2024 \u00a0
196,016 \u00a0
622,281 \u00a0
818,297 \u00a0
-
169.6 \u00a0
166.7 \u00a0
Other staff includes material risk takers and other employees eligible for share-based payment. \u00a0
At the end of 2024, the Executive Leadership Team held a total of 501,639 conditional shares with fair value of DKK 102.2 million (2023: \u00a0
372,858 conditional shares with fair value of DKK 67.3 million). See Remuneration Report 2024 for further details of the Executive Leadership \u00a0
Team\u2019s holdings. \u00a0
In 2024, the average price at the vesting date for rights to conditional shares was DKK 200.9 (2023: DKK 141.5). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2055": { "value": "
G10. Audit fees \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Audit firm appointed by the general meeting \u00a0
Fees for statutory audit of the consolidated and parent company financial statements \u00a0
42 \u00a0
34 \u00a0
Fees for other assurance engagements \u00a0
15 \u00a0
12 \u00a0
Fees for tax advisory services \u00a0
-
1
Fees for other services \u00a0
12 \u00a0
3
Total \u00a0
69 \u00a0
50 \u00a0
Fees for non-audit services provided by Deloitte Statsautoriseret Revisionspartnerselskab (Denmark) and Deloitte Globally amounted to DKK \u00a0
13 million (2023: DKK 8 million) and covered various assurance reports and other advisory engagements. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2056": { "value": "
G11. Loan impairment charges \u00a0
Loan impairment charges include impairment charges for expected credit losses against loans, lease receivables, bonds at amortised cost and \u00a0
fair value through Other comprehensive income, certain loan commitments and financial guarantee contracts as well as fair value adjustments \u00a0
of the credit risk on loans measured at fair value. \u00a0
The item also includes expected losses and realised gains and losses on assets (such as tangible assets and group undertakings) taken over by \u00a0
the Group under non-performing loan agreements. Further, the item includes external costs directly attributable to the collection of amounts \u00a0
due under non-performing loans, such as legal costs. \u00a0
Accounting policy \u00a0
The accounting policy for when a loan impairment charge is recognised and how the charge is determined is described under the \u00a0
relevant balance sheet line items. Notes G15, G16 and G24 provide more information. \u00a0
Loan impairment charges \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
ECL impairment on Due from credit institutions and central banks \u00a0
-
-63 \u00a0
ECL impairment on Loans at amortised cost \u00a0
-589 \u00a0
-157 \u00a0
ECL impairment on Loan commitments and guarantees etc. \u00a0
-287 \u00a0
591 \u00a0
ECL impairment, total \u00a0
-877 \u00a0
371 \u00a0
Fair value credit risk adjustment on Loans at fair value \u00a0
333 \u00a0
-109 \u00a0
Total \u00a0
-543 \u00a0
262 \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
ECL on new assets \u00a0
3,207 \u00a0
2,457 \u00a0
ECL on assets derecognised \u00a0
-2,900 \u00a0
-2,595 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
49 \u00a0
1,014 \u00a0
Write-offs charged directly to income statement \u00a0
216 \u00a0
593 \u00a0
Received on claims previously written off \u00a0
-730 \u00a0
-902 \u00a0
Interest income, effective interest method \u00a0
-386 \u00a0
-306 \u00a0
Total \u00a0
-543 \u00a0
262 \u00a0
Further information on changes in the allowance account can be found in note G15. \u00a0
Impairment for expected credit losses \u00a0
The impairment charge for expected credit losses depends on whether the credit risk has increased significantly since initial recognition \u00a0
and follows a three stage model: \u00a0
\u2022
Stage 1: If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from \u00a0
default events that are possible within the next 12 months. \u00a0
\u2022
Stage 2: If the credit risk has increased significantly, the loan is transferred to stage 2 and an impairment charge equal to the lifetime \u00a0
expected credit losses is recognised. \u00a0
\u2022
Stage 3: If the loan is in default, it is transferred to stage 3, for which the impairment charge continues to equal the lifetime expected \u00a0
credit losses but with interest income being recognised on the net carrying amount. \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default \u00a0
(EAD) and the loss given default (LGD) and incorporates forward looking elements. For facilities in stages 2 and 3, the lifetime expected \u00a0
credit losses cover the expected remaining lifetime of a facility. \u00a0
Expected credit loss impairment charges are booked in an allowance account and allocated to individual exposures. \u00a0
(a) Loans at amortised cost \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Reverse transactions \u00a0
2,408 \u00a0
1,763 \u00a0
Other loans \u00a0
933,297 \u00a0
933,775 \u00a0
Allowance account \u00a0
13,804 \u00a0
13,958 \u00a0
Total \u00a0
921,900 \u00a0
921,580 \u00a0
Loans included payments due under finance leases of DKK 36,643 million at the end of 2024 (2023: DKK 35,628 million). \u00a0
(b) Further explanation \u00a0
Classification and measurement \u2013 business model assessment \u00a0
The business model assessment in Danske Bank Group is applied separately for each business unit represented by the Group\u2019s reportable \u00a0
segments. The assessment is based on observable factors for the different portfolios, such as (1) how the performance of the business model \u00a0
and the financial assets held within that business model are evaluated and reported to the Executive Board and the Board of \u00a0
Directors, (2) the risks that affect the performance of the business model and the way such risks are managed and (3) past and expected \u00a0
frequency, value and timing of sales for the portfolio. \u00a0
In the Group\u2019s banking units (Personal Customers, Business Customers, General Banking in LC&I and Northern Ireland), the management and \u00a0
reporting of performance are based on collecting the contractual cash flows, and loans are only very infrequently sold. Therefore, the business \u00a0
model has been assessed as being \u2018hold to collect\u2019. \u00a0
Once a year, the Group assesses if past sales are consistent with the business model for loans in the Group\u2019s banking unit being \u2018hold to collect\u2019. \u00a0
In general, if sales are below 5% of the size of a portfolio the sales are considered to be insignificant. Larger sales are considered individually in \u00a0
relation to consistency with the business model. The following sales are consistent with the business model being \u2018hold to collect\u2019: \u00a0
\u2022
Loans are sold after having previously been transferred to one of the Group\u2019s debt collection units \u00a0
\u2022
Loans are sold to manage credit concentration risk (specific countries or industries) \u00a0
\u2022
Loans to customers that have refocused their activities out of the Nordic region, i.e. the customers are no longer Nordic customers \u00a0
\u2022
The sale of loans that are no longer profitable, e.g. due to changes in the regulatory environment or the like. \u00a0
Calculation of expected credit losses \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default (EAD) and \u00a0
the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal models in order to \u00a0
ensure alignment of models across the Group. New models and calculations have been developed especially for IFRS 9 purposes, including \u00a0
models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairment charges are allocated to individual \u00a0
exposures. For significant loans in stage 3, the Group determines the expected credit losses individually. \u00a0
Expected remaining lifetime \u00a0
For most facilities, the expected lifetime is limited to the remaining contractual maturity and is adjusted for expected prepayment. For \u00a0
exposures with weak credit quality, the likelihood of prepayment is not included. For exposures that include both a loan and an undrawn \u00a0
commitment and where a contractual ability to demand prepayment and cancellation of the undrawn commitment does not limit the Group\u2019s \u00a0
exposure to credit losses to the contractual notice period, the expected lifetime is the period during which the Group expects to be exposed to \u00a0
credit losses. This period is estimated on the basis of the normal credit risk management actions. Products identified as in scope of an \u00a0
expected lifetime longer than the remaining contractual maturity include credit cards, overdraft balances and certain revolving credit facilities. \u00a0
Incorporation of forward-looking information \u00a0
The forward-looking elements of the calculation reflect the current expectations of the Group\u2019s senior management. The Group\u2019s \u00a0
independent macroeconomic research unit in Markets creates macroeconomic scenarios (base case, upside and downside), including an \u00a0
assessment of the probability of each scenario. The purpose of using multiple scenarios is to model the non-linear impact of assumptions \u00a0
about macroeconomic factors on the expected credit losses Afterwards there is a process to ensure a review and sign-off of the scenarios. \u00a0
Management\u2019s approval of the scenarios can include adjustments to the scenarios or to which scenarios are used, the assigned \u00a0
probability weighting and post-model adjustments to cover the outlook for particular high-risk portfolios which are not provided by the Group\u2019s \u00a0
macroeconomists. The approved scenarios are used to calculate the impairment levels. Technically, the forward-looking information is used \u00a0
directly in the PDs through an estimate of general changes to the PDs and the LGDs in the expected credit loss calculation. However, for \u00a0
significant exposures in stage 3, an individual assessment of the scenarios, changes to expected credit losses and the related probabilities are \u00a0
performed by senior credit officers. \u00a0
The forward-looking information is based on a three-year forecast period converging to steady state in year seven. The base case is based on \u00a0
the macroeconomic outlook as disclosed in the Group\u2019s Nordic Outlook reports. Further information on the macroeconomic scenarios used can \u00a0
be found in note G40. \u00a0
Sustainability risk \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability risk in the long term, of which climate risk is currently the \u00a0
most urgent of all ESG-related drivers capable of affecting the Group\u2019s credit risk. \u00a0
The Group takes a risk-based approach in prioritising risk management efforts for credit portfolios that are likely to be most exposed to \u00a0
transition and physical risks. For that purpose, the Group applies a mix of qualitative and quantitative input to define the credit exposures most \u00a0
exposed to transition and physical risks. \u00a0
High transition risk exposures are identified using a mix of insights, including financed emissions estimates, findings from conducting climate \u00a0
scenario analysis as well as qualitative judgment to account for e.g., credible transition plans, potential future technology and demand risks to \u00a0
a given sector. Most of the emissions are attributable to only a few sectors, e.g., Shipping, Oil and Gas, which the Group actively monitors and \u00a0
manages. From the initial assessment of customers subject to high transition risk, the exposure to the lagging transition category remains \u00a0
limited but will be monitored on an ongoing basis. \u00a0
G15. Loans at amortised cost \u2013 Continued \u00a0
The Group has identified flooding risk (river and coastal flooding) as the key physical hazard applicable to the portfolio on the basis of the report \u00a0
on high confidence of hazard increase in Northern Europe issued by the Intergovernmental Panel on Climate Change. The current analyses on \u00a0
flooding risk focus on residential and commercial property and the risk is assessed to be limited. \u00a0
Moreover, the Group performs ad-hoc climate stress tests to assess physical and transition risks of climate changes. Stress tests in relation to \u00a0
physical risks cover collateral-related exposures and are based on river and coastal flooding. Stress tests in relation to transition risks consider \u00a0
an introduction of carbon taxes. \u00a0
The Group will continue to refine its assessment methodology as more climate risk data becomes available to support the identification of both \u00a0
transition and physical risks for the purpose of determining financial significance, however, conclusions have not led to adjustments to staging \u00a0
or modelled expected credit losses, as the impacts either manifest over a longer time period than loan maturities, or as transition risks are \u00a0
concentrated on a few sectors with downside risks already recognised in the Group\u2019s modelled expected credit losses. Both transition and \u00a0
physical risks are either managed through risk tolerances or strategic targets, or already have post model adjustments/management overlays \u00a0
allocated covering the climate related risks. \u00a0
Write-off policy \u00a0
Loans considered uncollectible are written off. Write-offs are debited to the allowance account. Loans are written off once the usual collection \u00a0
procedure has been completed and the loss on the individual loan can be calculated. If the full loss is not expected to be realised until after a \u00a0
number of years, for example in the event of administration of complex estates, a partial write-off is recognised, reflecting the Group\u2019s claim \u00a0
less collateral, estimated dividend and other cash flows. \u00a0
Modification \u00a0
When a loan is modified the Group assesses whether the modification results in derecognition. This depends on whether the changes to the \u00a0
contractual cash flows or other contractual terms are significant or not. \u00a0
If the changes are significant, the modification is accounted for as derecognition of the original loan and recognition of a new loan. If the \u00a0
changes are not significant, the modification is accounted for as a modification of the original loan. The assessment is based on the following \u00a0
considerations: \u00a0
\u2022
The Group differentiates between changes in the cash flows or other terms within the original contract and modifications of the \u00a0
contract, i.e. a new contract. \u00a0
\u2022
In general, a significant modification is defined as a full credit process, a pricing decision and the signing of a new contract. \u00a0
\u2022
An assessment of whether the modification is caused as a forbearance measure or made on commercial terms. \u00a0
If the financial asset is not derecognised, the original effective interest rate remains unchanged, and the net present value of the changed \u00a0
contractual cash flows represents the gross carrying amount of the financial asset after the modification. The difference between the net \u00a0
present value of the original contractual cash flows and the modified contractual cash flows is recognised in the income statement as a \u00a0
modification gain or loss. \u00a0
If the original financial asset is derecognised, a derecognition gain or loss is recognised in the income statement. The derecognition gain or loss \u00a0
represents the difference between the carrying amount of the original financial asset (updated to reflect current expected credit losses) and \u00a0
the initial carrying amount of the new financial asset plus/minus any cash payments between the parties in relation to the modification. \u00a0
Modifications in the form of forbearance measures include interest reduction schedules, interest only schedules, temporary payment holidays, \u00a0
term extensions, cancellation of outstanding fees, waiver of covenant enforcement and debt forgiveness. For modifications that are not \u00a0
significant, the modification loss is recognised in the Income statement within Loan impairment charges. \u00a0
In terms of stage allocation, a modification that leads to derecognition of the initial loan and recognition of a new loan, the loan will (unless the \u00a0
new loan is credit-impaired at initial recognition) be recognised in stage 1 at initial recognition, i.e. the initial credit risk is reset. If the replacing \u00a0
loan is considered an amendment to the original loan, the initial credit risk is not reset. Loans modified as part of the Group\u2019s forbearance \u00a0
policy, where the modification does not result in derecognition, the loss allowance on the forborne loans will generally only be measured based \u00a0
on 12-months expected credit losses when there is evidence of the borrower\u2019s improved repayment behaviour. When a loan in stage 3 is \u00a0
modified, and the modification results in derecognition, the Group assesses if the new loan is originated credit impaired. The assessment \u00a0
includes factors such as whether the customer\u2019s repayment behaviour has improved significantly prior to the modification or not, and whether \u00a0
the pricing on the new loan reflects the actual credit risk etc. New loans that are originated credit impaired remains under a lifetime ECL \u00a0
calculation for the remaining term of the exposure. \u00a0
G15. Loans at amortised cost \u2013 Continued \u00a0
Reconciliation of total allowance account \u00a0
Loans at amortised cost \u00a0
Loans at fair value \u00a0
Loan commitments and guarantees \u00a0
Total \u00a0
(DKK millions) \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
ECL allowance account as at 1 January 2023 \u00a0
1,922 \u00a0
5,524 \u00a0
6,322 \u00a0
627 \u00a0
1,372 \u00a0
1,251 \u00a0
724 \u00a0
1,186 \u00a0
717 \u00a0
19,645 \u00a0
Transferred to stage 1 \u00a0
1,317 \u00a0
-1,237 \u00a0
-80 \u00a0
749 \u00a0
-722 \u00a0
-28 \u00a0
340 \u00a0
-315 \u00a0
-24 \u00a0
-
Transferred to stage 2 \u00a0
-118 \u00a0
401 \u00a0
-283 \u00a0
-15 \u00a0
37 \u00a0
-22 \u00a0
-78 \u00a0
230 \u00a0
-152 \u00a0
-
Transferred to stage 3 \u00a0
-18 \u00a0
-404 \u00a0
421 \u00a0
-3 \u00a0
-29 \u00a0
32 \u00a0
-2 \u00a0
-72 \u00a0
74 \u00a0
-
ECL on new assets \u00a0
354 \u00a0
1,025 \u00a0
501 \u00a0
141 \u00a0
45 \u00a0
22 \u00a0
106 \u00a0
179 \u00a0
85 \u00a0
2,457 \u00a0
ECL on assets derecognised \u00a0
-306 \u00a0
-846 \u00a0
-802 \u00a0
-146 \u00a0
-149 \u00a0
-50 \u00a0
-61 \u00a0
-147 \u00a0
-88 \u00a0
-2,595 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,277 \u00a0
1,073 \u00a0
775 \u00a0
-272 \u00a0
107 \u00a0
165 \u00a0
-374 \u00a0
213 \u00a0
604 \u00a0
1,014 \u00a0
Write offs debited to the allowance account \u00a0
-5 \u00a0
-
-327 \u00a0
-
-
-37 \u00a0
-
-
-
-370 \u00a0
Foreign exchange adjustments \u00a0
-15 \u00a0
17 \u00a0
-2 \u00a0
-
-
-
-3 \u00a0
6
-24 \u00a0
-22 \u00a0
Other \u00a0
-1 \u00a0
-49 \u00a0
92 \u00a0
-1 \u00a0
49 \u00a0
-119 \u00a0
6
-6 \u00a0
39 \u00a0
10 \u00a0
As at 31 December 2023 \u00a0
1,854 \u00a0
5,503 \u00a0
6,617 \u00a0
1,080 \u00a0
710 \u00a0
1,215 \u00a0
658 \u00a0
1,273 \u00a0
1,230 \u00a0
20,140 \u00a0
Transferred to stage 1 \u00a0
850 \u00a0
-768 \u00a0
-83 \u00a0
158 \u00a0
-129 \u00a0
-29 \u00a0
189 \u00a0
-166 \u00a0
-23 \u00a0
-
Transferred to stage 2 \u00a0
-162 \u00a0
367 \u00a0
-205 \u00a0
-106 \u00a0
151 \u00a0
-46 \u00a0
-48 \u00a0
110 \u00a0
-62 \u00a0
-
Transferred to stage 3 \u00a0
-16 \u00a0
-363 \u00a0
379 \u00a0
-11 \u00a0
-30 \u00a0
41 \u00a0
-1 \u00a0
-22 \u00a0
22 \u00a0
-
ECL on new assets \u00a0
314 \u00a0
1,273 \u00a0
812 \u00a0
192 \u00a0
65 \u00a0
37 \u00a0
55 \u00a0
203 \u00a0
258 \u00a0
3,207 \u00a0
ECL on assets derecognised \u00a0
-354 \u00a0
-1,227 \u00a0
-692 \u00a0
-136 \u00a0
-129 \u00a0
-68 \u00a0
-67 \u00a0
-139 \u00a0
-88 \u00a0
-2,900 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-714 \u00a0
609 \u00a0
324 \u00a0
-146 \u00a0
194 \u00a0
291 \u00a0
-207 \u00a0
222 \u00a0
-523 \u00a0
49 \u00a0
Write offs debited to the allowance account \u00a0
-40 \u00a0
-
-258 \u00a0
-9 \u00a0
-
-60 \u00a0
-
-
-
-367 \u00a0
Foreign exchange adjustments \u00a0
-21 \u00a0
-67 \u00a0
-80 \u00a0
-
-
-
-4 \u00a0
-18 \u00a0
50 \u00a0
-140 \u00a0
Other \u00a0
-77 \u00a0
50 \u00a0
-9 \u00a0
-
-55 \u00a0
11 \u00a0
-4 \u00a0
-
-3 \u00a0
-89 \u00a0
As at 31 December 2024 \u00a0
1,634 \u00a0
5,377 \u00a0
6,806 \u00a0
1,021 \u00a0
777 \u00a0
1,392 \u00a0
571 \u00a0
1,463 \u00a0
860 \u00a0
19,901 \u00a0
The movements on the allowance account are determined by comparing the classification and amount in the balance sheet at the beginning \u00a0
and the end of the year. The table above excludes the allowance account of DKK 4 million (2023: DKK 4 million) relating to bonds at amortised \u00a0
cost or fair value through Other comprehensive income (all in stage 1). It also excludes the adjustment for credit risk on Loans held for sale \u00a0
(loan portfolios where the Group has entered into sales agreements). For further information on the decomposition of the allowance account \u00a0
on facilities in stages 1-3, see the notes on credit risk. \u00a0
Credit risk \u2013 continued \u00a0
Expected credit losses (allowance account) \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default (EAD) and \u00a0
the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal models in order to \u00a0
ensure alignment of models across the Group. New models and calculations have been developed especially for IFRS 9 purposes, including \u00a0
models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairments are allocated to individual exposures. For \u00a0
significant stage 3 exposures, the Group determines the expected credit losses individually. \u00a0
Allowance account broken down by stage \u00a0
(DKK millions) \u00a0
Stage 1* \u00a0
Stage 2* \u00a0
Stage 3* \u00a0
Total* \u00a0
ECL allowance account as at 1 January 2023 \u00a0
3,273 \u00a0
8,082 \u00a0
8,290 \u00a0
19,645 \u00a0
Transferred to stage 1 during the period \u00a0
2,406 \u00a0
-2,274 \u00a0
-132 \u00a0
-
Transferred to stage 2 during the period \u00a0
-211 \u00a0
668 \u00a0
-457 \u00a0
-
Transferred to stage 3 during the period \u00a0
-22 \u00a0
-505 \u00a0
527 \u00a0
-
ECL on new assets \u00a0
601 \u00a0
1,249 \u00a0
607 \u00a0
2,457 \u00a0
ECL on assets derecognised \u00a0
-513 \u00a0
-1,142 \u00a0
-940 \u00a0
-2,595 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,923 \u00a0
1,393 \u00a0
1,544 \u00a0
1,014 \u00a0
Write-offs debited to the allowance account \u00a0
-5 \u00a0
-
-364 \u00a0
-370 \u00a0
Foreign exchange adjustments \u00a0
-18 \u00a0
23 \u00a0
-26 \u00a0
-22 \u00a0
Other changes \u00a0
5
-7 \u00a0
12 \u00a0
10 \u00a0
ECL allowance account as at 31 December 2023 \u00a0
3,592 \u00a0
7,486 \u00a0
9,062 \u00a0
20,140 \u00a0
Transferred to stage 1 during the period \u00a0
1,197 \u00a0
-1,063 \u00a0
-134 \u00a0
-
Transferred to stage 2 during the period \u00a0
-317 \u00a0
629 \u00a0
-312 \u00a0
-
Transferred to stage 3 during the period \u00a0
-28 \u00a0
-414 \u00a0
443 \u00a0
-
ECL on new assets \u00a0
561 \u00a0
1,540 \u00a0
1,106 \u00a0
3,207 \u00a0
ECL on assets derecognised \u00a0
-557 \u00a0
-1,495 \u00a0
-848 \u00a0
-2,900 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,106 \u00a0
1,024 \u00a0
132 \u00a0
49 \u00a0
Write-offs debited to the allowance account \u00a0
-9 \u00a0
-
-358 \u00a0
-367 \u00a0
Foreign exchange adjustments \u00a0
-24 \u00a0
-85 \u00a0
-31 \u00a0
-140 \u00a0
Other changes \u00a0
-82 \u00a0
-5 \u00a0
-2 \u00a0
-89 \u00a0
ECL allowance account as at 31 December 2024 \u00a0
3,226 \u00a0
7,617 \u00a0
9,058 \u00a0
19,901 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. The allowance account in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
The stage 3 allowance account includes DKK 1.9 billion (2023: DKK 1.9 billion) relating to originated credit impaired financial assets. Originated \u00a0
credit impaired financial assets are granted as part of restructuring non-performing loan exposures, and are otherwise outside the Group\u2019s \u00a0
credit policy. The Group has not acquired any credit impaired financial assets. \u00a0
Expected credit losses (allowance account) broken down by segment \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Northern \u00a0
Group \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions* \u00a0
Total* \u00a0
ECL allowance account as at 1 January 2023 \u00a0
5,427 \u00a0
10,235 \u00a0
3,050 \u00a0
863 \u00a0
70 \u00a0
19,645 \u00a0
ECL on new assets \u00a0
483 \u00a0
1,544 \u00a0
351 \u00a0
84 \u00a0
-4 \u00a0
2,457 \u00a0
ECL on assets derecognised \u00a0
-673 \u00a0
-1,825 \u00a0
-43 \u00a0
-44 \u00a0
-9 \u00a0
-2,595 \u00a0
Impact on remeasurement of ECL (incl. change in models) \u00a0
265 \u00a0
874 \u00a0
16 \u00a0
-115 \u00a0
-26 \u00a0
1,014 \u00a0
Write-offs debited to allowance account \u00a0
-172 \u00a0
-150 \u00a0
-32 \u00a0
-15 \u00a0
-
-370 \u00a0
Foreign currency translation \u00a0
-8 \u00a0
5
-39 \u00a0
21 \u00a0
-1 \u00a0
-22 \u00a0
Other changes \u00a0
-16 \u00a0
22 \u00a0
7
-
-3 \u00a0
10 \u00a0
ECL allowance account as at 31 December 2023 \u00a0
5,306 \u00a0
10,705 \u00a0
3,308 \u00a0
794 \u00a0
27 \u00a0
20,140 \u00a0
ECL on new assets \u00a0
407 \u00a0
1,897 \u00a0
767 \u00a0
138 \u00a0
-1 \u00a0
3,207 \u00a0
ECL on assets derecognised \u00a0
-779 \u00a0
-2,013 \u00a0
-59 \u00a0
-47 \u00a0
-3 \u00a0
-2,900 \u00a0
Impact on remeasurement of ECL (incl. change in models) \u00a0
-10 \u00a0
484 \u00a0
-303 \u00a0
-124 \u00a0
2
49 \u00a0
Write-offs debited to allowance account \u00a0
-134 \u00a0
-179 \u00a0
-40 \u00a0
-14 \u00a0
-
-367 \u00a0
Foreign currency translation \u00a0
-30 \u00a0
-140 \u00a0
-8 \u00a0
39 \u00a0
-1 \u00a0
-140 \u00a0
Other changes \u00a0
-87 \u00a0
-2 \u00a0
1
-
-1 \u00a0
-89 \u00a0
ECL allowance account as at 31 December 2024 \u00a0
4,674 \u00a0
10,752 \u00a0
3,666 \u00a0
785 \u00a0
22 \u00a0
19,901 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. The allowance account in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
The method used for calculating expected credit losses is described in note G15. \u00a0
Credit risk \u2013 continued \u00a0
Gross credit exposure \u00a0
(DKK millions) \u00a0
Stage 1* \u00a0
Stage 2* \u00a0
Stage 3* \u00a0
Total* \u00a0
Gross carrying amount at 1 January 2023 \u00a0
2,326,685 \u00a0
176,034 \u00a0
32,226 \u00a0
2,534,946 \u00a0
Transferred to stage 1 \u00a0
48,832 \u00a0
-47,483 \u00a0
-1,348 \u00a0
-
Transferred to stage 2 \u00a0
-45,901 \u00a0
48,605 \u00a0
-2,704 \u00a0
-
Transferred to stage 3 \u00a0
-4,232 \u00a0
-4,443 \u00a0
8,676 \u00a0
-
New assets \u00a0
558,858 \u00a0
28,512 \u00a0
6,420 \u00a0
593,790 \u00a0
Assets derecognised \u00a0
-521,736 \u00a0
-49,712 \u00a0
-9,712 \u00a0
-581,160 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-4 \u00a0
-
-303 \u00a0
-308 \u00a0
Other changes \u00a0
33,740 \u00a0
-7,289 \u00a0
-568 \u00a0
25,883 \u00a0
As at 31 December 2023 \u00a0
2,396,241 \u00a0
144,224 \u00a0
32,686 \u00a0
2,573,152 \u00a0
Transferred to stage 1 \u00a0
25,322 \u00a0
-24,186 \u00a0
-1,135 \u00a0
-
Transferred to stage 2 \u00a0
-43,661 \u00a0
45,892 \u00a0
-2,231 \u00a0
-
Transferred to stage 3 \u00a0
-4,617 \u00a0
-3,367 \u00a0
7,984 \u00a0
-
New assets \u00a0
705,655 \u00a0
43,091 \u00a0
7,115 \u00a0
755,860 \u00a0
Assets derecognised \u00a0
-626,362 \u00a0
-49,682 \u00a0
-11,171 \u00a0
-687,215 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-11 \u00a0
-
-7 \u00a0
-18 \u00a0
Other changes \u00a0
-225,247 \u00a0
-5,970 \u00a0
-722 \u00a0
-231,939 \u00a0
As at 31 December 2024 \u00a0
2,227,319 \u00a0
150,003 \u00a0
32,518 \u00a0
2,409,840 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. Credit exposure in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
In the table above, \u2018Changes due to modifications that did not result in derecognition\u2019 includes partial forgiveness of debt assessed to be \u00a0
uncollectible. The modification loss is recognised within the income statement as part of Loan impairment charges. The contractual amount of \u00a0
loans written off in 2024 and for which the Group retains the right to enforce its claims amounted to DKK 826 million (2023: DKK 1,873 million) \u00a0
Allowance account broken down by balance sheet item \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Due from credit institutions and central banks \u00a0
15 \u00a0
15 \u00a0
Loans at amortised cost \u00a0
13,672 \u00a0
13,959 \u00a0
Loan commitments and guarantees \u00a0
3,245 \u00a0
3,161 \u00a0
ECL Impairment, Total \u00a0
16,932 \u00a0
17,134 \u00a0
Fair value credit risk adjustment on loans at fair value \u00a0
2,968 \u00a0
3,005 \u00a0
Total \u00a0
19,901 \u00a0
20,140 \u00a0
Forward-looking information \u00a0
The incorporation of forward-looking information reflects the expectations of the Group\u2019s senior management and involves both \u00a0
macroeconomic scenarios (base case, upside and downside scenarios), including an assessment of the probability for each scenario, and post- \u00a0
model adjustments. The purpose of using multiple scenarios is to model the non-linear impact of assumptions about macroeconomic factors \u00a0
on the expected credit losses. Post-model adjustments are used to capture specific risks which are not fully covered by the macroeconomic \u00a0
scenarios, as well as the process related risk, which could lead to an underestimation of the expected credit losses. \u00a0
Macroeconomic scenarios \u00a0
The forward-looking information is based on a three-year forecast period converging to steady state in year seven. That is, after the forecast \u00a0
period, the macroeconomic scenarios revert slowly towards a steady state. \u00a0
The applied scenarios that drive the expected credit loss calculation in the fourth quarter of 2024 have been updated with the latest \u00a0
macroeconomic data. Compared to the end of 2023, the base case and upside scenarios have been revised to reflect expectations of \u00a0
decreasing interest rates, improved house prices and improved growth momentum. \u00a0
The base case is an extension of the Group\u2019s official view of the Nordic economies (the Nordic Outlook report). At 31 December 2024, the base \u00a0
case scenario reflects a soft landing with economic growth moving toward normalised levels. Inflation is coming down quickly, and fairly rapid \u00a0
interest cuts are consequently expected. The Nordic property markets have generally recovered, and price increases are expected, as \u00a0
consumers regain purchasing power. \u00a0
The upside scenario represents a slightly better outlook than the base case scenario across the macroeconomic parameters. In this scenario, it \u00a0
is predominantly the European businesses\u2019 profit margins and not prices that absorb the adjustment to higher wage costs and inflation returns \u00a0
more sustainably to target than in the base case. Central banks no longer hesitate to cut interest rates and all Nordic central banks loosen \u00a0
policies a bit quicker than in the base case. This boosts consumer sentiment, increasing private consumption and strengthening the housing \u00a0
market. \u00a0
The downside scenario is a severe recession with high interest rates scenario (reflecting a stagflation scenario) applied in the Group\u2019s ICAAP \u00a0
processes, which is similar in nature to regulatory stress tests. The severe recession scenario reflects negative growth, increasing interest \u00a0
rates, and falling property prices for a longer period. The use of the downside scenario was introduced to better capture the elevated risk from \u00a0
high interest rates and high inflation. A trigger of the economic setback could be continued macroeconomic worsening and challenges linked to \u00a0
high business costs while inflation remain elevated. This adversely impacts the labour market, results in higher and more persistent \u00a0
unemployment. This would lead to a severe slowdown in the economies in which the Group is represented. \u00a0
The scenario weighting is unchanged from 2024. The weight on the base case scenario is 60% (60% in 2023), the upside scenario is weighted \u00a0
20% (20% in 2023), and the downside scenario is weighted 20% (20% in 2023). \u00a0
The main macroeconomic parameters in the base case, upside and downside scenario entering into the ECL calculation for the forecast \u00a0
horizon across the Group\u2019s Nordic markets are included below. \u00a0
Credit risk \u2013 continued \u00a0
Macroeconomic scenarios \u00a0
31 December 2024 \u00a0
Base-case \u00a0
Downside \u00a0
Upside \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
Denmark \u00a0
GDP \u00a0
2.5 \u00a0
2.3 \u00a0
1.9 \u00a0
-2.0 \u00a0
-
-
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
Unemployment \u00a0
3.1 \u00a0
3.1 \u00a0
3.2 \u00a0
7.4 \u00a0
7.8 \u00a0
7.8 \u00a0
3.1 \u00a0
3.0 \u00a0
3.1 \u00a0
Inflation \u00a0
1.8 \u00a0
1.7 \u00a0
1.8 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
1.3 \u00a0
1.6 \u00a0
1.7 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
4.0 \u00a0
2.5 \u00a0
-11.0 \u00a0
-6.0 \u00a0
-6.0 \u00a0
7.0 \u00a0
6.0 \u00a0
2.5 \u00a0
Interest rate - 3 month \u00a0
1.5 \u00a0
1.5 \u00a0
1.5 \u00a0
5.0 \u00a0
3.0 \u00a0
3.0 \u00a0
1.2 \u00a0
1.2 \u00a0
1.2 \u00a0
Sweden \u00a0
GDP \u00a0
2.5 \u00a0
2.2 \u00a0
1.8 \u00a0
-3.4 \u00a0
-1.0 \u00a0
-1.0 \u00a0
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
Unemployment \u00a0
8.2 \u00a0
7.7 \u00a0
7.4 \u00a0
10.7 \u00a0
11.1 \u00a0
11.1 \u00a0
8.2 \u00a0
7.6 \u00a0
7.3 \u00a0
Inflation \u00a0
1.7 \u00a0
1.2 \u00a0
1.5 \u00a0
3.9 \u00a0
2.9 \u00a0
2.9 \u00a0
1.2 \u00a0
1.0 \u00a0
1.4 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
5.0 \u00a0
3.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
7.0 \u00a0
7.0 \u00a0
3.0 \u00a0
Interest rate - 3 month \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
5.7 \u00a0
3.7 \u00a0
3.7 \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
Norway \u00a0
GDP \u00a0
1.9 \u00a0
1.7 \u00a0
1.8 \u00a0
-1.1 \u00a0
0.6 \u00a0
0.6 \u00a0
2.1 \u00a0
1.9 \u00a0
1.8 \u00a0
Unemployment \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
6.4 \u00a0
6.5 \u00a0
6.5 \u00a0
2.4 \u00a0
2.3 \u00a0
2.3 \u00a0
Inflation \u00a0
2.2 \u00a0
2.0 \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
5.0 \u00a0
4.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
7.0 \u00a0
7.0 \u00a0
4.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.8 \u00a0
2.8 \u00a0
6.3 \u00a0
4.3 \u00a0
4.3 \u00a0
3.5 \u00a0
2.6 \u00a0
2.6 \u00a0
Finland* \u00a0
GDP \u00a0
1.8 \u00a0
1.6 \u00a0
1.5 \u00a0
-2.0 \u00a0
-0.3 \u00a0
-0.3 \u00a0
2.0 \u00a0
2.0 \u00a0
1.5 \u00a0
Unemployment \u00a0
8.1 \u00a0
7.3 \u00a0
6.5 \u00a0
11.9 \u00a0
11.9 \u00a0
11.9 \u00a0
8.1 \u00a0
7.2 \u00a0
6.4 \u00a0
Inflation \u00a0
1.2 \u00a0
1.8 \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
0.8 \u00a0
1.6 \u00a0
1.9 \u00a0
Property prices - Residential \u00a0
4.0 \u00a0
3.0 \u00a0
2.5 \u00a0
-7.0 \u00a0
-5.0 \u00a0
-5.0 \u00a0
6.0 \u00a0
5.0 \u00a0
2.5 \u00a0
Interest rate - 3 month \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
5.1 \u00a0
3.1 \u00a0
3.1 \u00a0
1.3 \u00a0
1.3 \u00a0
1.3 \u00a0
Credit risk \u2013 continued \u00a0
At 31 December 2023, the following base case, downside and upside scenarios were used: \u00a0
31 December 2023 \u00a0
Base-case \u00a0
Downside \u00a0
Upside \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
Denmark \u00a0
GDP \u00a0
1.0 \u00a0
1.6 \u00a0
1.6 \u00a0
-3.4 \u00a0
-2.0 \u00a0
-
2.5 \u00a0
1.8 \u00a0
0.4 \u00a0
Unemployment \u00a0
3.1 \u00a0
3.3 \u00a0
3.4 \u00a0
6.3 \u00a0
7.5 \u00a0
7.9 \u00a0
2.7 \u00a0
2.6 \u00a0
3.2 \u00a0
Inflation \u00a0
2.0 \u00a0
1.9 \u00a0
1.8 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.4 \u00a0
2.5 \u00a0
1.4 \u00a0
Property prices - Residential \u00a0
1.5 \u00a0
2.0 \u00a0
2.1 \u00a0
-19.7 \u00a0
-11.0 \u00a0
-6.0 \u00a0
3.5 \u00a0
3.0 \u00a0
2.1 \u00a0
Interest rate - 3 month \u00a0
3.1 \u00a0
2.3 \u00a0
2.0 \u00a0
5.4 \u00a0
6.4 \u00a0
3.9 \u00a0
4.3 \u00a0
3.5 \u00a0
2.5 \u00a0
Sweden \u00a0
GDP \u00a0
1.2 \u00a0
1.8 \u00a0
2.4 \u00a0
-3.5 \u00a0
-3.4 \u00a0
-1.0 \u00a0
2.6 \u00a0
2.1 \u00a0
1.3 \u00a0
Unemployment \u00a0
8.2 \u00a0
8.0 \u00a0
7.9 \u00a0
9.4 \u00a0
10.3 \u00a0
10.7 \u00a0
7.9 \u00a0
7.5 \u00a0
7.7 \u00a0
Inflation \u00a0
1.9 \u00a0
1.3 \u00a0
1.6 \u00a0
4.9 \u00a0
3.9 \u00a0
2.9 \u00a0
2.0 \u00a0
1.6 \u00a0
1.5 \u00a0
Property prices - Residential \u00a0
-1.0 \u00a0
4.0 \u00a0
5.0 \u00a0
-22.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
1.0 \u00a0
5.0 \u00a0
5.0 \u00a0
Interest rate - 3 month \u00a0
3.4 \u00a0
2.3 \u00a0
2.0 \u00a0
5.7 \u00a0
5.7 \u00a0
3.7 \u00a0
4.6 \u00a0
3.6 \u00a0
2.6 \u00a0
Norway \u00a0
GDP \u00a0
1.1 \u00a0
2.1 \u00a0
1.5 \u00a0
-2.7 \u00a0
-1.1 \u00a0
0.6 \u00a0
2.5 \u00a0
2.4 \u00a0
0.4 \u00a0
Unemployment \u00a0
2.3 \u00a0
2.5 \u00a0
2.5 \u00a0
5.5 \u00a0
6.4 \u00a0
6.5 \u00a0
2.0 \u00a0
2.0 \u00a0
2.3 \u00a0
Inflation \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
4.5 \u00a0
3.0 \u00a0
2.0 \u00a0
3.2 \u00a0
2.3 \u00a0
1.8 \u00a0
Property prices - Residential \u00a0
-1.0 \u00a0
5.0 \u00a0
4.0 \u00a0
-19.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-
6.0 \u00a0
4.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.9 \u00a0
2.5 \u00a0
6.3 \u00a0
6.3 \u00a0
4.3 \u00a0
5.0 \u00a0
4.0 \u00a0
3.0 \u00a0
Finland* \u00a0
GDP \u00a0
0.3 \u00a0
1.9 \u00a0
1.3 \u00a0
-2.4 \u00a0
-2.0 \u00a0
-0.3 \u00a0
1.3 \u00a0
2.2 \u00a0
0.4 \u00a0
Unemployment \u00a0
7.8 \u00a0
7.2 \u00a0
6.5 \u00a0
9.9 \u00a0
10.9 \u00a0
10.9 \u00a0
7.6 \u00a0
6.9 \u00a0
6.4 \u00a0
Inflation \u00a0
1.9 \u00a0
1.5 \u00a0
2.0 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.2 \u00a0
1.8 \u00a0
1.7 \u00a0
Property prices - Residential \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
-14.2 \u00a0
-7.0 \u00a0
-5.0 \u00a0
3.0 \u00a0
4.0 \u00a0
2.0 \u00a0
Interest rate - 3 month \u00a0
3.1 \u00a0
2.3 \u00a0
2.0 \u00a0
5.1 \u00a0
5.1 \u00a0
3.1 \u00a0
4.3 \u00a0
3.5 \u00a0
2.5 \u00a0
* Macroeconomic parameters for Finland have been corrected as at 31 December 2023. \u00a0
Credit risk \u2013 continued \u00a0
The base case scenario enters with a probability of 60% (31 December 2023: 60%), the upside scenario with a probability of 20% (31 December \u00a0
2023: 20%) and the downside scenario with a probability of 20% (31 December 2023: 20%). On the basis of these assessments, the allowance \u00a0
account as at 31 December 2024 amounted to DKK 19.9 billion (31 December 2023: 20.1 billion). If the base case scenario was assigned a \u00a0
probability of 100%, the allowance account would decrease DKK 2.5 billion (31 December 2023: 2.0 billion). Compared to the base case \u00a0
scenario, the allowance account would increase DKK 12.9 billion (31 December 2023: 10.2 billion), if the downside scenario was assigned a \u00a0
probability of 100%. The increase reflects primarily the transfer of exposures from stage 1 to stage 2 and increased expected credit losses \u00a0
within stage 2. If instead the upside scenario was assigned a probability of 100%, the allowance account would decrease by DKK 0.2 billion (31 \u00a0
December 2023: 0.2 billion) compared to the base case scenario. It should be noted that the expected credit losses in the individual scenarios \u00a0
(i.e. without the weighting) do not represent forecasts of expected credit losses (ECL). \u00a0
Post-model adjustments \u00a0
Management applies judgement when determining the need for post-model adjustments. At 31 December 2024, the post-model adjustments \u00a0
amounted to DKK 5.9 billion (31 December 2023: 6.7 billion). The post-model adjustments primarily relate to the following types of risks: \u00a0
\u2022
specific macroeconomic risks on certain industries not fully captured by the expected credit loss model, for instance the agriculture \u00a0
industry. For such industries, supplementary calculations are made to ensure sufficient impairment coverage. This also includes post- \u00a0
model adjustments relating to effects from climate risk or the macroeconomic uncertainty. \u00a0
\u2022
non-linear downside risk, for instance on the property market in Copenhagen and other high growth areas for which the macroeconomic \u00a0
forecasts used in the models are based on the property market as a whole. \u00a0
\u2022
portfolios where the credit risk assessment process has identified an underestimation of the expected credit losses. \u00a0
Following the significant impact on the expected credit losses from post-model adjustments, the following table provides more information \u00a0
about the adjustments. \u00a0
Post-model adjustments by industries \u00a0
(DKK billions) \u00a0
31 December 2024 \u00a0
31 December 2023 \u00a0
Agriculture \u00a0
0.9 \u00a0
0.8 \u00a0
Commercial Property \u00a0
1.6 \u00a0
1.9 \u00a0
Construction and building materials \u00a0
1.0 \u00a0
1.0 \u00a0
Personal customers (including other retail exposures) \u00a0
1.0 \u00a0
1.6 \u00a0
Others* \u00a0
1.4 \u00a0
1.4 \u00a0
Total \u00a0
5.9 \u00a0
6.7 \u00a0
* No individual industry included in Others exceeds DKK 0.3 billion at 31 December 2024 (2023: DKK 0.2 billion). \u00a0
The total balance of post-model adjustments has been reduced compared to the end of 2023. The post-model adjustment related to personal \u00a0
customers has decreased due to the improved macroeconomic outlook. The post model adjustments for Commercial Real estate have also \u00a0
been slightly reduced due to the positive effects of lower inflation and interest rates. Meanwhile, the existing post-model adjustment for \u00a0
agriculture has been increased to a limited extent to account for the potential impact of the green tripartite agreement, which introduces new \u00a0
CO2 taxation models for agriculture in Denmark. \u00a0
The Group continues to maintain significant post-model adjustments due to the current macroeconomic and geopolitical uncertainties. These \u00a0
are characterised by the risk of a declining growth environment, labour shortages, higher interest rates and supply chain disruption and volatile \u00a0
prices, all of which present new challenges that may affect economic and business activity. The post-model adjustments span across \u00a0
industries sensitive to price rises on energy and commodities, as well as industries vulnerable to business cycles, higher interest rates and \u00a0
refinancing risks. These have been assessed for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group\u2019s \u00a0
portfolios. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2058": { "value": "
Accounting policy \u00a0
The accounting policy for when a loan impairment charge is recognised and how the charge is determined is described under the \u00a0
relevant balance sheet line items. Notes G15, G16 and G24 provide more information. \u00a0
Impairment for expected credit losses \u00a0
The impairment charge for expected credit losses depends on whether the credit risk has increased significantly since initial recognition \u00a0
and follows a three stage model: \u00a0
\u2022
Stage 1: If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from \u00a0
default events that are possible within the next 12 months. \u00a0
\u2022
Stage 2: If the credit risk has increased significantly, the loan is transferred to stage 2 and an impairment charge equal to the lifetime \u00a0
expected credit losses is recognised. \u00a0
\u2022
Stage 3: If the loan is in default, it is transferred to stage 3, for which the impairment charge continues to equal the lifetime expected \u00a0
credit losses but with interest income being recognised on the net carrying amount. \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default \u00a0
(EAD) and the loss given default (LGD) and incorporates forward looking elements. For facilities in stages 2 and 3, the lifetime expected \u00a0
credit losses cover the expected remaining lifetime of a facility. \u00a0
Expected credit loss impairment charges are booked in an allowance account and allocated to individual exposures. \u00a0
Calculation of expected credit losses \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default (EAD) and \u00a0
the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal models in order to \u00a0
ensure alignment of models across the Group. New models and calculations have been developed especially for IFRS 9 purposes, including \u00a0
models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairment charges are allocated to individual \u00a0
exposures. For significant loans in stage 3, the Group determines the expected credit losses individually. \u00a0
Expected remaining lifetime \u00a0
For most facilities, the expected lifetime is limited to the remaining contractual maturity and is adjusted for expected prepayment. For \u00a0
exposures with weak credit quality, the likelihood of prepayment is not included. For exposures that include both a loan and an undrawn \u00a0
commitment and where a contractual ability to demand prepayment and cancellation of the undrawn commitment does not limit the Group\u2019s \u00a0
exposure to credit losses to the contractual notice period, the expected lifetime is the period during which the Group expects to be exposed to \u00a0
credit losses. This period is estimated on the basis of the normal credit risk management actions. Products identified as in scope of an \u00a0
expected lifetime longer than the remaining contractual maturity include credit cards, overdraft balances and certain revolving credit facilities. \u00a0
Incorporation of forward-looking information \u00a0
The forward-looking elements of the calculation reflect the current expectations of the Group\u2019s senior management. The Group\u2019s \u00a0
independent macroeconomic research unit in Markets creates macroeconomic scenarios (base case, upside and downside), including an \u00a0
assessment of the probability of each scenario. The purpose of using multiple scenarios is to model the non-linear impact of assumptions \u00a0
about macroeconomic factors on the expected credit losses Afterwards there is a process to ensure a review and sign-off of the scenarios. \u00a0
Management\u2019s approval of the scenarios can include adjustments to the scenarios or to which scenarios are used, the assigned \u00a0
probability weighting and post-model adjustments to cover the outlook for particular high-risk portfolios which are not provided by the Group\u2019s \u00a0
macroeconomists. The approved scenarios are used to calculate the impairment levels. Technically, the forward-looking information is used \u00a0
directly in the PDs through an estimate of general changes to the PDs and the LGDs in the expected credit loss calculation. However, for \u00a0
significant exposures in stage 3, an individual assessment of the scenarios, changes to expected credit losses and the related probabilities are \u00a0
performed by senior credit officers. \u00a0
The forward-looking information is based on a three-year forecast period converging to steady state in year seven. The base case is based on \u00a0
the macroeconomic outlook as disclosed in the Group\u2019s Nordic Outlook reports. Further information on the macroeconomic scenarios used can \u00a0
be found in note G40. \u00a0
Sustainability risk \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability risk in the long term, of which climate risk is currently the \u00a0
most urgent of all ESG-related drivers capable of affecting the Group\u2019s credit risk. \u00a0
The Group takes a risk-based approach in prioritising risk management efforts for credit portfolios that are likely to be most exposed to \u00a0
transition and physical risks. For that purpose, the Group applies a mix of qualitative and quantitative input to define the credit exposures most \u00a0
exposed to transition and physical risks. \u00a0
High transition risk exposures are identified using a mix of insights, including financed emissions estimates, findings from conducting climate \u00a0
scenario analysis as well as qualitative judgment to account for e.g., credible transition plans, potential future technology and demand risks to \u00a0
a given sector. Most of the emissions are attributable to only a few sectors, e.g., Shipping, Oil and Gas, which the Group actively monitors and \u00a0
manages. From the initial assessment of customers subject to high transition risk, the exposure to the lagging transition category remains \u00a0
limited but will be monitored on an ongoing basis. \u00a0
G15. Loans at amortised cost \u2013 Continued \u00a0
The Group has identified flooding risk (river and coastal flooding) as the key physical hazard applicable to the portfolio on the basis of the report \u00a0
on high confidence of hazard increase in Northern Europe issued by the Intergovernmental Panel on Climate Change. The current analyses on \u00a0
flooding risk focus on residential and commercial property and the risk is assessed to be limited. \u00a0
Moreover, the Group performs ad-hoc climate stress tests to assess physical and transition risks of climate changes. Stress tests in relation to \u00a0
physical risks cover collateral-related exposures and are based on river and coastal flooding. Stress tests in relation to transition risks consider \u00a0
an introduction of carbon taxes. \u00a0
The Group will continue to refine its assessment methodology as more climate risk data becomes available to support the identification of both \u00a0
transition and physical risks for the purpose of determining financial significance, however, conclusions have not led to adjustments to staging \u00a0
or modelled expected credit losses, as the impacts either manifest over a longer time period than loan maturities, or as transition risks are \u00a0
concentrated on a few sectors with downside risks already recognised in the Group\u2019s modelled expected credit losses. Both transition and \u00a0
physical risks are either managed through risk tolerances or strategic targets, or already have post model adjustments/management overlays \u00a0
allocated covering the climate related risks. \u00a0
Write-off policy \u00a0
Loans considered uncollectible are written off. Write-offs are debited to the allowance account. Loans are written off once the usual collection \u00a0
procedure has been completed and the loss on the individual loan can be calculated. If the full loss is not expected to be realised until after a \u00a0
number of years, for example in the event of administration of complex estates, a partial write-off is recognised, reflecting the Group\u2019s claim \u00a0
less collateral, estimated dividend and other cash flows. \u00a0
Modification \u00a0
When a loan is modified the Group assesses whether the modification results in derecognition. This depends on whether the changes to the \u00a0
contractual cash flows or other contractual terms are significant or not. \u00a0
If the changes are significant, the modification is accounted for as derecognition of the original loan and recognition of a new loan. If the \u00a0
changes are not significant, the modification is accounted for as a modification of the original loan. The assessment is based on the following \u00a0
considerations: \u00a0
\u2022
The Group differentiates between changes in the cash flows or other terms within the original contract and modifications of the \u00a0
contract, i.e. a new contract. \u00a0
\u2022
In general, a significant modification is defined as a full credit process, a pricing decision and the signing of a new contract. \u00a0
\u2022
An assessment of whether the modification is caused as a forbearance measure or made on commercial terms. \u00a0
If the financial asset is not derecognised, the original effective interest rate remains unchanged, and the net present value of the changed \u00a0
contractual cash flows represents the gross carrying amount of the financial asset after the modification. The difference between the net \u00a0
present value of the original contractual cash flows and the modified contractual cash flows is recognised in the income statement as a \u00a0
modification gain or loss. \u00a0
If the original financial asset is derecognised, a derecognition gain or loss is recognised in the income statement. The derecognition gain or loss \u00a0
represents the difference between the carrying amount of the original financial asset (updated to reflect current expected credit losses) and \u00a0
the initial carrying amount of the new financial asset plus/minus any cash payments between the parties in relation to the modification. \u00a0
Modifications in the form of forbearance measures include interest reduction schedules, interest only schedules, temporary payment holidays, \u00a0
term extensions, cancellation of outstanding fees, waiver of covenant enforcement and debt forgiveness. For modifications that are not \u00a0
significant, the modification loss is recognised in the Income statement within Loan impairment charges. \u00a0
In terms of stage allocation, a modification that leads to derecognition of the initial loan and recognition of a new loan, the loan will (unless the \u00a0
new loan is credit-impaired at initial recognition) be recognised in stage 1 at initial recognition, i.e. the initial credit risk is reset. If the replacing \u00a0
loan is considered an amendment to the original loan, the initial credit risk is not reset. Loans modified as part of the Group\u2019s forbearance \u00a0
policy, where the modification does not result in derecognition, the loss allowance on the forborne loans will generally only be measured based \u00a0
on 12-months expected credit losses when there is evidence of the borrower\u2019s improved repayment behaviour. When a loan in stage 3 is \u00a0
modified, and the modification results in derecognition, the Group assesses if the new loan is originated credit impaired. The assessment \u00a0
includes factors such as whether the customer\u2019s repayment behaviour has improved significantly prior to the modification or not, and whether \u00a0
the pricing on the new loan reflects the actual credit risk etc. New loans that are originated credit impaired remains under a lifetime ECL \u00a0
calculation for the remaining term of the exposure. \u00a0
The movements on the allowance account are determined by comparing the classification and amount in the balance sheet at the beginning \u00a0
and the end of the year. The table above excludes the allowance account of DKK 4 million (2023: DKK 4 million) relating to bonds at amortised \u00a0
cost or fair value through Other comprehensive income (all in stage 1). It also excludes the adjustment for credit risk on Loans held for sale \u00a0
(loan portfolios where the Group has entered into sales agreements). For further information on the decomposition of the allowance account \u00a0
on facilities in stages 1-3, see the notes on credit risk. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2061": { "value": "
Trading portfolio assets comprise the equities and bonds held by the Group\u2019s trading units at Large Corporates & Institutions and all derivatives \u00a0
with positive fair value. Trading portfolio liabilities consist of derivatives with negative fair value and obligations to deliver securities \u00a0
(obligations to repurchase securities). \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2067": { "value": "
(b) Explanation of derivatives \u00a0
The Group\u2019s activities in the financial markets include trading in derivatives. Derivatives are financial instruments whose value depends on the \u00a0
value of an underlying instrument or index etc. Derivatives can be used to manage market risk exposure, for example. The Group trades a \u00a0
considerable volume of the most commonly used interest rate, currency and equity derivatives, including: \u00a0
\u2022
Swaps \u00a0
\u2022
forwards and futures \u00a0
\u2022
options \u00a0
The Group trades a limited number of swaps whose value depends on developments in specific credit or commodity risks, or inflation \u00a0
indices. \u00a0
The Group trades derivatives as part of servicing customers\u2019 needs as individual transactions or as integral parts of other services, such as the \u00a0
issuance of bonds with yields that depend on developments in equity or currency indices. The Group also uses derivatives to manage the \u00a0
Group\u2019s own exposure to foreign exchange, interest rate, equity market and credit risks. Note G40 provide additional information about the \u00a0
Group\u2019s risk management policy. Large Corporates & Institutions is responsible for the day-to-day management and hedging of the Group\u2019s \u00a0
market risks. \u00a0
Derivatives are recognised and measured at fair value. Some of the Group\u2019s loans, deposits, issued bonds, etc. in the Group\u2019s banking units and \u00a0
Group Treasury carry fixed rates. Generally, such fixed-rate items are recognised at amortised cost. Further, the Group classifies \u00a0
certain bonds as \u2018hold to collect and sell\u2019 financial assets. Unrealised value adjustments of such bonds are recognised under Other \u00a0
comprehensive income. The Group uses fair value hedge accounting if the interest rate risk on fixed-rate financial assets and liabilities or \u00a0
bonds measured at fair value through Other comprehensive income is hedged by derivatives. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2070": { "value": "
Derivatives \u00a0
2024 \u00a0
2023* \u00a0
Nominal \u00a0
amount \u00a0
Positive \u00a0
Negative \u00a0
fair value \u00a0
Nominal \u00a0
amount \u00a0
Positive \u00a0
Negative \u00a0
fair value \u00a0
(DKK millions) \u00a0
fair value \u00a0
fair value \u00a0
Currency contracts \u00a0
Forwards and swaps \u00a0
7,548,867 \u00a0
107,823 \u00a0
101,845 \u00a0
7,296,753 \u00a0
109,095 \u00a0
126,235 \u00a0
Options \u00a0
293,370 \u00a0
1,618 \u00a0
1,846 \u00a0
241,234 \u00a0
1,180 \u00a0
1,411 \u00a0
Interest rate contracts \u00a0
Forwards/swaps/FRAs \u00a0
24,523,269 \u00a0
115,357 \u00a0
117,037 \u00a0
26,216,460 \u00a0
155,043 \u00a0
157,952 \u00a0
Options \u00a0
2,727,354 \u00a0
26,210 \u00a0
21,456 \u00a0
3,163,676 \u00a0
35,177 \u00a0
31,289 \u00a0
Equity contracts \u00a0
Forwards \u00a0
256,796 \u00a0
2,746 \u00a0
5,364 \u00a0
216,008 \u00a0
3,122 \u00a0
3,846 \u00a0
Options \u00a0
346,880 \u00a0
6,945 \u00a0
6,607 \u00a0
227,452 \u00a0
2,980 \u00a0
3,462 \u00a0
Other contracts \u00a0
Credit derivatives bought \u00a0
143 \u00a0
-
90 \u00a0
438 \u00a0
-
96 \u00a0
Credit derivatives sold \u00a0
457 \u00a0
33 \u00a0
-113 \u00a0
696 \u00a0
96 \u00a0
-29 \u00a0
Total derivatives held for trading purposes \u00a0
35,697,136 \u00a0
260,732 \u00a0
254,134 \u00a0
37,362,717 \u00a0
306,695 \u00a0
324,262 \u00a0
Hedging derivatives \u00a0
Currency contracts \u00a0
2,322 \u00a0
1
107 \u00a0
1,839 \u00a0
-
93 \u00a0
Interest rate contracts \u00a0
508,980 \u00a0
314 \u00a0
259 \u00a0
537,923 \u00a0
386 \u00a0
629 \u00a0
Total derivatives \u00a0
36,208,438 \u00a0
261,046 \u00a0
254,500 \u00a0
37,902,479 \u00a0
307,081 \u00a0
324,984 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
Positive and negative fair values of derivatives are offset if certain criteria are fulfilled. Note G32 provides more information. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2072": { "value": "
G12. Trading portfolio assets and liabilities \u2013 Continued \u00a0
(c) Explanation of hedge accounting \u00a0
An overview over the risks the Group is exposed to and how they are defined is provided on the first page of note G40. For some of those risks \u00a0
hedge accounting is applied. The Group uses fair value hedge accounting for hedges of interest rate risk. Further, the Group hedges part of the \u00a0
foreign currency risk on net investment in foreign entities. \u00a0
Hedge of interest rate risk \u00a0
The Group manages the fixed interest rate risk on financial assets and liabilities measured at amortised cost as a combination of economic \u00a0
hedges (matching of interest rate risk from assets and liabilities at amortised cost across the Group\u2019s banking units) and hedges using interest \u00a0
rate swaps. Group Treasury is responsible for the risk management of the interest rate risk (the so-called interest rate risk in the banking book). \u00a0
In the risk management process, economic hedges are established and/or identified. This includes the acquisition of \u2018hold to collect\u2019 fixed \u00a0
interest rate bonds in Group Treasury and the identification of fixed-rate loans extended by the Group\u2019s banking units to hedge the fixed \u00a0
interest rate risk on liabilities (including core demand deposits). Interest rate risk on fixed-rate liabilities (such as long dated funding via bond \u00a0
issuance) is generally hedged by interest rate swaps and the interest rate risk on certain fixed-rate assets can be hedged using derivatives as \u00a0
well. For further information see the sections Market risk in relation to non-trading portfolios at Group Treasury and Interest rate risk in the \u00a0
banking book (IRRBB) in G40. \u00a0
When the Group uses swaps to hedge the fixed interest rate risk on financial instruments, the Group applies fair value hedge accounting using \u00a0
the option in IFRS 9 to continue to apply the fair value hedge accounting provisions in IAS 39. Fair value hedge accounting can be applied if \u00a0
changes in the fair value of the hedging swaps are expected to be effective in offsetting changes in the fair value of the hedged fixed interest \u00a0
rate risk. This requires (1) a formal designation and documentation of the hedging relationship, including a risk management objective and \u00a0
strategy for the hedge, (2) that the hedge is expected to be highly effective in achieving offsetting changes in fair value of the hedged interest \u00a0
rate risk, (3) the effectiveness of the hedge can be reliably measured and (4) the hedge on an ongoing basis has proven to be effective in \u00a0
actually offsetting of changes in fair value. With effective hedging, the hedged interest rate risk on hedged assets and liabilities is measured at \u00a0
fair value and recognised as a value adjustment of the hedged items. Value adjustments on the hedged item and the hedging swaps are \u00a0
presented in the income statement under Net trading income or loss. Any ineffective portion of a hedge that lies within the range for effective \u00a0
hedging is therefore also included under Net trading income or loss. \u00a0
The interest rate is considered fixed if the interest rate resets to a reference rate with a term longer than three months. Once a financial \u00a0
instrument has been designated as a hedged item it will remain as hedged item for the life of the instrument. For hedged assets and liabilities \u00a0
to which a fixed rate of interest applies for a specified period of time starting at the commencement date of the agreement, future interest \u00a0
payments are split into basis interest and a customer margin and into periods of time. By entering into swaps or forwards with matching \u00a0
payment profiles in the same currencies and for the same periods, the Group hedges the risk at portfolio level from the commencement date of \u00a0
the hedged items. The fair values of the hedged interest rate risk and the hedging derivatives to ensure that changes in the fair value of the \u00a0
hedged interest rate risk lie within a band of 80-125% of the changes in the fair value of the hedging derivatives. Portfolios of hedging \u00a0
derivatives are adjusted if necessary. \u00a0
The primary reasons for changes in the fair value of fixed interest rate financial assets are changes in the interest rate risk and the credit risk. \u00a0
Hedge ineffectiveness relates to the fact that fair value changes on the hedged items are measured based on the interest rate curve relevant \u00a0
for each hedged item while the fair value of the fixed legs of the hedging derivatives are measured based on a swap curve. Further, the \u00a0
adjustment of the portfolios of hedging derivatives to changes in hedged positions is not done instantly, and some hedge ineffectiveness can \u00a0
therefore exist. \u00a0
The tables below show the hedging derivatives and the hedged fixed interest rate financial instruments. \u00a0
Hedging derivatives \u00a0
Changes in fair \u00a0
value used for \u00a0
calculating \u00a0
Nominal \u00a0
hedge \u00a0
Hedging derivatives \u00a0
amount \u00a0
Carrying amount \u00a0
ineffectiveness \u00a0
(DKK millions) \u00a0
Assets \u00a0
Liabilities \u00a0
Interest rate swaps, 2024 \u00a0
Total \u00a0
511,302 \u00a0
315 \u00a0
366 \u00a0
5,945 \u00a0
Interest rate swaps, 2023 \u00a0
Total \u00a0
539,762 \u00a0
386 \u00a0
722 \u00a0
12,381 \u00a0
Profile of the timing of the nominal amount of the hedging derivatives \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
< 12 months \u00a0
177,667 \u00a0
168,795 \u00a0
1-5 years \u00a0
321,519 \u00a0
358,068 \u00a0
> 5 years \u00a0
12,117 \u00a0
12,899 \u00a0
Total \u00a0
511,302 \u00a0
539,762 \u00a0
EU carve-out to IAS 39 \u00a0
The Group has a portfolio of mortgage loans and a portfolio of non-maturing core deposits where the interest rate risk is most efficiently \u00a0
hedged by using derivatives. To avoid an accounting mismatch between these mortgage loans and deposits at amortised cost and hedging \u00a0
derivatives at fair value, the Group has adopted the EU\u2019s carve-out to IAS 39. The fair value adjustments on loans and deposits as at 31 \u00a0
December 2024 are DKK -29 million and DKK 106 million respectively. \u00a0
G12. Trading portfolio assets and liabilities \u2013 Continued \u00a0
Hedged fixed interest rate risk \u00a0
Accumulated amount of fair value hedge adjustments on \u00a0
the hedged item included in the carrying amount of the \u00a0
Change in fair value used \u00a0
for calculating hedge \u00a0
hedged item \u00a0
ineffectiveness \u00a0
Carrying amount of hedged items \u00a0
(DKK millions) \u00a0
Assets \u00a0
Liabilities \u00a0
Assets \u00a0
Liabilities \u00a0
2024 \u00a0
Loans \u00a0
18,903 \u00a0
-623 \u00a0
-77 \u00a0
Bonds 'held to collect and sell' \u00a0
1,432 \u00a0
59 \u00a0
-9 \u00a0
Amounts due to credit institutions \u00a0
13,274 \u00a0
12 \u00a0
-9 \u00a0
Deposits \u00a0
25,772 \u00a0
-81 \u00a0
186 \u00a0
Issued bonds \u00a0
215,665 \u00a0
-312 \u00a0
-4,705 \u00a0
Non-preferred senior debt \u00a0
77,884 \u00a0
-1,719 \u00a0
-818 \u00a0
Subordinated debt \u00a0
27,197 \u00a0
-382 \u00a0
-614 \u00a0
Total \u00a0
20,335 \u00a0
359,792 \u00a0
-564 \u00a0
-2,482 \u00a0
-6,046 \u00a0
2023 \u00a0
Loans \u00a0
11,232 \u00a0
-537 \u00a0
293 \u00a0
Bonds 'held to collect and sell' \u00a0
749 \u00a0
68 \u00a0
-8 \u00a0
Amounts due to credit institutions \u00a0
8,587 \u00a0
3
-9 \u00a0
Deposits \u00a0
18,899 \u00a0
105 \u00a0
-128 \u00a0
Issued bonds \u00a0
200,015 \u00a0
-5,044 \u00a0
-9,204 \u00a0
Non-preferred senior debt \u00a0
87,166 \u00a0
-2,537 \u00a0
-2,669 \u00a0
Subordinated debt \u00a0
22,974 \u00a0
-997 \u00a0
-846 \u00a0
Total \u00a0
11,980 \u00a0
337,641 \u00a0
-470 \u00a0
-8,470 \u00a0
-12,572 \u00a0
Hedge ineffectiveness recognised in the income statement, 2024 \u00a0
-101 \u00a0
Hedge ineffectiveness recognised in the income statement, 2023 \u00a0
-191 \u00a0
G12. Trading portfolio assets and liabilities \u2013 Continued \u00a0
Hedge of foreign exchange risk on net investments in foreign entities \u00a0
The Group hedges its foreign exchange risk on net investments in foreign currency units. Foreign exchange risk is defined as risk of losses from \u00a0
translating the net investments in foreign entities that are denominated in a foreign currency other than DKK. The net investment in foreign \u00a0
currency units includes the net assets and goodwill of the units. The Group has granted loans in the currency of the foreign unit to its branches \u00a0
in Sweden, Norway and Finland for a total of DKK 32,893 million (2023: 37,799 million). The loans represent the capital allocated to these units. \u00a0
The settlement of the loans is neither planned nor likely to occur in the foreseeable future and they are a part of the net investment in those \u00a0
units. Further, Danske Bank A/S has granted the subsidiary Northern Bank an additional tier 1 capital instrument that together with \u00a0
shareholders\u2019 equity in Northern Bank is considered part of the net investment in Northern Bank. The exchange differences from translating \u00a0
net profit in the foreign units at the date of underlying transactions and assets and liabilities at the closing rate and from translating the \u00a0
opening net assets at a closing rate that differs from the previous closing rate are recognised in Other comprehensive income (translation \u00a0
differences). \u00a0
The Group hedges the foreign exchange risk of net investments in branches and subsidiaries outside Denmark by designating funding \u00a0
arrangements in the matching currencies as a hedge of the foreign exchange risk on the net investments. The foreign exchange differences on \u00a0
the funding arrangements are recognised in Other comprehensive income to offset the exchange differences on the net investments. The \u00a0
funding arrangements consist primarily of issued bonds. Realised net profit is hedged in the beginning of the next month. The Group does not \u00a0
hedge the expected financial results of units outside Denmark or other future transactions. In terms of assessing hedge effectiveness, this is \u00a0
applied by comparing the nominal value of the funding arrangement to the nominal value of the net investments. Hedge ineffectiveness can \u00a0
arise to the extent the funding arrangements exceed the net investments. However, when the net investments are decreased, e.g. when the net \u00a0
investments are reduced by paying out dividend, the same amount of funding arrangements are de-designated as hedges and the funding \u00a0
arrangements designated as hedges will therefore, in general, not exceed the net investments. \u00a0
Part of the funding of the loans granted to the branches in Sweden, Norway and Finland is in DKK in order to create a so-called structural FX \u00a0
hedge position in accordance with banking regulation, i.e. to reduce the impact on capital ratios resulting from changes in the risk exposure \u00a0
amount due to changes in currency rates. The Group\u2019s net investment in its subsidiaries Danske Hypotek AB (Sweden) and Danske Mortgage \u00a0
Bank Plc (Finland) is included in the structural hedge position to extend the hedge to the risk exposure amount measured by currency for EUR, \u00a0
NOK and SEK across the entire Group balance sheet, although with constraints to the size of the loans to the foreign branches and the net \u00a0
investment in the foreign subsidiaries. This strategy of partly hedging the sensitivity to capital ratios from volatility in foreign currency rates, \u00a0
increases the volatility in Other comprehensive income and the Foreign currency translation reserve in equity under IFRS Accounting \u00a0
Standards since it decrease the hedge of the currency risk on the net investments in those units. At the end of 2024, the structural FX hedge \u00a0
position totalled DKK 36,952 million (2023: DKK 37,641 million) and a loss of DKK 946 million has been recognised in Other comprehensive \u00a0
income mainly due to a weakening of the SEK against DKK and NOK against the DKK. For comparison, a loss of DKK 730 million was recognised \u00a0
in Other comprehensive income due to a weakening of the NOK against the DKK, of which, a loss of DKK 786 million was realised and \u00a0
reclassified from Other comprehensive income to the Income statement (and therefore has no impact on total shareholders\u2019 equity). This was \u00a0
due to an adjustment made for the structural FX hedge position held in NOK, to reflect the reduction in long term risk exposure amount (REA) in \u00a0
NOK coming from the sale of personal customer business in Norway. For further information, see the section on Market risk \u2013 Structural FX risk \u00a0
in G40. \u00a0
The cumulative exchange differences on the hedging instrument and the translation differences related to the net investment are reclassified \u00a0
from Other comprehensive income to the income statement on the disposal of the foreign entities. \u00a0
Hedging of net investments in foreign entities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Net investment in foreign units \u00a0
39,999 \u00a0
47,909 \u00a0
Funding arrangements designated as a hedge of net investments in foreign units* \u00a0
3,047 \u00a0
10,269 \u00a0
Portion of net investment in foreign units not hedged, structural FX position \u00a0
36,952 \u00a0
37,641 \u00a0
Hedge ineffectiveness \u00a0
Exchange differences on the hedging instruments \u00a0
635 \u00a0
589 \u00a0
Exchange differences on the net investment used for recognising hedge ineffectiveness \u00a0
-635 \u00a0
-589 \u00a0
Hedge ineffectiveness recognised in the income statement (net trading income) \u00a0
-
-
Hedging gains or losses recognised in OCI \u00a0
635 \u00a0
589 \u00a0
Reclassified to the income statement on disposal of foreign units** \u00a0
-
806 \u00a0
* Primarily included on the line item \u2018Issued bonds at amortised cost\u2019 \u00a0
** Included in the item \u2018Net trading income or loss\u201d in the Income statement \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2079": { "value": "
Hedge of foreign exchange risk on net investments in foreign entities \u00a0
The Group hedges its foreign exchange risk on net investments in foreign currency units. Foreign exchange risk is defined as risk of losses from \u00a0
translating the net investments in foreign entities that are denominated in a foreign currency other than DKK. The net investment in foreign \u00a0
currency units includes the net assets and goodwill of the units. The Group has granted loans in the currency of the foreign unit to its branches \u00a0
in Sweden, Norway and Finland for a total of DKK 32,893 million (2023: 37,799 million). The loans represent the capital allocated to these units. \u00a0
The settlement of the loans is neither planned nor likely to occur in the foreseeable future and they are a part of the net investment in those \u00a0
units. Further, Danske Bank A/S has granted the subsidiary Northern Bank an additional tier 1 capital instrument that together with \u00a0
shareholders\u2019 equity in Northern Bank is considered part of the net investment in Northern Bank. The exchange differences from translating \u00a0
net profit in the foreign units at the date of underlying transactions and assets and liabilities at the closing rate and from translating the \u00a0
opening net assets at a closing rate that differs from the previous closing rate are recognised in Other comprehensive income (translation \u00a0
differences). \u00a0
The Group hedges the foreign exchange risk of net investments in branches and subsidiaries outside Denmark by designating funding \u00a0
arrangements in the matching currencies as a hedge of the foreign exchange risk on the net investments. The foreign exchange differences on \u00a0
the funding arrangements are recognised in Other comprehensive income to offset the exchange differences on the net investments. The \u00a0
funding arrangements consist primarily of issued bonds. Realised net profit is hedged in the beginning of the next month. The Group does not \u00a0
hedge the expected financial results of units outside Denmark or other future transactions. In terms of assessing hedge effectiveness, this is \u00a0
applied by comparing the nominal value of the funding arrangement to the nominal value of the net investments. Hedge ineffectiveness can \u00a0
arise to the extent the funding arrangements exceed the net investments. However, when the net investments are decreased, e.g. when the net \u00a0
investments are reduced by paying out dividend, the same amount of funding arrangements are de-designated as hedges and the funding \u00a0
arrangements designated as hedges will therefore, in general, not exceed the net investments. \u00a0
Part of the funding of the loans granted to the branches in Sweden, Norway and Finland is in DKK in order to create a so-called structural FX \u00a0
hedge position in accordance with banking regulation, i.e. to reduce the impact on capital ratios resulting from changes in the risk exposure \u00a0
amount due to changes in currency rates. The Group\u2019s net investment in its subsidiaries Danske Hypotek AB (Sweden) and Danske Mortgage \u00a0
Bank Plc (Finland) is included in the structural hedge position to extend the hedge to the risk exposure amount measured by currency for EUR, \u00a0
NOK and SEK across the entire Group balance sheet, although with constraints to the size of the loans to the foreign branches and the net \u00a0
investment in the foreign subsidiaries. This strategy of partly hedging the sensitivity to capital ratios from volatility in foreign currency rates, \u00a0
increases the volatility in Other comprehensive income and the Foreign currency translation reserve in equity under IFRS Accounting \u00a0
Standards since it decrease the hedge of the currency risk on the net investments in those units. At the end of 2024, the structural FX hedge \u00a0
position totalled DKK 36,952 million (2023: DKK 37,641 million) and a loss of DKK 946 million has been recognised in Other comprehensive \u00a0
income mainly due to a weakening of the SEK against DKK and NOK against the DKK. For comparison, a loss of DKK 730 million was recognised \u00a0
in Other comprehensive income due to a weakening of the NOK against the DKK, of which, a loss of DKK 786 million was realised and \u00a0
reclassified from Other comprehensive income to the Income statement (and therefore has no impact on total shareholders\u2019 equity). This was \u00a0
due to an adjustment made for the structural FX hedge position held in NOK, to reflect the reduction in long term risk exposure amount (REA) in \u00a0
NOK coming from the sale of personal customer business in Norway. For further information, see the section on Market risk \u2013 Structural FX risk \u00a0
in G40. \u00a0
The cumulative exchange differences on the hedging instrument and the translation differences related to the net investment are reclassified \u00a0
from Other comprehensive income to the income statement on the disposal of the foreign entities. \u00a0
Hedging of net investments in foreign entities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Net investment in foreign units \u00a0
39,999 \u00a0
47,909 \u00a0
Funding arrangements designated as a hedge of net investments in foreign units* \u00a0
3,047 \u00a0
10,269 \u00a0
Portion of net investment in foreign units not hedged, structural FX position \u00a0
36,952 \u00a0
37,641 \u00a0
Hedge ineffectiveness \u00a0
Exchange differences on the hedging instruments \u00a0
635 \u00a0
589 \u00a0
Exchange differences on the net investment used for recognising hedge ineffectiveness \u00a0
-635 \u00a0
-589 \u00a0
Hedge ineffectiveness recognised in the income statement (net trading income) \u00a0
-
-
Hedging gains or losses recognised in OCI \u00a0
635 \u00a0
589 \u00a0
Reclassified to the income statement on disposal of foreign units** \u00a0
-
806 \u00a0
* Primarily included on the line item \u2018Issued bonds at amortised cost\u2019 \u00a0
** Included in the item \u2018Net trading income or loss\u201d in the Income statement \u00a0
Foreign currency translation reserve \u00a0
Assets and liabilities of units outside Denmark are translated into DKK at the applicable exchange rates at the balance sheet date. Income and \u00a0
expenses are translated at the applicable exchange rates at the transaction date. Gains and losses arising at the translation of net investments \u00a0
in units outside Denmark are recognised under Other comprehensive income and recognised in the foreign currency translation reserve in \u00a0
equity. Net investments include the net assets and goodwill of the units as well as holdings in the form of subordinated loan capital and other \u00a0
loans to the units for which settlement is neither planned nor likely to occur in the foreseeable future. Exchange rate adjustments of financial \u00a0
liabilities used for hedging the Group\u2019s net investments are also recognised under Other comprehensive income and in the foreign currency \u00a0
translation reserve. Further information can be found in Note G12(c). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2091": { "value": "
(a) Investment securities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Financial assets at fair value through profit or loss \u00a0
Listed bonds \u00a0
28,112 \u00a0
20,798 \u00a0
Unlisted shares \u00a0
519 \u00a0
493 \u00a0
Total financial assets at fair value through profit or loss \u00a0
28,631 \u00a0
21,291 \u00a0
Bonds hold to collect and sell (FVOCI) \u00a0
Listed bonds \u00a0
104,773 \u00a0
107,226 \u00a0
Total bonds hold to collect and sell (FVOCI) \u00a0
104,773 \u00a0
107,226 \u00a0
Total at fair value \u00a0
133,404 \u00a0
128,517 \u00a0
Bonds hold to collect (AMC) \u00a0
Listed bonds \u00a0
135,714 \u00a0
155,398 \u00a0
Total investment securities \u00a0
269,118 \u00a0
283,914 \u00a0
Financial assets measured at fair value through Other comprehensive income (FVOCI) \u00a0
This portfolio includes the part of the liquidity bond portfolio where both the collection of the contractual cash flows and sales are an integral \u00a0
part of achieving the objectives with the acquired bond portfolio. Further, the bonds included in the portfolio have contractual cash flows that \u00a0
pass the SPPI test. The performance of the portfolio is measured on a combination of the collection of the contractual cash flows and sales \u00a0
proceeds. Sales typically occur when market opportunities arise, or when there is a need to adjust the portfolio to hedge part of the interest \u00a0
rate risk on the Group\u2019s core deposits. There is no objective of short-term profit taking and the performance reporting related to this portfolio \u00a0
reflects a combination of the collection of the contractual cash flows and realising fair value changes. The business model is therefore \u2018hold to \u00a0
collect and sell\u2019. The portfolio comprises primarily highly-rated covered, sovereign, supranational and agency bonds. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2083": { "value": "
G13. Investment securities \u00a0
Investment securities consist of bonds and shares held by non-trading units in the Group. It consists primarily of the liquidity portfolio \u00a0
managed by Group Treasury. The liquidity portfolio includes different portfolios with different business models. Some portfolios are \u00a0
managed on a fair value basis and mandatorily measured at fair value through profit or loss under IFRS 9, whereas other portfolios are either \u00a0
\u2018hold to collect and sell\u2019 and measured at fair value through Other comprehensive income or \u2018hold to collect\u2019. \u00a0
Accounting policy \u00a0
Financial assets measured at fair value through profit or loss (FVPL) \u00a0
Financial assets measured at fair value include securities that are managed on a fair value basis with no short-term profit taking. \u00a0
Realised and unrealised capital gains and losses and dividends are carried in the income statement under Net trading income or loss. \u00a0
Further, all shares (including unlisted shares) and bonds held in Group Treasury that do not have contractual cash flows that are solely \u00a0
payments of principal and interest on the principal amount outstanding (i.e. that does not pass the SPPI test in IFRS 9) are mandatorily \u00a0
measured at FVPL and, consequently, included in this category. \u00a0
Financial assets measured at fair value through Other comprehensive income (FVOCI) \u00a0
This category comprises bonds only, and primarily bonds listed in a liquid market, as the Group does not use the option to designate \u00a0
equity instruments at FVOCI. The bonds are held within a business model for the purpose of collecting contractual cash flows and selling \u00a0
(hold to collect and sell). The bonds have cash flows that are solely payments of principal and interest on the principal amount \u00a0
outstanding (i.e. that pass the SPPI test in IFRS 9). FVOCI results in the assets being recognised at fair value in the balance sheet and at \u00a0
amortised cost in the income statement, including the recognition of expected credit losses as described in note G15. Gains and losses, \u00a0
except for expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income \u00a0
until the bond is derecognised. When a fixed interest rate risk is hedged in a hedge that qualifies for fair value hedge accounting, the fair \u00a0
value changes of the hedged interest risk are presented in the income statement under Net trading income or loss. When bonds are sold \u00a0
unrealised value adjustments recognised under Other comprehensive income are reclassified to the income statement and presented \u00a0
under Net trading income or loss. The Group recognises interest income according to the effective interest method, including \u00a0
amortisation of the difference between cost and the redemption value over the term to maturity of the bonds. \u00a0
Financial assets measured at amortised cost (AMC) \u00a0
This category consists of bonds held within a business model for the purpose of collecting the contractual cash flows (hold to collect) \u00a0
and with cash flows that are solely payments of principal and interest on the principal amount outstanding (i.e. that pass the SPPI test in \u00a0
IFRS 9). The bonds are measured at amortised cost. Interest income is recognised according to the effective interest method, including \u00a0
amortisation of the difference between cost and the redemption value over the term to maturity of the bonds. A change in the \u00a0
contractual cash flows that is required by the Interest Rate Benchmark Reform is accounted for by updating the effective interest rate, \u00a0
without recognising a gain or loss. This can only be applied if the change is necessary as a direct consequence of the reform, and the new \u00a0
basis for determining the contractual cash flows is economically equivalent to the previous basis. The bonds are subject to the expected \u00a0
credit model in IFRS 9 as described in note G15. The interest rate risk on fixed-rate bonds is not hedged. \u00a0
b) Further explanation \u00a0
Investment securities consist of the liquidity portfolio held by Group Treasury. The liquidity portfolio is part of the balance sheet \u00a0
management to optimise the balance sheet composition, to hedge the interest rate risk in the banking book and to manage the Group\u2019s \u00a0
liquidity need. The management of the interest rate risk in the banking book is carried out through a combination of hedges with derivatives \u00a0
and partly through matching the duration on the fixed interest rate deposits (the interest risk on core deposits) with bond holdings with a \u00a0
matching duration. The latter is carried out through the acquisition of portfolios of bonds. \u00a0
Financial assets measured at fair value through profit or loss (FVPL) \u00a0
This portfolio includes the part of the liquidity bond portfolio that is actively traded although less frequently than what is required to be \u00a0
classified as a held-for-trading portfolio. These bonds are held in a business model being neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 \u00a0
and are therefore mandatorily recognised at fair value through profit or loss under IFRS 9. \u00a0
The portfolio comprises primarily Danish mortgage bonds. Further, the portfolio includes listed and unlisted shares. \u00a0
(a) Investment securities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Financial assets at fair value through profit or loss \u00a0
Listed bonds \u00a0
28,112 \u00a0
20,798 \u00a0
Unlisted shares \u00a0
519 \u00a0
493 \u00a0
Total financial assets at fair value through profit or loss \u00a0
28,631 \u00a0
21,291 \u00a0
Bonds hold to collect and sell (FVOCI) \u00a0
Listed bonds \u00a0
104,773 \u00a0
107,226 \u00a0
Total bonds hold to collect and sell (FVOCI) \u00a0
104,773 \u00a0
107,226 \u00a0
Total at fair value \u00a0
133,404 \u00a0
128,517 \u00a0
Bonds hold to collect (AMC) \u00a0
Listed bonds \u00a0
135,714 \u00a0
155,398 \u00a0
Total investment securities \u00a0
269,118 \u00a0
283,914 \u00a0
G13. Investment securities \u2013 Continued \u00a0
Financial assets measured at fair value through Other comprehensive income (FVOCI) \u00a0
This portfolio includes the part of the liquidity bond portfolio where both the collection of the contractual cash flows and sales are an integral \u00a0
part of achieving the objectives with the acquired bond portfolio. Further, the bonds included in the portfolio have contractual cash flows that \u00a0
pass the SPPI test. The performance of the portfolio is measured on a combination of the collection of the contractual cash flows and sales \u00a0
proceeds. Sales typically occur when market opportunities arise, or when there is a need to adjust the portfolio to hedge part of the interest \u00a0
rate risk on the Group\u2019s core deposits. There is no objective of short-term profit taking and the performance reporting related to this portfolio \u00a0
reflects a combination of the collection of the contractual cash flows and realising fair value changes. The business model is therefore \u2018hold to \u00a0
collect and sell\u2019. The portfolio comprises primarily highly-rated covered, sovereign, supranational and agency bonds. \u00a0
Financial assets measured at amortised cost (AMC) \u00a0
This portfolio includes the part of the liquidity bond portfolio that is held in a business model being \u2018hold to collect\u2019, i.e. with the purpose of \u00a0
generating a return until maturity. Further, the bonds included in the portfolio have contractual cash flows that pass the SPPI test. \u00a0
The performance is measured based on the collection of the contractual cash flows. The fair value of the portfolio is monitored for liquidity \u00a0
purposes as the bonds can be used in repo transactions. Sales from the portfolio are infrequent. When sales are made, they reflect: \u00a0
\u2022
sales close to maturity (the proceeds from the sale approximate the collection of contractual cash flows) \u00a0
\u2022
sales are made to manage risk concentration (e.g. the sale of bonds is made due to a concentration of currency risk) \u00a0
\u2022
sales made due to increase in credit risk above a certain level (i.e. outside the investment policy) \u00a0
The bonds are primarily Danish mortgage bonds, government bonds and government-guaranteed bonds. 93% of the portfolio is rated AA or \u00a0
higher (2023: 94.0%), while the remaining portfolio has investment grade ratings. \u00a0
SPPI test applied for bonds at FVOCI or AMC \u00a0
The SPPI test is applied for each bond to assess whether the contractual cash flows represent repayment of principal amount and interest on \u00a0
the principal amount outstanding. Bonds that are included in the portfolios at FVOCI or AMC are generally plain vanilla bonds that: \u00a0
\u2022
have a fixed maturity, i.e. no perpetual bonds \u00a0
\u2022
do not have terms that introduce exposure to risk or volatility, e.g. by a yield that refers to changes in equity or commodity prices \u00a0
\u2022
are not subordinated or convertible bonds \u00a0
\u2022
can be prepaid (e.g. at par plus accrued interest), with the fair value of the prepayment option being insignificant at initial recognition. In \u00a0
general, this will be the case if the premium/discount to the contractual par amount is insignificant at initial recognition \u00a0
Bonds that are not compliant with the SPPI test are included in the portfolio of bonds at FVPL. \u00a0
G14. Due from credit institutions and central banks \u00a0
The item due from credit institutions and central banks includes both balances that are measured at amortised cost and balances that are \u00a0
measured at fair value through profit or loss, depending on the business model for the management of the amounts due from credit \u00a0
institutions. \u00a0
Accounting policy \u00a0
For balances due from credit institutions in the Group\u2019s banking units (Personal & Business Customers, General Banking in Large \u00a0
Corporates & Institutions and Northern Ireland), the business model is \u2018hold to collect\u2019. As the contractual cash flows \u00a0
represent basic lending feature, these balances are measured at amortised cost. For further information on the accounting policy etc., \u00a0
see note G15. \u00a0
For balances due from credit institutions and central banks in the Group\u2019s trading units (Markets in Large Corporates & Institutions) the \u00a0
business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and these balances are mandatorily recognised at fair value \u00a0
through profit or loss. For further information on the accounting policy, see note G16. \u00a0
Cash in hand and demand deposits with central banks \u00a0
Includes cash in hand of DKK 6,909 million (2023: DKK 6,419 million) and demand deposits of DKK 100,590 million (2023: DKK 252,737 million) \u00a0
(measured at amortised cost). \u00a0
Due from credit institutions and central banks includes amounts due within three months and totalled DKK 134,601 million at the end of 2024 \u00a0
(2023: DKK 106,453 million). This amount is included under Cash and cash equivalents in the cash flow statement. \u00a0
Due from credit institutions and central banks \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Due from credit institutions and central banks measured at fair value through profit or loss: \u00a0
Reverse transactions \u00a0
62,039 \u00a0
92,389 \u00a0
Other amounts due \u00a0
1,000 \u00a0
595 \u00a0
Total at fair value through profit or loss \u00a0
63,040 \u00a0
92,984 \u00a0
Due from credit institutions and central banks measured at amortised cost: \u00a0
Reverse transactions \u00a0
6
3,727 \u00a0
Other amounts due \u00a0
80,536 \u00a0
18,118 \u00a0
Allowance account \u00a0
12 \u00a0
16 \u00a0
Total at amortised cost \u00a0
80,529 \u00a0
21,829 \u00a0
Total \u00a0
143,569 \u00a0
114,813 \u00a0
G20. Due to credit institutions and central banks and Deposits \u00a0
Amounts due to credit institutions and central banks and Deposits also include amounts received under repo transactions (sales of securities \u00a0
which the Group agrees to repurchase at a later date). Such transactions are presented as collateralised borrowings. \u00a0
Accounting policy \u00a0
Amounts due to credit institutions and central banks and Deposits in the Group\u2019s trading units (Markets in LC&I) are designated at fair value \u00a0
through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is recognised in Other \u00a0
comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of the \u00a0
hedged interest rate risk is added to the amortised cost of the liabilities. \u00a0
(a) Due to credit institutions and central banks \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
129,910 \u00a0
80,108 \u00a0
Other amounts due \u00a0
-
5,440 \u00a0
Total designated at fair value \u00a0
129,910 \u00a0
85,548 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
-
3,727 \u00a0
Other amounts due \u00a0
84,454 \u00a0
65,333 \u00a0
Total amortised cost \u00a0
84,454 \u00a0
69,060 \u00a0
Total \u00a0
214,364 \u00a0
154,608 \u00a0
(b) Deposits \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
78,528 \u00a0
113,306 \u00a0
Time deposits \u00a0
21 \u00a0
6,907 \u00a0
Total designated at fair value \u00a0
78,550 \u00a0
120,213 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
618 \u00a0
-
Transaction accounts \u00a0
891,606 \u00a0
904,328 \u00a0
Time deposits \u00a0
190,046 \u00a0
158,222 \u00a0
Pension savings etc. \u00a0
12,962 \u00a0
13,685 \u00a0
Total amortised cost \u00a0
1,095,232 \u00a0
1,076,235 \u00a0
Total \u00a0
1,173,781 \u00a0
1,196,447 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
(c) Further explanation on balances designated at fair value through profit or loss \u00a0
Any changes in the fair value that is attributable to changes in the Group\u2019s own credit risk of the liabilities are recognised in Other \u00a0
comprehensive income. As the deposits are collateralised and/or with a short maturity, no change in the fair value is attributable to changes in \u00a0
the Group\u2019s own credit risk. The amount that the Group would be contractually required to pay at maturity amounts to DKK 129.9 billion (2023: \u00a0
DKK 85.5 billion) for Due to credit institutions and central banks and DKK 78.6 billion (2023: DKK 120.2 billion) for Deposits. \u00a0
G22. Issued bonds \u00a0
The issued bonds presented in this note consist of preferred senior, non-preferred senior and subordinated bonds issued by the Group, with \u00a0
the exception of additional tier 1 capital accounted for as equity. Note G16 provides more information about issued bonds measured at fair \u00a0
value through profit or loss and note G25 provides more information about additional tier 1 capital accounted for as equity. \u00a0
Preferred senior bonds are presented under the balance sheet item Issued bonds at amortised cost, while non-preferred senior and \u00a0
subordinated bonds are presented as separate line items in the balance sheet. Non-preferred senior bonds rank senior to subordinated debt \u00a0
and junior to other debt. Subordinated bonds are liabilities in the form of subordinated loan capital and other capital instruments which, in case \u00a0
of the Group\u2019s voluntary or compulsory winding-up, will not be repaid until the claims of its ordinary and non-preferred senior creditors have \u00a0
been met. Subordinated bonds include additional tier 1 capital that converts into a variable number of ordinary shares if the common equity \u00a0
tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group (the trigger event). The number of shares the additional tier 1 \u00a0
capital could potentially convert into a function of the share price at the time of conversion, however, minimised to USD 23.97 per share (a \u00a0
maximum of 62.6 million shares for the outstanding amount of the capital of USD 1.5 billion). This capital utilises 70% of the Board of Directors\u2019 \u00a0
authorisation to issue shares without pre-emption rights. \u00a0
Accounting policy \u00a0
Issued bonds, both senior, non-preferred senior and subordinated bonds, are at initial recognition measured at fair value less \u00a0
transaction costs and subsequently measured at amortised cost plus the fair value of the hedged interest rate risk. Interest expense is \u00a0
recognised according to the effective interest rate method, including amortisation of any difference between the amount received on \u00a0
issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital under the \u00a0
Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily or converted into \u00a0
a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert into a variable number of \u00a0
ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are accounted for as equity. For liability \u00a0
accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds are accounted for as liabilities in their \u00a0
entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for example an \u00a0
equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading portfolio. \u00a0
(a) Issued bonds \u00a0
Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark (covered bonds) \u00a0
744,495 \u00a0
741,062 \u00a0
Commercial papers and certificates of deposits \u00a0
-
5,228 \u00a0
Structured retail notes \u00a0
2,061 \u00a0
2,489 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
Bonds issued by Realkredit Danmark under the Group\u2019s green finance framework amounted to a nominal value of DKK 29,126 million \u00a0
outstanding at the end of 2024 (2023: DKK 27,153 million). \u00a0
Issued bonds at amortised cost \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Commercial papers and certificates of deposits \u00a0
49,044 \u00a0
24,419 \u00a0
Preferred senior bonds \u00a0
66,778 \u00a0
63,345 \u00a0
Covered bonds \u00a0
126,763 \u00a0
124,703 \u00a0
Structured retail notes \u00a0
612 \u00a0
1,766 \u00a0
Issued bonds at amortised cost, total \u00a0
243,198 \u00a0
214,234 \u00a0
Non-preferred senior bonds \u00a0
89,492 \u00a0
93,194 \u00a0
Further information on issued bonds at fair value through profit or loss can be found in note G16. The issuance and redemption of bonds \u00a0
(including commercial papers and certificates of deposits at fair value) during the year and the maturity of the outstanding bonds are \u00a0
presented in the following tables. \u00a0
G22. Issued bonds \u2013 continued \u00a0
Other issued bonds \u00a0
Other issued bonds in the following tables comprises Issued bonds at fair value excluding Realkredit Danmark, Issued bonds at amortised cost \u00a0
and Non-preferred senior bonds. \u00a0
Nominal value of other issued bonds \u00a0
Foreign \u00a0
1 January \u00a0
currency 31\u00a0December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2024 \u00a0
Commercial papers and certificate of deposits \u00a0
29,613 \u00a0
78,934 \u00a0
60,856 \u00a0
1,310 \u00a0
49,002 \u00a0
Preferred senior bonds \u00a0
65,545 \u00a0
10,684 \u00a0
8,735 \u00a0
1,099 \u00a0
68,592 \u00a0
Covered bonds \u00a0
129,419 \u00a0
27,161 \u00a0
25,770 \u00a0
-2,137 \u00a0
128,673 \u00a0
Structured retail notes \u00a0
4,076 \u00a0
-
1,154 \u00a0
196 \u00a0
3,117 \u00a0
Non-preferred senior bonds \u00a0
97,900 \u00a0
28,404 \u00a0
35,782 \u00a0
1,067 \u00a0
91,588 \u00a0
Total \u00a0
326,553 \u00a0
145,182 \u00a0
132,298 \u00a0
1,534 \u00a0
340,972 \u00a0
Foreign \u00a0
1 January \u00a0
currency \u00a0
31 December \u00a0
(DKK millions) \u00a0
2023 \u00a0
Issued \u00a0
Redeemed** \u00a0
translation \u00a0
2023 \u00a0
Commercial papers and certificate of deposits \u00a0
9,128 \u00a0
66,432 \u00a0
36,812 \u00a0
-9,135 \u00a0
29,613 \u00a0
Preferred senior bonds* \u00a0
52,421 \u00a0
39,700 \u00a0
25,430 \u00a0
-1,146 \u00a0
65,545 \u00a0
Covered bonds \u00a0
156,740 \u00a0
33,000 \u00a0
65,850 \u00a0
5,529 \u00a0
129,419 \u00a0
Structured retail notes* \u00a0
6,927 \u00a0
-
2,414 \u00a0
-437 \u00a0
4,076 \u00a0
Non-preferred senior bonds \u00a0
100,586 \u00a0
22,500 \u00a0
23,700 \u00a0
-1,486 \u00a0
97,900 \u00a0
Total \u00a0
325,801 \u00a0
161,633 \u00a0
154,206 \u00a0
-6,675 \u00a0
326,553 \u00a0
* DKK 4.1 billion of Structured retail notes as at 31 December 2023 that were previously included within Preferred senior bonds are now presented separately. \u00a0
There is no impact on total Other issued bonds. \u00a0
** Redeemed covered bonds in 2023 includes DKK 25.8 billion of covered bonds that were reclassified to Liabilities in disposal groups held for sale. See note G23 for \u00a0
more detail. \u00a0
The Group has issued non-preferred senior bonds and preferred senior bonds in accordance with the Group\u2019s green bond framework. At the \u00a0
end of 2024, the nominal value of green non-preferred senior bonds issued amounted to DKK 20,515 million (2023: DKK 24,223 million), and \u00a0
the nominal value of green preferred senior bonds issued amounted to DKK 9,082 million (2023: DKK 9,134 million). \u00a0
Broken down by maturity \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Redeemed bonds 2024 \u00a0
96,248 \u00a0
2025 \u00a0
114,771 \u00a0
69,343 \u00a0
2026 \u00a0
64,979 \u00a0
55,084 \u00a0
2027 or later \u00a0
161,222 \u00a0
105,877 \u00a0
Nominal value of other issued bonds \u00a0
340,972 \u00a0
326,553 \u00a0
Fair value hedging of interest rate risk \u00a0
-1,781 \u00a0
-7,389 \u00a0
Premium/discount \u00a0
-595 \u00a0
-432 \u00a0
Own holding of bonds issued \u00a0
3,844 \u00a0
3,586 \u00a0
Total other issued bonds \u00a0
334,751 \u00a0
315,145 \u00a0
(b) Subordinated debt \u00a0
Subordinated debt consists of liabilities in the form of issued subordinated bonds. Some of these bonds (presented as liability accounted \u00a0
additional tier 1 capital below) rank below other subordinated bonds. Early redemption of subordinated debt must be approved by the Danish \u00a0
FSA. Subordinated debt is included in total capital in accordance with the CRR. \u00a0
The issuance and redemption of subordinated debt during the year and the maturity of the outstanding debt are presented in the tables below. \u00a0
Nominal value of subordinated debt \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2024 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
24,895 \u00a0
12,056 \u00a0
6,236 \u00a0
17 \u00a0
30,732 \u00a0
Liability accounted additional tier 1 capital \u00a0
15,174 \u00a0
-
5,170 \u00a0
704 \u00a0
10,708 \u00a0
Total \u00a0
40,069 \u00a0
12,056 \u00a0
11,406 \u00a0
721 \u00a0
41,440 \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2023 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2023 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
24,837 \u00a0
-
-
58 \u00a0
24,895 \u00a0
Liability accounted additional tier 1 capital \u00a0
15,676 \u00a0
-
-
-503 \u00a0
15,174 \u00a0
Total \u00a0
40,514 \u00a0
-
-
-445 \u00a0
40,069 \u00a0
G22. Issued bonds \u2013 continued \u00a0
Nominal \u00a0
Interest \u00a0
Year of \u00a0
Redemption \u00a0
2024 \u00a0
2023 \u00a0
Currency \u00a0
Borrower \u00a0
Note \u00a0
(millions) \u00a0
rate \u00a0
issue \u00a0
Maturity \u00a0
price \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
Redeemed in 2024 \u00a0
6,262 \u00a0
EUR \u00a0
Danica \u00a0
a
500 \u00a0
4.375 \u00a0
2015 \u00a0
29.09.2045 \u00a0
100 \u00a0
3,730 \u00a0
3,727 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
b
750 \u00a0
1.375 \u00a0
2019 \u00a0
12.02.2030 \u00a0
100 \u00a0
5,595 \u00a0
5,590 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
c
500 \u00a0
1.50 \u00a0
2020 \u00a0
02.09.2030 \u00a0
100 \u00a0
3,730 \u00a0
3,727 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
d
750 \u00a0
1.00 \u00a0
2021 \u00a0
15.05.2031 \u00a0
100 \u00a0
5,595 \u00a0
5,590 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
e
750 \u00a0
4.625 \u00a0
2024 \u00a0
14.05.2034 \u00a0
100 \u00a0
5,595 \u00a0
-
SEK \u00a0
Danske Bank A/S \u00a0
f
4,250 \u00a0
var \u00a0
2024 \u00a0
23.08.2034 \u00a0
100 \u00a0
2,757 \u00a0
-
EUR \u00a0
Danske Bank A/S \u00a0
g
500 \u00a0
3.75 \u00a0
2024 \u00a0
19.11.2036 \u00a0
100 \u00a0
3,730 \u00a0
-
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
30,732 \u00a0
24,895 \u00a0
Liability accounted additional tier 1 capital \u00a0
Redeemed in 2024 \u00a0
5,058 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
h
750 \u00a0
7.00 \u00a0
2018 \u00a0
Perpetual \u00a0
100 \u00a0
5,354 \u00a0
5,058 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
i
750 \u00a0
4.375 \u00a0
2021 \u00a0
Perpetual \u00a0
100 \u00a0
5,354 \u00a0
5,058 \u00a0
Liability accounted additional tier 1 capital \u00a0
10,708 \u00a0
15,174 \u00a0
Nominal subordinated debt \u00a0
41,440 \u00a0
40,069 \u00a0
Discount \u00a0
-80 \u00a0
-72 \u00a0
Fair value hedging of interest rate risk \u00a0
-383 \u00a0
-997 \u00a0
Own holding of subordinated debt \u00a0
-180 \u00a0
-226 \u00a0
Total subordinated debt \u00a0
40,798 \u00a0
38,774 \u00a0
Portion included in total capital as additional tier 1 or tier 2 capital instruments \u00a0
27,002 \u00a0
36,342 \u00a0
As at 31 December 2024, the Group has no additional tier 1 bond issues accounted for as equity (31 December 2023: DKK 0 billion). \u00a0
G22. Issued bonds - continued \u00a0
a) \u00a0
Optional redemption from September 2025. If the debt is not redeemed, the annual interest rate will be reset at 4.375 percentage \u00a0
points above the 10-year EUR swap rate every tenth year until maturity. Solvency II compliant tier 2 capital and included in Danica\u2019s \u00a0
capital base. \u00a0
b) \u00a0
Optional redemption in February 2025. If the debt is not redeemed, the annual interest rate will be reset at 1.70 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
c) \u00a0
Optional redemption in September 2025. If the debt is not redeemed, the annual interest rate will be reset at 1.90 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
d) \u00a0
Optional redemption in February-May 2026. If the debt is not redeemed, the annual interest rate will be reset at 1.40 percentage \u00a0
points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
e) \u00a0
Optional redemption in February-May 2029. If the debt is not redeemed, the annual interest rate will be reset at 1.95 percentage \u00a0
points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
f) \u00a0
Optional redemption in May-August 2029. If the debt is not redeemed, the quarterly interest rate will be reset at 1.70 percentage \u00a0
points above the 3 month STIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
g) \u00a0
Optional redemption in November 2031. If the debt is not redeemed, the annual interest rate will be reset at 1.55 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
h) \u00a0
Optional redemption from June 2025. If the debt is not redeemed, the annual interest rate will be reset at 4.130 percentage points \u00a0
above 5-year CMT rate. CRR compliant tier 1 capital. The capital converts into a variable number of shares if Danske Bank Group\u2019s or \u00a0
Danske Bank A/S\u2019 common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant additional tier 1 \u00a0
capital instrument in the statement of capital. \u00a0
i) \u00a0
Optional redemption from May 2026. If the debt is not redeemed, the annual interest rate will be reset at 3.387 percentage points \u00a0
above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s or Danske Bank A/S\u2019s \u00a0
common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant additional tier 1 capital instrument \u00a0
in the statement of capital. \u00a0
G33. Fair value information for financial instruments \u00a0
Financial instruments are recognised in the balance sheet at fair value or amortised cost. Group breaks down its financial instruments \u00a0
according to the valuation method (note G1 provides additional information). \u00a0
31 December 2024 \u00a0
31 December 2023 \u00a0
(DKK millions) \u00a0
Fair value \u00a0
Amortised cost \u00a0
Fair value \u00a0
Amortised cost \u00a0
Financial assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
-
107,498 \u00a0
-
259,156 \u00a0
Due from credit institutions and central banks \u00a0
63,040 \u00a0
80,529 \u00a0
92,985 \u00a0
21,829 \u00a0
Trading portfolio assets* \u00a0
531,831 \u00a0
-
503,548 \u00a0
-
Investment securities held at amortised cost \u00a0
-
135,714 \u00a0
-
155,398 \u00a0
Investment securities held at fair value \u00a0
133,404 \u00a0
-
128,516 \u00a0
-
Loans at amortised cost* \u00a0
-
921,900 \u00a0
-
921,580 \u00a0
Loans at fair value \u00a0
1,074,783 \u00a0
-
928,239 \u00a0
-
Assets under pooled schemes and investment contracts \u00a0
76,173 \u00a0
-
70,900 \u00a0
-
Insurance assets \u00a0
508,045 \u00a0
-
460,747 \u00a0
-
Loans held for sale \u00a0
-
-
-
110,415 \u00a0
Total \u00a0
2,387,276 \u00a0
1,245,642 \u00a0
2,184,935 \u00a0
1,468,378 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
129,910 \u00a0
84,454 \u00a0
85,548 \u00a0
69,060 \u00a0
Trading portfolio liabilities* \u00a0
357,507 \u00a0
-
438,553 \u00a0
-
Deposits* \u00a0
78,550 \u00a0
1,095,232 \u00a0
120,213 \u00a0
1,076,235 \u00a0
Issued bonds at fair value \u00a0
746,556 \u00a0
-
748,780 \u00a0
-
Issued bonds at amortised cost \u00a0
-
243,198 \u00a0
-
214,234 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
76,608 \u00a0
-
71,253 \u00a0
-
Insurance liabilities** \u00a0
60,111 \u00a0
-
60,136 \u00a0
-
Liabilities held for sale \u00a0
-
-
-
56,476 \u00a0
Non-preferred senior bonds \u00a0
-
89,492 \u00a0
-
93,194 \u00a0
Subordinated debt \u00a0
-
40,798 \u00a0
-
38,774 \u00a0
Loan commitments and guarantees \u00a0
-
2,893 \u00a0
-
3,161 \u00a0
Total \u00a0
1,449,242 \u00a0
1,556,067 \u00a0
1,524,483 \u00a0
1,551,133 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
Insurance liabilities in the Balance sheet comprise insurance contract liabilities (as defined by IFRS 17) and Other insurance-related liabilities. \u00a0
The table above does not include insurance contract liabilities as they are measured using the General Measurement Model, Variable Fee \u00a0
Approach or Premium Allocation Approach as defined by IFRS 17. \u00a0
(a) Financial instruments at fair value \u00a0
The fair value is the amount for which a financial asset or a financial liability can be exchanged between knowledgeable, willing parties. Fair \u00a0
value is measured on the basis of the following hierarchy: \u00a0
The fair value hierarchy \u00a0
\u2022
Quoted price (level 1) consists of financial instruments that are quoted in an active market. The Group uses the price quoted in the principal \u00a0
market. \u00a0
\u2022
Valuation based on observable input (level 2) consists of financial instruments valued substantially on the basis of observable input other \u00a0
than a quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active, the Group bases its \u00a0
measurement on the most recent transaction price. Adjustment is made for subsequent changes to market conditions, for instance, by \u00a0
including transactions in similar financial instruments that are assumed to be motivated by normal business considerations. For a number \u00a0
of financial assets and liabilities, no market exists. In such cases, the Group uses recent transactions in similar instruments and discounted \u00a0
cash flows or other generally accepted estimation and valuation techniques based on market conditions at the balance sheet date to \u00a0
calculate an estimated value. This category covers instruments such as derivatives valued on the basis of observable yield curves and \u00a0
exchange rates and illiquid mortgage bonds valued by reference to the value of similar liquid bonds. \u00a0
\u2022
Valuation based on significant non-observable input (level 3): The valuation of certain financial instruments is based substantially on non- \u00a0
observable input. Such instruments include unlisted shares, some unlisted bonds and a limited portion of the derivatives portfolio (2%). \u00a0
G33. Fair value information for financial instruments \u2013 continued \u00a0
Financial instruments at fair value, by fair value category \u00a0
Non- \u00a0
Observable \u00a0
input \u00a0
observable \u00a0
input \u00a0
(DKK millions) \u00a0
Quoted prices \u00a0
Total \u00a0
31 December 2024 \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
63,040 \u00a0
-
63,040 \u00a0
Derivatives \u00a0
7,289 \u00a0
249,643 \u00a0
4,114 \u00a0
261,046 \u00a0
Interest rate contracts \u00a0
7,289 \u00a0
140,184 \u00a0
652 \u00a0
148,125 \u00a0
Currency contracts etc. \u00a0
-
109,460 \u00a0
3,462 \u00a0
112,922 \u00a0
Trading portfolio bonds \u00a0
160,849 \u00a0
17,168 \u00a0
-
178,017 \u00a0
Trading portfolio shares \u00a0
92,637 \u00a0
-
131 \u00a0
92,768 \u00a0
Investment securities, bonds \u00a0
108,843 \u00a0
24,042 \u00a0
-
132,885 \u00a0
Investment securities, shares \u00a0
-
-
519 \u00a0
519 \u00a0
Loans at fair value \u00a0
-
1,074,783 \u00a0
-
1,074,783 \u00a0
Assets under pooled schemes and investment contracts \u00a0
76,173 \u00a0
-
-
76,173 \u00a0
Insurance assets, bonds \u00a0
160,099 \u00a0
49,275 \u00a0
2,103 \u00a0
211,477 \u00a0
Danish mortgage bonds \u00a0
72,637 \u00a0
19,374 \u00a0
338 \u00a0
92,349 \u00a0
Other covered bonds \u00a0
87,462 \u00a0
29,901 \u00a0
1,765 \u00a0
119,128 \u00a0
Insurance assets, shares \u00a0
208,508 \u00a0
5,963 \u00a0
36,911 \u00a0
251,382 \u00a0
Insurance assets, derivatives \u00a0
826 \u00a0
43,682 \u00a0
678 \u00a0
45,186 \u00a0
Total \u00a0
815,224 \u00a0
1,527,596 \u00a0
44,456 \u00a0
2,387,276 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
129,910 \u00a0
-
129,910 \u00a0
Derivatives \u00a0
10,125 \u00a0
241,256 \u00a0
3,120 \u00a0
254,500 \u00a0
Interest rate contracts \u00a0
10,125 \u00a0
137,458 \u00a0
422 \u00a0
148,005 \u00a0
Currency contracts etc. \u00a0
-
103,798 \u00a0
2,697 \u00a0
106,495 \u00a0
Obligations to repurchase securities \u00a0
100,696 \u00a0
2,301 \u00a0
10 \u00a0
103,007 \u00a0
Deposits \u00a0
-
78,550 \u00a0
-
78,550 \u00a0
Issued bonds at fair value \u00a0
746,556 \u00a0
-
-
746,556 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
76,608 \u00a0
-
76,608 \u00a0
Insurance liabilities \u00a0
208 \u00a0
59,402 \u00a0
501 \u00a0
60,111 \u00a0
Total \u00a0
857,585 \u00a0
588,027 \u00a0
3,631 \u00a0
1,449,242 \u00a0
Non- \u00a0
Observable \u00a0
input \u00a0
observable \u00a0
input \u00a0
(DKK millions) \u00a0
Quoted prices \u00a0
Total \u00a0
31 December 2023* \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
92,985 \u00a0
-
92,985 \u00a0
Derivatives \u00a0
6,723 \u00a0
298,493 \u00a0
1,865 \u00a0
307,081 \u00a0
Interest rate contracts \u00a0
6,723 \u00a0
188,243 \u00a0
1,014 \u00a0
195,980 \u00a0
Currency contracts etc. \u00a0
-
110,250 \u00a0
851 \u00a0
111,101 \u00a0
Trading portfolio bonds \u00a0
168,031 \u00a0
9,532 \u00a0
-
177,563 \u00a0
Trading portfolio shares \u00a0
18,785 \u00a0
-
119 \u00a0
18,904 \u00a0
Investment securities, bonds \u00a0
100,554 \u00a0
27,470 \u00a0
-
128,023 \u00a0
Investment securities, shares \u00a0
-
-
493 \u00a0
493 \u00a0
Loans at fair value \u00a0
-
928,239 \u00a0
-
928,239 \u00a0
Assets under pooled schemes and investment contracts \u00a0
70,900 \u00a0
-
-
70,900 \u00a0
Insurance assets, bonds \u00a0
189,297 \u00a0
22,318 \u00a0
2,458 \u00a0
214,073 \u00a0
Danish mortgage bonds \u00a0
92,182 \u00a0
10,865 \u00a0
334 \u00a0
103,381 \u00a0
Other covered bonds \u00a0
97,115 \u00a0
11,453 \u00a0
2,124 \u00a0
110,692 \u00a0
Insurance assets, shares \u00a0
153,310 \u00a0
5,121 \u00a0
34,755 \u00a0
193,186 \u00a0
Insurance assets, derivatives \u00a0
141 \u00a0
52,436 \u00a0
911 \u00a0
53,488 \u00a0
Total \u00a0
707,741 \u00a0
1,436,594 \u00a0
40,601 \u00a0
2,184,935 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
85,548 \u00a0
-
85,548 \u00a0
Derivatives \u00a0
7,360 \u00a0
316,021 \u00a0
1,604 \u00a0
324,985 \u00a0
Interest rate contracts \u00a0
7,360 \u00a0
188,102 \u00a0
803 \u00a0
196,265 \u00a0
Currency contracts etc. \u00a0
-
127,919 \u00a0
801 \u00a0
128,720 \u00a0
Obligations to repurchase securities \u00a0
111,657 \u00a0
1,853 \u00a0
59 \u00a0
113,569 \u00a0
Deposits \u00a0
-
120,213 \u00a0
-
120,213 \u00a0
Issued bonds at fair value \u00a0
748,780 \u00a0
-
-
748,780 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
71,253 \u00a0
-
71,253 \u00a0
Insurance liabilities** \u00a0
58,976 \u00a0
1,160 \u00a0
60,136 \u00a0
Total \u00a0
867,797 \u00a0
653,864 \u00a0
2,823 \u00a0
1,524,483 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
G33. Fair value information for financial instruments \u2013 continued \u00a0
If, at the balance sheet date, a financial instrument\u2019s classification differs from its classification at the beginning of the year, the classification \u00a0
of the instrument changes. Changes are considered to have taken place at the balance sheet date. Developments in the financial markets have \u00a0
resulted in reclassifications between the categories. Some bonds have become illiquid and have therefore been moved from the Quoted prices \u00a0
to the Observable input category, while other bonds have instead become liquid and have been moved from the Observable input to the Quoted \u00a0
prices category. \u00a0
Valuation techniques \u00a0
The most frequently used valuation techniques include the pricing of transactions with future settlement and swap models that apply present \u00a0
value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control environment, \u00a0
valuation models are validated by units that are independent of the business units that develop the models and trade in the products covered \u00a0
by the models. Validation is made to test the implementation, quality and operating stability of models to ensure that the models can be used \u00a0
for pricing and risk management of financial products. \u00a0
Loans granted and bonds issued by Realkredit Danmark are recognised at the fair value of the issued bonds (the quoted price in an active \u00a0
market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further in note G16. \u00a0
The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves for the full duration of \u00a0
the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable input as well as assumptions about \u00a0
the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance with the International Private Equity and \u00a0
Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting Standards. IPEV guides the calculation of the estimated \u00a0
fair value of unlisted shares as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between \u00a0
market participants at the measurement date. Valuation methods include discounted cash flow models and pricing based on a multiple of \u00a0
earnings or equity. \u00a0
Fair value adjustments \u00a0
Management estimates underlie the valuation of financial instruments for which the value is based on valuation techniques. The Group makes \u00a0
fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer spreads on the net \u00a0
open position of portfolios with offsetting market risk, and model risk on level 3 derivatives. \u00a0
Credit value adjustment (CVA) and funding value adjustment (FVA and ColVA) \u00a0
The Group makes a fair value adjustment to cover the counterparty credit risk on derivatives with a positive fair value (CVA). For a given \u00a0
counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive exposure (EPE) \u00a0
and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with counterparties in the \u00a0
Scandinavian market. \u00a0
The PDs used in the CVA model are derived from single name liquid credit default swap (CDS). If this is not available, the PDs are derived using \u00a0
proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive exposures to the \u00a0
counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. For the calculation of LGD, \u00a0
the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the expected credit loss impairment, CVA is \u00a0
calculated as if the derivatives were loans subject to impairment because of credit losses. \u00a0
A fair value adjustment for derivatives to cover expected funding costs (FVA and ColVA) is calculated. FVA primarily arises from the cost or \u00a0
benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected future exposures. \u00a0
ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a function of expected collateral \u00a0
balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2024, CVA, FVA and ColVA came to a net amount of DKK 173 million (2023: DKK 153 million), including the adjustment for credit \u00a0
risk on derivatives in stage 3. \u00a0
Bid-offer spread \u00a0
For portfolios of assets and liabilities with offsetting market risk, the Group bases its measurement of the portfolios on mid-market prices and \u00a0
makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the end of 2024, these \u00a0
fair value adjustments totalled DKK 106 million (2023: DKK 138 million). \u00a0
Model risk \u00a0
To account for the uncertainty associated with measuring the value of derivatives on the basis of non-observable input (level 3 in the fair value \u00a0
hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an ongoing basis. At the \u00a0
end of 2024, the reserve totalled DKK 1 million (2023: DKK 1 million). \u00a0
Amortisation of initial margin \u00a0
If, at the time of acquisition, a difference arises between the model value of a financial instrument, calculated on the basis of non-observable \u00a0
input and actual cost (day-one profit or loss), and the difference is not the result of transaction costs, the Group adjusts model parameters to \u00a0
actual cost to take the initial margin into account. Accordingly, the valuation of derivatives includes amortisation of the value of initial margins \u00a0
over the remaining term to maturity. The initial margins relate to elements not covered by the above CVA and FVA adjustments, such as future \u00a0
administrative expenses and capital consumption. At 31 December 2024, the value of unamortised initial margins was DKK 1,229 million \u00a0
(2023: DKK 1,176 million). \u00a0
Amortisation of initial margin \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Unamortised initial margins at 1 January \u00a0
1,176 \u00a0
1,101 \u00a0
Amortised to the income statement during the year \u00a0
-455 \u00a0
-342 \u00a0
Initial margins on new derivatives contracts \u00a0
608 \u00a0
596 \u00a0
Terminated derivatives contracts \u00a0
-100 \u00a0
-179 \u00a0
Unamortised initial margins as at 31 December \u00a0
1,229 \u00a0
1,176 \u00a0
G33. Fair value information for financial instruments \u2013 continued \u00a0
The tables below shows financial instruments valued on the basis of non-observable input. \u00a0
Financial instruments valued on the basis of unobservable input \u00a0
Sensitivity (change in fair value) \u00a0
Gains/losses for the period \u00a0
Carrying \u00a0
(DKK millions) \u00a0
amount \u00a0
Increase \u00a0
Decrease \u00a0
Realised \u00a0
Unrealised \u00a0
31 December 2024 \u00a0
Unlisted shares allocated to insurance contract policyholders \u00a0
36,911 \u00a0
-
-
2,189 \u00a0
-10 \u00a0
Unlisted shares other \u00a0
640 \u00a0
64 \u00a0
64 \u00a0
98 \u00a0
-3 \u00a0
Illiquid bonds \u00a0
2,103 \u00a0
32 \u00a0
32 \u00a0
-
-1,398 \u00a0
Derivatives, net fair value \u00a0
1,171 \u00a0
-
-
-
615 \u00a0
31 December 2023* \u00a0
Unlisted shares allocated to insurance contract policyholders \u00a0
34,755 \u00a0
-
-
522 \u00a0
-522 \u00a0
Unlisted shares other \u00a0
553 \u00a0
55 \u00a0
55 \u00a0
302 \u00a0
-160 \u00a0
Illiquid bonds \u00a0
2,458 \u00a0
56 \u00a0
56 \u00a0
2
-152 \u00a0
Derivatives, net fair value \u00a0
12 \u00a0
-
-
-
1,102 \u00a0
* The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
For unlisted shares allocated to insurance contract policyholders, the policyholders assume most of the risk on the shares. Therefore, changes \u00a0
in the fair value of those shares will only to a limited extent affect the Group\u2019s net profit. The Group\u2019s remaining portfolio of unlisted shares \u00a0
consists primarily of banking-related investments and holdings in private equity funds. The sensitivity of the fair value measurement to \u00a0
changes in the unobservable input disclosed in the table is calculated as a 10% increase or 10 % decrease in fair value. Under current market \u00a0
conditions, an additional 10 % decrease in the fair value is considered to be a conservative adjustment compared to the estimated unrealized \u00a0
fair value at the end of the period. The unrealised adjustments in 2024 were attributable to various unlisted shares. \u00a0
The estimated fair value of illiquid bonds depends significantly on the estimated credit spread. In the table, the sensitivity of the fair value \u00a0
measurement to changes in non-observable input is calculated as a 50bps widening or narrowing of the credit spread. \u00a0
A substantial number of derivatives valued on the basis of non-observable input are hedged by similar derivatives or are used for hedging the \u00a0
credit risk on bonds also valued on the basis of non-observable input. Changing one or more of the non-observable inputs to reflect reasonable, \u00a0
possible alternative assumptions would not change the fair value of the derivatives significantly above what is already covered by the reserve \u00a0
related to fair value adjustment for model risk. \u00a0
Shares, bonds and derivatives valued on the basis of non-observable input \u00a0
Reconciliation from beginning to end of period \u00a0
31 December 2024 \u00a0
31 December 2023* \u00a0
(DKK millions) \u00a0
Shares \u00a0
Bonds \u00a0
Derivatives \u00a0
Shares \u00a0
Bonds \u00a0
Derivatives \u00a0
Fair value at 1 January \u00a0
35,308 \u00a0
2,458 \u00a0
12 \u00a0
48,292 \u00a0
3,369 \u00a0
-1,084 \u00a0
Value adjustment through profit or loss \u00a0
2,274 \u00a0
-1,398 \u00a0
615 \u00a0
142 \u00a0
-150 \u00a0
1,102 \u00a0
Acquisitions \u00a0
3,658 \u00a0
372 \u00a0
707 \u00a0
3,152 \u00a0
161 \u00a0
-250 \u00a0
Sale and redemption \u00a0
-3,856 \u00a0
-21 \u00a0
-105 \u00a0
-16,278 \u00a0
-922 \u00a0
-125 \u00a0
Transferred from quoted prices and observable input \u00a0
167 \u00a0
692 \u00a0
-
-
-
295 \u00a0
Transferred to quoted prices and observable input \u00a0
-
-
-58 \u00a0
-
-
74 \u00a0
Fair value end of period \u00a0
37,551 \u00a0
2,103 \u00a0
1,171 \u00a0
35,308 \u00a0
2,458 \u00a0
12 \u00a0
* The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
The value adjustment through profit or loss is recognised under Net trading income or loss. The transfer of derivatives to the Observable input \u00a0
category consists primarily of maturity reductions, implying that the yield curves have become observable. \u00a0
(b) Financial instruments at amortised cost \u00a0
In this section, the fair value of financial instruments recognised at amortised cost is presented. The fair value is based on quoted market \u00a0
prices, if available. If quoted prices are not available, the value is approximated to reflect the price that would have been fixed had the terms \u00a0
been agreed at the balance sheet date. \u00a0
The fair values disclosed below are determined on the basis of the following principles: \u00a0
Investment securities (bonds classified as hold-to-collect), other issued bonds and subordinated debt \u00a0
Quoted prices in an active market exist for a significant part of these financial instruments. If quoted prices in an active market do not exist, the \u00a0
Group uses an estimate of the current return required by the market to estimate the fair value. \u00a0
Other financial instruments \u00a0
The determination of the fair value of financial instruments recognised at amortised cost is based on the following preconditions relating to \u00a0
interest rate risk: \u00a0
\u2022
For a significant number of the Group\u2019s deposits and loans, the interest rate depends on the standard variable rate fixed by the Group. The \u00a0
rate is adjusted only upon certain changes in market conditions. Such deposits and loans are considered to carry interest at a variable rate, \u00a0
as the standard variable rate fixed by the Group at any time applies to both new and existing arrangements. \u00a0
G33. Fair value information for financial instruments \u2013 continued \u00a0
\u2022
The interest rate risk on some fixed-rate loans extended by the Group is designated as a hedge of the interest rate risk on liabilities. \u00a0
Interest rate risk not hedging the interest rate risk on liabilities is hedged by derivatives. Such hedges are accounted for as fair value \u00a0
hedges, and the fair value of the hedged interest risk is adjusted in the carrying amount of the hedged financial instruments. Consequently, \u00a0
only fair value changes related to fixed-rate loans not hedged by derivatives are adjusted in the fair values presented in the following table. \u00a0
For financial instruments that are only to a limited extent influenced by changes in credit risk, the amortised cost, including the adjustment for \u00a0
the fair value hedge accounting of the interest rate risk, is a reasonable approximation of fair value. This is the case for Due from/to credit \u00a0
institutions and central banks and Deposits. \u00a0
It is assessed that the expected credit loss impairment model used for loans measured at amortised cost is a reasonable proxy for the fair \u00a0
value of the credit risk. \u00a0
In the following table, fair value is presented for classes of financial instruments for which the carrying amount is not a reasonable \u00a0
approximation of fair value. \u00a0
Carrying \u00a0
Observable \u00a0
Non-observable \u00a0
(DKK millions) \u00a0
amount \u00a0
Fair value \u00a0
Quoted prices \u00a0
input \u00a0
input \u00a0
31 December 2024 \u00a0
Financial assets \u00a0
Investment securities \u00a0
135,714 \u00a0
139,484 \u00a0
132,518 \u00a0
6,966 \u00a0
-
Loans at amortised cost \u00a0
921,900 \u00a0
921,883 \u00a0
-
117 \u00a0
921,766 \u00a0
Financial liabilities \u00a0
Issued bonds, including non-preferred senior bonds \u00a0
332,690 \u00a0
334,316 \u00a0
260,389 \u00a0
61,426 \u00a0
12,501 \u00a0
Subordinated debt \u00a0
40,798 \u00a0
40,954 \u00a0
34,173 \u00a0
6,781 \u00a0
-
31 December 2023 \u00a0
Financial assets \u00a0
Investment securities \u00a0
155,398 \u00a0
148,908 \u00a0
141,789 \u00a0
7,119 \u00a0
-
Loans at amortised cost* \u00a0
921,580 \u00a0
921,426 \u00a0
-
150 \u00a0
921,276 \u00a0
Financial liabilities \u00a0
Issued bonds, including non-preferred senior bonds \u00a0
307,428 \u00a0
307,523 \u00a0
273,830 \u00a0
19,286 \u00a0
14,406 \u00a0
Subordinated debt \u00a0
38,774 \u00a0
38,172 \u00a0
37,924 \u00a0
248 \u00a0
-
*Comparative information has been restated as described in note G2(b). \u00a0
The liquidity portfolio managed by Group Treasury includes different portfolios with different business models (see note G13 in this report for \u00a0
further description of business models). Investment securities held within a business model for the purpose of collecting contractual cash \u00a0
flows (hold to collect) and with cash flows that are solely payments of principal and interest on the principal amount outstanding are measured \u00a0
at amortised cost. For investment securities classified as hold-to-collect (see note G13 in this report for further description of business \u00a0
models), amortised cost exceeded fair value as of 31 December 2024 with DKK 3,770 million (31 December 2023: DKK 6,489 million). This \u00a0
portfolio mainly contains Danish mortgage bonds and central and local government bonds and has a weighted average rating factor of 5.9, \u00a0
following Moody\u2019s numerical rating factor to scale, which corresponds to a strong Aa1 rating. The interest rate risk duration for the portfolio is \u00a0
2.9 years. Without any reinvestments, respectively 32%, 46% and 22% of this portfolio will reach maturity within a period of 1 year, between 1 \u00a0
to 5 years, and after 5 years. The difference from amortised cost to fair value has reduced significantly during 2024, due to a decrease in \u00a0
market interest rate levels. The difference is now less than 3% of the amount invested and held at amortised cost. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2087": { "value": "
Financial assets measured at fair value through Other comprehensive income (FVOCI) \u00a0
This category comprises bonds only, and primarily bonds listed in a liquid market, as the Group does not use the option to designate \u00a0
equity instruments at FVOCI. The bonds are held within a business model for the purpose of collecting contractual cash flows and selling \u00a0
(hold to collect and sell). The bonds have cash flows that are solely payments of principal and interest on the principal amount \u00a0
outstanding (i.e. that pass the SPPI test in IFRS 9). FVOCI results in the assets being recognised at fair value in the balance sheet and at \u00a0
amortised cost in the income statement, including the recognition of expected credit losses as described in note G15. Gains and losses, \u00a0
except for expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other comprehensive income \u00a0
until the bond is derecognised. When a fixed interest rate risk is hedged in a hedge that qualifies for fair value hedge accounting, the fair \u00a0
value changes of the hedged interest risk are presented in the income statement under Net trading income or loss. When bonds are sold \u00a0
unrealised value adjustments recognised under Other comprehensive income are reclassified to the income statement and presented \u00a0
under Net trading income or loss. The Group recognises interest income according to the effective interest method, including \u00a0
amortisation of the difference between cost and the redemption value over the term to maturity of the bonds. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2088": { "value": "
Financial assets measured at amortised cost (AMC) \u00a0
This category consists of bonds held within a business model for the purpose of collecting the contractual cash flows (hold to collect) \u00a0
and with cash flows that are solely payments of principal and interest on the principal amount outstanding (i.e. that pass the SPPI test in \u00a0
IFRS 9). The bonds are measured at amortised cost. Interest income is recognised according to the effective interest method, including \u00a0
amortisation of the difference between cost and the redemption value over the term to maturity of the bonds. A change in the \u00a0
contractual cash flows that is required by the Interest Rate Benchmark Reform is accounted for by updating the effective interest rate, \u00a0
without recognising a gain or loss. This can only be applied if the change is necessary as a direct consequence of the reform, and the new \u00a0
basis for determining the contractual cash flows is economically equivalent to the previous basis. The bonds are subject to the expected \u00a0
credit model in IFRS 9 as described in note G15. The interest rate risk on fixed-rate bonds is not hedged. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2095": { "value": "
G14. Due from credit institutions and central banks \u00a0
The item due from credit institutions and central banks includes both balances that are measured at amortised cost and balances that are \u00a0
measured at fair value through profit or loss, depending on the business model for the management of the amounts due from credit \u00a0
institutions. \u00a0
Accounting policy \u00a0
For balances due from credit institutions in the Group\u2019s banking units (Personal & Business Customers, General Banking in Large \u00a0
Corporates & Institutions and Northern Ireland), the business model is \u2018hold to collect\u2019. As the contractual cash flows \u00a0
represent basic lending feature, these balances are measured at amortised cost. For further information on the accounting policy etc., \u00a0
see note G15. \u00a0
For balances due from credit institutions and central banks in the Group\u2019s trading units (Markets in Large Corporates & Institutions) the \u00a0
business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and these balances are mandatorily recognised at fair value \u00a0
through profit or loss. For further information on the accounting policy, see note G16. \u00a0
Cash in hand and demand deposits with central banks \u00a0
Includes cash in hand of DKK 6,909 million (2023: DKK 6,419 million) and demand deposits of DKK 100,590 million (2023: DKK 252,737 million) \u00a0
(measured at amortised cost). \u00a0
Due from credit institutions and central banks includes amounts due within three months and totalled DKK 134,601 million at the end of 2024 \u00a0
(2023: DKK 106,453 million). This amount is included under Cash and cash equivalents in the cash flow statement. \u00a0
Due from credit institutions and central banks \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Due from credit institutions and central banks measured at fair value through profit or loss: \u00a0
Reverse transactions \u00a0
62,039 \u00a0
92,389 \u00a0
Other amounts due \u00a0
1,000 \u00a0
595 \u00a0
Total at fair value through profit or loss \u00a0
63,040 \u00a0
92,984 \u00a0
Due from credit institutions and central banks measured at amortised cost: \u00a0
Reverse transactions \u00a0
6
3,727 \u00a0
Other amounts due \u00a0
80,536 \u00a0
18,118 \u00a0
Allowance account \u00a0
12 \u00a0
16 \u00a0
Total at amortised cost \u00a0
80,529 \u00a0
21,829 \u00a0
Total \u00a0
143,569 \u00a0
114,813 \u00a0
G40. Risk management notes - continued \u00a0
Credit risk \u00a0
The Group offers loans, credits, guarantees and other products as part of its business model and thus takes on credit risk. \u00a0
Credit risk is the risk of losses because debtors or counterparties fail to meet all or part of their payment obligations to the Group. \u00a0
In accordance with the Group\u2019s Credit Policy, the Group carefully assesses the financial situation of customers to ensure that loans granted are \u00a0
suited to their needs and financial capacity and that customers understand their financial obligations. \u00a0
In order to mitigate credit risk, the Group uses a number of measures, including collateral, guarantees and covenants. \u00a0
Further information on the Group\u2019s risk management practices related to credit risk can be found in the report Risk Management 2024. \u00a0
Sustainability risk \u00a0
The Group may be exposed to sustainability drivers. Credit risk is deemed to be the risk type most materially affected by sustainability drivers. \u00a0
Sustainability and ESG considerations are integrated into the Group\u2019s lending practices. \u00a0
Sustainability and credit risk \u00a0
Sustainability risks are identified, assessed and monitored at the portfolio level as part of the annual sector reviews, which include an in-depth \u00a0
assessment of sub-sectors and the customers with the largest exposure.\u00a0This enables the Group to map the most material sustainability risks \u00a0
facing the individual portfolios, monitor aggregate risk levels on an ongoing basis, and identify additional Credit Risk Policy requirements. When \u00a0
deemed necessary, the sustainability risk findings are integrated into the Group\u2019s credit risk tolerance to allow for portfolio management. \u00a0
Relationship managers use a digital system to identify and assess each customer\u2019s sustainability risk level through a set of sector-specific ESG \u00a0
questions for both new and existing business customers. The customer-level sustainability risk assessments serve as input factors in the \u00a0
overall credit decision process and enable the Group to monitor the overall sustainability risk level. All counterparts with a total exposure \u00a0
exceeding DKK 7 million are in scope for an assessment. The scope of analysis is adjusted to capture the size and complexity of the \u00a0
counterparty concerned, with higher risk and larger exposure requiring a more detailed analysis. This requirement covers corporate \u00a0
counterparties in all the Group\u2019s business units, i.e. retail customers, as well as mid- and large corporates. On the back of the results, \u00a0
relationship managers are required to engage with customers with a significant exposure and a high level of identified risks to agree on a \u00a0
future action plan to mitigate these risks. \u00a0
In 2024, around 90% of the Group\u2019s total business exposure in scope was assessed for sustainability risk. The Group implemented a more in- \u00a0
depth analysis of drivers of customers\u2019 ESG risk levels. These bottom-up customer assessments will increasingly be tied to the Group level top- \u00a0
down portfolio risk management efforts. This will ensure a consistent feedback loop between strategic and customer considerations in the \u00a0
Group\u2019s sustainability risk management. \u00a0
Climate risk management \u00a0
Climate risk is identified as the predominant ESG-related factor influencing the Group's credit risk, and risk practices are being enhanced in \u00a0
accordance with regulatory and industry developments. \u00a0
Climate risk is primarily categorized into transition risks, associated with moving towards a low-carbon economy, and physical risks stemming \u00a0
from projected climate changes, including both long-term shifts (chronic changes) and event-driven changes (acute changes) to weather \u00a0
patterns. Both climate-related risks will affect credit risk in the medium and long-term. To address these risks, the Group is actively improving \u00a0
its climate data collection to refine the long-term view of climate-related risks across sectors. \u00a0
At the portfolio level, the Group\u2019s exposure to sectors that face high climate transition and physical risks is outlined in the Pillar III disclosures, \u00a0
e.g. including the disclosure of the energy efficiency of collateral. \u00a0
On the basis of the latest Intergovernmental Panel on Climate Change (IPCC) report on Europe, the Group has identified flooding risk (river and \u00a0
coastal flooding) as the most important physical hazard applicable to the portfolio. The current mapping of exposures subject to flooding risk \u00a0
focuses on residential and commercial property and forms part of the Pillar III disclosures. \u00a0
In accordance with Pillar III transition risk disclosure requirements, the Group reports its financed emissions and the energy efficiency of \u00a0
collateral. The Group has taken into consideration the financed emissions of the sector portfolios identified as climate change contributors. It \u00a0
has been identified that the majority of emissions are attributable to only a few sectors, specifically agriculture, shipping, oil and gas. The Group \u00a0
actively monitors and manages these sectors at both the customer and portfolio levels. For instance, this is evidenced by the decline in the oil \u00a0
and gas portfolio in recent years. \u00a0
The Group performs quantitative climate scenario analyses, including bottom-up climate stress tests to assess the effects of both physical and \u00a0
transition climate-related risks over short-, medium- and long-term horizons. Stress tests related to physical risks focus on collateral-related \u00a0
exposures based on expected loss calculations related to river and coastal flooding. In relation to transition risks, the Group has analysed \u00a0
scenarios for carbon taxes as a key driver for this transition in different sectors. Special focus on transition-risk scenario analyses is given to \u00a0
the Danish agricultural sector, where the introduction of a carbon tax is planned by the Danish government by 2030. For the Danish agricultural \u00a0
sector, results of the stress testing analysis are directly used in the impairment post-model-adjustment process. Moreover, the Group \u00a0
performs detailed bottom-up climate analyses on the commercial real estate sector, which constitutes a large part of the total Group\u2019s \u00a0
exposure, with a particular focus on the EU\u2019s Energy Performance of Buildings Directive. \u00a0
Customer transition risk assessments \u00a0
Managing climate transition risks takes place at both portfolio and customer levels.\u00a0At the portfolio level, the Group sets long-term targets for \u00a0
sectors with high financed emissions, for instance oil & gas, as outlined in the Group\u2019s CSRD reporting. Climate risks are also taken into \u00a0
consideration when the Group determines its risk tolerance process for high-risk segments to further manage the portfolios. \u00a0
The Group has developed a methodology to assess transition risks at the customer level to gain a more granular overview of transition risks in \u00a0
relevant high-emitting sectors. The methodology considers the customers\u2019 current performance as well as their short-, medium-, and long- \u00a0
term ambitions and plans to meet their decarbonisation strategy and targets. In addition, the assessments include an evaluation of the \u00a0
customers\u2019 risk of not executing on their strategies because of external factors that affect their ability to transition, i.e. technology and \u00a0
government support factors. \u00a0
Based on the alignment assessment, technology and government factors, transition risk assessment scores are divided into four categories. \u00a0
The transition risk assessments contribute to the overall credit evaluation of customers by comparing the individual portfolio\u2019s transition risk \u00a0
to the estimated average credit ratings within each category. \u00a0
The Group focuses on financially weak laggards in the transition process as they carry heightened impairment risk. For these customers, the \u00a0
Group has identified mitigating actions, which include collaborating to develop a transition plan that ensures alignment with established \u00a0
standards. Financially weak transition laggards represent approximately 10% of the assessed exposure and will be monitored on an ongoing \u00a0
basis. \u00a0
Credit risk - continued \u00a0
The Group\u2019s view is that climate transition risk is concentrated to a few segments and portfolios which are of generally of good credit quality \u00a0
and for which we have also set climate targets. The most financially material risks from climate change are well addressed in the existing credit \u00a0
risk management processes. Transition risks are managed through risk tolerances, strategic targets, or management overlays adjusting for \u00a0
climate related risks. Initial climate risk insights have concluded that the impacts either manifest over a longer time period than loan \u00a0
maturities, or that transition risks are concentrated in sectors where the downside risks are already addressed in the Group\u2019s existing \u00a0
impairments/ post-model adjustments and capital considerations. \u00a0
Credit exposure \u00a0
Credit exposure consists of balance sheet items and off-balance-sheet items that carry credit risk. Most of the exposure derives from lending \u00a0
activities in the form of secured and unsecured loans. Securities positions taken by the Group\u2019s trading and investment units also entail credit \u00a0
risk and are presented as credit exposure from trading and investment securities as well as derivatives and loans at the Group\u2019s trading units. \u00a0
The overall management of credit risk thus covers credit risk from direct lending activities, counterparty credit risk on derivatives and loans at \u00a0
the Group\u2019s trading units and credit risk from securities positions. \u00a0
Breakdown of credit exposure \u00a0
Trading and \u00a0
(DKK billions) \u00a0
Counterparty \u00a0
investment Customer-funded \u00a0
31 December 2024 \u00a0
Total Lending\u00a0activities \u00a0
credit risk \u00a0
securities \u00a0
investments \u00a0
Balance sheet items \u00a0
Demand deposits with central banks \u00a0
100.6 \u00a0
100.6 \u00a0
-
-
-
Due from credit institutions and central banks \u00a0
143.6 \u00a0
80.5 \u00a0
63.0 \u00a0
-
-
Trading portfolio assets \u00a0
531.8 \u00a0
-
261.0 \u00a0
270.8 \u00a0
-
Investment securities \u00a0
269.1 \u00a0
-
-
269.1 \u00a0
-
Loans at amortised cost \u00a0
921.9 \u00a0
921.9 \u00a0
-
-
-
Loans at fair value \u00a0
1,074.8 \u00a0
755.2 \u00a0
319.6 \u00a0
-
-
Assets under pooled schemes and investment contracts \u00a0
76.2 \u00a0
-
-
-
76.2 \u00a0
Insurance assets \u00a0
548.9 \u00a0
-
-
-
548.9 \u00a0
Assets held for sale \u00a0
-
-
-
-
-
Off-balance-sheet items \u00a0
Guarantees \u00a0
96.4 \u00a0
96.4 \u00a0
-
-
-
Loan commitments shorter than 1 year \u00a0
191.0 \u00a0
191.0 \u00a0
-
-
-
Loan commitments longer than 1 year \u00a0
244.4 \u00a0
244.4 \u00a0
-
-
-
Other unutilised commitments \u00a0
16.7 \u00a0
-
-
-
16.7 \u00a0
Total \u00a0
4,215.3 \u00a0
2,389.9 \u00a0
643.7 \u00a0
539.9 \u00a0
641.7 \u00a0
Credit risk \u2013 continued \u00a0
Trading and \u00a0
(DKK billions) \u00a0
Counterparty \u00a0
investment Customer-funded \u00a0
31 December 2023* \u00a0
Total Lending\u00a0activities \u00a0
credit risk \u00a0
securities \u00a0
investments \u00a0
Balance sheet items \u00a0
Demand deposits with central banks \u00a0
252.7 \u00a0
252.7 \u00a0
-
-
-
Due from credit institutions and central banks \u00a0
114.8 \u00a0
21.8 \u00a0
93.0 \u00a0
-
-
Trading portfolio assets** \u00a0
503.5 \u00a0
-
307.1 \u00a0
196.5 \u00a0
-
Investment securities \u00a0
283.9 \u00a0
-
-
283.9 \u00a0
-
Loans at amortised cost** \u00a0
921.6 \u00a0
921.6 \u00a0
-
-
-
Loans at fair value \u00a0
928.2 \u00a0
753.3 \u00a0
175.0 \u00a0
-
-
Assets under pooled schemes and investment contracts \u00a0
70.9 \u00a0
-
-
-
70.9 \u00a0
Insurance assets \u00a0
496.0 \u00a0
-
-
-
496.0 \u00a0
Assets held for sale \u00a0
110.4 \u00a0
110.4 \u00a0
-
-
-
Off-balance-sheet items \u00a0
Guarantees \u00a0
75.9 \u00a0
75.9 \u00a0
-
-
-
Loan commitments shorter than 1 year \u00a0
197.0 \u00a0
197.0 \u00a0
-
-
-
Loan commitments longer than 1 year \u00a0
220.3 \u00a0
220.3 \u00a0
-
-
-
Other unutilised commitments \u00a0
16.7 \u00a0
-
-
0.1 \u00a0
16.6 \u00a0
Total \u00a0
4,192.1 \u00a0
2,553.0 \u00a0
575.0 \u00a0
480.5 \u00a0
583.6 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. Credit exposure as at 31 December 2023 previously reported under Non-core \u00a0
has been reclassified, and comparatives have been restated to reflect this change. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
The Group\u2019s exposure to the risk on some balance sheet items is limited. This is the case for assets under customer-funded investment pools, \u00a0
investment contracts and insurance contracts. The risk on assets under pooled schemes and investment contracts is assumed solely by the \u00a0
customers, while the risk on insurance assets is assumed primarily by the customers. The section on life insurance risk describes the Group\u2019s \u00a0
credit risk on insurance contracts. \u00a0
In addition to credit exposure from lending activities, Danske Bank had made uncommitted loan offers and granted uncommitted lines of credit \u00a0
of DKK 193 billion at 31 December 2024 (31 December 2023: DKK 232 billion). These items are included in the calculation of the total risk \u00a0
exposure amount in accordance with the Capital Requirements Directive. \u00a0
Credit exposure from lending activities \u00a0
Credit exposure from lending activities in the Group\u2019s banking business includes loans, amounts due from credit institutions and central banks, \u00a0
guarantees and irrevocable loan commitments. The exposure is measured net of expected credit losses and includes repo loans at amortised \u00a0
cost. For reporting purposes, all collateral values are net of haircuts and capped at the exposure amount. \u00a0
The Group\u2019s definition of default for accounting aligns with the regulatory purposes. All exposures in stage 3 are considered default. This \u00a0
includes all non-performing loans. A small amount of credit exposure in stage 3 can be found outside default. This is due to impairment staging \u00a0
being updated monthly (after each month-end), whereas default is updated daily. For the same reason, some credit exposure in default is \u00a0
outside stage 3. The stage 3 coverage ratio is 73% (31 December 2023: 75%). \u00a0
For further details about the Group\u2019s credit risk management and the use of information on expected credit losses for risk management \u00a0
purposes, see Risk Management 2024. \u00a0
Classification of customers \u00a0
The main objectives of risk classification are to rank the Group\u2019s customers according to risk and to estimate each customer\u2019s probability of \u00a0
default (PD). As part of the credit process, the Group classifies customers according to risk and updates their classifications upon receipt of \u00a0
new information. Risk classification comprises rating and credit scoring of customers. While all large customers are rated, the Group uses fully \u00a0
automated and statistically-based scoring models for small customers such as personal customers and small businesses. Credit scores are \u00a0
updated monthly in a process subject to automated controls. \u00a0
The Group has developed a number of classification models to assess customer PD and to classify customers in various segments. \u00a0
In its credit risk management, the Group uses point in time (PIT) PD estimates for risk classification. These PIT PD estimates express a \u00a0
customer\u2019s probability of default within the next 12 months in the current economic situation. The Group\u2019s classification scale consists of 11 \u00a0
main rating categories with fixed PD bands. During a downturn, a customer\u2019s PIT PD may increase, and the customer may migrate to a lower \u00a0
rating category. The effect from a downturn is thus larger when PIT PD is used than if the classification were based on through-the-cycle (TTC) \u00a0
PD, which the Group uses to calculate the risk exposure amount for credit risk. \u00a0
The classification of facilities between stage 1 and 2 for the purpose of calculating expected credit losses under IFRS 9 depends on whether the \u00a0
credit risk has increased significantly since initial recognition. The assessment of whether the credit risk has increased significantly since initial \u00a0
recognition is performed by considering the change in the risk of default occurring over the remaining life of the individual facility and \u00a0
incorporating forward-looking information. A facility is transferred from stage 1 to stage 2 on the basis of observed increases in the probability \u00a0
of default: \u00a0
\u2022
For facilities originated below 1% in PD: an increase in the facility\u2019s 12-month PD of at least 0.5 of a percentage point since initial \u00a0
recognition and a doubling in the facility\u2019s lifetime PD since origination. \u00a0
\u2022
For facilities originated above 1% in PD: an increase in the facility\u2019s 12-month PD of 2 percentage points since origination or a doubling of \u00a0
the facility\u2019s lifetime PD since origination. \u00a0
In addition, facilities that are more than 30 days past due are moved to stage 2. 30 days past due is considered a backstop. Finally, customers \u00a0
subject to forbearance measures are placed in stage 2 if the Group, in the most likely outcome, expects no loss or the customers are in the two- \u00a0
year probation period for performing forborne exposures. \u00a0
A facility is transferred from stage 2 to stage 3 when it becomes credit-impaired. A facility becomes credit-impaired when one or more events \u00a0
that have a detrimental impact on the estimated future cash flows have occurred. This includes observable data about (a) significant financial \u00a0
difficulty of the issuer or the borrower; (b) a breach of contract, such as a default or past due event; (c) the borrower, for financial or contractual \u00a0
reasons relating to the borrower\u2019s financial difficulty, having been granted a concession that would not otherwise have been considered; (d) it is \u00a0
becoming probable that the borrower will enter into bankruptcy or other financial restructuring; and (e) the purchase or origination of a \u00a0
financial asset at a deep discount that reflects the incurred credit loss. It may not be possible to identify a single discrete event \u2013 instead, the \u00a0
combined effect of several events may cause a financial asset to become credit-impaired. Credit-impaired facilities are placed in rating \u00a0
category 10 or 11. For customers in rating category 10, the stage 3 classification applies only to customers where a loss is expected in the \u00a0
most likely scenario. For rating category 11 (default), all facilities are classified as stage 3 exposures. \u00a0
Exposures which are considered to be in default for regulatory purposes will always be categorised as stage 3 exposures under IFRS 9. This \u00a0
applies to 90-days-past-due considerations and unlikely-to-pay factors leading to regulatory default. \u00a0
Management applies judgement and recognises post-model adjustments to cover risks that are not reflected sufficiently in the Group\u2019s \u00a0
expected credit loss model. Besides increasing the expected credit losses, the post-model adjustments may lead to the transfer of part of \u00a0
the gross exposure covered by the post-model adjustments from stage 1 to stage 2 through targeted PD pushes to the current point in \u00a0
time estimates of PD (i.e. increases in the PD for the underlying customers in the selected portfolios covered by the post-model \u00a0
adjustments) to ensure consistency between the methods used for disclosing information about expected credit losses and exposures \u00a0
subject to significant increase in credit risk. While the distribution of customers between the Group\u2019s 11 rating categories is unchanged \u00a0
and reflects the current point-in-time estimate of the underlying customers\u2019 PDs, the PD pushes may lead to the transfer of gross \u00a0
exposures to stage 2 as the assessment of the increase in credit risk is performed by comparing the initial PD with the current PD (after the \u00a0
adjustment for the targeted PD pushes). \u00a0
Expected credit losses \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default (EAD) and \u00a0
the loss given default (LGD). For exposures in stage 1, 12- month expected credit losses are recognised, while lifetime expected credit losses \u00a0
are recognised for exposures in stage 2-3. For further information see note G15. \u00a0
Credit portfolio broken down by rating category \u00a0
The Group\u2019s definition of default for accounting aligns with the regulatory purposes. All exposures in stage 3 are considered default. As a result, \u00a0
all non-performing loans are considered default, and hence equal to the total of stage 3 exposures. \u00a0
Although Stage 3 and default (rating 11) are generally aligned, a small amount of credit exposure in stage 3 can be found outside default. This is \u00a0
due to impairment staging being updated monthly (after each month-end), whereas default is updated daily. For the same reason, some credit \u00a0
exposure in default is outside stage 3. \u00a0
For further details about the Group\u2019s credit risk management and the use of information on expected credit losses for risk management \u00a0
purposes, see Risk Management 2024. \u00a0
The following table breaks down the credit exposure by rating categories and stages. \u00a0
Credit risk \u2013 continued \u00a0
Credit exposure broken down by rating categories \u00a0
(DKK billions) \u00a0
PD level \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2024 \u00a0
Upper \u00a0
Lower \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
1
-
0.01 \u00a0
130.1 \u00a0
-
-
-
-
-
130.1 \u00a0
-
-
108.8 \u00a0
-
-
2
0.01 \u00a0
0.03 \u00a0
191.1 \u00a0
0.2 \u00a0
-
-
-
-
191.1 \u00a0
0.2 \u00a0
-
95.3 \u00a0
-
-
3
0.03 \u00a0
0.06 \u00a0
508.6 \u00a0
0.8 \u00a0
-
0.1 \u00a0
-
-
508.6 \u00a0
0.8 \u00a0
-
259.8 \u00a0
0.5 \u00a0
-
4
0.06 \u00a0
0.14 \u00a0
583.0 \u00a0
2.6 \u00a0
0.1 \u00a0
0.2 \u00a0
-
-
582.8 \u00a0
2.6 \u00a0
0.1 \u00a0
268.9 \u00a0
1.6 \u00a0
-
5
0.14 \u00a0
0.31 \u00a0
422.5 \u00a0
8.5 \u00a0
-
0.4 \u00a0
0.1 \u00a0
-
422.1 \u00a0
8.4 \u00a0
-
154.4 \u00a0
5.1 \u00a0
-
6
0.31 \u00a0
0.63 \u00a0
291.1 \u00a0
39.5 \u00a0
-
0.6 \u00a0
0.6 \u00a0
-
290.4 \u00a0
38.9 \u00a0
-
95.8 \u00a0
14.2 \u00a0
-
7
0.63 \u00a0
1.90 \u00a0
89.1 \u00a0
43.7 \u00a0
0.7 \u00a0
1.2 \u00a0
1.8 \u00a0
0.1 \u00a0
88.0 \u00a0
41.9 \u00a0
0.5 \u00a0
31.3 \u00a0
11.1 \u00a0
0.5 \u00a0
8
1.90 \u00a0
7.98 \u00a0
9.6 \u00a0
28.9 \u00a0
-
0.7 \u00a0
2.2 \u00a0
0.1 \u00a0
8.9 \u00a0
26.7 \u00a0
-
2.5 \u00a0
7.9 \u00a0
-
9
7.98 \u00a0
25.70 \u00a0
1.0 \u00a0
5.1 \u00a0
0.1 \u00a0
-
0.7 \u00a0
-
0.9 \u00a0
4.4 \u00a0
0.1 \u00a0
0.1 \u00a0
1.6 \u00a0
-
10 \u00a0
25.70 \u00a0
99.99 \u00a0
1.0 \u00a0
19.3 \u00a0
0.8 \u00a0
-
2.1 \u00a0
0.1 \u00a0
1.0 \u00a0
17.2 \u00a0
0.7 \u00a0
0.3 \u00a0
6.8 \u00a0
0.1 \u00a0
11 (default) \u00a0
100.00 \u00a0
100.00 \u00a0
0.3 \u00a0
1.5 \u00a0
30.7 \u00a0
0.1 \u00a0
0.1 \u00a0
8.8 \u00a0
0.2 \u00a0
1.4 \u00a0
22.0 \u00a0
-
0.1 \u00a0
3.1 \u00a0
Total \u00a0
2,227.3 \u00a0
150.0 \u00a0
32.5 \u00a0
3.2 \u00a0
7.6 \u00a0
9.1 \u00a0
2,224.1 \u00a0
142.4 \u00a0
23.5 \u00a0
1,017.3 \u00a0
49.0 \u00a0
3.8 \u00a0
PD level \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2023* \u00a0
Upper \u00a0
Lower \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
1
-
0.01 \u00a0
127.8 \u00a0
0.1 \u00a0
-
-
-
-
127.8 \u00a0
0.1 \u00a0
-
108.9 \u00a0
-
-
2
0.01 \u00a0
0.03 \u00a0
291.0 \u00a0
0.3 \u00a0
-
-
-
-
291.0 \u00a0
0.3 \u00a0
-
181.2 \u00a0
-
-
3
0.03 \u00a0
0.06 \u00a0
537.9 \u00a0
0.7 \u00a0
-
0.1 \u00a0
-
-
537.8 \u00a0
0.6 \u00a0
-
263.2 \u00a0
0.4 \u00a0
-
4
0.06 \u00a0
0.14 \u00a0
607.8 \u00a0
1.9 \u00a0
-
0.2 \u00a0
-
-
607.6 \u00a0
1.9 \u00a0
-
274.9 \u00a0
0.5 \u00a0
-
5
0.14 \u00a0
0.31 \u00a0
434.8 \u00a0
8.1 \u00a0
0.1 \u00a0
0.4 \u00a0
-
-
434.5 \u00a0
8.0 \u00a0
0.1 \u00a0
136.5 \u00a0
5.5 \u00a0
-
6
0.31 \u00a0
0.63 \u00a0
290.0 \u00a0
36.9 \u00a0
0.1 \u00a0
0.7 \u00a0
0.6 \u00a0
-
289.3 \u00a0
36.3 \u00a0
0.1 \u00a0
87.2 \u00a0
18.7 \u00a0
-
7
0.63 \u00a0
1.90 \u00a0
92.3 \u00a0
47.3 \u00a0
0.1 \u00a0
1.2 \u00a0
1.9 \u00a0
-
91.1 \u00a0
45.3 \u00a0
0.1 \u00a0
27.9 \u00a0
17.7 \u00a0
-
8
1.90 \u00a0
7.98 \u00a0
12.2 \u00a0
28.1 \u00a0
0.4 \u00a0
0.9 \u00a0
2.8 \u00a0
-
11.3 \u00a0
25.2 \u00a0
0.4 \u00a0
1.7 \u00a0
6.3 \u00a0
0.2 \u00a0
9
7.98 \u00a0
25.70 \u00a0
1.0 \u00a0
4.8 \u00a0
-
-
1.0 \u00a0
-
1.0 \u00a0
3.8 \u00a0
-
0.2 \u00a0
1.0 \u00a0
-
10 \u00a0
25.70 \u00a0
99.99 \u00a0
0.6 \u00a0
14.8 \u00a0
1.3 \u00a0
-
1.0 \u00a0
0.5 \u00a0
0.6 \u00a0
13.8 \u00a0
0.8 \u00a0
0.2 \u00a0
3.7 \u00a0
0.5 \u00a0
11 (default) \u00a0
100.00 \u00a0
100.00 \u00a0
0.6 \u00a0
1.5 \u00a0
30.7 \u00a0
-
-
8.6 \u00a0
0.6 \u00a0
1.5 \u00a0
22.1 \u00a0
0.4 \u00a0
0.2 \u00a0
2.2 \u00a0
Total \u00a0
2,396.2 \u00a0
144.2 \u00a0
32.7 \u00a0
3.6 \u00a0
7.5 \u00a0
9.1 \u00a0
2,392.6 \u00a0
136.7 \u00a0
23.6 \u00a0
1,082.3 \u00a0
54.1 \u00a0
3.0 \u00a0
*Comparative information has been restated as described in note G2(b). In addition, with effect from 1 January 2024, Non-core ceased to exist as a separate segment \u00a0
and became a new sub-segment of Group Functions. Credit exposure as at 31 December 2023 previously reported under Non-core has therefore \u00a0
been reclassified to Group Functions. \u00a0
Credit portfolio broken down by industry (NACE) and stages \u00a0
The following table breaks down credit exposure by industry. The industry segmentation is based on the classification principles of the \u00a0
Statistical Classification of Economic Activities in the European Community (NACE) standard that has been adapted to the Group\u2019s business risk \u00a0
approach used for the active management of the credit portfolio. \u00a0
Credit exposure broken down by industry \u00a0
represent the majority of the exposures in stage 3 within the Shipping, oil and gas industry at the end of December 2024. \u00a0
31 December 2024 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Public institutions \u00a0
190.2 \u00a0
1.4 \u00a0
0.2 \u00a0
-
-
-
190.2 \u00a0
1.4 \u00a0
0.2 \u00a0
188.6 \u00a0
-
-
Financials \u00a0
156.3 \u00a0
2.8 \u00a0
0.4 \u00a0
-
0.1 \u00a0
0.1 \u00a0
156.3 \u00a0
2.7 \u00a0
0.3 \u00a0
140.0 \u00a0
1.9 \u00a0
0.2 \u00a0
Agriculture \u00a0
51.6 \u00a0
5.2 \u00a0
1.6 \u00a0
0.3 \u00a0
0.7 \u00a0
0.5 \u00a0
51.2 \u00a0
4.5 \u00a0
1.1 \u00a0
11.8 \u00a0
1.2 \u00a0
-
Automotive \u00a0
25.5 \u00a0
5.1 \u00a0
0.3 \u00a0
-
0.3 \u00a0
0.1 \u00a0
25.5 \u00a0
4.8 \u00a0
0.1 \u00a0
18.9 \u00a0
2.7 \u00a0
-
Capital goods \u00a0
88.0 \u00a0
11.3 \u00a0
2.1 \u00a0
0.1 \u00a0
0.4 \u00a0
0.8 \u00a0
88.0 \u00a0
10.9 \u00a0
1.3 \u00a0
78.1 \u00a0
8.3 \u00a0
0.3 \u00a0
Commercial property* \u00a0
269.2 \u00a0
31.1 \u00a0
4.0 \u00a0
0.7 \u00a0
1.4 \u00a0
0.9 \u00a0
268.6 \u00a0
29.7 \u00a0
3.1 \u00a0
47.3 \u00a0
4.2 \u00a0
0.4 \u00a0
Construction and building materials \u00a0
43.1 \u00a0
8.0 \u00a0
1.8 \u00a0
0.4 \u00a0
1.1 \u00a0
0.9 \u00a0
42.8 \u00a0
6.9 \u00a0
1.0 \u00a0
31.1 \u00a0
3.2 \u00a0
0.4 \u00a0
Consumer goods \u00a0
78.5 \u00a0
8.2 \u00a0
1.2 \u00a0
-
0.5 \u00a0
0.4 \u00a0
78.5 \u00a0
7.7 \u00a0
0.7 \u00a0
61.7 \u00a0
5.9 \u00a0
0.1 \u00a0
Hotels, restaurants and leisure \u00a0
12.4 \u00a0
1.3 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
12.4 \u00a0
1.3 \u00a0
0.5 \u00a0
3.2 \u00a0
0.3 \u00a0
0.1 \u00a0
Metals and mining \u00a0
16.3 \u00a0
2.6 \u00a0
-
-
0.1 \u00a0
-
16.3 \u00a0
2.5 \u00a0
-
13.6 \u00a0
1.8 \u00a0
-
Other commercials \u00a0
2.1 \u00a0
0.3 \u00a0
1.0 \u00a0
0.1 \u00a0
-
0.1 \u00a0
2.0 \u00a0
0.3 \u00a0
0.9 \u00a0
-
-
0.6 \u00a0
Pharma and medical devices \u00a0
56.1 \u00a0
1.4 \u00a0
-
-
0.1 \u00a0
-
56.0 \u00a0
1.3 \u00a0
-
52.9 \u00a0
1.1 \u00a0
-
Private housing co-ops and non-profit associations \u00a0
200.3 \u00a0
3.3 \u00a0
0.5 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
200.3 \u00a0
3.2 \u00a0
0.4 \u00a0
26.8 \u00a0
0.5 \u00a0
0.1 \u00a0
Pulp, paper and chemicals \u00a0
44.9 \u00a0
3.4 \u00a0
0.7 \u00a0
-
0.2 \u00a0
0.2 \u00a0
44.8 \u00a0
3.2 \u00a0
0.5 \u00a0
33.8 \u00a0
2.1 \u00a0
0.1 \u00a0
Retailing \u00a0
26.4 \u00a0
4.9 \u00a0
1.9 \u00a0
0.1 \u00a0
0.4 \u00a0
0.6 \u00a0
26.3 \u00a0
4.5 \u00a0
1.3 \u00a0
16.4 \u00a0
3.4 \u00a0
0.6 \u00a0
Services \u00a0
75.6 \u00a0
4.9 \u00a0
1.2 \u00a0
0.2 \u00a0
0.5 \u00a0
0.4 \u00a0
75.4 \u00a0
4.4 \u00a0
0.8 \u00a0
63.4 \u00a0
2.7 \u00a0
0.4 \u00a0
Shipping, oil and gas \u00a0
37.5 \u00a0
5.6 \u00a0
1.5 \u00a0
-
0.1 \u00a0
0.2 \u00a0
37.5 \u00a0
5.6 \u00a0
1.4 \u00a0
21.5 \u00a0
0.4 \u00a0
0.2 \u00a0
Social services \u00a0
26.5 \u00a0
2.7 \u00a0
0.3 \u00a0
-
0.1 \u00a0
0.1 \u00a0
26.5 \u00a0
2.6 \u00a0
0.2 \u00a0
10.0 \u00a0
2.1 \u00a0
-
Telecom and media \u00a0
23.8 \u00a0
1.3 \u00a0
1.3 \u00a0
-
0.1 \u00a0
0.7 \u00a0
23.8 \u00a0
1.2 \u00a0
0.6 \u00a0
18.2 \u00a0
1.1 \u00a0
0.1 \u00a0
Transportation \u00a0
22.6 \u00a0
2.1 \u00a0
1.2 \u00a0
-
0.1 \u00a0
0.3 \u00a0
22.6 \u00a0
2.0 \u00a0
0.9 \u00a0
14.6 \u00a0
0.7 \u00a0
-
Utilities and infrastructure \u00a0
90.3 \u00a0
0.3 \u00a0
-
-
-
-
90.3 \u00a0
0.3 \u00a0
-
67.2 \u00a0
0.2 \u00a0
-
Personal customers \u00a0
689.9 \u00a0
42.7 \u00a0
10.6 \u00a0
1.0 \u00a0
1.3 \u00a0
2.6 \u00a0
688.8 \u00a0
41.3 \u00a0
8.0 \u00a0
98.1 \u00a0
5.1 \u00a0
-
Total \u00a0
2,227.3 \u00a0
150.0 \u00a0
32.5 \u00a0
3.2 \u00a0
7.6 \u00a0
9.1 \u00a0
2,224.1 \u00a0
142.4 \u00a0
23.5 \u00a0
1,017.3 \u00a0
49.0 \u00a0
3.8 \u00a0
* As at 31 December 2024, DKK 148 billion of the net exposure in Commercial property is towards residential assets. \u00a0
Credit risk \u2013 continued \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2023* \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Public institutions \u00a0
298.6 \u00a0
1.0 \u00a0
0.3 \u00a0
-
-
-
298.6 \u00a0
1.0 \u00a0
0.3 \u00a0
295.9 \u00a0
-
-
Financials \u00a0
152.9 \u00a0
3.4 \u00a0
0.4 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
152.9 \u00a0
3.3 \u00a0
0.2 \u00a0
134.7 \u00a0
2.7 \u00a0
0.2 \u00a0
Agriculture \u00a0
54.8 \u00a0
4.6 \u00a0
2.2 \u00a0
0.3 \u00a0
0.7 \u00a0
0.6 \u00a0
54.5 \u00a0
3.9 \u00a0
1.7 \u00a0
13.1 \u00a0
0.9 \u00a0
-
Automotive \u00a0
24.9 \u00a0
2.5 \u00a0
0.3 \u00a0
-
0.1 \u00a0
0.1 \u00a0
24.9 \u00a0
2.4 \u00a0
0.1 \u00a0
19.9 \u00a0
1.1 \u00a0
-
Capital goods \u00a0
82.7 \u00a0
13.3 \u00a0
1.2 \u00a0
0.1 \u00a0
0.3 \u00a0
0.5 \u00a0
82.6 \u00a0
13.0 \u00a0
0.7 \u00a0
74.3 \u00a0
10.9 \u00a0
0.3 \u00a0
Commercial property** \u00a0
258.0 \u00a0
32.4 \u00a0
4.7 \u00a0
0.8 \u00a0
1.8 \u00a0
0.9 \u00a0
257.3 \u00a0
30.6 \u00a0
3.8 \u00a0
28.8 \u00a0
4.7 \u00a0
0.4 \u00a0
Construction and building materials \u00a0
42.8 \u00a0
6.5 \u00a0
2.1 \u00a0
0.3 \u00a0
1.0 \u00a0
0.9 \u00a0
42.5 \u00a0
5.6 \u00a0
1.2 \u00a0
30.3 \u00a0
2.8 \u00a0
0.5 \u00a0
Consumer goods \u00a0
67.5 \u00a0
8.3 \u00a0
1.3 \u00a0
0.1 \u00a0
0.4 \u00a0
0.5 \u00a0
67.4 \u00a0
7.8 \u00a0
0.9 \u00a0
53.5 \u00a0
5.6 \u00a0
0.2 \u00a0
Hotels, restaurants and leisure \u00a0
12.7 \u00a0
1.8 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
12.7 \u00a0
1.8 \u00a0
0.5 \u00a0
3.0 \u00a0
0.5 \u00a0
0.1 \u00a0
Metals and mining \u00a0
14.6 \u00a0
1.2 \u00a0
-
-
-
-
14.6 \u00a0
1.2 \u00a0
-
12.6 \u00a0
0.9 \u00a0
-
Other commercials \u00a0
11.6 \u00a0
0.3 \u00a0
0.3 \u00a0
0.1 \u00a0
-
0.1 \u00a0
11.5 \u00a0
0.3 \u00a0
0.2 \u00a0
7.9 \u00a0
0.1 \u00a0
-
Pharma and medical devices \u00a0
44.1 \u00a0
2.9 \u00a0
-
-
-
-
44.0 \u00a0
2.9 \u00a0
-
40.6 \u00a0
2.5 \u00a0
-
Private housing co-ops and non-profit associations \u00a0
191.1 \u00a0
4.5 \u00a0
0.6 \u00a0
0.1 \u00a0
0.3 \u00a0
0.2 \u00a0
191.1 \u00a0
4.2 \u00a0
0.5 \u00a0
22.6 \u00a0
1.0 \u00a0
0.1 \u00a0
Pulp, paper and chemicals \u00a0
40.7 \u00a0
3.7 \u00a0
0.9 \u00a0
-
0.1 \u00a0
0.2 \u00a0
40.7 \u00a0
3.6 \u00a0
0.7 \u00a0
29.4 \u00a0
2.6 \u00a0
0.3 \u00a0
Retailing \u00a0
27.7 \u00a0
5.2 \u00a0
1.9 \u00a0
0.1 \u00a0
0.3 \u00a0
0.7 \u00a0
27.6 \u00a0
4.9 \u00a0
1.2 \u00a0
17.6 \u00a0
3.8 \u00a0
0.5 \u00a0
Services \u00a0
63.4 \u00a0
7.6 \u00a0
1.0 \u00a0
0.2 \u00a0
0.3 \u00a0
0.4 \u00a0
63.2 \u00a0
7.3 \u00a0
0.6 \u00a0
51.3 \u00a0
5.9 \u00a0
0.3 \u00a0
Shipping, oil and gas \u00a0
36.3 \u00a0
1.9 \u00a0
2.4 \u00a0
-
0.1 \u00a0
0.4 \u00a0
36.3 \u00a0
1.9 \u00a0
2.0 \u00a0
20.4 \u00a0
0.6 \u00a0
-
Social services \u00a0
29.5 \u00a0
1.3 \u00a0
0.3 \u00a0
-
0.1 \u00a0
0.1 \u00a0
29.4 \u00a0
1.2 \u00a0
0.2 \u00a0
13.0 \u00a0
0.7 \u00a0
-
Telecom and media \u00a0
23.7 \u00a0
0.8 \u00a0
1.7 \u00a0
-
0.1 \u00a0
0.7 \u00a0
23.7 \u00a0
0.7 \u00a0
0.9 \u00a0
18.4 \u00a0
0.6 \u00a0
-
Transportation \u00a0
15.6 \u00a0
2.1 \u00a0
0.4 \u00a0
-
0.1 \u00a0
0.1 \u00a0
15.6 \u00a0
2.0 \u00a0
0.3 \u00a0
7.2 \u00a0
0.7 \u00a0
-
Utilities and infrastructure \u00a0
84.0 \u00a0
1.3 \u00a0
-
-
-
-
84.0 \u00a0
1.3 \u00a0
-
62.2 \u00a0
1.2 \u00a0
-
Personal customers \u00a0
819.0 \u00a0
37.7 \u00a0
10.2 \u00a0
1.4 \u00a0
1.6 \u00a0
2.5 \u00a0
817.5 \u00a0
36.1 \u00a0
7.7 \u00a0
125.5 \u00a0
4.2 \u00a0
-
Total \u00a0
2,396.2 \u00a0
144.2 \u00a0
32.7 \u00a0
3.6 \u00a0
7.5 \u00a0
9.1 \u00a0
2,392.6 \u00a0
136.7 \u00a0
23.6 \u00a0
1,082.3 \u00a0
54.1 \u00a0
3.0 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. Credit exposure as at 31 December 2023 previously reported under Non-core \u00a0
has been reclassified, and comparatives under Lending activities have been restated to reflect this change. There is no change to total Credit exposure as at 31 \u00a0
December 2024. \u00a0
**As at 31 December 2024, DKK 148 billion of the net exposure in Commercial property is towards residential assets \u00a0
.
Credit risk \u2013 continued \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is obtaining \u00a0
collateral. The table showing collateral by type (after haircut) is included. The mitigating effect from collateral at the \u00a0
end of December 2024 can be found as the difference between the columns \u2018Net exposure\u2019 and \u2018Net exposure, ex collateral\u2019 and amounted to \u00a0
DKK 1,319.9 billion at 31 December 2024 (31 December 2023: DKK 1,413.5 billion). \u00a0
Credit exposure by business unit \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2024 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Personal Customers \u00a0
Personal Customers Denmark \u00a0
431.1 \u00a0
23.2 \u00a0
7.1 \u00a0
0.7 \u00a0
0.9 \u00a0
1.4 \u00a0
430.3 \u00a0
22.3 \u00a0
5.7 \u00a0
57.5 \u00a0
2.1 \u00a0
0.4 \u00a0
Personal Customers Sweden \u00a0
95.2 \u00a0
4.0 \u00a0
0.5 \u00a0
0.1 \u00a0
0.2 \u00a0
0.1 \u00a0
95.2 \u00a0
3.8 \u00a0
0.4 \u00a0
27.9 \u00a0
0.9 \u00a0
-
Personal Customers Finland \u00a0
72.5 \u00a0
8.8 \u00a0
1.9 \u00a0
0.1 \u00a0
0.2 \u00a0
0.6 \u00a0
72.4 \u00a0
8.6 \u00a0
1.3 \u00a0
4.2 \u00a0
0.6 \u00a0
-
Personal Customers Norway \u00a0
0.5 \u00a0
0.2 \u00a0
0.3 \u00a0
-
-
0.1 \u00a0
0.5 \u00a0
0.2 \u00a0
0.2 \u00a0
0.1 \u00a0
-
-
Global Private Banking \u00a0
71.8 \u00a0
3.5 \u00a0
0.9 \u00a0
-
0.1 \u00a0
0.2 \u00a0
71.7 \u00a0
3.3 \u00a0
0.7 \u00a0
12.3 \u00a0
0.5 \u00a0
0.1 \u00a0
Personal Customers Other \u00a0
0.2 \u00a0
-
-
-
-
-
0.2 \u00a0
-
-
0.2 \u00a0
-
-
Total Personal Customers \u00a0
671.2 \u00a0
39.6 \u00a0
10.7 \u00a0
1.0 \u00a0
1.3 \u00a0
2.4 \u00a0
670.3 \u00a0
38.3 \u00a0
8.3 \u00a0
102.2 \u00a0
4.1 \u00a0
0.4 \u00a0
Business Customers \u00a0
Asset Finance \u00a0
49.1 \u00a0
10.4 \u00a0
2.7 \u00a0
0.1 \u00a0
0.4 \u00a0
0.7 \u00a0
49.0 \u00a0
10.0 \u00a0
2.0 \u00a0
17.8 \u00a0
2.1 \u00a0
0.2 \u00a0
Business Customers \u00a0
318.0 \u00a0
38.5 \u00a0
10.8 \u00a0
1.1 \u00a0
3.4 \u00a0
3.8 \u00a0
316.9 \u00a0
35.1 \u00a0
7.0 \u00a0
105.7 \u00a0
13.7 \u00a0
1.0 \u00a0
Commercial Real Estate \u00a0
326.1 \u00a0
22.2 \u00a0
0.7 \u00a0
0.4 \u00a0
0.7 \u00a0
0.1 \u00a0
325.7 \u00a0
21.6 \u00a0
0.6 \u00a0
60.8 \u00a0
2.5 \u00a0
-
Business Customers Other \u00a0
0.4 \u00a0
-
-
-
-
-
0.4 \u00a0
-
-
0.4 \u00a0
-
-
Total Business Customers \u00a0
693.6 \u00a0
71.1 \u00a0
14.2 \u00a0
1.6 \u00a0
4.5 \u00a0
4.7 \u00a0
692.0 \u00a0
66.7 \u00a0
9.5 \u00a0
184.7 \u00a0
18.4 \u00a0
1.2 \u00a0
Large Corporates & Institutions \u00a0
649.9 \u00a0
35.7 \u00a0
6.1 \u00a0
0.4 \u00a0
1.7 \u00a0
1.5 \u00a0
649.5 \u00a0
34.0 \u00a0
4.5 \u00a0
572.0 \u00a0
26.1 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
100.9 \u00a0
3.4 \u00a0
1.5 \u00a0
0.3 \u00a0
0.1 \u00a0
0.5 \u00a0
100.7 \u00a0
3.3 \u00a0
1.0 \u00a0
49.2 \u00a0
0.4 \u00a0
-
Group Functions \u00a0
111.7 \u00a0
0.1 \u00a0
-
-
-
-
111.7 \u00a0
0.1 \u00a0
-
109.2 \u00a0
0.1 \u00a0
-
Total \u00a0
2,227.3 \u00a0
150.0 \u00a0
32.5 \u00a0
3.2 \u00a0
7.6 \u00a0
9.1 \u00a0
2,224.1 \u00a0
142.4 \u00a0
23.5 \u00a0
1,017.3 \u00a0
49.0 \u00a0
3.8 \u00a0
Credit risk \u2013 continued \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2023* \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Personal Customers** \u00a0
Personal Customers Denmark \u00a0
424.0 \u00a0
18.6 \u00a0
6.2 \u00a0
1.0 \u00a0
0.9 \u00a0
1.3 \u00a0
423.0 \u00a0
17.7 \u00a0
4.9 \u00a0
49.4 \u00a0
1.8 \u00a0
-
Personal Customers Sweden \u00a0
101.8 \u00a0
2.9 \u00a0
0.3 \u00a0
0.1 \u00a0
0.2 \u00a0
0.1 \u00a0
101.7 \u00a0
2.7 \u00a0
0.3 \u00a0
32.1 \u00a0
0.4 \u00a0
-
Personal Customers Finland \u00a0
76.9 \u00a0
5.6 \u00a0
1.9 \u00a0
0.2 \u00a0
0.2 \u00a0
0.6 \u00a0
76.7 \u00a0
5.4 \u00a0
1.3 \u00a0
4.2 \u00a0
0.2 \u00a0
-
Personal Customers Norway \u00a0
125.9 \u00a0
4.3 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
125.8 \u00a0
4.2 \u00a0
0.4 \u00a0
30.1 \u00a0
0.7 \u00a0
-
Global Private Banking \u00a0
76.5 \u00a0
3.1 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
76.4 \u00a0
3.0 \u00a0
0.5 \u00a0
16.2 \u00a0
1.0 \u00a0
-
Personal Customers Other \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Total Personal Customers \u00a0
805.0 \u00a0
34.6 \u00a0
9.6 \u00a0
1.3 \u00a0
1.6 \u00a0
2.4 \u00a0
803.7 \u00a0
33.0 \u00a0
7.3 \u00a0
132.1 \u00a0
4.1 \u00a0
-
Business Customers \u00a0
Asset Finance \u00a0
52.7 \u00a0
9.4 \u00a0
1.4 \u00a0
0.1 \u00a0
0.5 \u00a0
0.5 \u00a0
52.6 \u00a0
8.8 \u00a0
0.9 \u00a0
19.5 \u00a0
1.6 \u00a0
-
Business Customers \u00a0
309.6 \u00a0
36.8 \u00a0
10.4 \u00a0
1.1 \u00a0
3.0 \u00a0
3.7 \u00a0
308.5 \u00a0
33.8 \u00a0
6.7 \u00a0
93.3 \u00a0
13.8 \u00a0
0.6 \u00a0
Commercial Real Esate \u00a0
308.0 \u00a0
24.9 \u00a0
2.3 \u00a0
0.4 \u00a0
1.1 \u00a0
0.3 \u00a0
307.6 \u00a0
23.8 \u00a0
2.0 \u00a0
44.8 \u00a0
3.9 \u00a0
0.1 \u00a0
Business Customers Other \u00a0
0.4 \u00a0
-
0.1 \u00a0
-
-
-
0.4 \u00a0
-
0.1 \u00a0
0.4 \u00a0
-
-
Total Business Customers \u00a0
670.6 \u00a0
71.1 \u00a0
14.2 \u00a0
1.6 \u00a0
4.7 \u00a0
4.5 \u00a0
669.0 \u00a0
66.4 \u00a0
9.7 \u00a0
158.0 \u00a0
19.3 \u00a0
0.6 \u00a0
Large Corporates & Institutions \u00a0
598.8 \u00a0
33.8 \u00a0
6.9 \u00a0
0.4 \u00a0
1.1 \u00a0
1.8 \u00a0
598.5 \u00a0
32.7 \u00a0
5.1 \u00a0
514.5 \u00a0
29.8 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
89.4 \u00a0
4.7 \u00a0
1.9 \u00a0
0.3 \u00a0
0.1 \u00a0
0.4 \u00a0
89.1 \u00a0
4.6 \u00a0
1.5 \u00a0
48.1 \u00a0
0.8 \u00a0
0.2 \u00a0
Group Functions \u00a0
232.3 \u00a0
0.1 \u00a0
-
-
-
-
232.3 \u00a0
0.1 \u00a0
-
229.7 \u00a0
-
-
Total \u00a0
2,396.2 \u00a0
144.2 \u00a0
32.7 \u00a0
3.6 \u00a0
7.5 \u00a0
9.1 \u00a0
2,392.6 \u00a0
136.7 \u00a0
23.6 \u00a0
1,082.3 \u00a0
54.1 \u00a0
3.0 \u00a0
* Comparative information has been restated as described in note G2(b). In addition, with effect from 1 January 2024, Non-core ceased to exist as a separate \u00a0
segment and became a new sub-segment of Group Functions. Credit exposure as at 31 December 2023 previously reported under Non-core has therefore been \u00a0
reclassified to Group Functions. \u00a0
** Personal Customers Sweden, Personal Customers Finland and Personal Customers Norway are new sub-segments in Personal Customers in 2024. Comparatives \u00a0
have been reclassified. There is no change to total credit exposure for Personal Customers as at 31 December 2023. \u00a0
Credit risk \u2013 continued \u00a0
Concentration risk \u00a0
The Group has implemented a set of frameworks to manage the concentration risk to which the Group is exposed. These frameworks cover \u00a0
single-name concentrations, industry concentrations and geographical concentrations. \u00a0
Industry concentrations \u00a0
The Group manages industry concentrations as part of its credit risk tolerance framework by setting exposure limits on select ed industries. \u00a0
For commercial property, this also includes reducing the number of low-quality customers to ensure creditworthiness within the concentration \u00a0
limits. The industry concentrations are updated on an ongoing basis and at least once a year. The Group accepts the risks on material \u00a0
concentrations in accordance with the industry-specific guidelines that outline the use of credit policies within the industry. For personal \u00a0
customers, the Group also manages key concentrations in relation to high loan-to-value (LTV) ratios and short-term interest loans, for example. \u00a0
Geographical concentrations \u00a0
Credit reporting includes a breakdown by country. For selected countries, exposures to sovereigns, financial institutions and counterparties in \u00a0
derivatives trading are managed within country limits. \u00a0
Single-name concentrations and large exposures \u00a0
Limits are set on credit risk exposures to single names, thus protecting the Group from excessive losses resulting from the default of a single \u00a0
customer group. \u00a0
The limits on large exposures are defined within the large exposure restrictions of article 391 of the Capital Requirements Regulation (EU) No \u00a0
575/2013 (CRR): \u00a0
\u2022
an absolute limit on the largest single aggregate exposure. \u00a0
\u2022
the sum of the 20 largest exposures. \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is obtaining \u00a0
collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to ensure it \u00a0
reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus ensuring that the \u00a0
Group complies with regulatory requirements. \u00a0
The validity of the internal and external inputs on which the valuation models depend is assessed regularly and the performance of the models \u00a0
themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that need to be addressed. \u00a0
The market value of collateral is subject to a haircut to reflect the fact that the Group may not be able to obtain the estimated market value \u00a0
upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility during the \u00a0
sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory purposes, the Group \u00a0
also applies more conservative haircuts in order to capture the risk of an economic downturn. \u00a0
Credit risk \u2013 continued \u00a0
Types of collateral \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Functions \u00a0
Total \u00a0
31 December 2024 \u00a0
Real property \u00a0
583.2 \u00a0
441.4 \u00a0
36.3 \u00a0
48.8 \u00a0
-
1,109.7 \u00a0
- Personal \u00a0
575.6 \u00a0
1.0 \u00a0
-
30.8 \u00a0
-
607.4 \u00a0
- Commercial \u00a0
5.8 \u00a0
408.4 \u00a0
34.7 \u00a0
15.0 \u00a0
-
463.9 \u00a0
- Agricultural \u00a0
1.9 \u00a0
31.9 \u00a0
1.5 \u00a0
3.0 \u00a0
-
38.5 \u00a0
Bank accounts \u00a0
-
-
-
-
-
-
Custody account and securities \u00a0
6.4 \u00a0
4.1 \u00a0
6.3 \u00a0
-
-
16.8 \u00a0
Vehicles \u00a0
1.9 \u00a0
22.8 \u00a0
-
-
-
24.6 \u00a0
Equipment \u00a0
-
15.1 \u00a0
3.3 \u00a0
3.5 \u00a0
-
21.9 \u00a0
Vessels \u00a0
-
1.5 \u00a0
21.0 \u00a0
-
-
22.5 \u00a0
Guarantees \u00a0
17.7 \u00a0
48.3 \u00a0
16.4 \u00a0
1.3 \u00a0
-
83.6 \u00a0
Amounts due \u00a0
-
3.1 \u00a0
0.5 \u00a0
0.3 \u00a0
-
4.0 \u00a0
Other assets \u00a0
0.1 \u00a0
28.4 \u00a0
4.0 \u00a0
1.6 \u00a0
2.4 \u00a0
36.6 \u00a0
Total collateral \u00a0
609.4 \u00a0
564.7 \u00a0
87.8 \u00a0
55.5 \u00a0
2.5 \u00a0
1,319.9 \u00a0
Total unsecured credit exposure \u00a0
107.5 \u00a0
203.5 \u00a0
600.2 \u00a0
49.5 \u00a0
960.8 \u00a0
Unsecured portion of credit exposure (%) \u00a0
15.0% \u00a0
26.5% \u00a0
87.2% \u00a0
47.2% \u00a0
-
42.1% \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Functions \u00a0
Total \u00a0
31 December 2023 \u00a0
Real property \u00a0
696.2 \u00a0
489.9 \u00a0
42.6 \u00a0
40.3 \u00a0
0.1 \u00a0
1,269.1 \u00a0
- Personal \u00a0
687.3 \u00a0
1.5 \u00a0
-
26.6 \u00a0
0.1 \u00a0
715.6 \u00a0
- Commercial \u00a0
6.8 \u00a0
452.4 \u00a0
40.7 \u00a0
11.4 \u00a0
-
511.4 \u00a0
- Agricultural \u00a0
2.0 \u00a0
36.0 \u00a0
1.9 \u00a0
2.2 \u00a0
-
42.1 \u00a0
Bank accounts \u00a0
0.2 \u00a0
0.4 \u00a0
-
-
-
0.6 \u00a0
Custody account and securities \u00a0
3.6 \u00a0
4.1 \u00a0
10.2 \u00a0
-
-
17.9 \u00a0
Vehicles \u00a0
2.0 \u00a0
19.7 \u00a0
3.2 \u00a0
-
-
24.9 \u00a0
Equipment \u00a0
-
12.2 \u00a0
3.4 \u00a0
2.5 \u00a0
-
18.1 \u00a0
Vessels \u00a0
-
1.1 \u00a0
18.1 \u00a0
-
-
19.2 \u00a0
Guarantees \u00a0
6.2 \u00a0
3.6 \u00a0
12.1 \u00a0
1.9 \u00a0
-
23.8 \u00a0
Amounts due \u00a0
0.1 \u00a0
2.3 \u00a0
0.8 \u00a0
0.2 \u00a0
-
3.3 \u00a0
Other assets \u00a0
0.1 \u00a0
29.2 \u00a0
3.5 \u00a0
1.4 \u00a0
2.5 \u00a0
36.7 \u00a0
Total collateral \u00a0
708.3 \u00a0
562.5 \u00a0
94.0 \u00a0
46.2 \u00a0
2.6 \u00a0
1,413.6 \u00a0
Total unsecured credit exposure \u00a0
135.7 \u00a0
182.7 \u00a0
539.3 \u00a0
49.0 \u00a0
-
906.7 \u00a0
Unsecured portion of credit exposure (%) \u00a0
16.1% \u00a0
24.5% \u00a0
85.2% \u00a0
51.4% \u00a0
-
39.1% \u00a0
Credit risk \u2013 continued \u00a0
Past due amounts (excluding loans in rating category 10 and 11) \u00a0
Past due amounts \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Northern \u00a0
Group \u00a0
Total past due\u00a0Total due under \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions \u00a0
amount \u00a0
loans \u00a0
31 December 2024 \u00a0
6-30 days \u00a0
11 \u00a0
7
-
1
-
19 \u00a0
910 \u00a0
31-60 days \u00a0
2
13 \u00a0
-
2
-
17 \u00a0
349 \u00a0
> 60 days \u00a0
5
3
-
-
-
9
1,092 \u00a0
Total past due amounts \u00a0
18 \u00a0
24 \u00a0
-
3
-
45 \u00a0
Total due under loans \u00a0
1,195 \u00a0
1,094 \u00a0
1
61 \u00a0
-
2,351 \u00a0
31 December 2023 \u00a0
6-30 days \u00a0
43 \u00a0
39 \u00a0
14 \u00a0
2
-
98 \u00a0
1,592 \u00a0
31-60 days \u00a0
23 \u00a0
17 \u00a0
3
2
-
44 \u00a0
588 \u00a0
> 60 days \u00a0
34 \u00a0
12 \u00a0
-
5
-
52 \u00a0
454 \u00a0
Total past due amounts \u00a0
100 \u00a0
68 \u00a0
17 \u00a0
8
-
194 \u00a0
Total due under loans \u00a0
1,640 \u00a0
887 \u00a0
17 \u00a0
89 \u00a0
1
2,634 \u00a0
For the past due amounts, the average unsecured portion of the claims recorded was 21.6% at the end of 2024 (2023: 23.6%). Real property \u00a0
accounted for 78.6% of collateral provided (2023: 59.7%). \u00a0
Forbearance practices and repossessed assets \u00a0
The Group adopts forbearance plans to assist customers in financial difficulty. Concessions granted to customers include interest-reduction \u00a0
schedules, interest-only schedules, temporary payment holidays, term extensions, cancellation of outstanding fees, waiver of covenant \u00a0
enforcement and debt forgiveness. Forbearance plans must comply with the Group\u2019s Credit Policy. They are used as an instrument to retain \u00a0
long-term business relationships during economic downturns if there is a realistic possibility that the customer will be able to meet its \u00a0
obligations again, or are used for minimising losses in the event of default. \u00a0
If it proves impossible to improve the customer\u2019s financial situation by forbearance measures, the Group will consider whether to subject the \u00a0
customer\u2019s assets to a forced sale or whether the assets could be realised later at higher net proceeds. At the end of 2024, the Group had \u00a0
recognised properties taken over in Denmark at a carrying amount of DKK 13 million (2023: DKK 17 million), and there were no properties taken \u00a0
over in other countries (2023: DKK 0 million). The properties are held for sale and included under Assets held for sale in the balance sheet. \u00a0
The Group applies the European Banking Authority\u2019s (the EBA\u2019s) definition of loans subject to forbearance measures. The EBA definition states \u00a0
that a probation period of a minimum of two years must pass from the date when forborne exposures are considered to be performing again. \u00a0
Forbearance measures lead to changes in staging for impairment purposes, and impairments relating to forborne exposures are handled \u00a0
according to the principles described in note G15. \u00a0
Exposures subject to forbearance measures \u00a0
(DKK millions) \u00a0
31 December 2024\u00a031 December 2023 \u00a0
Stage 1 \u00a0
256 \u00a0
297 \u00a0
Stage 2 \u00a0
7,629 \u00a0
5,279 \u00a0
Stage 3 \u00a0
6,966 \u00a0
7,023 \u00a0
Total \u00a0
14,851 \u00a0
12,598 \u00a0
Credit risk \u2013 continued \u00a0
Expected credit losses (allowance account) \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default (EAD) and \u00a0
the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal models in order to \u00a0
ensure alignment of models across the Group. New models and calculations have been developed especially for IFRS 9 purposes, including \u00a0
models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairments are allocated to individual exposures. For \u00a0
significant stage 3 exposures, the Group determines the expected credit losses individually. \u00a0
Allowance account broken down by stage \u00a0
(DKK millions) \u00a0
Stage 1* \u00a0
Stage 2* \u00a0
Stage 3* \u00a0
Total* \u00a0
ECL allowance account as at 1 January 2023 \u00a0
3,273 \u00a0
8,082 \u00a0
8,290 \u00a0
19,645 \u00a0
Transferred to stage 1 during the period \u00a0
2,406 \u00a0
-2,274 \u00a0
-132 \u00a0
-
Transferred to stage 2 during the period \u00a0
-211 \u00a0
668 \u00a0
-457 \u00a0
-
Transferred to stage 3 during the period \u00a0
-22 \u00a0
-505 \u00a0
527 \u00a0
-
ECL on new assets \u00a0
601 \u00a0
1,249 \u00a0
607 \u00a0
2,457 \u00a0
ECL on assets derecognised \u00a0
-513 \u00a0
-1,142 \u00a0
-940 \u00a0
-2,595 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,923 \u00a0
1,393 \u00a0
1,544 \u00a0
1,014 \u00a0
Write-offs debited to the allowance account \u00a0
-5 \u00a0
-
-364 \u00a0
-370 \u00a0
Foreign exchange adjustments \u00a0
-18 \u00a0
23 \u00a0
-26 \u00a0
-22 \u00a0
Other changes \u00a0
5
-7 \u00a0
12 \u00a0
10 \u00a0
ECL allowance account as at 31 December 2023 \u00a0
3,592 \u00a0
7,486 \u00a0
9,062 \u00a0
20,140 \u00a0
Transferred to stage 1 during the period \u00a0
1,197 \u00a0
-1,063 \u00a0
-134 \u00a0
-
Transferred to stage 2 during the period \u00a0
-317 \u00a0
629 \u00a0
-312 \u00a0
-
Transferred to stage 3 during the period \u00a0
-28 \u00a0
-414 \u00a0
443 \u00a0
-
ECL on new assets \u00a0
561 \u00a0
1,540 \u00a0
1,106 \u00a0
3,207 \u00a0
ECL on assets derecognised \u00a0
-557 \u00a0
-1,495 \u00a0
-848 \u00a0
-2,900 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,106 \u00a0
1,024 \u00a0
132 \u00a0
49 \u00a0
Write-offs debited to the allowance account \u00a0
-9 \u00a0
-
-358 \u00a0
-367 \u00a0
Foreign exchange adjustments \u00a0
-24 \u00a0
-85 \u00a0
-31 \u00a0
-140 \u00a0
Other changes \u00a0
-82 \u00a0
-5 \u00a0
-2 \u00a0
-89 \u00a0
ECL allowance account as at 31 December 2024 \u00a0
3,226 \u00a0
7,617 \u00a0
9,058 \u00a0
19,901 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. The allowance account in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
The stage 3 allowance account includes DKK 1.9 billion (2023: DKK 1.9 billion) relating to originated credit impaired financial assets. Originated \u00a0
credit impaired financial assets are granted as part of restructuring non-performing loan exposures, and are otherwise outside the Group\u2019s \u00a0
credit policy. The Group has not acquired any credit impaired financial assets. \u00a0
Expected credit losses (allowance account) broken down by segment \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Northern \u00a0
Group \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions* \u00a0
Total* \u00a0
ECL allowance account as at 1 January 2023 \u00a0
5,427 \u00a0
10,235 \u00a0
3,050 \u00a0
863 \u00a0
70 \u00a0
19,645 \u00a0
ECL on new assets \u00a0
483 \u00a0
1,544 \u00a0
351 \u00a0
84 \u00a0
-4 \u00a0
2,457 \u00a0
ECL on assets derecognised \u00a0
-673 \u00a0
-1,825 \u00a0
-43 \u00a0
-44 \u00a0
-9 \u00a0
-2,595 \u00a0
Impact on remeasurement of ECL (incl. change in models) \u00a0
265 \u00a0
874 \u00a0
16 \u00a0
-115 \u00a0
-26 \u00a0
1,014 \u00a0
Write-offs debited to allowance account \u00a0
-172 \u00a0
-150 \u00a0
-32 \u00a0
-15 \u00a0
-
-370 \u00a0
Foreign currency translation \u00a0
-8 \u00a0
5
-39 \u00a0
21 \u00a0
-1 \u00a0
-22 \u00a0
Other changes \u00a0
-16 \u00a0
22 \u00a0
7
-
-3 \u00a0
10 \u00a0
ECL allowance account as at 31 December 2023 \u00a0
5,306 \u00a0
10,705 \u00a0
3,308 \u00a0
794 \u00a0
27 \u00a0
20,140 \u00a0
ECL on new assets \u00a0
407 \u00a0
1,897 \u00a0
767 \u00a0
138 \u00a0
-1 \u00a0
3,207 \u00a0
ECL on assets derecognised \u00a0
-779 \u00a0
-2,013 \u00a0
-59 \u00a0
-47 \u00a0
-3 \u00a0
-2,900 \u00a0
Impact on remeasurement of ECL (incl. change in models) \u00a0
-10 \u00a0
484 \u00a0
-303 \u00a0
-124 \u00a0
2
49 \u00a0
Write-offs debited to allowance account \u00a0
-134 \u00a0
-179 \u00a0
-40 \u00a0
-14 \u00a0
-
-367 \u00a0
Foreign currency translation \u00a0
-30 \u00a0
-140 \u00a0
-8 \u00a0
39 \u00a0
-1 \u00a0
-140 \u00a0
Other changes \u00a0
-87 \u00a0
-2 \u00a0
1
-
-1 \u00a0
-89 \u00a0
ECL allowance account as at 31 December 2024 \u00a0
4,674 \u00a0
10,752 \u00a0
3,666 \u00a0
785 \u00a0
22 \u00a0
19,901 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. The allowance account in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
The method used for calculating expected credit losses is described in note G15. \u00a0
Credit risk \u2013 continued \u00a0
Gross credit exposure \u00a0
(DKK millions) \u00a0
Stage 1* \u00a0
Stage 2* \u00a0
Stage 3* \u00a0
Total* \u00a0
Gross carrying amount at 1 January 2023 \u00a0
2,326,685 \u00a0
176,034 \u00a0
32,226 \u00a0
2,534,946 \u00a0
Transferred to stage 1 \u00a0
48,832 \u00a0
-47,483 \u00a0
-1,348 \u00a0
-
Transferred to stage 2 \u00a0
-45,901 \u00a0
48,605 \u00a0
-2,704 \u00a0
-
Transferred to stage 3 \u00a0
-4,232 \u00a0
-4,443 \u00a0
8,676 \u00a0
-
New assets \u00a0
558,858 \u00a0
28,512 \u00a0
6,420 \u00a0
593,790 \u00a0
Assets derecognised \u00a0
-521,736 \u00a0
-49,712 \u00a0
-9,712 \u00a0
-581,160 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-4 \u00a0
-
-303 \u00a0
-308 \u00a0
Other changes \u00a0
33,740 \u00a0
-7,289 \u00a0
-568 \u00a0
25,883 \u00a0
As at 31 December 2023 \u00a0
2,396,241 \u00a0
144,224 \u00a0
32,686 \u00a0
2,573,152 \u00a0
Transferred to stage 1 \u00a0
25,322 \u00a0
-24,186 \u00a0
-1,135 \u00a0
-
Transferred to stage 2 \u00a0
-43,661 \u00a0
45,892 \u00a0
-2,231 \u00a0
-
Transferred to stage 3 \u00a0
-4,617 \u00a0
-3,367 \u00a0
7,984 \u00a0
-
New assets \u00a0
705,655 \u00a0
43,091 \u00a0
7,115 \u00a0
755,860 \u00a0
Assets derecognised \u00a0
-626,362 \u00a0
-49,682 \u00a0
-11,171 \u00a0
-687,215 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-11 \u00a0
-
-7 \u00a0
-18 \u00a0
Other changes \u00a0
-225,247 \u00a0
-5,970 \u00a0
-722 \u00a0
-231,939 \u00a0
As at 31 December 2024 \u00a0
2,227,319 \u00a0
150,003 \u00a0
32,518 \u00a0
2,409,840 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. Credit exposure in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
In the table above, \u2018Changes due to modifications that did not result in derecognition\u2019 includes partial forgiveness of debt assessed to be \u00a0
uncollectible. The modification loss is recognised within the income statement as part of Loan impairment charges. The contractual amount of \u00a0
loans written off in 2024 and for which the Group retains the right to enforce its claims amounted to DKK 826 million (2023: DKK 1,873 million) \u00a0
Allowance account broken down by balance sheet item \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Due from credit institutions and central banks \u00a0
15 \u00a0
15 \u00a0
Loans at amortised cost \u00a0
13,672 \u00a0
13,959 \u00a0
Loan commitments and guarantees \u00a0
3,245 \u00a0
3,161 \u00a0
ECL Impairment, Total \u00a0
16,932 \u00a0
17,134 \u00a0
Fair value credit risk adjustment on loans at fair value \u00a0
2,968 \u00a0
3,005 \u00a0
Total \u00a0
19,901 \u00a0
20,140 \u00a0
Forward-looking information \u00a0
The incorporation of forward-looking information reflects the expectations of the Group\u2019s senior management and involves both \u00a0
macroeconomic scenarios (base case, upside and downside scenarios), including an assessment of the probability for each scenario, and post- \u00a0
model adjustments. The purpose of using multiple scenarios is to model the non-linear impact of assumptions about macroeconomic factors \u00a0
on the expected credit losses. Post-model adjustments are used to capture specific risks which are not fully covered by the macroeconomic \u00a0
scenarios, as well as the process related risk, which could lead to an underestimation of the expected credit losses. \u00a0
Macroeconomic scenarios \u00a0
The forward-looking information is based on a three-year forecast period converging to steady state in year seven. That is, after the forecast \u00a0
period, the macroeconomic scenarios revert slowly towards a steady state. \u00a0
The applied scenarios that drive the expected credit loss calculation in the fourth quarter of 2024 have been updated with the latest \u00a0
macroeconomic data. Compared to the end of 2023, the base case and upside scenarios have been revised to reflect expectations of \u00a0
decreasing interest rates, improved house prices and improved growth momentum. \u00a0
The base case is an extension of the Group\u2019s official view of the Nordic economies (the Nordic Outlook report). At 31 December 2024, the base \u00a0
case scenario reflects a soft landing with economic growth moving toward normalised levels. Inflation is coming down quickly, and fairly rapid \u00a0
interest cuts are consequently expected. The Nordic property markets have generally recovered, and price increases are expected, as \u00a0
consumers regain purchasing power. \u00a0
The upside scenario represents a slightly better outlook than the base case scenario across the macroeconomic parameters. In this scenario, it \u00a0
is predominantly the European businesses\u2019 profit margins and not prices that absorb the adjustment to higher wage costs and inflation returns \u00a0
more sustainably to target than in the base case. Central banks no longer hesitate to cut interest rates and all Nordic central banks loosen \u00a0
policies a bit quicker than in the base case. This boosts consumer sentiment, increasing private consumption and strengthening the housing \u00a0
market. \u00a0
The downside scenario is a severe recession with high interest rates scenario (reflecting a stagflation scenario) applied in the Group\u2019s ICAAP \u00a0
processes, which is similar in nature to regulatory stress tests. The severe recession scenario reflects negative growth, increasing interest \u00a0
rates, and falling property prices for a longer period. The use of the downside scenario was introduced to better capture the elevated risk from \u00a0
high interest rates and high inflation. A trigger of the economic setback could be continued macroeconomic worsening and challenges linked to \u00a0
high business costs while inflation remain elevated. This adversely impacts the labour market, results in higher and more persistent \u00a0
unemployment. This would lead to a severe slowdown in the economies in which the Group is represented. \u00a0
The scenario weighting is unchanged from 2024. The weight on the base case scenario is 60% (60% in 2023), the upside scenario is weighted \u00a0
20% (20% in 2023), and the downside scenario is weighted 20% (20% in 2023). \u00a0
The main macroeconomic parameters in the base case, upside and downside scenario entering into the ECL calculation for the forecast \u00a0
horizon across the Group\u2019s Nordic markets are included below. \u00a0
Credit risk \u2013 continued \u00a0
Macroeconomic scenarios \u00a0
31 December 2024 \u00a0
Base-case \u00a0
Downside \u00a0
Upside \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
Denmark \u00a0
GDP \u00a0
2.5 \u00a0
2.3 \u00a0
1.9 \u00a0
-2.0 \u00a0
-
-
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
Unemployment \u00a0
3.1 \u00a0
3.1 \u00a0
3.2 \u00a0
7.4 \u00a0
7.8 \u00a0
7.8 \u00a0
3.1 \u00a0
3.0 \u00a0
3.1 \u00a0
Inflation \u00a0
1.8 \u00a0
1.7 \u00a0
1.8 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
1.3 \u00a0
1.6 \u00a0
1.7 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
4.0 \u00a0
2.5 \u00a0
-11.0 \u00a0
-6.0 \u00a0
-6.0 \u00a0
7.0 \u00a0
6.0 \u00a0
2.5 \u00a0
Interest rate - 3 month \u00a0
1.5 \u00a0
1.5 \u00a0
1.5 \u00a0
5.0 \u00a0
3.0 \u00a0
3.0 \u00a0
1.2 \u00a0
1.2 \u00a0
1.2 \u00a0
Sweden \u00a0
GDP \u00a0
2.5 \u00a0
2.2 \u00a0
1.8 \u00a0
-3.4 \u00a0
-1.0 \u00a0
-1.0 \u00a0
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
Unemployment \u00a0
8.2 \u00a0
7.7 \u00a0
7.4 \u00a0
10.7 \u00a0
11.1 \u00a0
11.1 \u00a0
8.2 \u00a0
7.6 \u00a0
7.3 \u00a0
Inflation \u00a0
1.7 \u00a0
1.2 \u00a0
1.5 \u00a0
3.9 \u00a0
2.9 \u00a0
2.9 \u00a0
1.2 \u00a0
1.0 \u00a0
1.4 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
5.0 \u00a0
3.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
7.0 \u00a0
7.0 \u00a0
3.0 \u00a0
Interest rate - 3 month \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
5.7 \u00a0
3.7 \u00a0
3.7 \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
Norway \u00a0
GDP \u00a0
1.9 \u00a0
1.7 \u00a0
1.8 \u00a0
-1.1 \u00a0
0.6 \u00a0
0.6 \u00a0
2.1 \u00a0
1.9 \u00a0
1.8 \u00a0
Unemployment \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
6.4 \u00a0
6.5 \u00a0
6.5 \u00a0
2.4 \u00a0
2.3 \u00a0
2.3 \u00a0
Inflation \u00a0
2.2 \u00a0
2.0 \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
5.0 \u00a0
4.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
7.0 \u00a0
7.0 \u00a0
4.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.8 \u00a0
2.8 \u00a0
6.3 \u00a0
4.3 \u00a0
4.3 \u00a0
3.5 \u00a0
2.6 \u00a0
2.6 \u00a0
Finland* \u00a0
GDP \u00a0
1.8 \u00a0
1.6 \u00a0
1.5 \u00a0
-2.0 \u00a0
-0.3 \u00a0
-0.3 \u00a0
2.0 \u00a0
2.0 \u00a0
1.5 \u00a0
Unemployment \u00a0
8.1 \u00a0
7.3 \u00a0
6.5 \u00a0
11.9 \u00a0
11.9 \u00a0
11.9 \u00a0
8.1 \u00a0
7.2 \u00a0
6.4 \u00a0
Inflation \u00a0
1.2 \u00a0
1.8 \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
0.8 \u00a0
1.6 \u00a0
1.9 \u00a0
Property prices - Residential \u00a0
4.0 \u00a0
3.0 \u00a0
2.5 \u00a0
-7.0 \u00a0
-5.0 \u00a0
-5.0 \u00a0
6.0 \u00a0
5.0 \u00a0
2.5 \u00a0
Interest rate - 3 month \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
5.1 \u00a0
3.1 \u00a0
3.1 \u00a0
1.3 \u00a0
1.3 \u00a0
1.3 \u00a0
Credit risk \u2013 continued \u00a0
At 31 December 2023, the following base case, downside and upside scenarios were used: \u00a0
31 December 2023 \u00a0
Base-case \u00a0
Downside \u00a0
Upside \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
Denmark \u00a0
GDP \u00a0
1.0 \u00a0
1.6 \u00a0
1.6 \u00a0
-3.4 \u00a0
-2.0 \u00a0
-
2.5 \u00a0
1.8 \u00a0
0.4 \u00a0
Unemployment \u00a0
3.1 \u00a0
3.3 \u00a0
3.4 \u00a0
6.3 \u00a0
7.5 \u00a0
7.9 \u00a0
2.7 \u00a0
2.6 \u00a0
3.2 \u00a0
Inflation \u00a0
2.0 \u00a0
1.9 \u00a0
1.8 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.4 \u00a0
2.5 \u00a0
1.4 \u00a0
Property prices - Residential \u00a0
1.5 \u00a0
2.0 \u00a0
2.1 \u00a0
-19.7 \u00a0
-11.0 \u00a0
-6.0 \u00a0
3.5 \u00a0
3.0 \u00a0
2.1 \u00a0
Interest rate - 3 month \u00a0
3.1 \u00a0
2.3 \u00a0
2.0 \u00a0
5.4 \u00a0
6.4 \u00a0
3.9 \u00a0
4.3 \u00a0
3.5 \u00a0
2.5 \u00a0
Sweden \u00a0
GDP \u00a0
1.2 \u00a0
1.8 \u00a0
2.4 \u00a0
-3.5 \u00a0
-3.4 \u00a0
-1.0 \u00a0
2.6 \u00a0
2.1 \u00a0
1.3 \u00a0
Unemployment \u00a0
8.2 \u00a0
8.0 \u00a0
7.9 \u00a0
9.4 \u00a0
10.3 \u00a0
10.7 \u00a0
7.9 \u00a0
7.5 \u00a0
7.7 \u00a0
Inflation \u00a0
1.9 \u00a0
1.3 \u00a0
1.6 \u00a0
4.9 \u00a0
3.9 \u00a0
2.9 \u00a0
2.0 \u00a0
1.6 \u00a0
1.5 \u00a0
Property prices - Residential \u00a0
-1.0 \u00a0
4.0 \u00a0
5.0 \u00a0
-22.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
1.0 \u00a0
5.0 \u00a0
5.0 \u00a0
Interest rate - 3 month \u00a0
3.4 \u00a0
2.3 \u00a0
2.0 \u00a0
5.7 \u00a0
5.7 \u00a0
3.7 \u00a0
4.6 \u00a0
3.6 \u00a0
2.6 \u00a0
Norway \u00a0
GDP \u00a0
1.1 \u00a0
2.1 \u00a0
1.5 \u00a0
-2.7 \u00a0
-1.1 \u00a0
0.6 \u00a0
2.5 \u00a0
2.4 \u00a0
0.4 \u00a0
Unemployment \u00a0
2.3 \u00a0
2.5 \u00a0
2.5 \u00a0
5.5 \u00a0
6.4 \u00a0
6.5 \u00a0
2.0 \u00a0
2.0 \u00a0
2.3 \u00a0
Inflation \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
4.5 \u00a0
3.0 \u00a0
2.0 \u00a0
3.2 \u00a0
2.3 \u00a0
1.8 \u00a0
Property prices - Residential \u00a0
-1.0 \u00a0
5.0 \u00a0
4.0 \u00a0
-19.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-
6.0 \u00a0
4.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.9 \u00a0
2.5 \u00a0
6.3 \u00a0
6.3 \u00a0
4.3 \u00a0
5.0 \u00a0
4.0 \u00a0
3.0 \u00a0
Finland* \u00a0
GDP \u00a0
0.3 \u00a0
1.9 \u00a0
1.3 \u00a0
-2.4 \u00a0
-2.0 \u00a0
-0.3 \u00a0
1.3 \u00a0
2.2 \u00a0
0.4 \u00a0
Unemployment \u00a0
7.8 \u00a0
7.2 \u00a0
6.5 \u00a0
9.9 \u00a0
10.9 \u00a0
10.9 \u00a0
7.6 \u00a0
6.9 \u00a0
6.4 \u00a0
Inflation \u00a0
1.9 \u00a0
1.5 \u00a0
2.0 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.2 \u00a0
1.8 \u00a0
1.7 \u00a0
Property prices - Residential \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
-14.2 \u00a0
-7.0 \u00a0
-5.0 \u00a0
3.0 \u00a0
4.0 \u00a0
2.0 \u00a0
Interest rate - 3 month \u00a0
3.1 \u00a0
2.3 \u00a0
2.0 \u00a0
5.1 \u00a0
5.1 \u00a0
3.1 \u00a0
4.3 \u00a0
3.5 \u00a0
2.5 \u00a0
* Macroeconomic parameters for Finland have been corrected as at 31 December 2023. \u00a0
Credit risk \u2013 continued \u00a0
The base case scenario enters with a probability of 60% (31 December 2023: 60%), the upside scenario with a probability of 20% (31 December \u00a0
2023: 20%) and the downside scenario with a probability of 20% (31 December 2023: 20%). On the basis of these assessments, the allowance \u00a0
account as at 31 December 2024 amounted to DKK 19.9 billion (31 December 2023: 20.1 billion). If the base case scenario was assigned a \u00a0
probability of 100%, the allowance account would decrease DKK 2.5 billion (31 December 2023: 2.0 billion). Compared to the base case \u00a0
scenario, the allowance account would increase DKK 12.9 billion (31 December 2023: 10.2 billion), if the downside scenario was assigned a \u00a0
probability of 100%. The increase reflects primarily the transfer of exposures from stage 1 to stage 2 and increased expected credit losses \u00a0
within stage 2. If instead the upside scenario was assigned a probability of 100%, the allowance account would decrease by DKK 0.2 billion (31 \u00a0
December 2023: 0.2 billion) compared to the base case scenario. It should be noted that the expected credit losses in the individual scenarios \u00a0
(i.e. without the weighting) do not represent forecasts of expected credit losses (ECL). \u00a0
Post-model adjustments \u00a0
Management applies judgement when determining the need for post-model adjustments. At 31 December 2024, the post-model adjustments \u00a0
amounted to DKK 5.9 billion (31 December 2023: 6.7 billion). The post-model adjustments primarily relate to the following types of risks: \u00a0
\u2022
specific macroeconomic risks on certain industries not fully captured by the expected credit loss model, for instance the agriculture \u00a0
industry. For such industries, supplementary calculations are made to ensure sufficient impairment coverage. This also includes post- \u00a0
model adjustments relating to effects from climate risk or the macroeconomic uncertainty. \u00a0
\u2022
non-linear downside risk, for instance on the property market in Copenhagen and other high growth areas for which the macroeconomic \u00a0
forecasts used in the models are based on the property market as a whole. \u00a0
\u2022
portfolios where the credit risk assessment process has identified an underestimation of the expected credit losses. \u00a0
Following the significant impact on the expected credit losses from post-model adjustments, the following table provides more information \u00a0
about the adjustments. \u00a0
Post-model adjustments by industries \u00a0
(DKK billions) \u00a0
31 December 2024 \u00a0
31 December 2023 \u00a0
Agriculture \u00a0
0.9 \u00a0
0.8 \u00a0
Commercial Property \u00a0
1.6 \u00a0
1.9 \u00a0
Construction and building materials \u00a0
1.0 \u00a0
1.0 \u00a0
Personal customers (including other retail exposures) \u00a0
1.0 \u00a0
1.6 \u00a0
Others* \u00a0
1.4 \u00a0
1.4 \u00a0
Total \u00a0
5.9 \u00a0
6.7 \u00a0
* No individual industry included in Others exceeds DKK 0.3 billion at 31 December 2024 (2023: DKK 0.2 billion). \u00a0
The total balance of post-model adjustments has been reduced compared to the end of 2023. The post-model adjustment related to personal \u00a0
customers has decreased due to the improved macroeconomic outlook. The post model adjustments for Commercial Real estate have also \u00a0
been slightly reduced due to the positive effects of lower inflation and interest rates. Meanwhile, the existing post-model adjustment for \u00a0
agriculture has been increased to a limited extent to account for the potential impact of the green tripartite agreement, which introduces new \u00a0
CO2 taxation models for agriculture in Denmark. \u00a0
The Group continues to maintain significant post-model adjustments due to the current macroeconomic and geopolitical uncertainties. These \u00a0
are characterised by the risk of a declining growth environment, labour shortages, higher interest rates and supply chain disruption and volatile \u00a0
prices, all of which present new challenges that may affect economic and business activity. The post-model adjustments span across \u00a0
industries sensitive to price rises on energy and commodities, as well as industries vulnerable to business cycles, higher interest rates and \u00a0
refinancing risks. These have been assessed for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group\u2019s \u00a0
portfolios. \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities \u00a0
Exposure to counterparty credit risk and credit exposure from trading and investment securities \u00a0
(DKK billions) \u00a0
2024 \u00a0
2023* \u00a0
Counterparty credit risk \u00a0
Derivatives with positive fair value \u00a0
261.0 \u00a0
307.1 \u00a0
Reverse transactions and other loans at fair value** \u00a0
382.6 \u00a0
267.9 \u00a0
Credit exposure from other trading and investment securities \u00a0
Bonds \u00a0
446.6 \u00a0
461.0 \u00a0
Shares \u00a0
93.3 \u00a0
19.4 \u00a0
Other unutilised commitments*** \u00a0
-
0.1 \u00a0
Total \u00a0
1,183.6 \u00a0
1,055.5 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** Reverse transactions and other loans at fair value included as counterparty credit risk are loans at the trading units of Large Corporates & Institutions. These \u00a0
loans consist of reverse transactions of DKK 381.6 billion (31 December 2023: DKK 267.4 billion), of which DKK 62.0 billion relates to credit institutions and central \u00a0
banks (31 December 2023: DKK 92.4 billion), and other primarily short-term loans of DKK 1.0 billion (31 December 2023: DKK 0.6 billion), of which DKK 1.0 billion (31 \u00a0
December 2023: DKK 0.6 billion) relates to credit institutions and central banks. \u00a0
*** Other unutilised commitments comprise private equity investment commitments and other obligations. \u00a0
Counterparty credit risk (derivatives) \u00a0
Counterparty credit risk is the risk that the counterparty to a transaction defaults before the final settlement of the transaction\u2019s cash flows. It \u00a0
is a combination of credit risk (a deterioration in the creditworthiness of a counterparty) and market risk (the potential value of derivatives \u00a0
contracts). \u00a0
Derivatives are subject to credit risk. Positive and negative fair values of derivatives with the same counterparty are offset in the balance sheet \u00a0
if certain conditions are fulfilled. \u00a0
Danske Bank Group takes on counterparty credit risk when it enters into over-the-counter (OTC) derivatives, securities financing transactions \u00a0
(SFTs), and/or exchange-traded derivatives (ETDs). \u00a0
The Group mitigates counterparty credit risk through pre-deal controls, post-deal monitoring, clearing, close-out netting agreements and \u00a0
collateral agreements. Those agreements include rights to additional set-off in the event of default by a counterparty, they reduce the \u00a0
exposure further, but they do not qualify for offsetting under IFRS Accounting Standards. The net current exposure to derivatives with positive \u00a0
market value after offsetting under master netting agreements amounted to DKK 102.8 billion (2023: DKK 89.5 billion) (see note G32). The \u00a0
exposure is broken down by rating category in the following table. \u00a0
Net current exposure broken down by category \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
1
13,661 \u00a0
14,293 \u00a0
2
14,101 \u00a0
16,110 \u00a0
3
58,728 \u00a0
43,279 \u00a0
4
11,654 \u00a0
11,946 \u00a0
5
2,986 \u00a0
2,309 \u00a0
6
1,128 \u00a0
921 \u00a0
7
266 \u00a0
463 \u00a0
8
83 \u00a0
86 \u00a0
9
3
1
10 \u00a0
144 \u00a0
24 \u00a0
11 \u00a0
7
18 \u00a0
Total \u00a0
102,761 \u00a0
89,450 \u00a0
The Group uses a range of measures to capture counterparty credit risk, including current exposure, potential future exposure (PFE) and \u00a0
exposure at default (EAD). Current exposure is a simple measure of counterparty credit risk exposure that takes into account only current \u00a0
mark-to-market values and collateral. \u00a0
Customer-level counterparty risk is managed by means of PFE lines on a set of maturity buckets. It is measured at the 97.5% percentile for a \u00a0
set of future time horizons. PFE lines are approved by the relevant credit unit and all transactions are assumed to be held to contractual \u00a0
maturity. The Group carries out daily counterparty credit risk measurement and monitoring as well as intraday line utilisation monitoring. \u00a0
The Danish FSA approved the Group\u2019s simulation model for calculating the regulatory capital requirement for counterparty credit risk in 2015. \u00a0
More advanced measures such as EAD, which is a regulatory measure, express potential future losses and are based on internal models for \u00a0
future scenarios of market data. EAD figures are provided in the Additional Pillar III Disclosures (accessible at danskebank.com/investor- \u00a0
relations). \u00a0
An overview of counterparty credit risk exposures (at counterparty and portfolio levels) is reported to the Executive Leadership Team and other \u00a0
senior management on a monthly basis. The Group uses a simulation-based model to calculate counterparty credit risk exposure for the \u00a0
majority of its portfolio. \u00a0
The Group makes fair value adjustments to cover the counterparty credit risk on derivatives with positive fair value (CVA) that are recognised in \u00a0
the financial statements. For more information, see note G33. \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities - continued \u00a0
Bond portfolio \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2024 \u00a0
Held-for-trading (FVPL) \u00a0
110,999 \u00a0
2,781 \u00a0
40,106 \u00a0
12,283 \u00a0
5,347 \u00a0
6,500 \u00a0
178,017 \u00a0
Managed at fair value (FVPL) \u00a0
5,728 \u00a0
161 \u00a0
20,527 \u00a0
1,500 \u00a0
195 \u00a0
-
28,112 \u00a0
Held to collect and sell (FVOCI) \u00a0
20,364 \u00a0
3,371 \u00a0
53,504 \u00a0
2,270 \u00a0
23,316 \u00a0
1,948 \u00a0
104,773 \u00a0
Held to collect (AMC) \u00a0
38,034 \u00a0
6,946 \u00a0
86,736 \u00a0
3,036 \u00a0
813 \u00a0
150 \u00a0
135,714 \u00a0
Total \u00a0
175,125 \u00a0
13,259 \u00a0
200,873 \u00a0
19,089 \u00a0
29,672 \u00a0
8,597 \u00a0
446,616 \u00a0
31 December 2023 \u00a0
Held-for-trading (FVPL) \u00a0
117,986 \u00a0
1,179 \u00a0
29,084 \u00a0
20,862 \u00a0
3,272 \u00a0
5,179 \u00a0
177,563 \u00a0
Managed at fair value (FVPL) \u00a0
1,845 \u00a0
291 \u00a0
17,069 \u00a0
1,307 \u00a0
286 \u00a0
-
20,798 \u00a0
Held to collect and sell (FVOCI) \u00a0
23,669 \u00a0
2,905 \u00a0
49,470 \u00a0
4,776 \u00a0
25,077 \u00a0
1,330 \u00a0
107,226 \u00a0
Held to collect (AMC) \u00a0
47,892 \u00a0
8,551 \u00a0
92,699 \u00a0
5,093 \u00a0
1,013 \u00a0
150 \u00a0
155,398 \u00a0
Total \u00a0
191,392 \u00a0
12,926 \u00a0
188,321 \u00a0
32,038 \u00a0
29,648 \u00a0
6,659 \u00a0
460,984 \u00a0
At 31 December 2024, the Group had an additional bond portfolio, including bond-based unit trust certificates, worth DKK 211,477 million (31 \u00a0
December 2023: DKK 214,073 million) recognised as insurance assets and thus not included in the table above. The section on Life insurance \u00a0
risk provides more information. For bonds classified as hold-to-collect, amortised cost exceeded fair value as at 31 December 2024 and 31 \u00a0
December 2023, see note G33 for more information. \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities - continued \u00a0
Bond portfolio broken down by geographical area \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2024 \u00a0
Denmark \u00a0
33,976 \u00a0
-
200,873 \u00a0
-
-
980 \u00a0
235,829 \u00a0
Sweden \u00a0
22,376 \u00a0
-
-
19,089 \u00a0
-
1,706 \u00a0
43,172 \u00a0
UK \u00a0
18,286 \u00a0
306 \u00a0
-
-
3,966 \u00a0
1,155 \u00a0
23,712 \u00a0
Norway \u00a0
4,945 \u00a0
-
-
-
23,896 \u00a0
2,675 \u00a0
31,517 \u00a0
USA \u00a0
16,642 \u00a0
1,856 \u00a0
-
-
-
41 \u00a0
18,539 \u00a0
Spain \u00a0
1,114 \u00a0
-
-
-
1
-
1,114 \u00a0
France \u00a0
11,794 \u00a0
178 \u00a0
-
-
264 \u00a0
270 \u00a0
12,506 \u00a0
Luxembourg \u00a0
-
4,957 \u00a0
-
-
-
100 \u00a0
5,057 \u00a0
Finland \u00a0
8,222 \u00a0
2,980 \u00a0
-
-
1,128 \u00a0
725 \u00a0
13,055 \u00a0
Ireland \u00a0
827 \u00a0
-
-
-
-
85 \u00a0
912 \u00a0
Italy \u00a0
5,013 \u00a0
-
-
-
-
3
5,016 \u00a0
Portugal \u00a0
1
-
-
-
-
-
1
Austria \u00a0
3,052 \u00a0
-
-
-
-
115 \u00a0
3,167 \u00a0
Netherlands \u00a0
2,310 \u00a0
-
-
-
4
458 \u00a0
2,772 \u00a0
Germany \u00a0
46,066 \u00a0
149 \u00a0
-
-
208 \u00a0
92 \u00a0
46,515 \u00a0
Belgium \u00a0
503 \u00a0
2,141 \u00a0
-
-
-
-
2,643 \u00a0
Other \u00a0
-
693 \u00a0
-
-
204 \u00a0
191 \u00a0
1,088 \u00a0
Total \u00a0
175,125 \u00a0
13,259 \u00a0
200,873 \u00a0
19,089 \u00a0
29,672 \u00a0
8,597 \u00a0
446,616 \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2023 \u00a0
Denmark \u00a0
28,754 \u00a0
-
188,321 \u00a0
-
-
870 \u00a0
217,945 \u00a0
Sweden \u00a0
61,267 \u00a0
-
-
32,038 \u00a0
-
1,362 \u00a0
94,667 \u00a0
UK \u00a0
11,141 \u00a0
291 \u00a0
-
-
3,518 \u00a0
1,009 \u00a0
15,959 \u00a0
Norway \u00a0
6,049 \u00a0
-
-
-
23,902 \u00a0
1,358 \u00a0
31,309 \u00a0
USA \u00a0
15,529 \u00a0
3,274 \u00a0
-
-
-
7
18,810 \u00a0
Spain \u00a0
1,243 \u00a0
-
-
-
1
-
1,244 \u00a0
France \u00a0
4,703 \u00a0
19 \u00a0
-
-
237 \u00a0
116 \u00a0
5,075 \u00a0
Luxembourg \u00a0
-
5,205 \u00a0
-
-
-
123 \u00a0
5,328 \u00a0
Finland \u00a0
10,224 \u00a0
2,954 \u00a0
-
-
1,089 \u00a0
909 \u00a0
15,176 \u00a0
Ireland \u00a0
550 \u00a0
-
-
-
-
94 \u00a0
643 \u00a0
Italy \u00a0
1,413 \u00a0
-
-
-
-
5
1,418 \u00a0
Portugal \u00a0
3
-
-
-
-
-
3
Austria \u00a0
4,513 \u00a0
-
-
-
66 \u00a0
113 \u00a0
4,691 \u00a0
Netherlands \u00a0
3,349 \u00a0
1
-
-
17 \u00a0
510 \u00a0
3,877 \u00a0
Germany \u00a0
42,152 \u00a0
-
-
-
216 \u00a0
96 \u00a0
42,465 \u00a0
Belgium \u00a0
503 \u00a0
442 \u00a0
-
-
1
-
946 \u00a0
Other \u00a0
-
740 \u00a0
-
-
602 \u00a0
87 \u00a0
1,429 \u00a0
Total \u00a0
191,392 \u00a0
12,926 \u00a0
188,321 \u00a0
32,038 \u00a0
29,648 \u00a0
6,659 \u00a0
460,984 \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities - continued \u00a0
Bond portfolio broken down by external ratings \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2024 \u00a0
AAA \u00a0
104,688 \u00a0
10,949 \u00a0
200,792 \u00a0
19,070 \u00a0
28,964 \u00a0
2,405 \u00a0
366,868 \u00a0
AA+ \u00a0
26,449 \u00a0
2,289 \u00a0
-
-
7
23 \u00a0
28,768 \u00a0
AA \u00a0
16,117 \u00a0
-
-
19 \u00a0
701 \u00a0
1,146 \u00a0
17,983 \u00a0
AA- \u00a0
21,265 \u00a0
20 \u00a0
-
-
-
74 \u00a0
21,359 \u00a0
A+ \u00a0
-
-
-
-
-
423 \u00a0
423 \u00a0
A
941 \u00a0
-
81 \u00a0
-
-
785 \u00a0
1,807 \u00a0
A- \u00a0
1
-
-
-
-
317 \u00a0
318 \u00a0
BBB+ \u00a0
173 \u00a0
-
-
-
-
1,027 \u00a0
1,199 \u00a0
BBB \u00a0
3,612 \u00a0
-
-
-
-
1,169 \u00a0
4,781 \u00a0
BBB- \u00a0
1,879 \u00a0
-
-
-
-
644 \u00a0
2,523 \u00a0
BB+ \u00a0
-
-
-
-
-
164 \u00a0
164 \u00a0
BB \u00a0
-
-
-
-
-
234 \u00a0
234 \u00a0
BB- \u00a0
-
-
-
-
-
70 \u00a0
70 \u00a0
Sub. \"investment-grade\" or unrated \u00a0
-
-
-
-
-
118 \u00a0
118 \u00a0
Total \u00a0
175,125 \u00a0
13,259 \u00a0
200,873 \u00a0
19,089 \u00a0
29,672 \u00a0
8,597 \u00a0
446,616 \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2023 \u00a0
AAA \u00a0
137,601 \u00a0
12,461 \u00a0
187,903 \u00a0
32,017 \u00a0
28,925 \u00a0
1,623 \u00a0
400,530 \u00a0
AA+ \u00a0
27,061 \u00a0
442 \u00a0
-
-
28 \u00a0
2
27,533 \u00a0
AA \u00a0
8,556 \u00a0
-
-
21 \u00a0
692 \u00a0
965 \u00a0
10,234 \u00a0
AA- \u00a0
15,515 \u00a0
23 \u00a0
-
-
-
117 \u00a0
15,654 \u00a0
A+ \u00a0
-
-
-
-
-
266 \u00a0
266 \u00a0
A
1,132 \u00a0
-
418 \u00a0
-
4
984 \u00a0
2,538 \u00a0
A- \u00a0
3
-
-
-
-
196 \u00a0
199 \u00a0
BBB+ \u00a0
111 \u00a0
-
-
-
-
505 \u00a0
617 \u00a0
BBB \u00a0
377 \u00a0
-
-
-
-
987 \u00a0
1,364 \u00a0
BBB- \u00a0
1,036 \u00a0
-
-
-
-
596 \u00a0
1,632 \u00a0
BB+ \u00a0
-
-
-
-
-
97 \u00a0
97 \u00a0
BB \u00a0
-
-
-
-
-
187 \u00a0
187 \u00a0
BB- \u00a0
-
-
-
-
-
36 \u00a0
36 \u00a0
Sub. \"investment-grade\" or unrated \u00a0
-
-
-
-
-
97 \u00a0
97 \u00a0
Total \u00a0
191,392 \u00a0
12,926 \u00a0
188,321 \u00a0
32,038 \u00a0
29,648 \u00a0
6,659 \u00a0
460,984 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2101": { "value": "
Cash in hand and demand deposits with central banks \u00a0
Includes cash in hand of DKK 6,909 million (2023: DKK 6,419 million) and demand deposits of DKK 100,590 million (2023: DKK 252,737 million) \u00a0
(measured at amortised cost). \u00a0
Due from credit institutions and central banks includes amounts due within three months and totalled DKK 134,601 million at the end of 2024 \u00a0
(2023: DKK 106,453 million). This amount is included under Cash and cash equivalents in the cash flow statement. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2102": { "value": "
Cash in hand and demand deposits with central banks \u00a0
Includes cash in hand of DKK 6,909 million (2023: DKK 6,419 million) and demand deposits of DKK 100,590 million (2023: DKK 252,737 million) \u00a0
(measured at amortised cost). \u00a0
Due from credit institutions and central banks includes amounts due within three months and totalled DKK 134,601 million at the end of 2024 \u00a0
(2023: DKK 106,453 million). This amount is included under Cash and cash equivalents in the cash flow statement. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2103": { "value": "
Due from credit institutions and central banks \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Due from credit institutions and central banks measured at fair value through profit or loss: \u00a0
Reverse transactions \u00a0
62,039 \u00a0
92,389 \u00a0
Other amounts due \u00a0
1,000 \u00a0
595 \u00a0
Total at fair value through profit or loss \u00a0
63,040 \u00a0
92,984 \u00a0
Due from credit institutions and central banks measured at amortised cost: \u00a0
Reverse transactions \u00a0
6
3,727 \u00a0
Other amounts due \u00a0
80,536 \u00a0
18,118 \u00a0
Allowance account \u00a0
12 \u00a0
16 \u00a0
Total at amortised cost \u00a0
80,529 \u00a0
21,829 \u00a0
Total \u00a0
143,569 \u00a0
114,813 \u00a0
(a) Loans at amortised cost \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Reverse transactions \u00a0
2,408 \u00a0
1,763 \u00a0
Other loans \u00a0
933,297 \u00a0
933,775 \u00a0
Allowance account \u00a0
13,804 \u00a0
13,958 \u00a0
Total \u00a0
921,900 \u00a0
921,580 \u00a0
Loans included payments due under finance leases of DKK 36,643 million at the end of 2024 (2023: DKK 35,628 million). \u00a0
(b) Further explanation \u00a0
Classification and measurement \u2013 business model assessment \u00a0
The business model assessment in Danske Bank Group is applied separately for each business unit represented by the Group\u2019s reportable \u00a0
segments. The assessment is based on observable factors for the different portfolios, such as (1) how the performance of the business model \u00a0
and the financial assets held within that business model are evaluated and reported to the Executive Board and the Board of \u00a0
Directors, (2) the risks that affect the performance of the business model and the way such risks are managed and (3) past and expected \u00a0
frequency, value and timing of sales for the portfolio. \u00a0
In the Group\u2019s banking units (Personal Customers, Business Customers, General Banking in LC&I and Northern Ireland), the management and \u00a0
reporting of performance are based on collecting the contractual cash flows, and loans are only very infrequently sold. Therefore, the business \u00a0
model has been assessed as being \u2018hold to collect\u2019. \u00a0
Once a year, the Group assesses if past sales are consistent with the business model for loans in the Group\u2019s banking unit being \u2018hold to collect\u2019. \u00a0
In general, if sales are below 5% of the size of a portfolio the sales are considered to be insignificant. Larger sales are considered individually in \u00a0
relation to consistency with the business model. The following sales are consistent with the business model being \u2018hold to collect\u2019: \u00a0
\u2022
Loans are sold after having previously been transferred to one of the Group\u2019s debt collection units \u00a0
\u2022
Loans are sold to manage credit concentration risk (specific countries or industries) \u00a0
\u2022
Loans to customers that have refocused their activities out of the Nordic region, i.e. the customers are no longer Nordic customers \u00a0
\u2022
The sale of loans that are no longer profitable, e.g. due to changes in the regulatory environment or the like. \u00a0
G16. Loans and issued bonds at fair value \u00a0
The Group has two types of portfolios of loans and issued bonds that are measured at fair value through profit or loss. The first portfolio \u00a0
consists of loans granted and bonds issued by the subsidiary Realkredit Danmark, a Danish mortgage institution covered by Danish mortgage \u00a0
finance law. The other portfolio consists of loans and bonds issued by the Group\u2019s trading units (Markets in LC&I). \u00a0
Accounting policy \u00a0
Loans granted and bonds issued by Realkredit Danmark \u00a0
Loans granted by Realkredit Danmark have contractual cash flows that are not solely payment of principal and interest on the principal \u00a0
amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which represents an option to \u00a0
prepay at fair value that can be both above and below the principal amount plus interest. This is not consistent with the SPPI test since \u00a0
changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate developments.\u00a0Therefore, the loans are \u00a0
mandatorily recognised at fair value through profit or loss. The issued bonds that are funding the loans are designated at fair value \u00a0
through profit or loss in order not to create an accounting mismatch. For the issued bonds, changes in fair value attributable to the \u00a0
Group\u2019s own credit risk is presented in the income statement, as an accounting mismatch would otherwise be introduced. \u00a0
The fair value of the bonds issued by Realkredit Danmark is normally defined as their quoted market price. A small number of the issued \u00a0
bonds are illiquid, however, and the fair value of these bonds is calculated on the basis of a discounted cash flow valuation technique. \u00a0
The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair value of the interest \u00a0
rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in the fair value of cash flows \u00a0
from the loans that differ from the cash flows from the issued bonds. The most important component is the credit risk on the borrowers \u00a0
(covered by the Group and not by the bond holders and therefore not priced into the price of the issued bonds). \u00a0
Changes in fair value of credit risk etc. on the loans \u00a0
The IFRS 13 estimate of the fair value of the credit risk on the loans is based on the expected credit losses estimated in the models \u00a0
developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, including the \u00a0
allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as a function of PD, EAD \u00a0
and LGD and incorporates forward looking information, see further in note G15. The latter reflects management\u2019s expectations of \u00a0
expected credit losses and involves multiple scenarios (base case, upside and downside), including an assessment of the probability for \u00a0
each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other components \u00a0
in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an investors risk premium, \u00a0
compensation for administrative costs related to the loans and the possibility to increase the margin on the loans if the credit risk etc. \u00a0
increases. It is acknowledged that the possibility to increase the margin depends on the economic resources of the customers. The \u00a0
possibility to increase the margin is therefore only considered in the measurement if it is very likely that the margin can be increased \u00a0
without the customer defaulting. Further, the possibility to increase the margin is only relevant if it does not give the customer an \u00a0
incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to increase the margin is only relevant for the \u00a0
measurement of loans to customers with neither a relatively high credit risk nor a relatively low credit risk. \u00a0
The discount rate used to discount the cash flows represents the interest rate on the funding bonds. This is considered to be close to a \u00a0
risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher for customers \u00a0
Accounting policy - continued \u00a0
with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value of the credit risk and \u00a0
other components cannot increase the value of a loan (the adjustment cannot be positive). \u00a0
Other loans and issued bonds measured at fair value through profit or loss \u00a0
The loans in the Group\u2019s trading units (Markets and Investment Banking in LC&I) are managed and their performance reported on a fair \u00a0
value basis and the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an \u00a0
accounting mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities \u00a0
at amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value changes \u00a0
attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
794,568 \u00a0
806,157 \u00a0
Fair value adjustment of underlying bonds \u00a0
-36,190 \u00a0
-49,874 \u00a0
Adjustment for credit risk \u00a0
3,191 \u00a0
3,006 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
755,188 \u00a0
753,277 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
319,596 \u00a0
174,963 \u00a0
Total \u00a0
1,074,783 \u00a0
928,239 \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
875,633 \u00a0
848,774 \u00a0
Fair value adjustment of funding of current loans \u00a0
-36,190 \u00a0
-49,874 \u00a0
Holding of own mortgage bonds \u00a0
94,948 \u00a0
57,837 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
744,495 \u00a0
741,062 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
2,061 \u00a0
7,718 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
G16. Loans and issued bonds at fair value \u2013 Continued \u00a0
(c) Further explanation on loans granted and bonds issued by Realkredit Danmark \u00a0
Each loan granted by Realkredit Danmark is funded by issuing listed mortgage bonds with matching characteristics (e.g. amount outstanding, \u00a0
reference interest rate, term and currency). The borrower may repay the loan by delivering the underlying bonds to Realkredit Danmark. \u00a0
The loans are held in a business model being similar to other loans in the Group\u2019s banking units, i.e. the business model under IFRS 9 is \u2018held to \u00a0
collect\u2019. The customers\u2019 right to prepay a loan by delivering the underlying bonds represents an option to prepay at fair value. Under this \u00a0
prepayment option, the prepayment amount can be both above and below the principal amount plus accrued interest. Changes in the fair value \u00a0
of the underlying bonds include other elements than the effect of changes in the relevant benchmark interest rate and the prepayment option \u00a0
is therefore not consistent with the SPPI test in IFRS 9 and are mandatorily measured at FVPL. \u00a0
To eliminate the accounting mismatch that would exist if the loans are measured at fair value through profit or loss and the issued bonds at \u00a0
amortised cost, the issued bonds are designated at fair value through profit or loss using the fair value option for financial liabilities in IFRS 9. \u00a0
As the fair value of the loans is based on the fair value of the issued bonds, fair value changes of the issued bonds are offset by fair value \u00a0
changes of the loans, including the changes related to the fair value of the own credit risk of the issued bonds. For example, if the credit quality \u00a0
of the bonds worsens the fair value of the liability decreases and the fair value of the loans also decreases. Therefore, fair value changes of \u00a0
own credit risk on the issued bonds are recognised in the income statement, as an accounting mismatch would otherwise be created if \u00a0
changes in own credit risk were recognised in Other comprehensive income. \u00a0
The value of the loans is affected by changes in the credit risk on the loans. In 2024, the Group recognised DKK 333 million regarding changes \u00a0
in the credit risk on loans at fair value (2023: DKK -109 million) see note G11. At the end of 2024, the accumulated changes in the credit risk \u00a0
amounted to DKK 3,191 million (2023: DKK 3,006 million). The amounts are determined as the amount of the change in fair value that is not \u00a0
attributable to changes in market conditions that give rise to market risk, with the latter being represented by the fair value of the funding \u00a0
issued bonds. The Group does not use credit derivatives or similar instruments to mitigate the exposure to credit risk. \u00a0
The holding of own mortgage bonds includes pre-issued bonds of DKK 56 billion (2023: DKK 31 billion) used for FlexL\u00e5n\u00ae refinancing in \u00a0
January 2025. \u00a0
The nominal value of bonds issued by Realkredit Danmark equals the amount to be redeemed on maturity. \u00a0
Fair value adjustment for the credit risk on issued mortgage bonds is calculated on the basis of the option-adjusted spread (OAS). The \u00a0
calculation incorporates maturity, nominal holdings and OAS sensitivity. As a number of estimates are made, the calculation is subject to \u00a0
uncertainty. \u00a0
In 2024, the Danish mortgage bond yield spread increased and the fair value of issued mortgage bonds thus decreased by approximately \u00a0
DKK 7.0 billion. In 2023, the Danish mortgage bond yield spread increased, causing a decrease in the fair value of issued mortgage bonds. \u00a0
Based on the outstanding portfolio at the end of 2024, Realkredit Danmark estimates that there has been a net increase of the spread since the \u00a0
issuance of the bonds, which produces a positive fair value of approximately DKK 1.37 billion (2023: negative fair value of approximately DKK \u00a0
0.05 billion). Net profit and shareholders\u2019 equity remain unaffected by the change in fair value because the spread narrowing increased the \u00a0
value of mortgage loans correspondingly. \u00a0
Fair value adjustment for the credit risk on issued mortgage bonds may also be calculated on the basis of changes in similar AAA rated \u00a0
mortgage bonds offered by other Danish issuers. The market for such bonds is characterised by an absence of measurable price differences \u00a0
between bonds with similar features from different issuers. Using this method, no fair value adjustment for credit risk in 2024 or the period \u00a0
since the issue has been required. \u00a0
(d) Further explanation on loans, deposits and issued bonds by the Group\u2019s trading units \u00a0
The loans in the Group\u2019s trading units (Markets in LC&I) are managed and their performance reported on a fair value basis. The loans are \u00a0
mandatorily recognised at fair value through profit or loss as the business model is neither \u2018held to collect\u2019 nor \u2018held to collect and sell\u2019. The \u00a0
loans consist primarily of reverse transactions and short-term loans. In order not to introduce an accounting mismatch, the financial liabilities \u00a0
in the trading units are designated at fair value through profit or loss, using the fair value option in IFRS 9. \u00a0
The financial liabilities consist of issued bonds (certificates of deposits and commercial papers) and deposits (including repo transactions) with \u00a0
a maturity no longer than six months in general. Fair value changes attributable to the Group\u2019s own credit risk are presented in Other \u00a0
comprehensive income. During 2024, changes in fair value attributable to the Group\u2019s own credit risk recognised in Other Comprehensive \u00a0
Income amounted to DKK 0 million (2023: DKK 0 million). In the balance sheet, deposits in the trading units are presented together with other \u00a0
deposits. The amount that the Group would be contractually required to pay at maturity amounts to DKK 2,536 million (2023: DKK 8,066 million) \u00a0
for bonds issued by the Group\u2019s trading units. \u00a0
(a) Due to credit institutions and central banks \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
129,910 \u00a0
80,108 \u00a0
Other amounts due \u00a0
-
5,440 \u00a0
Total designated at fair value \u00a0
129,910 \u00a0
85,548 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
-
3,727 \u00a0
Other amounts due \u00a0
84,454 \u00a0
65,333 \u00a0
Total amortised cost \u00a0
84,454 \u00a0
69,060 \u00a0
Total \u00a0
214,364 \u00a0
154,608 \u00a0
(b) Deposits \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
78,528 \u00a0
113,306 \u00a0
Time deposits \u00a0
21 \u00a0
6,907 \u00a0
Total designated at fair value \u00a0
78,550 \u00a0
120,213 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
618 \u00a0
-
Transaction accounts \u00a0
891,606 \u00a0
904,328 \u00a0
Time deposits \u00a0
190,046 \u00a0
158,222 \u00a0
Pension savings etc. \u00a0
12,962 \u00a0
13,685 \u00a0
Total amortised cost \u00a0
1,095,232 \u00a0
1,076,235 \u00a0
Total \u00a0
1,173,781 \u00a0
1,196,447 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
(c) Further explanation on balances designated at fair value through profit or loss \u00a0
Any changes in the fair value that is attributable to changes in the Group\u2019s own credit risk of the liabilities are recognised in Other \u00a0
comprehensive income. As the deposits are collateralised and/or with a short maturity, no change in the fair value is attributable to changes in \u00a0
the Group\u2019s own credit risk. The amount that the Group would be contractually required to pay at maturity amounts to DKK 129.9 billion (2023: \u00a0
DKK 85.5 billion) for Due to credit institutions and central banks and DKK 78.6 billion (2023: DKK 120.2 billion) for Deposits. \u00a0
Trading portfolio \u00a0
2024 \u00a0
2023 \u00a0
(DKK millions) \u00a0
Bonds \u00a0
Shares \u00a0
Bonds \u00a0
Shares \u00a0
Carrying amount of transferred assets \u00a0
Repo transactions \u00a0
176,271 \u00a0
164,189 \u00a0
Securities lending \u00a0
1,811 \u00a0
1,047 \u00a0
Total transferred assets \u00a0
176,271 \u00a0
1,811 \u00a0
164,189 \u00a0
1,047 \u00a0
Repo transactions, own issued bonds \u00a0
32,146 \u00a0
33,693 \u00a0
Carrying amount of associated liabilities \u00a0
209,057 \u00a0
1,901 \u00a0
197,140 \u00a0
1,099 \u00a0
Net positions \u00a0
639 \u00a0
91 \u00a0
-742 \u00a0
52 \u00a0
The Group has not entered into any agreements on the sale of assets that entail the Group\u2019s continuing involvement in derecognised \u00a0
financial assets. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2106": { "value": "
G15. Loans at amortised cost \u00a0
In general, the loans in the Group\u2019s banking units (Personal Customers, Business Customers, General Banking in LC&I and Northern Ireland) are \u00a0
held with the objective of collecting the contractual cash flows. Therefore, most of the Group\u2019s loans in the banking units are classified as \u2018hold \u00a0
to collect\u2019 under IFRS 9. Further, the loans have basic lending features with the contractual cash flows solely representing repayment of \u00a0
principal and interest on the principal amount outstanding (the SPPI test). Therefore, the loans in the Group\u2019s banking units are recognised at \u00a0
amortised cost. The only exception is loans granted by Realkredit Danmark (see note G16) that are recognised at fair value, as the contractual \u00a0
cash flows do not represent basic lending features only, i.e. they do not pass the SPPI test in IFRS 9. \u00a0
Accounting policy \u00a0
At initial recognition, loans are measured at fair value plus transaction costs less origination fees and other charges that are an integral \u00a0
part of the effective interest rate on loans. This usually corresponds to the amount disbursed to the customer. Subsequently, they are \u00a0
measured at amortised cost, using the effective interest method, less impairment charges for expected credit losses. The difference \u00a0
between the value at initial recognition and the redemption value is amortised over the term to maturity as part of the effective interest. \u00a0
If fixed-rate loans are hedged effectively by derivatives, the fair value of the hedged interest rate risk is added to the carrying amount of \u00a0
the hedged assets. \u00a0
Impairment for expected credit losses \u00a0
The impairment charge for expected credit losses depends on whether the credit risk has increased significantly since initial recognition \u00a0
and follows a three stage model: \u00a0
\u2022
Stage 1: If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from \u00a0
default events that are possible within the next 12 months. \u00a0
\u2022
Stage 2: If the credit risk has increased significantly, the loan is transferred to stage 2 and an impairment charge equal to the lifetime \u00a0
expected credit losses is recognised. \u00a0
\u2022
Stage 3: If the loan is in default, it is transferred to stage 3, for which the impairment charge continues to equal the lifetime expected \u00a0
credit losses but with interest income being recognised on the net carrying amount. \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default \u00a0
(EAD) and the loss given default (LGD) and incorporates forward looking elements. For facilities in stages 2 and 3, the lifetime expected \u00a0
credit losses cover the expected remaining lifetime of a facility. \u00a0
Expected credit loss impairment charges are booked in an allowance account and allocated to individual exposures. \u00a0
(a) Loans at amortised cost \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Reverse transactions \u00a0
2,408 \u00a0
1,763 \u00a0
Other loans \u00a0
933,297 \u00a0
933,775 \u00a0
Allowance account \u00a0
13,804 \u00a0
13,958 \u00a0
Total \u00a0
921,900 \u00a0
921,580 \u00a0
Loans included payments due under finance leases of DKK 36,643 million at the end of 2024 (2023: DKK 35,628 million). \u00a0
(b) Further explanation \u00a0
Classification and measurement \u2013 business model assessment \u00a0
The business model assessment in Danske Bank Group is applied separately for each business unit represented by the Group\u2019s reportable \u00a0
segments. The assessment is based on observable factors for the different portfolios, such as (1) how the performance of the business model \u00a0
and the financial assets held within that business model are evaluated and reported to the Executive Board and the Board of \u00a0
Directors, (2) the risks that affect the performance of the business model and the way such risks are managed and (3) past and expected \u00a0
frequency, value and timing of sales for the portfolio. \u00a0
In the Group\u2019s banking units (Personal Customers, Business Customers, General Banking in LC&I and Northern Ireland), the management and \u00a0
reporting of performance are based on collecting the contractual cash flows, and loans are only very infrequently sold. Therefore, the business \u00a0
model has been assessed as being \u2018hold to collect\u2019. \u00a0
Once a year, the Group assesses if past sales are consistent with the business model for loans in the Group\u2019s banking unit being \u2018hold to collect\u2019. \u00a0
In general, if sales are below 5% of the size of a portfolio the sales are considered to be insignificant. Larger sales are considered individually in \u00a0
relation to consistency with the business model. The following sales are consistent with the business model being \u2018hold to collect\u2019: \u00a0
\u2022
Loans are sold after having previously been transferred to one of the Group\u2019s debt collection units \u00a0
\u2022
Loans are sold to manage credit concentration risk (specific countries or industries) \u00a0
\u2022
Loans to customers that have refocused their activities out of the Nordic region, i.e. the customers are no longer Nordic customers \u00a0
\u2022
The sale of loans that are no longer profitable, e.g. due to changes in the regulatory environment or the like. \u00a0
G15. Loans at amortised cost \u2013 Continued \u00a0
Classification and measurement \u2013 The SPPI test (solely payment of principal and interest on the principal amount outstanding) \u00a0
For each loan in the Group\u2019s banking units, it is assessed if the contractual cash flows are consistent with the SPPI test. The principal amount \u00a0
reflects the fair value at initial recognition less any subsequent changes, e.g. due to repayment. The interest represents consideration for the \u00a0
time value of money, credit risk, other basic lending risks and a margin consistent with basic lending features only. If the cash flows introduce \u00a0
more than de minimis exposure to risk or volatility that is not consistent with basic lending features, the loan is mandatorily recognised at fair \u00a0
value through profit or loss. Features that are not genuine do not affect the classification. A feature is not genuine if it affects the contractual \u00a0
cash flows only on the occurrence of an event that is extremely rare, highly abnormal and very unlikely to occur. \u00a0
In general, the SPPI test of the Group\u2019s portfolios of loans covers, for instance, the following elements: \u00a0
\u2022
Compensation for the time value of money. For some of the Group\u2019s variable-rate loans, the market standard for these loans is that the \u00a0
reset frequency and the tenor of the reference rate do not match. It has been assessed that the mismatch does not significantly modify the \u00a0
compensation for the time value of money. No loans have interest rates that are leveraged or linked to, for instance, the development in \u00a0
share prices etc. \u00a0
\u2022
Prepayment options are consistent with the SPPI test, if the prepayment amount represents the principal amount outstanding and accrued \u00a0
interest, and may include a reasonable compensation for early repayment. This is generally the case with the Group\u2019s loans, except loans \u00a0
granted by Realkredit Danmark (see further below). \u00a0
\u2022
Extension options are consistent with the SPPI test if the cash flows during the extension period represent cash flows that are solely \u00a0
payments of principal and interest on the principal amount outstanding. Only very few loans include a contractual right for the customer to \u00a0
extend the loan, and for such loans, the interest rate will be updated to the current market rate for such loans. \u00a0
\u2022
Compensation for credit risk and other basic lending risks. The interest rate includes a credit margin to compensate the Group for the \u00a0
credit risk, and it may be fixed initially. The Group does not incorporate profit sharing agreements, for example by contractual terms that \u00a0
increase the credit margin if the customer\u2019s earnings increase. \u00a0
\u2022
Non-recourse features. In general, the Group does not grant loans that legally are non-recourse. However, in some cases a financial asset \u00a0
represents an investment in particular assets or cash flows, in which case the contractual cash flows are not solely payments of principal \u00a0
and interest on the principal amount outstanding. This could be the case when the Group\u2019s claim is limited to specified assets of a debtor or \u00a0
the cash flows from specified assets, e.g. related to loans granted to a company/a special purpose entity with limited assets and with no \u00a0
guarantee from the owner/parent company. The Group only grants such loans if the cash flows from the underlying asset(s) are large \u00a0
compared to the contractual cash flows from the loans. Therefore, non-recourse-like features are limited and excluded from the \u00a0
assessment. \u00a0
\u2022
Non-payment is not considered a breach of contract. The Group does not grant loans where non-payment would not constitute a breach of \u00a0
contract. \u00a0
\u2022
The Group grants loans with sustainability-linked features. These are loans granted to support customers in achieving sustainability \u00a0
targets. The loans include incentives in the form of a change to the margin applicable to the loan if certain predetermined sustainability \u00a0
targets specific to the customer are met. These loans have been assessed and the contractual cash flows are considered to fulfil the SPPI \u00a0
test criteria and are consistent with a basic lending arrangement. As a result, the loans are held at amortised cost. \u00a0
Loans granted under Danish mortgage finance law are funded by issuing listed mortgage bonds with matching terms. Such loans are granted \u00a0
by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. This represents an option to \u00a0
prepay at fair value that can be both above and below the principal amount plus accrued interest and include other elements than the effect of \u00a0
changes in the relevant benchmark interest rate. The loans do not pass the SPPI test and are mandatorily recognised at fair value through \u00a0
profit or loss, see further in note G16. \u00a0
Financial instruments in scope of the expected credit loss impairment model in IFRS 9 \u00a0
Impairment charges for expected credit losses apply to all financial assets recognised at amortised cost or at fair value through Other \u00a0
comprehensive income, lease receivables and certain loan commitments and financial guarantee contracts. Therefore, the Group\u2019s expected \u00a0
credit loss model also applies to bond portfolios included in the line item Investment securities, except for the bonds that are recognised at fair \u00a0
value through profit or loss. \u00a0
Further, the adjustment for fair value of credit risk on loans granted by Realkredit Danmark is based on the expected credit loss impairment \u00a0
model in IFRS 9. Further information can be found in the accounting policy for note G16. \u00a0
Significant increase in credit risk (transfer from stage 1 to stage 2) \u00a0
The classification of facilities between stages 1 and 2 for the purpose of calculating expected credit losses depends on whether the credit risk \u00a0
has increased significantly since initial recognition. The assessment of whether credit risk has increased significantly since initial recognition is \u00a0
performed by considering the change in the risk of default occurring over the remaining life of the facility and incorporating forward-looking \u00a0
information. A facility is transferred from stage 1 to stage 2 based on observed increases in the probability of default: \u00a0
\u2022
For facilities originated below 1% in PD: An increase in the facility\u2019s 12-month PD of at least 0.5 percentage points and a doubling of the \u00a0
facility\u2019s lifetime PD since origination. \u00a0
\u2022
For facilities originated above 1% in PD: An increase in the facility\u2019s 12-month PD of 2 percentage points or a doubling of the facility\u2019s \u00a0
lifetime PD since origination. \u00a0
In addition, facilities that are more than 30 days past due are moved to stage 2. 30 days past due is considered a backstop. Finally, customers \u00a0
subject to forbearance measures are placed in stage 2, if the Group, in the most likely outcome, expects no loss, or if the customers are subject \u00a0
to the two-year probation period for performing forborne exposures. \u00a0
G15. Loans at amortised cost \u2013 Continued \u00a0
Stage 3 (credit-impaired facilities) \u00a0
A facility is transferred from stage 2 to stage 3 when it becomes credit-impaired. A facility becomes credit-impaired when one or more events \u00a0
that have a detrimental impact on the estimated future cash flows have occurred. This includes observable data about (a) significant financial \u00a0
difficulty of the issuer or the borrower; (b) a breach of contract, such as a default or past due event; (c) the borrower, for financial or contractual \u00a0
reasons relating to the borrower\u2019s financial difficulty, having been granted a concession that would not otherwise have been considered; (d) it is \u00a0
becoming probable that the borrower will enter into bankruptcy or other financial restructuring; and (e) the purchase or origination of a \u00a0
financial asset at a deep discount that reflects the incurred credit loss. It may not be possible to identify a single individual event \u2013 instead, the \u00a0
combined effect of several events may cause financial asset to become credit-impaired. Credit-impaired facilities are placed in rating category \u00a0
11. For rating category 11 (default), all facilities are classified as stage 3 exposures. \u00a0
Definition of default \u00a0
The definition of default is used in the measurement of expected credit losses and the assessment to determine movements between stages. \u00a0
The definition of default is also used for internal credit risk management and capital adequacy purposes. \u00a0
To support a more harmonised approach regarding the application of the definition of default, the European Banking Authority (EBA) has issued \u00a0
the following products that guides the application of the definition of default: the Guidelines on the application of the definition of default, \u00a0
EBA/GL/2016/07 and the Regulatory Technical Standards (RTS) on the materiality threshold for credit obligations past due, EBA/RTS/2016/06. \u00a0
The Group\u2019s definition of default for accounting aligns with the regulatory purposes. All exposures that are considered default are also \u00a0
considered Stage 3 exposures. This is applicable for exposures that are default due to either the 90 days past due default trigger or the \u00a0
unlikeliness to pay default triggers. A small amount of credit exposure in stage 3 can be found outside default. This is due to impairment \u00a0
staging being updated monthly (after each month end), whereas default is updated daily. \u00a0
Purchased or originated credit-impaired facilities (POCI) \u00a0
A facility that is credit-impaired at initial recognition is classified as a POCI financial asset. This is the case if the financial asset is \u00a0
purchased or originated at a deep discount that reflects the incurred credit losses. For such assets, life-time expected credit losses are \u00a0
recognised for the remaining lifetime of the asset. In general, the Group does not purchase credit-impaired financial assets and the \u00a0
category therefore relates to originated credit-impaired facilities, typically originated in relation to forbearance measures. \u00a0
Calculation of expected credit losses \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default (EAD) and \u00a0
the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal models in order to \u00a0
ensure alignment of models across the Group. New models and calculations have been developed especially for IFRS 9 purposes, including \u00a0
models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairment charges are allocated to individual \u00a0
exposures. For significant loans in stage 3, the Group determines the expected credit losses individually. \u00a0
Expected remaining lifetime \u00a0
For most facilities, the expected lifetime is limited to the remaining contractual maturity and is adjusted for expected prepayment. For \u00a0
exposures with weak credit quality, the likelihood of prepayment is not included. For exposures that include both a loan and an undrawn \u00a0
commitment and where a contractual ability to demand prepayment and cancellation of the undrawn commitment does not limit the Group\u2019s \u00a0
exposure to credit losses to the contractual notice period, the expected lifetime is the period during which the Group expects to be exposed to \u00a0
credit losses. This period is estimated on the basis of the normal credit risk management actions. Products identified as in scope of an \u00a0
expected lifetime longer than the remaining contractual maturity include credit cards, overdraft balances and certain revolving credit facilities. \u00a0
Incorporation of forward-looking information \u00a0
The forward-looking elements of the calculation reflect the current expectations of the Group\u2019s senior management. The Group\u2019s \u00a0
independent macroeconomic research unit in Markets creates macroeconomic scenarios (base case, upside and downside), including an \u00a0
assessment of the probability of each scenario. The purpose of using multiple scenarios is to model the non-linear impact of assumptions \u00a0
about macroeconomic factors on the expected credit losses Afterwards there is a process to ensure a review and sign-off of the scenarios. \u00a0
Management\u2019s approval of the scenarios can include adjustments to the scenarios or to which scenarios are used, the assigned \u00a0
probability weighting and post-model adjustments to cover the outlook for particular high-risk portfolios which are not provided by the Group\u2019s \u00a0
macroeconomists. The approved scenarios are used to calculate the impairment levels. Technically, the forward-looking information is used \u00a0
directly in the PDs through an estimate of general changes to the PDs and the LGDs in the expected credit loss calculation. However, for \u00a0
significant exposures in stage 3, an individual assessment of the scenarios, changes to expected credit losses and the related probabilities are \u00a0
performed by senior credit officers. \u00a0
The forward-looking information is based on a three-year forecast period converging to steady state in year seven. The base case is based on \u00a0
the macroeconomic outlook as disclosed in the Group\u2019s Nordic Outlook reports. Further information on the macroeconomic scenarios used can \u00a0
be found in note G40. \u00a0
Sustainability risk \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability risk in the long term, of which climate risk is currently the \u00a0
most urgent of all ESG-related drivers capable of affecting the Group\u2019s credit risk. \u00a0
The Group takes a risk-based approach in prioritising risk management efforts for credit portfolios that are likely to be most exposed to \u00a0
transition and physical risks. For that purpose, the Group applies a mix of qualitative and quantitative input to define the credit exposures most \u00a0
exposed to transition and physical risks. \u00a0
High transition risk exposures are identified using a mix of insights, including financed emissions estimates, findings from conducting climate \u00a0
scenario analysis as well as qualitative judgment to account for e.g., credible transition plans, potential future technology and demand risks to \u00a0
a given sector. Most of the emissions are attributable to only a few sectors, e.g., Shipping, Oil and Gas, which the Group actively monitors and \u00a0
manages. From the initial assessment of customers subject to high transition risk, the exposure to the lagging transition category remains \u00a0
limited but will be monitored on an ongoing basis. \u00a0
G15. Loans at amortised cost \u2013 Continued \u00a0
The Group has identified flooding risk (river and coastal flooding) as the key physical hazard applicable to the portfolio on the basis of the report \u00a0
on high confidence of hazard increase in Northern Europe issued by the Intergovernmental Panel on Climate Change. The current analyses on \u00a0
flooding risk focus on residential and commercial property and the risk is assessed to be limited. \u00a0
Moreover, the Group performs ad-hoc climate stress tests to assess physical and transition risks of climate changes. Stress tests in relation to \u00a0
physical risks cover collateral-related exposures and are based on river and coastal flooding. Stress tests in relation to transition risks consider \u00a0
an introduction of carbon taxes. \u00a0
The Group will continue to refine its assessment methodology as more climate risk data becomes available to support the identification of both \u00a0
transition and physical risks for the purpose of determining financial significance, however, conclusions have not led to adjustments to staging \u00a0
or modelled expected credit losses, as the impacts either manifest over a longer time period than loan maturities, or as transition risks are \u00a0
concentrated on a few sectors with downside risks already recognised in the Group\u2019s modelled expected credit losses. Both transition and \u00a0
physical risks are either managed through risk tolerances or strategic targets, or already have post model adjustments/management overlays \u00a0
allocated covering the climate related risks. \u00a0
Write-off policy \u00a0
Loans considered uncollectible are written off. Write-offs are debited to the allowance account. Loans are written off once the usual collection \u00a0
procedure has been completed and the loss on the individual loan can be calculated. If the full loss is not expected to be realised until after a \u00a0
number of years, for example in the event of administration of complex estates, a partial write-off is recognised, reflecting the Group\u2019s claim \u00a0
less collateral, estimated dividend and other cash flows. \u00a0
Modification \u00a0
When a loan is modified the Group assesses whether the modification results in derecognition. This depends on whether the changes to the \u00a0
contractual cash flows or other contractual terms are significant or not. \u00a0
If the changes are significant, the modification is accounted for as derecognition of the original loan and recognition of a new loan. If the \u00a0
changes are not significant, the modification is accounted for as a modification of the original loan. The assessment is based on the following \u00a0
considerations: \u00a0
\u2022
The Group differentiates between changes in the cash flows or other terms within the original contract and modifications of the \u00a0
contract, i.e. a new contract. \u00a0
\u2022
In general, a significant modification is defined as a full credit process, a pricing decision and the signing of a new contract. \u00a0
\u2022
An assessment of whether the modification is caused as a forbearance measure or made on commercial terms. \u00a0
If the financial asset is not derecognised, the original effective interest rate remains unchanged, and the net present value of the changed \u00a0
contractual cash flows represents the gross carrying amount of the financial asset after the modification. The difference between the net \u00a0
present value of the original contractual cash flows and the modified contractual cash flows is recognised in the income statement as a \u00a0
modification gain or loss. \u00a0
If the original financial asset is derecognised, a derecognition gain or loss is recognised in the income statement. The derecognition gain or loss \u00a0
represents the difference between the carrying amount of the original financial asset (updated to reflect current expected credit losses) and \u00a0
the initial carrying amount of the new financial asset plus/minus any cash payments between the parties in relation to the modification. \u00a0
Modifications in the form of forbearance measures include interest reduction schedules, interest only schedules, temporary payment holidays, \u00a0
term extensions, cancellation of outstanding fees, waiver of covenant enforcement and debt forgiveness. For modifications that are not \u00a0
significant, the modification loss is recognised in the Income statement within Loan impairment charges. \u00a0
In terms of stage allocation, a modification that leads to derecognition of the initial loan and recognition of a new loan, the loan will (unless the \u00a0
new loan is credit-impaired at initial recognition) be recognised in stage 1 at initial recognition, i.e. the initial credit risk is reset. If the replacing \u00a0
loan is considered an amendment to the original loan, the initial credit risk is not reset. Loans modified as part of the Group\u2019s forbearance \u00a0
policy, where the modification does not result in derecognition, the loss allowance on the forborne loans will generally only be measured based \u00a0
on 12-months expected credit losses when there is evidence of the borrower\u2019s improved repayment behaviour. When a loan in stage 3 is \u00a0
modified, and the modification results in derecognition, the Group assesses if the new loan is originated credit impaired. The assessment \u00a0
includes factors such as whether the customer\u2019s repayment behaviour has improved significantly prior to the modification or not, and whether \u00a0
the pricing on the new loan reflects the actual credit risk etc. New loans that are originated credit impaired remains under a lifetime ECL \u00a0
calculation for the remaining term of the exposure. \u00a0
(c) Reconciliation of total allowance account and gross credit exposure \u00a0
In the following table, the allowance account and the gross credit exposure is reconciled by measurement category. Loans at amortised cost \u00a0
includes the balance sheet line item Loans at amortised cost, as well as exposures under Due from credit institutions that are carried at \u00a0
amortised cost and demand deposits with central banks, see note G14. Loans at fair value consists of loans granted by Realkredit Danmark, for \u00a0
which the allowance account represents the fair value adjustment of the credit risk (for further information see note G16). \u00a0
Loan commitments and guarantees consists of guarantees, loan commitments shorter than 1 year and loan commitments longer than 1 year, \u00a0
see note G27. The allowance account for loans at amortised cost and at fair value is credited against the related loans, whereas the allowance \u00a0
account related to loan commitments and guarantees is recognised as a liability and presented under Other liabilities. \u00a0
G15. Loans at amortised cost \u2013 Continued \u00a0
Reconciliation of total allowance account \u00a0
Loans at amortised cost \u00a0
Loans at fair value \u00a0
Loan commitments and guarantees \u00a0
Total \u00a0
(DKK millions) \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
ECL allowance account as at 1 January 2023 \u00a0
1,922 \u00a0
5,524 \u00a0
6,322 \u00a0
627 \u00a0
1,372 \u00a0
1,251 \u00a0
724 \u00a0
1,186 \u00a0
717 \u00a0
19,645 \u00a0
Transferred to stage 1 \u00a0
1,317 \u00a0
-1,237 \u00a0
-80 \u00a0
749 \u00a0
-722 \u00a0
-28 \u00a0
340 \u00a0
-315 \u00a0
-24 \u00a0
-
Transferred to stage 2 \u00a0
-118 \u00a0
401 \u00a0
-283 \u00a0
-15 \u00a0
37 \u00a0
-22 \u00a0
-78 \u00a0
230 \u00a0
-152 \u00a0
-
Transferred to stage 3 \u00a0
-18 \u00a0
-404 \u00a0
421 \u00a0
-3 \u00a0
-29 \u00a0
32 \u00a0
-2 \u00a0
-72 \u00a0
74 \u00a0
-
ECL on new assets \u00a0
354 \u00a0
1,025 \u00a0
501 \u00a0
141 \u00a0
45 \u00a0
22 \u00a0
106 \u00a0
179 \u00a0
85 \u00a0
2,457 \u00a0
ECL on assets derecognised \u00a0
-306 \u00a0
-846 \u00a0
-802 \u00a0
-146 \u00a0
-149 \u00a0
-50 \u00a0
-61 \u00a0
-147 \u00a0
-88 \u00a0
-2,595 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,277 \u00a0
1,073 \u00a0
775 \u00a0
-272 \u00a0
107 \u00a0
165 \u00a0
-374 \u00a0
213 \u00a0
604 \u00a0
1,014 \u00a0
Write offs debited to the allowance account \u00a0
-5 \u00a0
-
-327 \u00a0
-
-
-37 \u00a0
-
-
-
-370 \u00a0
Foreign exchange adjustments \u00a0
-15 \u00a0
17 \u00a0
-2 \u00a0
-
-
-
-3 \u00a0
6
-24 \u00a0
-22 \u00a0
Other \u00a0
-1 \u00a0
-49 \u00a0
92 \u00a0
-1 \u00a0
49 \u00a0
-119 \u00a0
6
-6 \u00a0
39 \u00a0
10 \u00a0
As at 31 December 2023 \u00a0
1,854 \u00a0
5,503 \u00a0
6,617 \u00a0
1,080 \u00a0
710 \u00a0
1,215 \u00a0
658 \u00a0
1,273 \u00a0
1,230 \u00a0
20,140 \u00a0
Transferred to stage 1 \u00a0
850 \u00a0
-768 \u00a0
-83 \u00a0
158 \u00a0
-129 \u00a0
-29 \u00a0
189 \u00a0
-166 \u00a0
-23 \u00a0
-
Transferred to stage 2 \u00a0
-162 \u00a0
367 \u00a0
-205 \u00a0
-106 \u00a0
151 \u00a0
-46 \u00a0
-48 \u00a0
110 \u00a0
-62 \u00a0
-
Transferred to stage 3 \u00a0
-16 \u00a0
-363 \u00a0
379 \u00a0
-11 \u00a0
-30 \u00a0
41 \u00a0
-1 \u00a0
-22 \u00a0
22 \u00a0
-
ECL on new assets \u00a0
314 \u00a0
1,273 \u00a0
812 \u00a0
192 \u00a0
65 \u00a0
37 \u00a0
55 \u00a0
203 \u00a0
258 \u00a0
3,207 \u00a0
ECL on assets derecognised \u00a0
-354 \u00a0
-1,227 \u00a0
-692 \u00a0
-136 \u00a0
-129 \u00a0
-68 \u00a0
-67 \u00a0
-139 \u00a0
-88 \u00a0
-2,900 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-714 \u00a0
609 \u00a0
324 \u00a0
-146 \u00a0
194 \u00a0
291 \u00a0
-207 \u00a0
222 \u00a0
-523 \u00a0
49 \u00a0
Write offs debited to the allowance account \u00a0
-40 \u00a0
-
-258 \u00a0
-9 \u00a0
-
-60 \u00a0
-
-
-
-367 \u00a0
Foreign exchange adjustments \u00a0
-21 \u00a0
-67 \u00a0
-80 \u00a0
-
-
-
-4 \u00a0
-18 \u00a0
50 \u00a0
-140 \u00a0
Other \u00a0
-77 \u00a0
50 \u00a0
-9 \u00a0
-
-55 \u00a0
11 \u00a0
-4 \u00a0
-
-3 \u00a0
-89 \u00a0
As at 31 December 2024 \u00a0
1,634 \u00a0
5,377 \u00a0
6,806 \u00a0
1,021 \u00a0
777 \u00a0
1,392 \u00a0
571 \u00a0
1,463 \u00a0
860 \u00a0
19,901 \u00a0
The movements on the allowance account are determined by comparing the classification and amount in the balance sheet at the beginning \u00a0
and the end of the year. The table above excludes the allowance account of DKK 4 million (2023: DKK 4 million) relating to bonds at amortised \u00a0
cost or fair value through Other comprehensive income (all in stage 1). It also excludes the adjustment for credit risk on Loans held for sale \u00a0
(loan portfolios where the Group has entered into sales agreements). For further information on the decomposition of the allowance account \u00a0
on facilities in stages 1-3, see the notes on credit risk. \u00a0
G15. Loans at amortised cost \u2013 Continued \u00a0
Reconciliation of gross credit exposure \u00a0
Loans at amortised cost \u00a0
Loans at fair value \u00a0
Loan commitments and guarantees \u00a0
Total \u00a0
(DKK millions) \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Gross carrying amount at 1 January 2023 \u00a0
1,163,791 \u00a0
103,889 \u00a0
19,991 \u00a0
674,974 \u00a0
43,152 \u00a0
9,175 \u00a0
487,921 \u00a0
28,993 \u00a0
3,060 \u00a0
2,534,946 \u00a0
Transferred to stage 1 \u00a0
24,436 \u00a0
-23,919 \u00a0
-517 \u00a0
19,977 \u00a0
-19,269 \u00a0
-707 \u00a0
4,419 \u00a0
-4,295 \u00a0
-124 \u00a0
-
Transferred to stage 2 \u00a0
-32,018 \u00a0
33,463 \u00a0
-1,445 \u00a0
-5,314 \u00a0
6,194 \u00a0
-880 \u00a0
-8,569 \u00a0
8,948 \u00a0
-379 \u00a0
-
Transferred to stage 3 \u00a0
-2,006 \u00a0
-2,730 \u00a0
4,736 \u00a0
-887 \u00a0
-909 \u00a0
1,796 \u00a0
-1,339 \u00a0
-805 \u00a0
2,144 \u00a0
-
New assets \u00a0
271,614 \u00a0
19,443 \u00a0
5,491 \u00a0
93,294 \u00a0
2,191 \u00a0
495 \u00a0
193,950 \u00a0
6,879 \u00a0
434 \u00a0
593,790 \u00a0
Assets derecognised \u00a0
-259,668 \u00a0
-31,272 \u00a0
-6,955 \u00a0
-60,819 \u00a0
-6,542 \u00a0
-1,369 \u00a0
-201,248 \u00a0
-11,898 \u00a0
-1,388 \u00a0
-581,160 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-
-
-303 \u00a0
-4 \u00a0
-
-
-
-
-
-308 \u00a0
Other changes \u00a0
41,386 \u00a0
-6,645 \u00a0
-227 \u00a0
2,035 \u00a0
-186 \u00a0
-113 \u00a0
-9,681 \u00a0
-459 \u00a0
-228 \u00a0
25,883 \u00a0
As at 31 December 2023 \u00a0
1,207,535 \u00a0
92,229 \u00a0
20,770 \u00a0
723,254 \u00a0
24,631 \u00a0
8,397 \u00a0
465,453 \u00a0
27,364 \u00a0
3,519 \u00a0
2,573,152 \u00a0
Transferred to stage 1 \u00a0
14,694 \u00a0
-14,362 \u00a0
-332 \u00a0
5,784 \u00a0
-5,181 \u00a0
-603 \u00a0
4,843 \u00a0
-4,643 \u00a0
-201 \u00a0
-
Transferred to stage 2 \u00a0
-28,554 \u00a0
29,629 \u00a0
-1,075 \u00a0
-10,864 \u00a0
11,800 \u00a0
-935 \u00a0
-4,243 \u00a0
4,464 \u00a0
-221 \u00a0
-
Transferred to stage 3 \u00a0
-2,548 \u00a0
-2,268 \u00a0
4,816 \u00a0
-1,700 \u00a0
-923 \u00a0
2,623 \u00a0
-369 \u00a0
-176 \u00a0
546 \u00a0
-
New assets \u00a0
377,287 \u00a0
29,680 \u00a0
4,488 \u00a0
81,326 \u00a0
2,457 \u00a0
511 \u00a0
247,042 \u00a0
10,954 \u00a0
2,115 \u00a0
755,860 \u00a0
Assets derecognised \u00a0
-376,938 \u00a0
-34,803 \u00a0
-8,180 \u00a0
-61,915 \u00a0
-3,655 \u00a0
-1,383 \u00a0
-187,509 \u00a0
-11,224 \u00a0
-1,609 \u00a0
-687,215 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-
-
-2 \u00a0
-11 \u00a0
-
-5 \u00a0
-
-
-
-18 \u00a0
Other changes * \u00a0
-189,759 \u00a0
-5,146 \u00a0
-325 \u00a0
-14,433 \u00a0
-557 \u00a0
-240 \u00a0
-21,055 \u00a0
-267 \u00a0
-158 \u00a0
-231,939 \u00a0
As at 31 December 2024 \u00a0
1,001,717 \u00a0
94,958 \u00a0
20,161 \u00a0
721,442 \u00a0
28,572 \u00a0
8,364 \u00a0
504,161 \u00a0
26,473 \u00a0
3,992 \u00a0
2,409,840 \u00a0
* Other changes in Loans at amortised cost in 2024 include loans that were included in the sale of the personal customers business in Norway. See note G23 for more detail. \u00a0
(d) Significant accounting estimates related to expected credit losses \u00a0
For information on significant accounting estimates related to expected credit losses, see note G1(b). \u00a0
G16. Loans and issued bonds at fair value \u00a0
The Group has two types of portfolios of loans and issued bonds that are measured at fair value through profit or loss. The first portfolio \u00a0
consists of loans granted and bonds issued by the subsidiary Realkredit Danmark, a Danish mortgage institution covered by Danish mortgage \u00a0
finance law. The other portfolio consists of loans and bonds issued by the Group\u2019s trading units (Markets in LC&I). \u00a0
Accounting policy \u00a0
Loans granted and bonds issued by Realkredit Danmark \u00a0
Loans granted by Realkredit Danmark have contractual cash flows that are not solely payment of principal and interest on the principal \u00a0
amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which represents an option to \u00a0
prepay at fair value that can be both above and below the principal amount plus interest. This is not consistent with the SPPI test since \u00a0
changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate developments.\u00a0Therefore, the loans are \u00a0
mandatorily recognised at fair value through profit or loss. The issued bonds that are funding the loans are designated at fair value \u00a0
through profit or loss in order not to create an accounting mismatch. For the issued bonds, changes in fair value attributable to the \u00a0
Group\u2019s own credit risk is presented in the income statement, as an accounting mismatch would otherwise be introduced. \u00a0
The fair value of the bonds issued by Realkredit Danmark is normally defined as their quoted market price. A small number of the issued \u00a0
bonds are illiquid, however, and the fair value of these bonds is calculated on the basis of a discounted cash flow valuation technique. \u00a0
The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair value of the interest \u00a0
rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in the fair value of cash flows \u00a0
from the loans that differ from the cash flows from the issued bonds. The most important component is the credit risk on the borrowers \u00a0
(covered by the Group and not by the bond holders and therefore not priced into the price of the issued bonds). \u00a0
Changes in fair value of credit risk etc. on the loans \u00a0
The IFRS 13 estimate of the fair value of the credit risk on the loans is based on the expected credit losses estimated in the models \u00a0
developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, including the \u00a0
allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as a function of PD, EAD \u00a0
and LGD and incorporates forward looking information, see further in note G15. The latter reflects management\u2019s expectations of \u00a0
expected credit losses and involves multiple scenarios (base case, upside and downside), including an assessment of the probability for \u00a0
each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other components \u00a0
in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an investors risk premium, \u00a0
compensation for administrative costs related to the loans and the possibility to increase the margin on the loans if the credit risk etc. \u00a0
increases. It is acknowledged that the possibility to increase the margin depends on the economic resources of the customers. The \u00a0
possibility to increase the margin is therefore only considered in the measurement if it is very likely that the margin can be increased \u00a0
without the customer defaulting. Further, the possibility to increase the margin is only relevant if it does not give the customer an \u00a0
incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to increase the margin is only relevant for the \u00a0
measurement of loans to customers with neither a relatively high credit risk nor a relatively low credit risk. \u00a0
The discount rate used to discount the cash flows represents the interest rate on the funding bonds. This is considered to be close to a \u00a0
risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher for customers \u00a0
Accounting policy - continued \u00a0
with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value of the credit risk and \u00a0
other components cannot increase the value of a loan (the adjustment cannot be positive). \u00a0
Other loans and issued bonds measured at fair value through profit or loss \u00a0
The loans in the Group\u2019s trading units (Markets and Investment Banking in LC&I) are managed and their performance reported on a fair \u00a0
value basis and the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an \u00a0
accounting mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities \u00a0
at amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value changes \u00a0
attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
794,568 \u00a0
806,157 \u00a0
Fair value adjustment of underlying bonds \u00a0
-36,190 \u00a0
-49,874 \u00a0
Adjustment for credit risk \u00a0
3,191 \u00a0
3,006 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
755,188 \u00a0
753,277 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
319,596 \u00a0
174,963 \u00a0
Total \u00a0
1,074,783 \u00a0
928,239 \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
875,633 \u00a0
848,774 \u00a0
Fair value adjustment of funding of current loans \u00a0
-36,190 \u00a0
-49,874 \u00a0
Holding of own mortgage bonds \u00a0
94,948 \u00a0
57,837 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
744,495 \u00a0
741,062 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
2,061 \u00a0
7,718 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
G16. Loans and issued bonds at fair value \u2013 Continued \u00a0
(c) Further explanation on loans granted and bonds issued by Realkredit Danmark \u00a0
Each loan granted by Realkredit Danmark is funded by issuing listed mortgage bonds with matching characteristics (e.g. amount outstanding, \u00a0
reference interest rate, term and currency). The borrower may repay the loan by delivering the underlying bonds to Realkredit Danmark. \u00a0
The loans are held in a business model being similar to other loans in the Group\u2019s banking units, i.e. the business model under IFRS 9 is \u2018held to \u00a0
collect\u2019. The customers\u2019 right to prepay a loan by delivering the underlying bonds represents an option to prepay at fair value. Under this \u00a0
prepayment option, the prepayment amount can be both above and below the principal amount plus accrued interest. Changes in the fair value \u00a0
of the underlying bonds include other elements than the effect of changes in the relevant benchmark interest rate and the prepayment option \u00a0
is therefore not consistent with the SPPI test in IFRS 9 and are mandatorily measured at FVPL. \u00a0
To eliminate the accounting mismatch that would exist if the loans are measured at fair value through profit or loss and the issued bonds at \u00a0
amortised cost, the issued bonds are designated at fair value through profit or loss using the fair value option for financial liabilities in IFRS 9. \u00a0
As the fair value of the loans is based on the fair value of the issued bonds, fair value changes of the issued bonds are offset by fair value \u00a0
changes of the loans, including the changes related to the fair value of the own credit risk of the issued bonds. For example, if the credit quality \u00a0
of the bonds worsens the fair value of the liability decreases and the fair value of the loans also decreases. Therefore, fair value changes of \u00a0
own credit risk on the issued bonds are recognised in the income statement, as an accounting mismatch would otherwise be created if \u00a0
changes in own credit risk were recognised in Other comprehensive income. \u00a0
The value of the loans is affected by changes in the credit risk on the loans. In 2024, the Group recognised DKK 333 million regarding changes \u00a0
in the credit risk on loans at fair value (2023: DKK -109 million) see note G11. At the end of 2024, the accumulated changes in the credit risk \u00a0
amounted to DKK 3,191 million (2023: DKK 3,006 million). The amounts are determined as the amount of the change in fair value that is not \u00a0
attributable to changes in market conditions that give rise to market risk, with the latter being represented by the fair value of the funding \u00a0
issued bonds. The Group does not use credit derivatives or similar instruments to mitigate the exposure to credit risk. \u00a0
The holding of own mortgage bonds includes pre-issued bonds of DKK 56 billion (2023: DKK 31 billion) used for FlexL\u00e5n\u00ae refinancing in \u00a0
January 2025. \u00a0
The nominal value of bonds issued by Realkredit Danmark equals the amount to be redeemed on maturity. \u00a0
Fair value adjustment for the credit risk on issued mortgage bonds is calculated on the basis of the option-adjusted spread (OAS). The \u00a0
calculation incorporates maturity, nominal holdings and OAS sensitivity. As a number of estimates are made, the calculation is subject to \u00a0
uncertainty. \u00a0
In 2024, the Danish mortgage bond yield spread increased and the fair value of issued mortgage bonds thus decreased by approximately \u00a0
DKK 7.0 billion. In 2023, the Danish mortgage bond yield spread increased, causing a decrease in the fair value of issued mortgage bonds. \u00a0
Based on the outstanding portfolio at the end of 2024, Realkredit Danmark estimates that there has been a net increase of the spread since the \u00a0
issuance of the bonds, which produces a positive fair value of approximately DKK 1.37 billion (2023: negative fair value of approximately DKK \u00a0
0.05 billion). Net profit and shareholders\u2019 equity remain unaffected by the change in fair value because the spread narrowing increased the \u00a0
value of mortgage loans correspondingly. \u00a0
Fair value adjustment for the credit risk on issued mortgage bonds may also be calculated on the basis of changes in similar AAA rated \u00a0
mortgage bonds offered by other Danish issuers. The market for such bonds is characterised by an absence of measurable price differences \u00a0
between bonds with similar features from different issuers. Using this method, no fair value adjustment for credit risk in 2024 or the period \u00a0
since the issue has been required. \u00a0
(d) Further explanation on loans, deposits and issued bonds by the Group\u2019s trading units \u00a0
The loans in the Group\u2019s trading units (Markets in LC&I) are managed and their performance reported on a fair value basis. The loans are \u00a0
mandatorily recognised at fair value through profit or loss as the business model is neither \u2018held to collect\u2019 nor \u2018held to collect and sell\u2019. The \u00a0
loans consist primarily of reverse transactions and short-term loans. In order not to introduce an accounting mismatch, the financial liabilities \u00a0
in the trading units are designated at fair value through profit or loss, using the fair value option in IFRS 9. \u00a0
The financial liabilities consist of issued bonds (certificates of deposits and commercial papers) and deposits (including repo transactions) with \u00a0
a maturity no longer than six months in general. Fair value changes attributable to the Group\u2019s own credit risk are presented in Other \u00a0
comprehensive income. During 2024, changes in fair value attributable to the Group\u2019s own credit risk recognised in Other Comprehensive \u00a0
Income amounted to DKK 0 million (2023: DKK 0 million). In the balance sheet, deposits in the trading units are presented together with other \u00a0
deposits. The amount that the Group would be contractually required to pay at maturity amounts to DKK 2,536 million (2023: DKK 8,066 million) \u00a0
for bonds issued by the Group\u2019s trading units. \u00a0
G40. Risk management notes - continued \u00a0
Credit risk \u00a0
The Group offers loans, credits, guarantees and other products as part of its business model and thus takes on credit risk. \u00a0
Credit risk is the risk of losses because debtors or counterparties fail to meet all or part of their payment obligations to the Group. \u00a0
In accordance with the Group\u2019s Credit Policy, the Group carefully assesses the financial situation of customers to ensure that loans granted are \u00a0
suited to their needs and financial capacity and that customers understand their financial obligations. \u00a0
In order to mitigate credit risk, the Group uses a number of measures, including collateral, guarantees and covenants. \u00a0
Further information on the Group\u2019s risk management practices related to credit risk can be found in the report Risk Management 2024. \u00a0
Sustainability risk \u00a0
The Group may be exposed to sustainability drivers. Credit risk is deemed to be the risk type most materially affected by sustainability drivers. \u00a0
Sustainability and ESG considerations are integrated into the Group\u2019s lending practices. \u00a0
Sustainability and credit risk \u00a0
Sustainability risks are identified, assessed and monitored at the portfolio level as part of the annual sector reviews, which include an in-depth \u00a0
assessment of sub-sectors and the customers with the largest exposure.\u00a0This enables the Group to map the most material sustainability risks \u00a0
facing the individual portfolios, monitor aggregate risk levels on an ongoing basis, and identify additional Credit Risk Policy requirements. When \u00a0
deemed necessary, the sustainability risk findings are integrated into the Group\u2019s credit risk tolerance to allow for portfolio management. \u00a0
Relationship managers use a digital system to identify and assess each customer\u2019s sustainability risk level through a set of sector-specific ESG \u00a0
questions for both new and existing business customers. The customer-level sustainability risk assessments serve as input factors in the \u00a0
overall credit decision process and enable the Group to monitor the overall sustainability risk level. All counterparts with a total exposure \u00a0
exceeding DKK 7 million are in scope for an assessment. The scope of analysis is adjusted to capture the size and complexity of the \u00a0
counterparty concerned, with higher risk and larger exposure requiring a more detailed analysis. This requirement covers corporate \u00a0
counterparties in all the Group\u2019s business units, i.e. retail customers, as well as mid- and large corporates. On the back of the results, \u00a0
relationship managers are required to engage with customers with a significant exposure and a high level of identified risks to agree on a \u00a0
future action plan to mitigate these risks. \u00a0
In 2024, around 90% of the Group\u2019s total business exposure in scope was assessed for sustainability risk. The Group implemented a more in- \u00a0
depth analysis of drivers of customers\u2019 ESG risk levels. These bottom-up customer assessments will increasingly be tied to the Group level top- \u00a0
down portfolio risk management efforts. This will ensure a consistent feedback loop between strategic and customer considerations in the \u00a0
Group\u2019s sustainability risk management. \u00a0
Climate risk management \u00a0
Climate risk is identified as the predominant ESG-related factor influencing the Group's credit risk, and risk practices are being enhanced in \u00a0
accordance with regulatory and industry developments. \u00a0
Climate risk is primarily categorized into transition risks, associated with moving towards a low-carbon economy, and physical risks stemming \u00a0
from projected climate changes, including both long-term shifts (chronic changes) and event-driven changes (acute changes) to weather \u00a0
patterns. Both climate-related risks will affect credit risk in the medium and long-term. To address these risks, the Group is actively improving \u00a0
its climate data collection to refine the long-term view of climate-related risks across sectors. \u00a0
At the portfolio level, the Group\u2019s exposure to sectors that face high climate transition and physical risks is outlined in the Pillar III disclosures, \u00a0
e.g. including the disclosure of the energy efficiency of collateral. \u00a0
On the basis of the latest Intergovernmental Panel on Climate Change (IPCC) report on Europe, the Group has identified flooding risk (river and \u00a0
coastal flooding) as the most important physical hazard applicable to the portfolio. The current mapping of exposures subject to flooding risk \u00a0
focuses on residential and commercial property and forms part of the Pillar III disclosures. \u00a0
In accordance with Pillar III transition risk disclosure requirements, the Group reports its financed emissions and the energy efficiency of \u00a0
collateral. The Group has taken into consideration the financed emissions of the sector portfolios identified as climate change contributors. It \u00a0
has been identified that the majority of emissions are attributable to only a few sectors, specifically agriculture, shipping, oil and gas. The Group \u00a0
actively monitors and manages these sectors at both the customer and portfolio levels. For instance, this is evidenced by the decline in the oil \u00a0
and gas portfolio in recent years. \u00a0
The Group performs quantitative climate scenario analyses, including bottom-up climate stress tests to assess the effects of both physical and \u00a0
transition climate-related risks over short-, medium- and long-term horizons. Stress tests related to physical risks focus on collateral-related \u00a0
exposures based on expected loss calculations related to river and coastal flooding. In relation to transition risks, the Group has analysed \u00a0
scenarios for carbon taxes as a key driver for this transition in different sectors. Special focus on transition-risk scenario analyses is given to \u00a0
the Danish agricultural sector, where the introduction of a carbon tax is planned by the Danish government by 2030. For the Danish agricultural \u00a0
sector, results of the stress testing analysis are directly used in the impairment post-model-adjustment process. Moreover, the Group \u00a0
performs detailed bottom-up climate analyses on the commercial real estate sector, which constitutes a large part of the total Group\u2019s \u00a0
exposure, with a particular focus on the EU\u2019s Energy Performance of Buildings Directive. \u00a0
Customer transition risk assessments \u00a0
Managing climate transition risks takes place at both portfolio and customer levels.\u00a0At the portfolio level, the Group sets long-term targets for \u00a0
sectors with high financed emissions, for instance oil & gas, as outlined in the Group\u2019s CSRD reporting. Climate risks are also taken into \u00a0
consideration when the Group determines its risk tolerance process for high-risk segments to further manage the portfolios. \u00a0
The Group has developed a methodology to assess transition risks at the customer level to gain a more granular overview of transition risks in \u00a0
relevant high-emitting sectors. The methodology considers the customers\u2019 current performance as well as their short-, medium-, and long- \u00a0
term ambitions and plans to meet their decarbonisation strategy and targets. In addition, the assessments include an evaluation of the \u00a0
customers\u2019 risk of not executing on their strategies because of external factors that affect their ability to transition, i.e. technology and \u00a0
government support factors. \u00a0
Based on the alignment assessment, technology and government factors, transition risk assessment scores are divided into four categories. \u00a0
The transition risk assessments contribute to the overall credit evaluation of customers by comparing the individual portfolio\u2019s transition risk \u00a0
to the estimated average credit ratings within each category. \u00a0
The Group focuses on financially weak laggards in the transition process as they carry heightened impairment risk. For these customers, the \u00a0
Group has identified mitigating actions, which include collaborating to develop a transition plan that ensures alignment with established \u00a0
standards. Financially weak transition laggards represent approximately 10% of the assessed exposure and will be monitored on an ongoing \u00a0
basis. \u00a0
Credit risk - continued \u00a0
The Group\u2019s view is that climate transition risk is concentrated to a few segments and portfolios which are of generally of good credit quality \u00a0
and for which we have also set climate targets. The most financially material risks from climate change are well addressed in the existing credit \u00a0
risk management processes. Transition risks are managed through risk tolerances, strategic targets, or management overlays adjusting for \u00a0
climate related risks. Initial climate risk insights have concluded that the impacts either manifest over a longer time period than loan \u00a0
maturities, or that transition risks are concentrated in sectors where the downside risks are already addressed in the Group\u2019s existing \u00a0
impairments/ post-model adjustments and capital considerations. \u00a0
Credit exposure \u00a0
Credit exposure consists of balance sheet items and off-balance-sheet items that carry credit risk. Most of the exposure derives from lending \u00a0
activities in the form of secured and unsecured loans. Securities positions taken by the Group\u2019s trading and investment units also entail credit \u00a0
risk and are presented as credit exposure from trading and investment securities as well as derivatives and loans at the Group\u2019s trading units. \u00a0
The overall management of credit risk thus covers credit risk from direct lending activities, counterparty credit risk on derivatives and loans at \u00a0
the Group\u2019s trading units and credit risk from securities positions. \u00a0
Breakdown of credit exposure \u00a0
Trading and \u00a0
(DKK billions) \u00a0
Counterparty \u00a0
investment Customer-funded \u00a0
31 December 2024 \u00a0
Total Lending\u00a0activities \u00a0
credit risk \u00a0
securities \u00a0
investments \u00a0
Balance sheet items \u00a0
Demand deposits with central banks \u00a0
100.6 \u00a0
100.6 \u00a0
-
-
-
Due from credit institutions and central banks \u00a0
143.6 \u00a0
80.5 \u00a0
63.0 \u00a0
-
-
Trading portfolio assets \u00a0
531.8 \u00a0
-
261.0 \u00a0
270.8 \u00a0
-
Investment securities \u00a0
269.1 \u00a0
-
-
269.1 \u00a0
-
Loans at amortised cost \u00a0
921.9 \u00a0
921.9 \u00a0
-
-
-
Loans at fair value \u00a0
1,074.8 \u00a0
755.2 \u00a0
319.6 \u00a0
-
-
Assets under pooled schemes and investment contracts \u00a0
76.2 \u00a0
-
-
-
76.2 \u00a0
Insurance assets \u00a0
548.9 \u00a0
-
-
-
548.9 \u00a0
Assets held for sale \u00a0
-
-
-
-
-
Off-balance-sheet items \u00a0
Guarantees \u00a0
96.4 \u00a0
96.4 \u00a0
-
-
-
Loan commitments shorter than 1 year \u00a0
191.0 \u00a0
191.0 \u00a0
-
-
-
Loan commitments longer than 1 year \u00a0
244.4 \u00a0
244.4 \u00a0
-
-
-
Other unutilised commitments \u00a0
16.7 \u00a0
-
-
-
16.7 \u00a0
Total \u00a0
4,215.3 \u00a0
2,389.9 \u00a0
643.7 \u00a0
539.9 \u00a0
641.7 \u00a0
Credit risk \u2013 continued \u00a0
Trading and \u00a0
(DKK billions) \u00a0
Counterparty \u00a0
investment Customer-funded \u00a0
31 December 2023* \u00a0
Total Lending\u00a0activities \u00a0
credit risk \u00a0
securities \u00a0
investments \u00a0
Balance sheet items \u00a0
Demand deposits with central banks \u00a0
252.7 \u00a0
252.7 \u00a0
-
-
-
Due from credit institutions and central banks \u00a0
114.8 \u00a0
21.8 \u00a0
93.0 \u00a0
-
-
Trading portfolio assets** \u00a0
503.5 \u00a0
-
307.1 \u00a0
196.5 \u00a0
-
Investment securities \u00a0
283.9 \u00a0
-
-
283.9 \u00a0
-
Loans at amortised cost** \u00a0
921.6 \u00a0
921.6 \u00a0
-
-
-
Loans at fair value \u00a0
928.2 \u00a0
753.3 \u00a0
175.0 \u00a0
-
-
Assets under pooled schemes and investment contracts \u00a0
70.9 \u00a0
-
-
-
70.9 \u00a0
Insurance assets \u00a0
496.0 \u00a0
-
-
-
496.0 \u00a0
Assets held for sale \u00a0
110.4 \u00a0
110.4 \u00a0
-
-
-
Off-balance-sheet items \u00a0
Guarantees \u00a0
75.9 \u00a0
75.9 \u00a0
-
-
-
Loan commitments shorter than 1 year \u00a0
197.0 \u00a0
197.0 \u00a0
-
-
-
Loan commitments longer than 1 year \u00a0
220.3 \u00a0
220.3 \u00a0
-
-
-
Other unutilised commitments \u00a0
16.7 \u00a0
-
-
0.1 \u00a0
16.6 \u00a0
Total \u00a0
4,192.1 \u00a0
2,553.0 \u00a0
575.0 \u00a0
480.5 \u00a0
583.6 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. Credit exposure as at 31 December 2023 previously reported under Non-core \u00a0
has been reclassified, and comparatives have been restated to reflect this change. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
The Group\u2019s exposure to the risk on some balance sheet items is limited. This is the case for assets under customer-funded investment pools, \u00a0
investment contracts and insurance contracts. The risk on assets under pooled schemes and investment contracts is assumed solely by the \u00a0
customers, while the risk on insurance assets is assumed primarily by the customers. The section on life insurance risk describes the Group\u2019s \u00a0
credit risk on insurance contracts. \u00a0
In addition to credit exposure from lending activities, Danske Bank had made uncommitted loan offers and granted uncommitted lines of credit \u00a0
of DKK 193 billion at 31 December 2024 (31 December 2023: DKK 232 billion). These items are included in the calculation of the total risk \u00a0
exposure amount in accordance with the Capital Requirements Directive. \u00a0
Credit exposure from lending activities \u00a0
Credit exposure from lending activities in the Group\u2019s banking business includes loans, amounts due from credit institutions and central banks, \u00a0
guarantees and irrevocable loan commitments. The exposure is measured net of expected credit losses and includes repo loans at amortised \u00a0
cost. For reporting purposes, all collateral values are net of haircuts and capped at the exposure amount. \u00a0
The Group\u2019s definition of default for accounting aligns with the regulatory purposes. All exposures in stage 3 are considered default. This \u00a0
includes all non-performing loans. A small amount of credit exposure in stage 3 can be found outside default. This is due to impairment staging \u00a0
being updated monthly (after each month-end), whereas default is updated daily. For the same reason, some credit exposure in default is \u00a0
outside stage 3. The stage 3 coverage ratio is 73% (31 December 2023: 75%). \u00a0
For further details about the Group\u2019s credit risk management and the use of information on expected credit losses for risk management \u00a0
purposes, see Risk Management 2024. \u00a0
Classification of customers \u00a0
The main objectives of risk classification are to rank the Group\u2019s customers according to risk and to estimate each customer\u2019s probability of \u00a0
default (PD). As part of the credit process, the Group classifies customers according to risk and updates their classifications upon receipt of \u00a0
new information. Risk classification comprises rating and credit scoring of customers. While all large customers are rated, the Group uses fully \u00a0
automated and statistically-based scoring models for small customers such as personal customers and small businesses. Credit scores are \u00a0
updated monthly in a process subject to automated controls. \u00a0
The Group has developed a number of classification models to assess customer PD and to classify customers in various segments. \u00a0
In its credit risk management, the Group uses point in time (PIT) PD estimates for risk classification. These PIT PD estimates express a \u00a0
customer\u2019s probability of default within the next 12 months in the current economic situation. The Group\u2019s classification scale consists of 11 \u00a0
main rating categories with fixed PD bands. During a downturn, a customer\u2019s PIT PD may increase, and the customer may migrate to a lower \u00a0
rating category. The effect from a downturn is thus larger when PIT PD is used than if the classification were based on through-the-cycle (TTC) \u00a0
PD, which the Group uses to calculate the risk exposure amount for credit risk. \u00a0
The classification of facilities between stage 1 and 2 for the purpose of calculating expected credit losses under IFRS 9 depends on whether the \u00a0
credit risk has increased significantly since initial recognition. The assessment of whether the credit risk has increased significantly since initial \u00a0
recognition is performed by considering the change in the risk of default occurring over the remaining life of the individual facility and \u00a0
incorporating forward-looking information. A facility is transferred from stage 1 to stage 2 on the basis of observed increases in the probability \u00a0
of default: \u00a0
\u2022
For facilities originated below 1% in PD: an increase in the facility\u2019s 12-month PD of at least 0.5 of a percentage point since initial \u00a0
recognition and a doubling in the facility\u2019s lifetime PD since origination. \u00a0
\u2022
For facilities originated above 1% in PD: an increase in the facility\u2019s 12-month PD of 2 percentage points since origination or a doubling of \u00a0
the facility\u2019s lifetime PD since origination. \u00a0
In addition, facilities that are more than 30 days past due are moved to stage 2. 30 days past due is considered a backstop. Finally, customers \u00a0
subject to forbearance measures are placed in stage 2 if the Group, in the most likely outcome, expects no loss or the customers are in the two- \u00a0
year probation period for performing forborne exposures. \u00a0
A facility is transferred from stage 2 to stage 3 when it becomes credit-impaired. A facility becomes credit-impaired when one or more events \u00a0
that have a detrimental impact on the estimated future cash flows have occurred. This includes observable data about (a) significant financial \u00a0
difficulty of the issuer or the borrower; (b) a breach of contract, such as a default or past due event; (c) the borrower, for financial or contractual \u00a0
reasons relating to the borrower\u2019s financial difficulty, having been granted a concession that would not otherwise have been considered; (d) it is \u00a0
becoming probable that the borrower will enter into bankruptcy or other financial restructuring; and (e) the purchase or origination of a \u00a0
financial asset at a deep discount that reflects the incurred credit loss. It may not be possible to identify a single discrete event \u2013 instead, the \u00a0
combined effect of several events may cause a financial asset to become credit-impaired. Credit-impaired facilities are placed in rating \u00a0
category 10 or 11. For customers in rating category 10, the stage 3 classification applies only to customers where a loss is expected in the \u00a0
most likely scenario. For rating category 11 (default), all facilities are classified as stage 3 exposures. \u00a0
Exposures which are considered to be in default for regulatory purposes will always be categorised as stage 3 exposures under IFRS 9. This \u00a0
applies to 90-days-past-due considerations and unlikely-to-pay factors leading to regulatory default. \u00a0
Management applies judgement and recognises post-model adjustments to cover risks that are not reflected sufficiently in the Group\u2019s \u00a0
expected credit loss model. Besides increasing the expected credit losses, the post-model adjustments may lead to the transfer of part of \u00a0
the gross exposure covered by the post-model adjustments from stage 1 to stage 2 through targeted PD pushes to the current point in \u00a0
time estimates of PD (i.e. increases in the PD for the underlying customers in the selected portfolios covered by the post-model \u00a0
adjustments) to ensure consistency between the methods used for disclosing information about expected credit losses and exposures \u00a0
subject to significant increase in credit risk. While the distribution of customers between the Group\u2019s 11 rating categories is unchanged \u00a0
and reflects the current point-in-time estimate of the underlying customers\u2019 PDs, the PD pushes may lead to the transfer of gross \u00a0
exposures to stage 2 as the assessment of the increase in credit risk is performed by comparing the initial PD with the current PD (after the \u00a0
adjustment for the targeted PD pushes). \u00a0
Expected credit losses \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default (EAD) and \u00a0
the loss given default (LGD). For exposures in stage 1, 12- month expected credit losses are recognised, while lifetime expected credit losses \u00a0
are recognised for exposures in stage 2-3. For further information see note G15. \u00a0
Credit portfolio broken down by rating category \u00a0
The Group\u2019s definition of default for accounting aligns with the regulatory purposes. All exposures in stage 3 are considered default. As a result, \u00a0
all non-performing loans are considered default, and hence equal to the total of stage 3 exposures. \u00a0
Although Stage 3 and default (rating 11) are generally aligned, a small amount of credit exposure in stage 3 can be found outside default. This is \u00a0
due to impairment staging being updated monthly (after each month-end), whereas default is updated daily. For the same reason, some credit \u00a0
exposure in default is outside stage 3. \u00a0
For further details about the Group\u2019s credit risk management and the use of information on expected credit losses for risk management \u00a0
purposes, see Risk Management 2024. \u00a0
The following table breaks down the credit exposure by rating categories and stages. \u00a0
Credit risk \u2013 continued \u00a0
Credit exposure broken down by rating categories \u00a0
(DKK billions) \u00a0
PD level \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2024 \u00a0
Upper \u00a0
Lower \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
1
-
0.01 \u00a0
130.1 \u00a0
-
-
-
-
-
130.1 \u00a0
-
-
108.8 \u00a0
-
-
2
0.01 \u00a0
0.03 \u00a0
191.1 \u00a0
0.2 \u00a0
-
-
-
-
191.1 \u00a0
0.2 \u00a0
-
95.3 \u00a0
-
-
3
0.03 \u00a0
0.06 \u00a0
508.6 \u00a0
0.8 \u00a0
-
0.1 \u00a0
-
-
508.6 \u00a0
0.8 \u00a0
-
259.8 \u00a0
0.5 \u00a0
-
4
0.06 \u00a0
0.14 \u00a0
583.0 \u00a0
2.6 \u00a0
0.1 \u00a0
0.2 \u00a0
-
-
582.8 \u00a0
2.6 \u00a0
0.1 \u00a0
268.9 \u00a0
1.6 \u00a0
-
5
0.14 \u00a0
0.31 \u00a0
422.5 \u00a0
8.5 \u00a0
-
0.4 \u00a0
0.1 \u00a0
-
422.1 \u00a0
8.4 \u00a0
-
154.4 \u00a0
5.1 \u00a0
-
6
0.31 \u00a0
0.63 \u00a0
291.1 \u00a0
39.5 \u00a0
-
0.6 \u00a0
0.6 \u00a0
-
290.4 \u00a0
38.9 \u00a0
-
95.8 \u00a0
14.2 \u00a0
-
7
0.63 \u00a0
1.90 \u00a0
89.1 \u00a0
43.7 \u00a0
0.7 \u00a0
1.2 \u00a0
1.8 \u00a0
0.1 \u00a0
88.0 \u00a0
41.9 \u00a0
0.5 \u00a0
31.3 \u00a0
11.1 \u00a0
0.5 \u00a0
8
1.90 \u00a0
7.98 \u00a0
9.6 \u00a0
28.9 \u00a0
-
0.7 \u00a0
2.2 \u00a0
0.1 \u00a0
8.9 \u00a0
26.7 \u00a0
-
2.5 \u00a0
7.9 \u00a0
-
9
7.98 \u00a0
25.70 \u00a0
1.0 \u00a0
5.1 \u00a0
0.1 \u00a0
-
0.7 \u00a0
-
0.9 \u00a0
4.4 \u00a0
0.1 \u00a0
0.1 \u00a0
1.6 \u00a0
-
10 \u00a0
25.70 \u00a0
99.99 \u00a0
1.0 \u00a0
19.3 \u00a0
0.8 \u00a0
-
2.1 \u00a0
0.1 \u00a0
1.0 \u00a0
17.2 \u00a0
0.7 \u00a0
0.3 \u00a0
6.8 \u00a0
0.1 \u00a0
11 (default) \u00a0
100.00 \u00a0
100.00 \u00a0
0.3 \u00a0
1.5 \u00a0
30.7 \u00a0
0.1 \u00a0
0.1 \u00a0
8.8 \u00a0
0.2 \u00a0
1.4 \u00a0
22.0 \u00a0
-
0.1 \u00a0
3.1 \u00a0
Total \u00a0
2,227.3 \u00a0
150.0 \u00a0
32.5 \u00a0
3.2 \u00a0
7.6 \u00a0
9.1 \u00a0
2,224.1 \u00a0
142.4 \u00a0
23.5 \u00a0
1,017.3 \u00a0
49.0 \u00a0
3.8 \u00a0
PD level \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2023* \u00a0
Upper \u00a0
Lower \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
1
-
0.01 \u00a0
127.8 \u00a0
0.1 \u00a0
-
-
-
-
127.8 \u00a0
0.1 \u00a0
-
108.9 \u00a0
-
-
2
0.01 \u00a0
0.03 \u00a0
291.0 \u00a0
0.3 \u00a0
-
-
-
-
291.0 \u00a0
0.3 \u00a0
-
181.2 \u00a0
-
-
3
0.03 \u00a0
0.06 \u00a0
537.9 \u00a0
0.7 \u00a0
-
0.1 \u00a0
-
-
537.8 \u00a0
0.6 \u00a0
-
263.2 \u00a0
0.4 \u00a0
-
4
0.06 \u00a0
0.14 \u00a0
607.8 \u00a0
1.9 \u00a0
-
0.2 \u00a0
-
-
607.6 \u00a0
1.9 \u00a0
-
274.9 \u00a0
0.5 \u00a0
-
5
0.14 \u00a0
0.31 \u00a0
434.8 \u00a0
8.1 \u00a0
0.1 \u00a0
0.4 \u00a0
-
-
434.5 \u00a0
8.0 \u00a0
0.1 \u00a0
136.5 \u00a0
5.5 \u00a0
-
6
0.31 \u00a0
0.63 \u00a0
290.0 \u00a0
36.9 \u00a0
0.1 \u00a0
0.7 \u00a0
0.6 \u00a0
-
289.3 \u00a0
36.3 \u00a0
0.1 \u00a0
87.2 \u00a0
18.7 \u00a0
-
7
0.63 \u00a0
1.90 \u00a0
92.3 \u00a0
47.3 \u00a0
0.1 \u00a0
1.2 \u00a0
1.9 \u00a0
-
91.1 \u00a0
45.3 \u00a0
0.1 \u00a0
27.9 \u00a0
17.7 \u00a0
-
8
1.90 \u00a0
7.98 \u00a0
12.2 \u00a0
28.1 \u00a0
0.4 \u00a0
0.9 \u00a0
2.8 \u00a0
-
11.3 \u00a0
25.2 \u00a0
0.4 \u00a0
1.7 \u00a0
6.3 \u00a0
0.2 \u00a0
9
7.98 \u00a0
25.70 \u00a0
1.0 \u00a0
4.8 \u00a0
-
-
1.0 \u00a0
-
1.0 \u00a0
3.8 \u00a0
-
0.2 \u00a0
1.0 \u00a0
-
10 \u00a0
25.70 \u00a0
99.99 \u00a0
0.6 \u00a0
14.8 \u00a0
1.3 \u00a0
-
1.0 \u00a0
0.5 \u00a0
0.6 \u00a0
13.8 \u00a0
0.8 \u00a0
0.2 \u00a0
3.7 \u00a0
0.5 \u00a0
11 (default) \u00a0
100.00 \u00a0
100.00 \u00a0
0.6 \u00a0
1.5 \u00a0
30.7 \u00a0
-
-
8.6 \u00a0
0.6 \u00a0
1.5 \u00a0
22.1 \u00a0
0.4 \u00a0
0.2 \u00a0
2.2 \u00a0
Total \u00a0
2,396.2 \u00a0
144.2 \u00a0
32.7 \u00a0
3.6 \u00a0
7.5 \u00a0
9.1 \u00a0
2,392.6 \u00a0
136.7 \u00a0
23.6 \u00a0
1,082.3 \u00a0
54.1 \u00a0
3.0 \u00a0
*Comparative information has been restated as described in note G2(b). In addition, with effect from 1 January 2024, Non-core ceased to exist as a separate segment \u00a0
and became a new sub-segment of Group Functions. Credit exposure as at 31 December 2023 previously reported under Non-core has therefore \u00a0
been reclassified to Group Functions. \u00a0
Credit portfolio broken down by industry (NACE) and stages \u00a0
The following table breaks down credit exposure by industry. The industry segmentation is based on the classification principles of the \u00a0
Statistical Classification of Economic Activities in the European Community (NACE) standard that has been adapted to the Group\u2019s business risk \u00a0
approach used for the active management of the credit portfolio. \u00a0
Credit exposure broken down by industry \u00a0
represent the majority of the exposures in stage 3 within the Shipping, oil and gas industry at the end of December 2024. \u00a0
31 December 2024 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Public institutions \u00a0
190.2 \u00a0
1.4 \u00a0
0.2 \u00a0
-
-
-
190.2 \u00a0
1.4 \u00a0
0.2 \u00a0
188.6 \u00a0
-
-
Financials \u00a0
156.3 \u00a0
2.8 \u00a0
0.4 \u00a0
-
0.1 \u00a0
0.1 \u00a0
156.3 \u00a0
2.7 \u00a0
0.3 \u00a0
140.0 \u00a0
1.9 \u00a0
0.2 \u00a0
Agriculture \u00a0
51.6 \u00a0
5.2 \u00a0
1.6 \u00a0
0.3 \u00a0
0.7 \u00a0
0.5 \u00a0
51.2 \u00a0
4.5 \u00a0
1.1 \u00a0
11.8 \u00a0
1.2 \u00a0
-
Automotive \u00a0
25.5 \u00a0
5.1 \u00a0
0.3 \u00a0
-
0.3 \u00a0
0.1 \u00a0
25.5 \u00a0
4.8 \u00a0
0.1 \u00a0
18.9 \u00a0
2.7 \u00a0
-
Capital goods \u00a0
88.0 \u00a0
11.3 \u00a0
2.1 \u00a0
0.1 \u00a0
0.4 \u00a0
0.8 \u00a0
88.0 \u00a0
10.9 \u00a0
1.3 \u00a0
78.1 \u00a0
8.3 \u00a0
0.3 \u00a0
Commercial property* \u00a0
269.2 \u00a0
31.1 \u00a0
4.0 \u00a0
0.7 \u00a0
1.4 \u00a0
0.9 \u00a0
268.6 \u00a0
29.7 \u00a0
3.1 \u00a0
47.3 \u00a0
4.2 \u00a0
0.4 \u00a0
Construction and building materials \u00a0
43.1 \u00a0
8.0 \u00a0
1.8 \u00a0
0.4 \u00a0
1.1 \u00a0
0.9 \u00a0
42.8 \u00a0
6.9 \u00a0
1.0 \u00a0
31.1 \u00a0
3.2 \u00a0
0.4 \u00a0
Consumer goods \u00a0
78.5 \u00a0
8.2 \u00a0
1.2 \u00a0
-
0.5 \u00a0
0.4 \u00a0
78.5 \u00a0
7.7 \u00a0
0.7 \u00a0
61.7 \u00a0
5.9 \u00a0
0.1 \u00a0
Hotels, restaurants and leisure \u00a0
12.4 \u00a0
1.3 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
12.4 \u00a0
1.3 \u00a0
0.5 \u00a0
3.2 \u00a0
0.3 \u00a0
0.1 \u00a0
Metals and mining \u00a0
16.3 \u00a0
2.6 \u00a0
-
-
0.1 \u00a0
-
16.3 \u00a0
2.5 \u00a0
-
13.6 \u00a0
1.8 \u00a0
-
Other commercials \u00a0
2.1 \u00a0
0.3 \u00a0
1.0 \u00a0
0.1 \u00a0
-
0.1 \u00a0
2.0 \u00a0
0.3 \u00a0
0.9 \u00a0
-
-
0.6 \u00a0
Pharma and medical devices \u00a0
56.1 \u00a0
1.4 \u00a0
-
-
0.1 \u00a0
-
56.0 \u00a0
1.3 \u00a0
-
52.9 \u00a0
1.1 \u00a0
-
Private housing co-ops and non-profit associations \u00a0
200.3 \u00a0
3.3 \u00a0
0.5 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
200.3 \u00a0
3.2 \u00a0
0.4 \u00a0
26.8 \u00a0
0.5 \u00a0
0.1 \u00a0
Pulp, paper and chemicals \u00a0
44.9 \u00a0
3.4 \u00a0
0.7 \u00a0
-
0.2 \u00a0
0.2 \u00a0
44.8 \u00a0
3.2 \u00a0
0.5 \u00a0
33.8 \u00a0
2.1 \u00a0
0.1 \u00a0
Retailing \u00a0
26.4 \u00a0
4.9 \u00a0
1.9 \u00a0
0.1 \u00a0
0.4 \u00a0
0.6 \u00a0
26.3 \u00a0
4.5 \u00a0
1.3 \u00a0
16.4 \u00a0
3.4 \u00a0
0.6 \u00a0
Services \u00a0
75.6 \u00a0
4.9 \u00a0
1.2 \u00a0
0.2 \u00a0
0.5 \u00a0
0.4 \u00a0
75.4 \u00a0
4.4 \u00a0
0.8 \u00a0
63.4 \u00a0
2.7 \u00a0
0.4 \u00a0
Shipping, oil and gas \u00a0
37.5 \u00a0
5.6 \u00a0
1.5 \u00a0
-
0.1 \u00a0
0.2 \u00a0
37.5 \u00a0
5.6 \u00a0
1.4 \u00a0
21.5 \u00a0
0.4 \u00a0
0.2 \u00a0
Social services \u00a0
26.5 \u00a0
2.7 \u00a0
0.3 \u00a0
-
0.1 \u00a0
0.1 \u00a0
26.5 \u00a0
2.6 \u00a0
0.2 \u00a0
10.0 \u00a0
2.1 \u00a0
-
Telecom and media \u00a0
23.8 \u00a0
1.3 \u00a0
1.3 \u00a0
-
0.1 \u00a0
0.7 \u00a0
23.8 \u00a0
1.2 \u00a0
0.6 \u00a0
18.2 \u00a0
1.1 \u00a0
0.1 \u00a0
Transportation \u00a0
22.6 \u00a0
2.1 \u00a0
1.2 \u00a0
-
0.1 \u00a0
0.3 \u00a0
22.6 \u00a0
2.0 \u00a0
0.9 \u00a0
14.6 \u00a0
0.7 \u00a0
-
Utilities and infrastructure \u00a0
90.3 \u00a0
0.3 \u00a0
-
-
-
-
90.3 \u00a0
0.3 \u00a0
-
67.2 \u00a0
0.2 \u00a0
-
Personal customers \u00a0
689.9 \u00a0
42.7 \u00a0
10.6 \u00a0
1.0 \u00a0
1.3 \u00a0
2.6 \u00a0
688.8 \u00a0
41.3 \u00a0
8.0 \u00a0
98.1 \u00a0
5.1 \u00a0
-
Total \u00a0
2,227.3 \u00a0
150.0 \u00a0
32.5 \u00a0
3.2 \u00a0
7.6 \u00a0
9.1 \u00a0
2,224.1 \u00a0
142.4 \u00a0
23.5 \u00a0
1,017.3 \u00a0
49.0 \u00a0
3.8 \u00a0
* As at 31 December 2024, DKK 148 billion of the net exposure in Commercial property is towards residential assets. \u00a0
Credit risk \u2013 continued \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2023* \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Public institutions \u00a0
298.6 \u00a0
1.0 \u00a0
0.3 \u00a0
-
-
-
298.6 \u00a0
1.0 \u00a0
0.3 \u00a0
295.9 \u00a0
-
-
Financials \u00a0
152.9 \u00a0
3.4 \u00a0
0.4 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
152.9 \u00a0
3.3 \u00a0
0.2 \u00a0
134.7 \u00a0
2.7 \u00a0
0.2 \u00a0
Agriculture \u00a0
54.8 \u00a0
4.6 \u00a0
2.2 \u00a0
0.3 \u00a0
0.7 \u00a0
0.6 \u00a0
54.5 \u00a0
3.9 \u00a0
1.7 \u00a0
13.1 \u00a0
0.9 \u00a0
-
Automotive \u00a0
24.9 \u00a0
2.5 \u00a0
0.3 \u00a0
-
0.1 \u00a0
0.1 \u00a0
24.9 \u00a0
2.4 \u00a0
0.1 \u00a0
19.9 \u00a0
1.1 \u00a0
-
Capital goods \u00a0
82.7 \u00a0
13.3 \u00a0
1.2 \u00a0
0.1 \u00a0
0.3 \u00a0
0.5 \u00a0
82.6 \u00a0
13.0 \u00a0
0.7 \u00a0
74.3 \u00a0
10.9 \u00a0
0.3 \u00a0
Commercial property** \u00a0
258.0 \u00a0
32.4 \u00a0
4.7 \u00a0
0.8 \u00a0
1.8 \u00a0
0.9 \u00a0
257.3 \u00a0
30.6 \u00a0
3.8 \u00a0
28.8 \u00a0
4.7 \u00a0
0.4 \u00a0
Construction and building materials \u00a0
42.8 \u00a0
6.5 \u00a0
2.1 \u00a0
0.3 \u00a0
1.0 \u00a0
0.9 \u00a0
42.5 \u00a0
5.6 \u00a0
1.2 \u00a0
30.3 \u00a0
2.8 \u00a0
0.5 \u00a0
Consumer goods \u00a0
67.5 \u00a0
8.3 \u00a0
1.3 \u00a0
0.1 \u00a0
0.4 \u00a0
0.5 \u00a0
67.4 \u00a0
7.8 \u00a0
0.9 \u00a0
53.5 \u00a0
5.6 \u00a0
0.2 \u00a0
Hotels, restaurants and leisure \u00a0
12.7 \u00a0
1.8 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
12.7 \u00a0
1.8 \u00a0
0.5 \u00a0
3.0 \u00a0
0.5 \u00a0
0.1 \u00a0
Metals and mining \u00a0
14.6 \u00a0
1.2 \u00a0
-
-
-
-
14.6 \u00a0
1.2 \u00a0
-
12.6 \u00a0
0.9 \u00a0
-
Other commercials \u00a0
11.6 \u00a0
0.3 \u00a0
0.3 \u00a0
0.1 \u00a0
-
0.1 \u00a0
11.5 \u00a0
0.3 \u00a0
0.2 \u00a0
7.9 \u00a0
0.1 \u00a0
-
Pharma and medical devices \u00a0
44.1 \u00a0
2.9 \u00a0
-
-
-
-
44.0 \u00a0
2.9 \u00a0
-
40.6 \u00a0
2.5 \u00a0
-
Private housing co-ops and non-profit associations \u00a0
191.1 \u00a0
4.5 \u00a0
0.6 \u00a0
0.1 \u00a0
0.3 \u00a0
0.2 \u00a0
191.1 \u00a0
4.2 \u00a0
0.5 \u00a0
22.6 \u00a0
1.0 \u00a0
0.1 \u00a0
Pulp, paper and chemicals \u00a0
40.7 \u00a0
3.7 \u00a0
0.9 \u00a0
-
0.1 \u00a0
0.2 \u00a0
40.7 \u00a0
3.6 \u00a0
0.7 \u00a0
29.4 \u00a0
2.6 \u00a0
0.3 \u00a0
Retailing \u00a0
27.7 \u00a0
5.2 \u00a0
1.9 \u00a0
0.1 \u00a0
0.3 \u00a0
0.7 \u00a0
27.6 \u00a0
4.9 \u00a0
1.2 \u00a0
17.6 \u00a0
3.8 \u00a0
0.5 \u00a0
Services \u00a0
63.4 \u00a0
7.6 \u00a0
1.0 \u00a0
0.2 \u00a0
0.3 \u00a0
0.4 \u00a0
63.2 \u00a0
7.3 \u00a0
0.6 \u00a0
51.3 \u00a0
5.9 \u00a0
0.3 \u00a0
Shipping, oil and gas \u00a0
36.3 \u00a0
1.9 \u00a0
2.4 \u00a0
-
0.1 \u00a0
0.4 \u00a0
36.3 \u00a0
1.9 \u00a0
2.0 \u00a0
20.4 \u00a0
0.6 \u00a0
-
Social services \u00a0
29.5 \u00a0
1.3 \u00a0
0.3 \u00a0
-
0.1 \u00a0
0.1 \u00a0
29.4 \u00a0
1.2 \u00a0
0.2 \u00a0
13.0 \u00a0
0.7 \u00a0
-
Telecom and media \u00a0
23.7 \u00a0
0.8 \u00a0
1.7 \u00a0
-
0.1 \u00a0
0.7 \u00a0
23.7 \u00a0
0.7 \u00a0
0.9 \u00a0
18.4 \u00a0
0.6 \u00a0
-
Transportation \u00a0
15.6 \u00a0
2.1 \u00a0
0.4 \u00a0
-
0.1 \u00a0
0.1 \u00a0
15.6 \u00a0
2.0 \u00a0
0.3 \u00a0
7.2 \u00a0
0.7 \u00a0
-
Utilities and infrastructure \u00a0
84.0 \u00a0
1.3 \u00a0
-
-
-
-
84.0 \u00a0
1.3 \u00a0
-
62.2 \u00a0
1.2 \u00a0
-
Personal customers \u00a0
819.0 \u00a0
37.7 \u00a0
10.2 \u00a0
1.4 \u00a0
1.6 \u00a0
2.5 \u00a0
817.5 \u00a0
36.1 \u00a0
7.7 \u00a0
125.5 \u00a0
4.2 \u00a0
-
Total \u00a0
2,396.2 \u00a0
144.2 \u00a0
32.7 \u00a0
3.6 \u00a0
7.5 \u00a0
9.1 \u00a0
2,392.6 \u00a0
136.7 \u00a0
23.6 \u00a0
1,082.3 \u00a0
54.1 \u00a0
3.0 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. Credit exposure as at 31 December 2023 previously reported under Non-core \u00a0
has been reclassified, and comparatives under Lending activities have been restated to reflect this change. There is no change to total Credit exposure as at 31 \u00a0
December 2024. \u00a0
**As at 31 December 2024, DKK 148 billion of the net exposure in Commercial property is towards residential assets \u00a0
.
Credit risk \u2013 continued \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is obtaining \u00a0
collateral. The table showing collateral by type (after haircut) is included. The mitigating effect from collateral at the \u00a0
end of December 2024 can be found as the difference between the columns \u2018Net exposure\u2019 and \u2018Net exposure, ex collateral\u2019 and amounted to \u00a0
DKK 1,319.9 billion at 31 December 2024 (31 December 2023: DKK 1,413.5 billion). \u00a0
Credit exposure by business unit \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2024 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Personal Customers \u00a0
Personal Customers Denmark \u00a0
431.1 \u00a0
23.2 \u00a0
7.1 \u00a0
0.7 \u00a0
0.9 \u00a0
1.4 \u00a0
430.3 \u00a0
22.3 \u00a0
5.7 \u00a0
57.5 \u00a0
2.1 \u00a0
0.4 \u00a0
Personal Customers Sweden \u00a0
95.2 \u00a0
4.0 \u00a0
0.5 \u00a0
0.1 \u00a0
0.2 \u00a0
0.1 \u00a0
95.2 \u00a0
3.8 \u00a0
0.4 \u00a0
27.9 \u00a0
0.9 \u00a0
-
Personal Customers Finland \u00a0
72.5 \u00a0
8.8 \u00a0
1.9 \u00a0
0.1 \u00a0
0.2 \u00a0
0.6 \u00a0
72.4 \u00a0
8.6 \u00a0
1.3 \u00a0
4.2 \u00a0
0.6 \u00a0
-
Personal Customers Norway \u00a0
0.5 \u00a0
0.2 \u00a0
0.3 \u00a0
-
-
0.1 \u00a0
0.5 \u00a0
0.2 \u00a0
0.2 \u00a0
0.1 \u00a0
-
-
Global Private Banking \u00a0
71.8 \u00a0
3.5 \u00a0
0.9 \u00a0
-
0.1 \u00a0
0.2 \u00a0
71.7 \u00a0
3.3 \u00a0
0.7 \u00a0
12.3 \u00a0
0.5 \u00a0
0.1 \u00a0
Personal Customers Other \u00a0
0.2 \u00a0
-
-
-
-
-
0.2 \u00a0
-
-
0.2 \u00a0
-
-
Total Personal Customers \u00a0
671.2 \u00a0
39.6 \u00a0
10.7 \u00a0
1.0 \u00a0
1.3 \u00a0
2.4 \u00a0
670.3 \u00a0
38.3 \u00a0
8.3 \u00a0
102.2 \u00a0
4.1 \u00a0
0.4 \u00a0
Business Customers \u00a0
Asset Finance \u00a0
49.1 \u00a0
10.4 \u00a0
2.7 \u00a0
0.1 \u00a0
0.4 \u00a0
0.7 \u00a0
49.0 \u00a0
10.0 \u00a0
2.0 \u00a0
17.8 \u00a0
2.1 \u00a0
0.2 \u00a0
Business Customers \u00a0
318.0 \u00a0
38.5 \u00a0
10.8 \u00a0
1.1 \u00a0
3.4 \u00a0
3.8 \u00a0
316.9 \u00a0
35.1 \u00a0
7.0 \u00a0
105.7 \u00a0
13.7 \u00a0
1.0 \u00a0
Commercial Real Estate \u00a0
326.1 \u00a0
22.2 \u00a0
0.7 \u00a0
0.4 \u00a0
0.7 \u00a0
0.1 \u00a0
325.7 \u00a0
21.6 \u00a0
0.6 \u00a0
60.8 \u00a0
2.5 \u00a0
-
Business Customers Other \u00a0
0.4 \u00a0
-
-
-
-
-
0.4 \u00a0
-
-
0.4 \u00a0
-
-
Total Business Customers \u00a0
693.6 \u00a0
71.1 \u00a0
14.2 \u00a0
1.6 \u00a0
4.5 \u00a0
4.7 \u00a0
692.0 \u00a0
66.7 \u00a0
9.5 \u00a0
184.7 \u00a0
18.4 \u00a0
1.2 \u00a0
Large Corporates & Institutions \u00a0
649.9 \u00a0
35.7 \u00a0
6.1 \u00a0
0.4 \u00a0
1.7 \u00a0
1.5 \u00a0
649.5 \u00a0
34.0 \u00a0
4.5 \u00a0
572.0 \u00a0
26.1 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
100.9 \u00a0
3.4 \u00a0
1.5 \u00a0
0.3 \u00a0
0.1 \u00a0
0.5 \u00a0
100.7 \u00a0
3.3 \u00a0
1.0 \u00a0
49.2 \u00a0
0.4 \u00a0
-
Group Functions \u00a0
111.7 \u00a0
0.1 \u00a0
-
-
-
-
111.7 \u00a0
0.1 \u00a0
-
109.2 \u00a0
0.1 \u00a0
-
Total \u00a0
2,227.3 \u00a0
150.0 \u00a0
32.5 \u00a0
3.2 \u00a0
7.6 \u00a0
9.1 \u00a0
2,224.1 \u00a0
142.4 \u00a0
23.5 \u00a0
1,017.3 \u00a0
49.0 \u00a0
3.8 \u00a0
Credit risk \u2013 continued \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2023* \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Personal Customers** \u00a0
Personal Customers Denmark \u00a0
424.0 \u00a0
18.6 \u00a0
6.2 \u00a0
1.0 \u00a0
0.9 \u00a0
1.3 \u00a0
423.0 \u00a0
17.7 \u00a0
4.9 \u00a0
49.4 \u00a0
1.8 \u00a0
-
Personal Customers Sweden \u00a0
101.8 \u00a0
2.9 \u00a0
0.3 \u00a0
0.1 \u00a0
0.2 \u00a0
0.1 \u00a0
101.7 \u00a0
2.7 \u00a0
0.3 \u00a0
32.1 \u00a0
0.4 \u00a0
-
Personal Customers Finland \u00a0
76.9 \u00a0
5.6 \u00a0
1.9 \u00a0
0.2 \u00a0
0.2 \u00a0
0.6 \u00a0
76.7 \u00a0
5.4 \u00a0
1.3 \u00a0
4.2 \u00a0
0.2 \u00a0
-
Personal Customers Norway \u00a0
125.9 \u00a0
4.3 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
125.8 \u00a0
4.2 \u00a0
0.4 \u00a0
30.1 \u00a0
0.7 \u00a0
-
Global Private Banking \u00a0
76.5 \u00a0
3.1 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
76.4 \u00a0
3.0 \u00a0
0.5 \u00a0
16.2 \u00a0
1.0 \u00a0
-
Personal Customers Other \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Total Personal Customers \u00a0
805.0 \u00a0
34.6 \u00a0
9.6 \u00a0
1.3 \u00a0
1.6 \u00a0
2.4 \u00a0
803.7 \u00a0
33.0 \u00a0
7.3 \u00a0
132.1 \u00a0
4.1 \u00a0
-
Business Customers \u00a0
Asset Finance \u00a0
52.7 \u00a0
9.4 \u00a0
1.4 \u00a0
0.1 \u00a0
0.5 \u00a0
0.5 \u00a0
52.6 \u00a0
8.8 \u00a0
0.9 \u00a0
19.5 \u00a0
1.6 \u00a0
-
Business Customers \u00a0
309.6 \u00a0
36.8 \u00a0
10.4 \u00a0
1.1 \u00a0
3.0 \u00a0
3.7 \u00a0
308.5 \u00a0
33.8 \u00a0
6.7 \u00a0
93.3 \u00a0
13.8 \u00a0
0.6 \u00a0
Commercial Real Esate \u00a0
308.0 \u00a0
24.9 \u00a0
2.3 \u00a0
0.4 \u00a0
1.1 \u00a0
0.3 \u00a0
307.6 \u00a0
23.8 \u00a0
2.0 \u00a0
44.8 \u00a0
3.9 \u00a0
0.1 \u00a0
Business Customers Other \u00a0
0.4 \u00a0
-
0.1 \u00a0
-
-
-
0.4 \u00a0
-
0.1 \u00a0
0.4 \u00a0
-
-
Total Business Customers \u00a0
670.6 \u00a0
71.1 \u00a0
14.2 \u00a0
1.6 \u00a0
4.7 \u00a0
4.5 \u00a0
669.0 \u00a0
66.4 \u00a0
9.7 \u00a0
158.0 \u00a0
19.3 \u00a0
0.6 \u00a0
Large Corporates & Institutions \u00a0
598.8 \u00a0
33.8 \u00a0
6.9 \u00a0
0.4 \u00a0
1.1 \u00a0
1.8 \u00a0
598.5 \u00a0
32.7 \u00a0
5.1 \u00a0
514.5 \u00a0
29.8 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
89.4 \u00a0
4.7 \u00a0
1.9 \u00a0
0.3 \u00a0
0.1 \u00a0
0.4 \u00a0
89.1 \u00a0
4.6 \u00a0
1.5 \u00a0
48.1 \u00a0
0.8 \u00a0
0.2 \u00a0
Group Functions \u00a0
232.3 \u00a0
0.1 \u00a0
-
-
-
-
232.3 \u00a0
0.1 \u00a0
-
229.7 \u00a0
-
-
Total \u00a0
2,396.2 \u00a0
144.2 \u00a0
32.7 \u00a0
3.6 \u00a0
7.5 \u00a0
9.1 \u00a0
2,392.6 \u00a0
136.7 \u00a0
23.6 \u00a0
1,082.3 \u00a0
54.1 \u00a0
3.0 \u00a0
* Comparative information has been restated as described in note G2(b). In addition, with effect from 1 January 2024, Non-core ceased to exist as a separate \u00a0
segment and became a new sub-segment of Group Functions. Credit exposure as at 31 December 2023 previously reported under Non-core has therefore been \u00a0
reclassified to Group Functions. \u00a0
** Personal Customers Sweden, Personal Customers Finland and Personal Customers Norway are new sub-segments in Personal Customers in 2024. Comparatives \u00a0
have been reclassified. There is no change to total credit exposure for Personal Customers as at 31 December 2023. \u00a0
Credit risk \u2013 continued \u00a0
Concentration risk \u00a0
The Group has implemented a set of frameworks to manage the concentration risk to which the Group is exposed. These frameworks cover \u00a0
single-name concentrations, industry concentrations and geographical concentrations. \u00a0
Industry concentrations \u00a0
The Group manages industry concentrations as part of its credit risk tolerance framework by setting exposure limits on select ed industries. \u00a0
For commercial property, this also includes reducing the number of low-quality customers to ensure creditworthiness within the concentration \u00a0
limits. The industry concentrations are updated on an ongoing basis and at least once a year. The Group accepts the risks on material \u00a0
concentrations in accordance with the industry-specific guidelines that outline the use of credit policies within the industry. For personal \u00a0
customers, the Group also manages key concentrations in relation to high loan-to-value (LTV) ratios and short-term interest loans, for example. \u00a0
Geographical concentrations \u00a0
Credit reporting includes a breakdown by country. For selected countries, exposures to sovereigns, financial institutions and counterparties in \u00a0
derivatives trading are managed within country limits. \u00a0
Single-name concentrations and large exposures \u00a0
Limits are set on credit risk exposures to single names, thus protecting the Group from excessive losses resulting from the default of a single \u00a0
customer group. \u00a0
The limits on large exposures are defined within the large exposure restrictions of article 391 of the Capital Requirements Regulation (EU) No \u00a0
575/2013 (CRR): \u00a0
\u2022
an absolute limit on the largest single aggregate exposure. \u00a0
\u2022
the sum of the 20 largest exposures. \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is obtaining \u00a0
collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to ensure it \u00a0
reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus ensuring that the \u00a0
Group complies with regulatory requirements. \u00a0
The validity of the internal and external inputs on which the valuation models depend is assessed regularly and the performance of the models \u00a0
themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that need to be addressed. \u00a0
The market value of collateral is subject to a haircut to reflect the fact that the Group may not be able to obtain the estimated market value \u00a0
upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility during the \u00a0
sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory purposes, the Group \u00a0
also applies more conservative haircuts in order to capture the risk of an economic downturn. \u00a0
Credit risk \u2013 continued \u00a0
Types of collateral \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Functions \u00a0
Total \u00a0
31 December 2024 \u00a0
Real property \u00a0
583.2 \u00a0
441.4 \u00a0
36.3 \u00a0
48.8 \u00a0
-
1,109.7 \u00a0
- Personal \u00a0
575.6 \u00a0
1.0 \u00a0
-
30.8 \u00a0
-
607.4 \u00a0
- Commercial \u00a0
5.8 \u00a0
408.4 \u00a0
34.7 \u00a0
15.0 \u00a0
-
463.9 \u00a0
- Agricultural \u00a0
1.9 \u00a0
31.9 \u00a0
1.5 \u00a0
3.0 \u00a0
-
38.5 \u00a0
Bank accounts \u00a0
-
-
-
-
-
-
Custody account and securities \u00a0
6.4 \u00a0
4.1 \u00a0
6.3 \u00a0
-
-
16.8 \u00a0
Vehicles \u00a0
1.9 \u00a0
22.8 \u00a0
-
-
-
24.6 \u00a0
Equipment \u00a0
-
15.1 \u00a0
3.3 \u00a0
3.5 \u00a0
-
21.9 \u00a0
Vessels \u00a0
-
1.5 \u00a0
21.0 \u00a0
-
-
22.5 \u00a0
Guarantees \u00a0
17.7 \u00a0
48.3 \u00a0
16.4 \u00a0
1.3 \u00a0
-
83.6 \u00a0
Amounts due \u00a0
-
3.1 \u00a0
0.5 \u00a0
0.3 \u00a0
-
4.0 \u00a0
Other assets \u00a0
0.1 \u00a0
28.4 \u00a0
4.0 \u00a0
1.6 \u00a0
2.4 \u00a0
36.6 \u00a0
Total collateral \u00a0
609.4 \u00a0
564.7 \u00a0
87.8 \u00a0
55.5 \u00a0
2.5 \u00a0
1,319.9 \u00a0
Total unsecured credit exposure \u00a0
107.5 \u00a0
203.5 \u00a0
600.2 \u00a0
49.5 \u00a0
960.8 \u00a0
Unsecured portion of credit exposure (%) \u00a0
15.0% \u00a0
26.5% \u00a0
87.2% \u00a0
47.2% \u00a0
-
42.1% \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Functions \u00a0
Total \u00a0
31 December 2023 \u00a0
Real property \u00a0
696.2 \u00a0
489.9 \u00a0
42.6 \u00a0
40.3 \u00a0
0.1 \u00a0
1,269.1 \u00a0
- Personal \u00a0
687.3 \u00a0
1.5 \u00a0
-
26.6 \u00a0
0.1 \u00a0
715.6 \u00a0
- Commercial \u00a0
6.8 \u00a0
452.4 \u00a0
40.7 \u00a0
11.4 \u00a0
-
511.4 \u00a0
- Agricultural \u00a0
2.0 \u00a0
36.0 \u00a0
1.9 \u00a0
2.2 \u00a0
-
42.1 \u00a0
Bank accounts \u00a0
0.2 \u00a0
0.4 \u00a0
-
-
-
0.6 \u00a0
Custody account and securities \u00a0
3.6 \u00a0
4.1 \u00a0
10.2 \u00a0
-
-
17.9 \u00a0
Vehicles \u00a0
2.0 \u00a0
19.7 \u00a0
3.2 \u00a0
-
-
24.9 \u00a0
Equipment \u00a0
-
12.2 \u00a0
3.4 \u00a0
2.5 \u00a0
-
18.1 \u00a0
Vessels \u00a0
-
1.1 \u00a0
18.1 \u00a0
-
-
19.2 \u00a0
Guarantees \u00a0
6.2 \u00a0
3.6 \u00a0
12.1 \u00a0
1.9 \u00a0
-
23.8 \u00a0
Amounts due \u00a0
0.1 \u00a0
2.3 \u00a0
0.8 \u00a0
0.2 \u00a0
-
3.3 \u00a0
Other assets \u00a0
0.1 \u00a0
29.2 \u00a0
3.5 \u00a0
1.4 \u00a0
2.5 \u00a0
36.7 \u00a0
Total collateral \u00a0
708.3 \u00a0
562.5 \u00a0
94.0 \u00a0
46.2 \u00a0
2.6 \u00a0
1,413.6 \u00a0
Total unsecured credit exposure \u00a0
135.7 \u00a0
182.7 \u00a0
539.3 \u00a0
49.0 \u00a0
-
906.7 \u00a0
Unsecured portion of credit exposure (%) \u00a0
16.1% \u00a0
24.5% \u00a0
85.2% \u00a0
51.4% \u00a0
-
39.1% \u00a0
Credit risk \u2013 continued \u00a0
Past due amounts (excluding loans in rating category 10 and 11) \u00a0
Past due amounts \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Northern \u00a0
Group \u00a0
Total past due\u00a0Total due under \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions \u00a0
amount \u00a0
loans \u00a0
31 December 2024 \u00a0
6-30 days \u00a0
11 \u00a0
7
-
1
-
19 \u00a0
910 \u00a0
31-60 days \u00a0
2
13 \u00a0
-
2
-
17 \u00a0
349 \u00a0
> 60 days \u00a0
5
3
-
-
-
9
1,092 \u00a0
Total past due amounts \u00a0
18 \u00a0
24 \u00a0
-
3
-
45 \u00a0
Total due under loans \u00a0
1,195 \u00a0
1,094 \u00a0
1
61 \u00a0
-
2,351 \u00a0
31 December 2023 \u00a0
6-30 days \u00a0
43 \u00a0
39 \u00a0
14 \u00a0
2
-
98 \u00a0
1,592 \u00a0
31-60 days \u00a0
23 \u00a0
17 \u00a0
3
2
-
44 \u00a0
588 \u00a0
> 60 days \u00a0
34 \u00a0
12 \u00a0
-
5
-
52 \u00a0
454 \u00a0
Total past due amounts \u00a0
100 \u00a0
68 \u00a0
17 \u00a0
8
-
194 \u00a0
Total due under loans \u00a0
1,640 \u00a0
887 \u00a0
17 \u00a0
89 \u00a0
1
2,634 \u00a0
For the past due amounts, the average unsecured portion of the claims recorded was 21.6% at the end of 2024 (2023: 23.6%). Real property \u00a0
accounted for 78.6% of collateral provided (2023: 59.7%). \u00a0
Forbearance practices and repossessed assets \u00a0
The Group adopts forbearance plans to assist customers in financial difficulty. Concessions granted to customers include interest-reduction \u00a0
schedules, interest-only schedules, temporary payment holidays, term extensions, cancellation of outstanding fees, waiver of covenant \u00a0
enforcement and debt forgiveness. Forbearance plans must comply with the Group\u2019s Credit Policy. They are used as an instrument to retain \u00a0
long-term business relationships during economic downturns if there is a realistic possibility that the customer will be able to meet its \u00a0
obligations again, or are used for minimising losses in the event of default. \u00a0
If it proves impossible to improve the customer\u2019s financial situation by forbearance measures, the Group will consider whether to subject the \u00a0
customer\u2019s assets to a forced sale or whether the assets could be realised later at higher net proceeds. At the end of 2024, the Group had \u00a0
recognised properties taken over in Denmark at a carrying amount of DKK 13 million (2023: DKK 17 million), and there were no properties taken \u00a0
over in other countries (2023: DKK 0 million). The properties are held for sale and included under Assets held for sale in the balance sheet. \u00a0
The Group applies the European Banking Authority\u2019s (the EBA\u2019s) definition of loans subject to forbearance measures. The EBA definition states \u00a0
that a probation period of a minimum of two years must pass from the date when forborne exposures are considered to be performing again. \u00a0
Forbearance measures lead to changes in staging for impairment purposes, and impairments relating to forborne exposures are handled \u00a0
according to the principles described in note G15. \u00a0
Exposures subject to forbearance measures \u00a0
(DKK millions) \u00a0
31 December 2024\u00a031 December 2023 \u00a0
Stage 1 \u00a0
256 \u00a0
297 \u00a0
Stage 2 \u00a0
7,629 \u00a0
5,279 \u00a0
Stage 3 \u00a0
6,966 \u00a0
7,023 \u00a0
Total \u00a0
14,851 \u00a0
12,598 \u00a0
Credit risk \u2013 continued \u00a0
Expected credit losses (allowance account) \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default (EAD) and \u00a0
the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal models in order to \u00a0
ensure alignment of models across the Group. New models and calculations have been developed especially for IFRS 9 purposes, including \u00a0
models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairments are allocated to individual exposures. For \u00a0
significant stage 3 exposures, the Group determines the expected credit losses individually. \u00a0
Allowance account broken down by stage \u00a0
(DKK millions) \u00a0
Stage 1* \u00a0
Stage 2* \u00a0
Stage 3* \u00a0
Total* \u00a0
ECL allowance account as at 1 January 2023 \u00a0
3,273 \u00a0
8,082 \u00a0
8,290 \u00a0
19,645 \u00a0
Transferred to stage 1 during the period \u00a0
2,406 \u00a0
-2,274 \u00a0
-132 \u00a0
-
Transferred to stage 2 during the period \u00a0
-211 \u00a0
668 \u00a0
-457 \u00a0
-
Transferred to stage 3 during the period \u00a0
-22 \u00a0
-505 \u00a0
527 \u00a0
-
ECL on new assets \u00a0
601 \u00a0
1,249 \u00a0
607 \u00a0
2,457 \u00a0
ECL on assets derecognised \u00a0
-513 \u00a0
-1,142 \u00a0
-940 \u00a0
-2,595 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,923 \u00a0
1,393 \u00a0
1,544 \u00a0
1,014 \u00a0
Write-offs debited to the allowance account \u00a0
-5 \u00a0
-
-364 \u00a0
-370 \u00a0
Foreign exchange adjustments \u00a0
-18 \u00a0
23 \u00a0
-26 \u00a0
-22 \u00a0
Other changes \u00a0
5
-7 \u00a0
12 \u00a0
10 \u00a0
ECL allowance account as at 31 December 2023 \u00a0
3,592 \u00a0
7,486 \u00a0
9,062 \u00a0
20,140 \u00a0
Transferred to stage 1 during the period \u00a0
1,197 \u00a0
-1,063 \u00a0
-134 \u00a0
-
Transferred to stage 2 during the period \u00a0
-317 \u00a0
629 \u00a0
-312 \u00a0
-
Transferred to stage 3 during the period \u00a0
-28 \u00a0
-414 \u00a0
443 \u00a0
-
ECL on new assets \u00a0
561 \u00a0
1,540 \u00a0
1,106 \u00a0
3,207 \u00a0
ECL on assets derecognised \u00a0
-557 \u00a0
-1,495 \u00a0
-848 \u00a0
-2,900 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,106 \u00a0
1,024 \u00a0
132 \u00a0
49 \u00a0
Write-offs debited to the allowance account \u00a0
-9 \u00a0
-
-358 \u00a0
-367 \u00a0
Foreign exchange adjustments \u00a0
-24 \u00a0
-85 \u00a0
-31 \u00a0
-140 \u00a0
Other changes \u00a0
-82 \u00a0
-5 \u00a0
-2 \u00a0
-89 \u00a0
ECL allowance account as at 31 December 2024 \u00a0
3,226 \u00a0
7,617 \u00a0
9,058 \u00a0
19,901 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. The allowance account in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
The stage 3 allowance account includes DKK 1.9 billion (2023: DKK 1.9 billion) relating to originated credit impaired financial assets. Originated \u00a0
credit impaired financial assets are granted as part of restructuring non-performing loan exposures, and are otherwise outside the Group\u2019s \u00a0
credit policy. The Group has not acquired any credit impaired financial assets. \u00a0
Expected credit losses (allowance account) broken down by segment \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Northern \u00a0
Group \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions* \u00a0
Total* \u00a0
ECL allowance account as at 1 January 2023 \u00a0
5,427 \u00a0
10,235 \u00a0
3,050 \u00a0
863 \u00a0
70 \u00a0
19,645 \u00a0
ECL on new assets \u00a0
483 \u00a0
1,544 \u00a0
351 \u00a0
84 \u00a0
-4 \u00a0
2,457 \u00a0
ECL on assets derecognised \u00a0
-673 \u00a0
-1,825 \u00a0
-43 \u00a0
-44 \u00a0
-9 \u00a0
-2,595 \u00a0
Impact on remeasurement of ECL (incl. change in models) \u00a0
265 \u00a0
874 \u00a0
16 \u00a0
-115 \u00a0
-26 \u00a0
1,014 \u00a0
Write-offs debited to allowance account \u00a0
-172 \u00a0
-150 \u00a0
-32 \u00a0
-15 \u00a0
-
-370 \u00a0
Foreign currency translation \u00a0
-8 \u00a0
5
-39 \u00a0
21 \u00a0
-1 \u00a0
-22 \u00a0
Other changes \u00a0
-16 \u00a0
22 \u00a0
7
-
-3 \u00a0
10 \u00a0
ECL allowance account as at 31 December 2023 \u00a0
5,306 \u00a0
10,705 \u00a0
3,308 \u00a0
794 \u00a0
27 \u00a0
20,140 \u00a0
ECL on new assets \u00a0
407 \u00a0
1,897 \u00a0
767 \u00a0
138 \u00a0
-1 \u00a0
3,207 \u00a0
ECL on assets derecognised \u00a0
-779 \u00a0
-2,013 \u00a0
-59 \u00a0
-47 \u00a0
-3 \u00a0
-2,900 \u00a0
Impact on remeasurement of ECL (incl. change in models) \u00a0
-10 \u00a0
484 \u00a0
-303 \u00a0
-124 \u00a0
2
49 \u00a0
Write-offs debited to allowance account \u00a0
-134 \u00a0
-179 \u00a0
-40 \u00a0
-14 \u00a0
-
-367 \u00a0
Foreign currency translation \u00a0
-30 \u00a0
-140 \u00a0
-8 \u00a0
39 \u00a0
-1 \u00a0
-140 \u00a0
Other changes \u00a0
-87 \u00a0
-2 \u00a0
1
-
-1 \u00a0
-89 \u00a0
ECL allowance account as at 31 December 2024 \u00a0
4,674 \u00a0
10,752 \u00a0
3,666 \u00a0
785 \u00a0
22 \u00a0
19,901 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. The allowance account in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
The method used for calculating expected credit losses is described in note G15. \u00a0
Credit risk \u2013 continued \u00a0
Gross credit exposure \u00a0
(DKK millions) \u00a0
Stage 1* \u00a0
Stage 2* \u00a0
Stage 3* \u00a0
Total* \u00a0
Gross carrying amount at 1 January 2023 \u00a0
2,326,685 \u00a0
176,034 \u00a0
32,226 \u00a0
2,534,946 \u00a0
Transferred to stage 1 \u00a0
48,832 \u00a0
-47,483 \u00a0
-1,348 \u00a0
-
Transferred to stage 2 \u00a0
-45,901 \u00a0
48,605 \u00a0
-2,704 \u00a0
-
Transferred to stage 3 \u00a0
-4,232 \u00a0
-4,443 \u00a0
8,676 \u00a0
-
New assets \u00a0
558,858 \u00a0
28,512 \u00a0
6,420 \u00a0
593,790 \u00a0
Assets derecognised \u00a0
-521,736 \u00a0
-49,712 \u00a0
-9,712 \u00a0
-581,160 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-4 \u00a0
-
-303 \u00a0
-308 \u00a0
Other changes \u00a0
33,740 \u00a0
-7,289 \u00a0
-568 \u00a0
25,883 \u00a0
As at 31 December 2023 \u00a0
2,396,241 \u00a0
144,224 \u00a0
32,686 \u00a0
2,573,152 \u00a0
Transferred to stage 1 \u00a0
25,322 \u00a0
-24,186 \u00a0
-1,135 \u00a0
-
Transferred to stage 2 \u00a0
-43,661 \u00a0
45,892 \u00a0
-2,231 \u00a0
-
Transferred to stage 3 \u00a0
-4,617 \u00a0
-3,367 \u00a0
7,984 \u00a0
-
New assets \u00a0
705,655 \u00a0
43,091 \u00a0
7,115 \u00a0
755,860 \u00a0
Assets derecognised \u00a0
-626,362 \u00a0
-49,682 \u00a0
-11,171 \u00a0
-687,215 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-11 \u00a0
-
-7 \u00a0
-18 \u00a0
Other changes \u00a0
-225,247 \u00a0
-5,970 \u00a0
-722 \u00a0
-231,939 \u00a0
As at 31 December 2024 \u00a0
2,227,319 \u00a0
150,003 \u00a0
32,518 \u00a0
2,409,840 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. Credit exposure in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
In the table above, \u2018Changes due to modifications that did not result in derecognition\u2019 includes partial forgiveness of debt assessed to be \u00a0
uncollectible. The modification loss is recognised within the income statement as part of Loan impairment charges. The contractual amount of \u00a0
loans written off in 2024 and for which the Group retains the right to enforce its claims amounted to DKK 826 million (2023: DKK 1,873 million) \u00a0
Allowance account broken down by balance sheet item \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Due from credit institutions and central banks \u00a0
15 \u00a0
15 \u00a0
Loans at amortised cost \u00a0
13,672 \u00a0
13,959 \u00a0
Loan commitments and guarantees \u00a0
3,245 \u00a0
3,161 \u00a0
ECL Impairment, Total \u00a0
16,932 \u00a0
17,134 \u00a0
Fair value credit risk adjustment on loans at fair value \u00a0
2,968 \u00a0
3,005 \u00a0
Total \u00a0
19,901 \u00a0
20,140 \u00a0
Forward-looking information \u00a0
The incorporation of forward-looking information reflects the expectations of the Group\u2019s senior management and involves both \u00a0
macroeconomic scenarios (base case, upside and downside scenarios), including an assessment of the probability for each scenario, and post- \u00a0
model adjustments. The purpose of using multiple scenarios is to model the non-linear impact of assumptions about macroeconomic factors \u00a0
on the expected credit losses. Post-model adjustments are used to capture specific risks which are not fully covered by the macroeconomic \u00a0
scenarios, as well as the process related risk, which could lead to an underestimation of the expected credit losses. \u00a0
Macroeconomic scenarios \u00a0
The forward-looking information is based on a three-year forecast period converging to steady state in year seven. That is, after the forecast \u00a0
period, the macroeconomic scenarios revert slowly towards a steady state. \u00a0
The applied scenarios that drive the expected credit loss calculation in the fourth quarter of 2024 have been updated with the latest \u00a0
macroeconomic data. Compared to the end of 2023, the base case and upside scenarios have been revised to reflect expectations of \u00a0
decreasing interest rates, improved house prices and improved growth momentum. \u00a0
The base case is an extension of the Group\u2019s official view of the Nordic economies (the Nordic Outlook report). At 31 December 2024, the base \u00a0
case scenario reflects a soft landing with economic growth moving toward normalised levels. Inflation is coming down quickly, and fairly rapid \u00a0
interest cuts are consequently expected. The Nordic property markets have generally recovered, and price increases are expected, as \u00a0
consumers regain purchasing power. \u00a0
The upside scenario represents a slightly better outlook than the base case scenario across the macroeconomic parameters. In this scenario, it \u00a0
is predominantly the European businesses\u2019 profit margins and not prices that absorb the adjustment to higher wage costs and inflation returns \u00a0
more sustainably to target than in the base case. Central banks no longer hesitate to cut interest rates and all Nordic central banks loosen \u00a0
policies a bit quicker than in the base case. This boosts consumer sentiment, increasing private consumption and strengthening the housing \u00a0
market. \u00a0
The downside scenario is a severe recession with high interest rates scenario (reflecting a stagflation scenario) applied in the Group\u2019s ICAAP \u00a0
processes, which is similar in nature to regulatory stress tests. The severe recession scenario reflects negative growth, increasing interest \u00a0
rates, and falling property prices for a longer period. The use of the downside scenario was introduced to better capture the elevated risk from \u00a0
high interest rates and high inflation. A trigger of the economic setback could be continued macroeconomic worsening and challenges linked to \u00a0
high business costs while inflation remain elevated. This adversely impacts the labour market, results in higher and more persistent \u00a0
unemployment. This would lead to a severe slowdown in the economies in which the Group is represented. \u00a0
The scenario weighting is unchanged from 2024. The weight on the base case scenario is 60% (60% in 2023), the upside scenario is weighted \u00a0
20% (20% in 2023), and the downside scenario is weighted 20% (20% in 2023). \u00a0
The main macroeconomic parameters in the base case, upside and downside scenario entering into the ECL calculation for the forecast \u00a0
horizon across the Group\u2019s Nordic markets are included below. \u00a0
Credit risk \u2013 continued \u00a0
Macroeconomic scenarios \u00a0
31 December 2024 \u00a0
Base-case \u00a0
Downside \u00a0
Upside \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
Denmark \u00a0
GDP \u00a0
2.5 \u00a0
2.3 \u00a0
1.9 \u00a0
-2.0 \u00a0
-
-
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
Unemployment \u00a0
3.1 \u00a0
3.1 \u00a0
3.2 \u00a0
7.4 \u00a0
7.8 \u00a0
7.8 \u00a0
3.1 \u00a0
3.0 \u00a0
3.1 \u00a0
Inflation \u00a0
1.8 \u00a0
1.7 \u00a0
1.8 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
1.3 \u00a0
1.6 \u00a0
1.7 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
4.0 \u00a0
2.5 \u00a0
-11.0 \u00a0
-6.0 \u00a0
-6.0 \u00a0
7.0 \u00a0
6.0 \u00a0
2.5 \u00a0
Interest rate - 3 month \u00a0
1.5 \u00a0
1.5 \u00a0
1.5 \u00a0
5.0 \u00a0
3.0 \u00a0
3.0 \u00a0
1.2 \u00a0
1.2 \u00a0
1.2 \u00a0
Sweden \u00a0
GDP \u00a0
2.5 \u00a0
2.2 \u00a0
1.8 \u00a0
-3.4 \u00a0
-1.0 \u00a0
-1.0 \u00a0
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
Unemployment \u00a0
8.2 \u00a0
7.7 \u00a0
7.4 \u00a0
10.7 \u00a0
11.1 \u00a0
11.1 \u00a0
8.2 \u00a0
7.6 \u00a0
7.3 \u00a0
Inflation \u00a0
1.7 \u00a0
1.2 \u00a0
1.5 \u00a0
3.9 \u00a0
2.9 \u00a0
2.9 \u00a0
1.2 \u00a0
1.0 \u00a0
1.4 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
5.0 \u00a0
3.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
7.0 \u00a0
7.0 \u00a0
3.0 \u00a0
Interest rate - 3 month \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
5.7 \u00a0
3.7 \u00a0
3.7 \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
Norway \u00a0
GDP \u00a0
1.9 \u00a0
1.7 \u00a0
1.8 \u00a0
-1.1 \u00a0
0.6 \u00a0
0.6 \u00a0
2.1 \u00a0
1.9 \u00a0
1.8 \u00a0
Unemployment \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
6.4 \u00a0
6.5 \u00a0
6.5 \u00a0
2.4 \u00a0
2.3 \u00a0
2.3 \u00a0
Inflation \u00a0
2.2 \u00a0
2.0 \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
5.0 \u00a0
4.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
7.0 \u00a0
7.0 \u00a0
4.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.8 \u00a0
2.8 \u00a0
6.3 \u00a0
4.3 \u00a0
4.3 \u00a0
3.5 \u00a0
2.6 \u00a0
2.6 \u00a0
Finland* \u00a0
GDP \u00a0
1.8 \u00a0
1.6 \u00a0
1.5 \u00a0
-2.0 \u00a0
-0.3 \u00a0
-0.3 \u00a0
2.0 \u00a0
2.0 \u00a0
1.5 \u00a0
Unemployment \u00a0
8.1 \u00a0
7.3 \u00a0
6.5 \u00a0
11.9 \u00a0
11.9 \u00a0
11.9 \u00a0
8.1 \u00a0
7.2 \u00a0
6.4 \u00a0
Inflation \u00a0
1.2 \u00a0
1.8 \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
0.8 \u00a0
1.6 \u00a0
1.9 \u00a0
Property prices - Residential \u00a0
4.0 \u00a0
3.0 \u00a0
2.5 \u00a0
-7.0 \u00a0
-5.0 \u00a0
-5.0 \u00a0
6.0 \u00a0
5.0 \u00a0
2.5 \u00a0
Interest rate - 3 month \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
5.1 \u00a0
3.1 \u00a0
3.1 \u00a0
1.3 \u00a0
1.3 \u00a0
1.3 \u00a0
Credit risk \u2013 continued \u00a0
At 31 December 2023, the following base case, downside and upside scenarios were used: \u00a0
31 December 2023 \u00a0
Base-case \u00a0
Downside \u00a0
Upside \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
Denmark \u00a0
GDP \u00a0
1.0 \u00a0
1.6 \u00a0
1.6 \u00a0
-3.4 \u00a0
-2.0 \u00a0
-
2.5 \u00a0
1.8 \u00a0
0.4 \u00a0
Unemployment \u00a0
3.1 \u00a0
3.3 \u00a0
3.4 \u00a0
6.3 \u00a0
7.5 \u00a0
7.9 \u00a0
2.7 \u00a0
2.6 \u00a0
3.2 \u00a0
Inflation \u00a0
2.0 \u00a0
1.9 \u00a0
1.8 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.4 \u00a0
2.5 \u00a0
1.4 \u00a0
Property prices - Residential \u00a0
1.5 \u00a0
2.0 \u00a0
2.1 \u00a0
-19.7 \u00a0
-11.0 \u00a0
-6.0 \u00a0
3.5 \u00a0
3.0 \u00a0
2.1 \u00a0
Interest rate - 3 month \u00a0
3.1 \u00a0
2.3 \u00a0
2.0 \u00a0
5.4 \u00a0
6.4 \u00a0
3.9 \u00a0
4.3 \u00a0
3.5 \u00a0
2.5 \u00a0
Sweden \u00a0
GDP \u00a0
1.2 \u00a0
1.8 \u00a0
2.4 \u00a0
-3.5 \u00a0
-3.4 \u00a0
-1.0 \u00a0
2.6 \u00a0
2.1 \u00a0
1.3 \u00a0
Unemployment \u00a0
8.2 \u00a0
8.0 \u00a0
7.9 \u00a0
9.4 \u00a0
10.3 \u00a0
10.7 \u00a0
7.9 \u00a0
7.5 \u00a0
7.7 \u00a0
Inflation \u00a0
1.9 \u00a0
1.3 \u00a0
1.6 \u00a0
4.9 \u00a0
3.9 \u00a0
2.9 \u00a0
2.0 \u00a0
1.6 \u00a0
1.5 \u00a0
Property prices - Residential \u00a0
-1.0 \u00a0
4.0 \u00a0
5.0 \u00a0
-22.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
1.0 \u00a0
5.0 \u00a0
5.0 \u00a0
Interest rate - 3 month \u00a0
3.4 \u00a0
2.3 \u00a0
2.0 \u00a0
5.7 \u00a0
5.7 \u00a0
3.7 \u00a0
4.6 \u00a0
3.6 \u00a0
2.6 \u00a0
Norway \u00a0
GDP \u00a0
1.1 \u00a0
2.1 \u00a0
1.5 \u00a0
-2.7 \u00a0
-1.1 \u00a0
0.6 \u00a0
2.5 \u00a0
2.4 \u00a0
0.4 \u00a0
Unemployment \u00a0
2.3 \u00a0
2.5 \u00a0
2.5 \u00a0
5.5 \u00a0
6.4 \u00a0
6.5 \u00a0
2.0 \u00a0
2.0 \u00a0
2.3 \u00a0
Inflation \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
4.5 \u00a0
3.0 \u00a0
2.0 \u00a0
3.2 \u00a0
2.3 \u00a0
1.8 \u00a0
Property prices - Residential \u00a0
-1.0 \u00a0
5.0 \u00a0
4.0 \u00a0
-19.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-
6.0 \u00a0
4.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.9 \u00a0
2.5 \u00a0
6.3 \u00a0
6.3 \u00a0
4.3 \u00a0
5.0 \u00a0
4.0 \u00a0
3.0 \u00a0
Finland* \u00a0
GDP \u00a0
0.3 \u00a0
1.9 \u00a0
1.3 \u00a0
-2.4 \u00a0
-2.0 \u00a0
-0.3 \u00a0
1.3 \u00a0
2.2 \u00a0
0.4 \u00a0
Unemployment \u00a0
7.8 \u00a0
7.2 \u00a0
6.5 \u00a0
9.9 \u00a0
10.9 \u00a0
10.9 \u00a0
7.6 \u00a0
6.9 \u00a0
6.4 \u00a0
Inflation \u00a0
1.9 \u00a0
1.5 \u00a0
2.0 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.2 \u00a0
1.8 \u00a0
1.7 \u00a0
Property prices - Residential \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
-14.2 \u00a0
-7.0 \u00a0
-5.0 \u00a0
3.0 \u00a0
4.0 \u00a0
2.0 \u00a0
Interest rate - 3 month \u00a0
3.1 \u00a0
2.3 \u00a0
2.0 \u00a0
5.1 \u00a0
5.1 \u00a0
3.1 \u00a0
4.3 \u00a0
3.5 \u00a0
2.5 \u00a0
* Macroeconomic parameters for Finland have been corrected as at 31 December 2023. \u00a0
Credit risk \u2013 continued \u00a0
The base case scenario enters with a probability of 60% (31 December 2023: 60%), the upside scenario with a probability of 20% (31 December \u00a0
2023: 20%) and the downside scenario with a probability of 20% (31 December 2023: 20%). On the basis of these assessments, the allowance \u00a0
account as at 31 December 2024 amounted to DKK 19.9 billion (31 December 2023: 20.1 billion). If the base case scenario was assigned a \u00a0
probability of 100%, the allowance account would decrease DKK 2.5 billion (31 December 2023: 2.0 billion). Compared to the base case \u00a0
scenario, the allowance account would increase DKK 12.9 billion (31 December 2023: 10.2 billion), if the downside scenario was assigned a \u00a0
probability of 100%. The increase reflects primarily the transfer of exposures from stage 1 to stage 2 and increased expected credit losses \u00a0
within stage 2. If instead the upside scenario was assigned a probability of 100%, the allowance account would decrease by DKK 0.2 billion (31 \u00a0
December 2023: 0.2 billion) compared to the base case scenario. It should be noted that the expected credit losses in the individual scenarios \u00a0
(i.e. without the weighting) do not represent forecasts of expected credit losses (ECL). \u00a0
Post-model adjustments \u00a0
Management applies judgement when determining the need for post-model adjustments. At 31 December 2024, the post-model adjustments \u00a0
amounted to DKK 5.9 billion (31 December 2023: 6.7 billion). The post-model adjustments primarily relate to the following types of risks: \u00a0
\u2022
specific macroeconomic risks on certain industries not fully captured by the expected credit loss model, for instance the agriculture \u00a0
industry. For such industries, supplementary calculations are made to ensure sufficient impairment coverage. This also includes post- \u00a0
model adjustments relating to effects from climate risk or the macroeconomic uncertainty. \u00a0
\u2022
non-linear downside risk, for instance on the property market in Copenhagen and other high growth areas for which the macroeconomic \u00a0
forecasts used in the models are based on the property market as a whole. \u00a0
\u2022
portfolios where the credit risk assessment process has identified an underestimation of the expected credit losses. \u00a0
Following the significant impact on the expected credit losses from post-model adjustments, the following table provides more information \u00a0
about the adjustments. \u00a0
Post-model adjustments by industries \u00a0
(DKK billions) \u00a0
31 December 2024 \u00a0
31 December 2023 \u00a0
Agriculture \u00a0
0.9 \u00a0
0.8 \u00a0
Commercial Property \u00a0
1.6 \u00a0
1.9 \u00a0
Construction and building materials \u00a0
1.0 \u00a0
1.0 \u00a0
Personal customers (including other retail exposures) \u00a0
1.0 \u00a0
1.6 \u00a0
Others* \u00a0
1.4 \u00a0
1.4 \u00a0
Total \u00a0
5.9 \u00a0
6.7 \u00a0
* No individual industry included in Others exceeds DKK 0.3 billion at 31 December 2024 (2023: DKK 0.2 billion). \u00a0
The total balance of post-model adjustments has been reduced compared to the end of 2023. The post-model adjustment related to personal \u00a0
customers has decreased due to the improved macroeconomic outlook. The post model adjustments for Commercial Real estate have also \u00a0
been slightly reduced due to the positive effects of lower inflation and interest rates. Meanwhile, the existing post-model adjustment for \u00a0
agriculture has been increased to a limited extent to account for the potential impact of the green tripartite agreement, which introduces new \u00a0
CO2 taxation models for agriculture in Denmark. \u00a0
The Group continues to maintain significant post-model adjustments due to the current macroeconomic and geopolitical uncertainties. These \u00a0
are characterised by the risk of a declining growth environment, labour shortages, higher interest rates and supply chain disruption and volatile \u00a0
prices, all of which present new challenges that may affect economic and business activity. The post-model adjustments span across \u00a0
industries sensitive to price rises on energy and commodities, as well as industries vulnerable to business cycles, higher interest rates and \u00a0
refinancing risks. These have been assessed for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group\u2019s \u00a0
portfolios. \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities \u00a0
Exposure to counterparty credit risk and credit exposure from trading and investment securities \u00a0
(DKK billions) \u00a0
2024 \u00a0
2023* \u00a0
Counterparty credit risk \u00a0
Derivatives with positive fair value \u00a0
261.0 \u00a0
307.1 \u00a0
Reverse transactions and other loans at fair value** \u00a0
382.6 \u00a0
267.9 \u00a0
Credit exposure from other trading and investment securities \u00a0
Bonds \u00a0
446.6 \u00a0
461.0 \u00a0
Shares \u00a0
93.3 \u00a0
19.4 \u00a0
Other unutilised commitments*** \u00a0
-
0.1 \u00a0
Total \u00a0
1,183.6 \u00a0
1,055.5 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** Reverse transactions and other loans at fair value included as counterparty credit risk are loans at the trading units of Large Corporates & Institutions. These \u00a0
loans consist of reverse transactions of DKK 381.6 billion (31 December 2023: DKK 267.4 billion), of which DKK 62.0 billion relates to credit institutions and central \u00a0
banks (31 December 2023: DKK 92.4 billion), and other primarily short-term loans of DKK 1.0 billion (31 December 2023: DKK 0.6 billion), of which DKK 1.0 billion (31 \u00a0
December 2023: DKK 0.6 billion) relates to credit institutions and central banks. \u00a0
*** Other unutilised commitments comprise private equity investment commitments and other obligations. \u00a0
Counterparty credit risk (derivatives) \u00a0
Counterparty credit risk is the risk that the counterparty to a transaction defaults before the final settlement of the transaction\u2019s cash flows. It \u00a0
is a combination of credit risk (a deterioration in the creditworthiness of a counterparty) and market risk (the potential value of derivatives \u00a0
contracts). \u00a0
Derivatives are subject to credit risk. Positive and negative fair values of derivatives with the same counterparty are offset in the balance sheet \u00a0
if certain conditions are fulfilled. \u00a0
Danske Bank Group takes on counterparty credit risk when it enters into over-the-counter (OTC) derivatives, securities financing transactions \u00a0
(SFTs), and/or exchange-traded derivatives (ETDs). \u00a0
The Group mitigates counterparty credit risk through pre-deal controls, post-deal monitoring, clearing, close-out netting agreements and \u00a0
collateral agreements. Those agreements include rights to additional set-off in the event of default by a counterparty, they reduce the \u00a0
exposure further, but they do not qualify for offsetting under IFRS Accounting Standards. The net current exposure to derivatives with positive \u00a0
market value after offsetting under master netting agreements amounted to DKK 102.8 billion (2023: DKK 89.5 billion) (see note G32). The \u00a0
exposure is broken down by rating category in the following table. \u00a0
Net current exposure broken down by category \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
1
13,661 \u00a0
14,293 \u00a0
2
14,101 \u00a0
16,110 \u00a0
3
58,728 \u00a0
43,279 \u00a0
4
11,654 \u00a0
11,946 \u00a0
5
2,986 \u00a0
2,309 \u00a0
6
1,128 \u00a0
921 \u00a0
7
266 \u00a0
463 \u00a0
8
83 \u00a0
86 \u00a0
9
3
1
10 \u00a0
144 \u00a0
24 \u00a0
11 \u00a0
7
18 \u00a0
Total \u00a0
102,761 \u00a0
89,450 \u00a0
The Group uses a range of measures to capture counterparty credit risk, including current exposure, potential future exposure (PFE) and \u00a0
exposure at default (EAD). Current exposure is a simple measure of counterparty credit risk exposure that takes into account only current \u00a0
mark-to-market values and collateral. \u00a0
Customer-level counterparty risk is managed by means of PFE lines on a set of maturity buckets. It is measured at the 97.5% percentile for a \u00a0
set of future time horizons. PFE lines are approved by the relevant credit unit and all transactions are assumed to be held to contractual \u00a0
maturity. The Group carries out daily counterparty credit risk measurement and monitoring as well as intraday line utilisation monitoring. \u00a0
The Danish FSA approved the Group\u2019s simulation model for calculating the regulatory capital requirement for counterparty credit risk in 2015. \u00a0
More advanced measures such as EAD, which is a regulatory measure, express potential future losses and are based on internal models for \u00a0
future scenarios of market data. EAD figures are provided in the Additional Pillar III Disclosures (accessible at danskebank.com/investor- \u00a0
relations). \u00a0
An overview of counterparty credit risk exposures (at counterparty and portfolio levels) is reported to the Executive Leadership Team and other \u00a0
senior management on a monthly basis. The Group uses a simulation-based model to calculate counterparty credit risk exposure for the \u00a0
majority of its portfolio. \u00a0
The Group makes fair value adjustments to cover the counterparty credit risk on derivatives with positive fair value (CVA) that are recognised in \u00a0
the financial statements. For more information, see note G33. \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities - continued \u00a0
Bond portfolio \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2024 \u00a0
Held-for-trading (FVPL) \u00a0
110,999 \u00a0
2,781 \u00a0
40,106 \u00a0
12,283 \u00a0
5,347 \u00a0
6,500 \u00a0
178,017 \u00a0
Managed at fair value (FVPL) \u00a0
5,728 \u00a0
161 \u00a0
20,527 \u00a0
1,500 \u00a0
195 \u00a0
-
28,112 \u00a0
Held to collect and sell (FVOCI) \u00a0
20,364 \u00a0
3,371 \u00a0
53,504 \u00a0
2,270 \u00a0
23,316 \u00a0
1,948 \u00a0
104,773 \u00a0
Held to collect (AMC) \u00a0
38,034 \u00a0
6,946 \u00a0
86,736 \u00a0
3,036 \u00a0
813 \u00a0
150 \u00a0
135,714 \u00a0
Total \u00a0
175,125 \u00a0
13,259 \u00a0
200,873 \u00a0
19,089 \u00a0
29,672 \u00a0
8,597 \u00a0
446,616 \u00a0
31 December 2023 \u00a0
Held-for-trading (FVPL) \u00a0
117,986 \u00a0
1,179 \u00a0
29,084 \u00a0
20,862 \u00a0
3,272 \u00a0
5,179 \u00a0
177,563 \u00a0
Managed at fair value (FVPL) \u00a0
1,845 \u00a0
291 \u00a0
17,069 \u00a0
1,307 \u00a0
286 \u00a0
-
20,798 \u00a0
Held to collect and sell (FVOCI) \u00a0
23,669 \u00a0
2,905 \u00a0
49,470 \u00a0
4,776 \u00a0
25,077 \u00a0
1,330 \u00a0
107,226 \u00a0
Held to collect (AMC) \u00a0
47,892 \u00a0
8,551 \u00a0
92,699 \u00a0
5,093 \u00a0
1,013 \u00a0
150 \u00a0
155,398 \u00a0
Total \u00a0
191,392 \u00a0
12,926 \u00a0
188,321 \u00a0
32,038 \u00a0
29,648 \u00a0
6,659 \u00a0
460,984 \u00a0
At 31 December 2024, the Group had an additional bond portfolio, including bond-based unit trust certificates, worth DKK 211,477 million (31 \u00a0
December 2023: DKK 214,073 million) recognised as insurance assets and thus not included in the table above. The section on Life insurance \u00a0
risk provides more information. For bonds classified as hold-to-collect, amortised cost exceeded fair value as at 31 December 2024 and 31 \u00a0
December 2023, see note G33 for more information. \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities - continued \u00a0
Bond portfolio broken down by geographical area \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2024 \u00a0
Denmark \u00a0
33,976 \u00a0
-
200,873 \u00a0
-
-
980 \u00a0
235,829 \u00a0
Sweden \u00a0
22,376 \u00a0
-
-
19,089 \u00a0
-
1,706 \u00a0
43,172 \u00a0
UK \u00a0
18,286 \u00a0
306 \u00a0
-
-
3,966 \u00a0
1,155 \u00a0
23,712 \u00a0
Norway \u00a0
4,945 \u00a0
-
-
-
23,896 \u00a0
2,675 \u00a0
31,517 \u00a0
USA \u00a0
16,642 \u00a0
1,856 \u00a0
-
-
-
41 \u00a0
18,539 \u00a0
Spain \u00a0
1,114 \u00a0
-
-
-
1
-
1,114 \u00a0
France \u00a0
11,794 \u00a0
178 \u00a0
-
-
264 \u00a0
270 \u00a0
12,506 \u00a0
Luxembourg \u00a0
-
4,957 \u00a0
-
-
-
100 \u00a0
5,057 \u00a0
Finland \u00a0
8,222 \u00a0
2,980 \u00a0
-
-
1,128 \u00a0
725 \u00a0
13,055 \u00a0
Ireland \u00a0
827 \u00a0
-
-
-
-
85 \u00a0
912 \u00a0
Italy \u00a0
5,013 \u00a0
-
-
-
-
3
5,016 \u00a0
Portugal \u00a0
1
-
-
-
-
-
1
Austria \u00a0
3,052 \u00a0
-
-
-
-
115 \u00a0
3,167 \u00a0
Netherlands \u00a0
2,310 \u00a0
-
-
-
4
458 \u00a0
2,772 \u00a0
Germany \u00a0
46,066 \u00a0
149 \u00a0
-
-
208 \u00a0
92 \u00a0
46,515 \u00a0
Belgium \u00a0
503 \u00a0
2,141 \u00a0
-
-
-
-
2,643 \u00a0
Other \u00a0
-
693 \u00a0
-
-
204 \u00a0
191 \u00a0
1,088 \u00a0
Total \u00a0
175,125 \u00a0
13,259 \u00a0
200,873 \u00a0
19,089 \u00a0
29,672 \u00a0
8,597 \u00a0
446,616 \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2023 \u00a0
Denmark \u00a0
28,754 \u00a0
-
188,321 \u00a0
-
-
870 \u00a0
217,945 \u00a0
Sweden \u00a0
61,267 \u00a0
-
-
32,038 \u00a0
-
1,362 \u00a0
94,667 \u00a0
UK \u00a0
11,141 \u00a0
291 \u00a0
-
-
3,518 \u00a0
1,009 \u00a0
15,959 \u00a0
Norway \u00a0
6,049 \u00a0
-
-
-
23,902 \u00a0
1,358 \u00a0
31,309 \u00a0
USA \u00a0
15,529 \u00a0
3,274 \u00a0
-
-
-
7
18,810 \u00a0
Spain \u00a0
1,243 \u00a0
-
-
-
1
-
1,244 \u00a0
France \u00a0
4,703 \u00a0
19 \u00a0
-
-
237 \u00a0
116 \u00a0
5,075 \u00a0
Luxembourg \u00a0
-
5,205 \u00a0
-
-
-
123 \u00a0
5,328 \u00a0
Finland \u00a0
10,224 \u00a0
2,954 \u00a0
-
-
1,089 \u00a0
909 \u00a0
15,176 \u00a0
Ireland \u00a0
550 \u00a0
-
-
-
-
94 \u00a0
643 \u00a0
Italy \u00a0
1,413 \u00a0
-
-
-
-
5
1,418 \u00a0
Portugal \u00a0
3
-
-
-
-
-
3
Austria \u00a0
4,513 \u00a0
-
-
-
66 \u00a0
113 \u00a0
4,691 \u00a0
Netherlands \u00a0
3,349 \u00a0
1
-
-
17 \u00a0
510 \u00a0
3,877 \u00a0
Germany \u00a0
42,152 \u00a0
-
-
-
216 \u00a0
96 \u00a0
42,465 \u00a0
Belgium \u00a0
503 \u00a0
442 \u00a0
-
-
1
-
946 \u00a0
Other \u00a0
-
740 \u00a0
-
-
602 \u00a0
87 \u00a0
1,429 \u00a0
Total \u00a0
191,392 \u00a0
12,926 \u00a0
188,321 \u00a0
32,038 \u00a0
29,648 \u00a0
6,659 \u00a0
460,984 \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities - continued \u00a0
Bond portfolio broken down by external ratings \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2024 \u00a0
AAA \u00a0
104,688 \u00a0
10,949 \u00a0
200,792 \u00a0
19,070 \u00a0
28,964 \u00a0
2,405 \u00a0
366,868 \u00a0
AA+ \u00a0
26,449 \u00a0
2,289 \u00a0
-
-
7
23 \u00a0
28,768 \u00a0
AA \u00a0
16,117 \u00a0
-
-
19 \u00a0
701 \u00a0
1,146 \u00a0
17,983 \u00a0
AA- \u00a0
21,265 \u00a0
20 \u00a0
-
-
-
74 \u00a0
21,359 \u00a0
A+ \u00a0
-
-
-
-
-
423 \u00a0
423 \u00a0
A
941 \u00a0
-
81 \u00a0
-
-
785 \u00a0
1,807 \u00a0
A- \u00a0
1
-
-
-
-
317 \u00a0
318 \u00a0
BBB+ \u00a0
173 \u00a0
-
-
-
-
1,027 \u00a0
1,199 \u00a0
BBB \u00a0
3,612 \u00a0
-
-
-
-
1,169 \u00a0
4,781 \u00a0
BBB- \u00a0
1,879 \u00a0
-
-
-
-
644 \u00a0
2,523 \u00a0
BB+ \u00a0
-
-
-
-
-
164 \u00a0
164 \u00a0
BB \u00a0
-
-
-
-
-
234 \u00a0
234 \u00a0
BB- \u00a0
-
-
-
-
-
70 \u00a0
70 \u00a0
Sub. \"investment-grade\" or unrated \u00a0
-
-
-
-
-
118 \u00a0
118 \u00a0
Total \u00a0
175,125 \u00a0
13,259 \u00a0
200,873 \u00a0
19,089 \u00a0
29,672 \u00a0
8,597 \u00a0
446,616 \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2023 \u00a0
AAA \u00a0
137,601 \u00a0
12,461 \u00a0
187,903 \u00a0
32,017 \u00a0
28,925 \u00a0
1,623 \u00a0
400,530 \u00a0
AA+ \u00a0
27,061 \u00a0
442 \u00a0
-
-
28 \u00a0
2
27,533 \u00a0
AA \u00a0
8,556 \u00a0
-
-
21 \u00a0
692 \u00a0
965 \u00a0
10,234 \u00a0
AA- \u00a0
15,515 \u00a0
23 \u00a0
-
-
-
117 \u00a0
15,654 \u00a0
A+ \u00a0
-
-
-
-
-
266 \u00a0
266 \u00a0
A
1,132 \u00a0
-
418 \u00a0
-
4
984 \u00a0
2,538 \u00a0
A- \u00a0
3
-
-
-
-
196 \u00a0
199 \u00a0
BBB+ \u00a0
111 \u00a0
-
-
-
-
505 \u00a0
617 \u00a0
BBB \u00a0
377 \u00a0
-
-
-
-
987 \u00a0
1,364 \u00a0
BBB- \u00a0
1,036 \u00a0
-
-
-
-
596 \u00a0
1,632 \u00a0
BB+ \u00a0
-
-
-
-
-
97 \u00a0
97 \u00a0
BB \u00a0
-
-
-
-
-
187 \u00a0
187 \u00a0
BB- \u00a0
-
-
-
-
-
36 \u00a0
36 \u00a0
Sub. \"investment-grade\" or unrated \u00a0
-
-
-
-
-
97 \u00a0
97 \u00a0
Total \u00a0
191,392 \u00a0
12,926 \u00a0
188,321 \u00a0
32,038 \u00a0
29,648 \u00a0
6,659 \u00a0
460,984 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2109": { "value": "
At initial recognition, loans are measured at fair value plus transaction costs less origination fees and other charges that are an integral \u00a0
part of the effective interest rate on loans. This usually corresponds to the amount disbursed to the customer. Subsequently, they are \u00a0
measured at amortised cost, using the effective interest method, less impairment charges for expected credit losses. The difference \u00a0
between the value at initial recognition and the redemption value is amortised over the term to maturity as part of the effective interest. \u00a0
If fixed-rate loans are hedged effectively by derivatives, the fair value of the hedged interest rate risk is added to the carrying amount of \u00a0
the hedged assets. \u00a0
Accounting policy \u00a0
Loans granted and bonds issued by Realkredit Danmark \u00a0
Loans granted by Realkredit Danmark have contractual cash flows that are not solely payment of principal and interest on the principal \u00a0
amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which represents an option to \u00a0
prepay at fair value that can be both above and below the principal amount plus interest. This is not consistent with the SPPI test since \u00a0
changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate developments.\u00a0Therefore, the loans are \u00a0
mandatorily recognised at fair value through profit or loss. The issued bonds that are funding the loans are designated at fair value \u00a0
through profit or loss in order not to create an accounting mismatch. For the issued bonds, changes in fair value attributable to the \u00a0
Group\u2019s own credit risk is presented in the income statement, as an accounting mismatch would otherwise be introduced. \u00a0
The fair value of the bonds issued by Realkredit Danmark is normally defined as their quoted market price. A small number of the issued \u00a0
bonds are illiquid, however, and the fair value of these bonds is calculated on the basis of a discounted cash flow valuation technique. \u00a0
The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair value of the interest \u00a0
rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in the fair value of cash flows \u00a0
from the loans that differ from the cash flows from the issued bonds. The most important component is the credit risk on the borrowers \u00a0
(covered by the Group and not by the bond holders and therefore not priced into the price of the issued bonds). \u00a0
Changes in fair value of credit risk etc. on the loans \u00a0
The IFRS 13 estimate of the fair value of the credit risk on the loans is based on the expected credit losses estimated in the models \u00a0
developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, including the \u00a0
allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as a function of PD, EAD \u00a0
and LGD and incorporates forward looking information, see further in note G15. The latter reflects management\u2019s expectations of \u00a0
expected credit losses and involves multiple scenarios (base case, upside and downside), including an assessment of the probability for \u00a0
each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other components \u00a0
in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an investors risk premium, \u00a0
compensation for administrative costs related to the loans and the possibility to increase the margin on the loans if the credit risk etc. \u00a0
increases. It is acknowledged that the possibility to increase the margin depends on the economic resources of the customers. The \u00a0
possibility to increase the margin is therefore only considered in the measurement if it is very likely that the margin can be increased \u00a0
without the customer defaulting. Further, the possibility to increase the margin is only relevant if it does not give the customer an \u00a0
incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to increase the margin is only relevant for the \u00a0
measurement of loans to customers with neither a relatively high credit risk nor a relatively low credit risk. \u00a0
The discount rate used to discount the cash flows represents the interest rate on the funding bonds. This is considered to be close to a \u00a0
risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher for customers \u00a0
Accounting policy - continued \u00a0
with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value of the credit risk and \u00a0
other components cannot increase the value of a loan (the adjustment cannot be positive). \u00a0
Other loans and issued bonds measured at fair value through profit or loss \u00a0
The loans in the Group\u2019s trading units (Markets and Investment Banking in LC&I) are managed and their performance reported on a fair \u00a0
value basis and the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an \u00a0
accounting mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities \u00a0
at amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value changes \u00a0
attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
794,568 \u00a0
806,157 \u00a0
Fair value adjustment of underlying bonds \u00a0
-36,190 \u00a0
-49,874 \u00a0
Adjustment for credit risk \u00a0
3,191 \u00a0
3,006 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
755,188 \u00a0
753,277 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
319,596 \u00a0
174,963 \u00a0
Total \u00a0
1,074,783 \u00a0
928,239 \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
875,633 \u00a0
848,774 \u00a0
Fair value adjustment of funding of current loans \u00a0
-36,190 \u00a0
-49,874 \u00a0
Holding of own mortgage bonds \u00a0
94,948 \u00a0
57,837 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
744,495 \u00a0
741,062 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
2,061 \u00a0
7,718 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2161": { "value": "
G17. Assets and deposits under pooled schemes \u00a0
and investment contracts \u00a0
Assets and deposits under pooled schemes and investment contracts comprises contributions to pooled schemes and contracts defined as \u00a0
investment contracts. Assets include intra-group balances, which are eliminated. Consequently, the value of the line item Deposits under \u00a0
pooled schemes and investment contracts exceeds that of Assets under pooled schemes and investment contracts. \u00a0
Accounting policy \u00a0
Assets earmarked for customer savings are measured at fair value and recognised under Assets under pooled schemes and investment \u00a0
contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment contracts. These \u00a0
deposits are measured at the value of savings, corresponding to the fair value of the assets. \u00a0
The Group has elected not to deduct own shares from equity that are held on behalf of customers. Therefore total assets under pooled \u00a0
schemes and investment contracts includes these own shares that meet this criterion. \u00a0
Pooled schemes \u00a0
Investment contracts \u00a0
Total \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
(a) Assets \u00a0
Bonds \u00a0
13,204 \u00a0
16,992 \u00a0
5,834 \u00a0
6,024 \u00a0
19,038 \u00a0
23,016 \u00a0
Shares \u00a0
10,910 \u00a0
14,676 \u00a0
14,441 \u00a0
11,146 \u00a0
25,351 \u00a0
25,822 \u00a0
Unit trust certificates \u00a0
25,639 \u00a0
16,434 \u00a0
2,520 \u00a0
2,564 \u00a0
28,159 \u00a0
18,998 \u00a0
Other \u00a0
55 \u00a0
38 \u00a0
4,005 \u00a0
3,379 \u00a0
4,060 \u00a0
3,417 \u00a0
Total \u00a0
49,808 \u00a0
48,140 \u00a0
26,800 \u00a0
23,113 \u00a0
76,608 \u00a0
71,253 \u00a0
including \u00a0
other intra-group balances \u00a0
434 \u00a0
263 \u00a0
-
90 \u00a0
434 \u00a0
353 \u00a0
Total assets recognised in balance sheet \u00a0
49,373 \u00a0
47,877 \u00a0
26,800 \u00a0
23,023 \u00a0
76,173 \u00a0
70,900 \u00a0
(b) Deposits \u00a0
49,808 \u00a0
48,140 \u00a0
26,800 \u00a0
23,113 \u00a0
76,608 \u00a0
71,253 \u00a0
Assets under pooled schemes include DKK 258 million of own shares that are not eliminated (2023: DKK 198 million). Assets under investment \u00a0
contracts include DKK 65 million of own shares that are not eliminated (2023: DKK 60 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2171": { "value": "
(a) Insurance assets \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Due from credit institutions \u00a0
13,872 \u00a0
6,922 \u00a0
Investment securities \u00a0
509,309 \u00a0
468,312 \u00a0
Holdings in associates \u00a0
11,873 \u00a0
11,612 \u00a0
Investment property \u00a0
23,757 \u00a0
21,716 \u00a0
Reinsurance contract assets \u00a0
204 \u00a0
213 \u00a0
Other assets \u00a0
8,258 \u00a0
9,780 \u00a0
Total \u00a0
567,273 \u00a0
518,555 \u00a0
including \u00a0
own bonds \u00a0
5,437 \u00a0
5,984 \u00a0
other intra-group balances \u00a0
12,924 \u00a0
16,540 \u00a0
Total assets under insurance contracts \u00a0
548,912 \u00a0
496,031 \u00a0
Insurance assets include DKK 26,341 million of own bonds that are not eliminated (2023: DKK 27,794 million) and DKK 1,147 million of own \u00a0
shares that are not eliminated (2023: DKK 1,040 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2198": { "value": "
G19. Intangible assets \u00a0
Intangible assets consist of goodwill, acquired and internally developed software if certain criteria are fulfilled. \u00a0
The Group did not make any acquisitions of undertakings in 2024 and in 2023. No impairment charge was recognised in 2024 (2023: \u00a0
DKK 0 billion); see further below. \u00a0
Accounting policy \u00a0
Goodwill \u00a0
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost (until 1 January 2010 including \u00a0
direct transaction costs) of the undertaking and the fair value of its net assets, including contingent liabilities, at the time of acquisition. \u00a0
Goodwill is allocated to cash-generating units at the level at which management monitors the investment. \u00a0
Goodwill is not amortised; instead, each cash-generating unit is tested for impairment once a year, or more frequently if indications of \u00a0
impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying amount of the net assets of \u00a0
the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value in use, which equals the present \u00a0
value of the future cash flows expected from the unit. \u00a0
Goodwill on associates is recognised under Holdings in associates. \u00a0
Software \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software acquired is \u00a0
amortised over its expected useful life, usually three years, according to the straight-line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show that \u00a0
future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a software \u00a0
application ready for use. Once a software application has been developed, the cost is amortised over its expected useful life, usually \u00a0
three years, according to the straight-line method. The cost of development consists primarily of direct remuneration and other directly \u00a0
attributable development costs. Costs incurred in the planning phase are not included but are expensed when incurred. \u00a0
Software is tested for impairment if indications of impairment exist and is written down to its value in use. \u00a0
(a) Intangible assets \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Goodwill \u00a0
4,438 \u00a0
4,437 \u00a0
Software, acquired or internally developed \u00a0
2,299 \u00a0
1,627 \u00a0
Total \u00a0
6,737 \u00a0
6,064 \u00a0
At the end of 2024, the Group recognised software development cost of DKK 2,126 million as an asset (2023: DKK 1,546 million), DKK 456 \u00a0
million was amortised for 2024 (2023: DKK 434 million). An impairment loss of DKK 61 million was recognised in 2024 on software \u00a0
development costs (2023: DKK 26 million). \u00a0
(b) Further explanation of impairment testing of goodwill \u00a0
The Group\u2019s goodwill is tested for impairment at least once a year by testing at the level of identifiable cash-generating units to which goodwill \u00a0
has been allocated. Further, if goodwill in a cash-generating unit is fully impaired, a further impairment loss is recognised as an impairment loss \u00a0
on intangible or tangible assets, if any. \u00a0
1 January \u00a0
Foreign \u00a0
31 December \u00a0
Foreign \u00a0
31 December \u00a0
2023 \u00a0
currency \u00a0
2023 \u00a0
currency \u00a0
2024 \u00a0
(DKK millions) \u00a0
Goodwill \u00a0
translation \u00a0
Goodwill \u00a0
translation \u00a0
Goodwill \u00a0
LC&I, General Banking \u00a0
507 \u00a0
1
508 \u00a0
-
508 \u00a0
LC&I, Markets and Investment Banking \u00a0
2,094 \u00a0
5
2,099 \u00a0
2
2,101 \u00a0
LC&I, Asset Management \u00a0
1,807 \u00a0
4
1,811 \u00a0
2
1,813 \u00a0
Others \u00a0
19 \u00a0
-
19 \u00a0
-3 \u00a0
16 \u00a0
Total \u00a0
4,427 \u00a0
10 \u00a0
4,437 \u00a0
1
4,438 \u00a0
Model applied in the goodwill impairment tests for 2024 and 2023 \u00a0
The impairment test compares the recoverable amount and the carrying amount for each cash-generating unit. The recoverable amount is \u00a0
represented by the present value of expected future cash flows (value in use). The special debt structure of financial institutions requires the \u00a0
use of a discounted dividend (equity) model to calculate the present value of expected future cash flows, as the interest on lending and \u00a0
borrowings is included as part of the cash flows. \u00a0
The carrying amount for each cash-generating unit is the aggregate of the cash-generating unit\u2019s goodwill and allocated capital. The cash- \u00a0
generating unit\u2019s allocated capital is derived using the Group\u2019s capital allocation framework. The capital framework is based on a regulatory \u00a0
approach to identify the individual business unit\u2019s capital consumption and is in accordance with the Group\u2019s capital targets. In the 2024 test, \u00a0
allocated capital is allocated as 14% of the cash-generating unit`s risk exposure amount (2023: 14.0%). \u00a0
For each cash generating unit, the expected future cash flow is based on approved strategies and earnings estimates for the budget period \u00a0
representing the first five years. For the terminal period, the steady state normalised level of earnings (expected dividend) is expected to grow \u00a0
at a constant growth rate equal to expected real GDP growth. Cash flow estimates are post-tax, and the risks of the individual cash-generating \u00a0
units are reflected in the estimated earnings. Accordingly, the risk-adjusted cash flows carry a similar risk profile. The estimated cash flows are \u00a0
discounted at the Group\u2019s risk-adjusted required rates of return post-tax. \u00a0
G19. Intangible assets - continued \u00a0
Cash generating units with goodwill \u00a0
Large Corporates & Institutions, General Banking \u00a0
In 2007, Danske Bank acquired the shares of the Sampo Bank group and incorporated its banking activities into the business structure of \u00a0
Danske Bank\u2019s banking activities. In the beginning of 2011, General Banking was separated from banking activities into an independent unit, \u00a0
resulting in reallocation of goodwill to the unit. As a result of organisational changes in 2012, General Banking became part of Corporates & \u00a0
Institutions as a separate cash generating unit. At the organisational changes in 2021, Corporates & Institutions was renamed to Large \u00a0
Corporates & Institutions. \u00a0
Large Corporates & Institutions, Markets and Investment Banking \u00a0
The trading activities of Sampo Bank were incorporated into the business structure of Danske Markets in 2007. As a result of organisational \u00a0
changes in 2012, Danske Markets became part of Corporates & Institutions as a separate cash generating unit. In 2015, the unit was renamed \u00a0
to FI&C and Capital Markets. At the organisation changes in 2021, Corporates & Institutions was renamed to Large Corporates & Institutions \u00a0
and FI&C and Capital Markets to Markets and Investment Banking. \u00a0
Large Corporates & Institutions, Asset Management \u00a0
The asset management activities of Sampo Bank were incorporated into the business structure of Danske Capital in 2007. In addition to the \u00a0
acquisition of Sampo Bank, goodwill recognised by Danske Capital is attributable to a number of smaller acquisitions. As a result of \u00a0
organisational changes in 2016, Danske Capital became part of Wealth Management as a separate cash generating unit. At the organisational \u00a0
changes in 2021, the Wealth Management segment was dissolved and the asset management activities were transferred to Large Corporates \u00a0
& Institutions as a separate subsegment. \u00a0
Key assumptions for goodwill impairment tests \u00a0
Discount rate \u00a0
The discount rate used to calculate the present value of expected future cash flows is in the test for 2024 unchanged 9% after tax compared to \u00a0
the test in 2023. In the 2023 test, the discount rate was changed from 8% after tax in the 2022 test to 9% after tax. The change was due to an \u00a0
increase in the risk-free rate and market risk premium. The discount rate has been determined on the basis of the Capital Asset Pricing Model \u00a0
and comprises a risk-free interest rate, the market risk premium and a factor covering the systematic market risk (beta factor). The values for \u00a0
the risk-free interest rate, the market risk premium and the beta factor are determined and updated yearly using external sources of \u00a0
information. The Group applies the same discount rate to all cash-generating units, as the risks of the individual cash-generating units are \u00a0
reflected in their estimated cash flows. \u00a0
Cash flows in the terminal period \u00a0
Cash flows in the terminal period reflect net earnings (dividend) in the preceding year growing at a constant rate. The growth estimates are \u00a0
determined on the basis of Danske Research\u2019s forecasts of real GDP growth for the relevant markets. For Asset Management, General Banking \u00a0
as well as for Markets and Investment Banking & Securities, the assumed growth rate in the terminal period is 1.3% (2023: 1.3%). Around 73% \u00a0
of the net present value of future cash flows is expected to be generated in the terminal period (2023: 77%). \u00a0
Large Corporates & Institutions, General Banking \u00a0
Earnings are primarily affected by expectations for the interest level and its resulting effect on net interest income, as well as expectations for \u00a0
net fee income, operating expenses and credit losses. \u00a0
The interest rate levels used in the impairment test are based on Danske Research\u2019s expectations for developments in overnight money \u00a0
market interest rates. When interest rate levels increase, the return on allocated capital will increase. Earnings on lending and deposits depend \u00a0
on the growth in lending and deposits volumes and on changes in lending and deposit margins. We can modify the text to: The growht in \u00a0
lending is above Danske Research's forecasts for real GDP growth which follows the expectations of the Forward \u201928 Strategy. The growth in \u00a0
lending is 8% in 2025 and from 2026 to 2028 around 6%, and then in year 2029 the growth is equal to GDP growth at 1.3%. Deposit volumes \u00a0
are expected to decline further from the high level during Covid-19, due to an increase in deposit margin, towards the end 2025. Deposit \u00a0
volumes are then expected to grow to end of 2029 also taking into consideration the expected development in existing deposits over time, \u00a0
whereas deposit margins are expected to increase slightly over the years. \u00a0
Fee income is in especially 2025-2029 expected to increase driven by growth in corporate daily banking fees assumed to be above GDP due to \u00a0
the announced Forward \u201928 strategy ambition of 5% growth. In addition, net fees have increased compared to 2023 due to a reclassification \u00a0
between trading income and fee income and reclassification of Debt Capital Markets (DCM) investment banking income previously in Markets \u00a0
to General Banking, as described in note G2(a). \u00a0
For 2025-2029 operating expenses is due to Forward \u201928 strategy expected to increase, and hence the level for wages and general \u00a0
inflation is compared to last year, expected to increase. \u00a0
The expectations for credit losses are for the budget period based on Danske Bank\u2019s estimates and have been reduced compared to previous \u00a0
years\u2019 impairment test, as the provisions have shown to be overly conservative. \u00a0
Basel IV implementation is included in the forecast based on the Basel IV latest estimates. Compared to last year, the impact of the \u00a0
implementation of new rules are limited as the rules have been adjusted. Furthermore, the forecast for allocated capital is also reduced \u00a0
compared to last year based on a shift in business-driven assumptions like increase for level of interests reducing level of counterparty risk, \u00a0
and a reduced level of volume in general. \u00a0
Large Corporates & Institutions, Markets and Investment Banking \u00a0
Earnings are primarily affected by expectations for net fee income, net trading income and costs. \u00a0
Growth in fee and trading income have been forecasted above GDP growth rate at 2.2% yearly growth Income is impacted by interest on \u00a0
calculated equity and capital cost. Interest on calculated equity is calculated based on the overnight money market interest rate and the \u00a0
allocated capital. Total forecasted income in Markets has decreased from last year due to the reclassification of DCM investment banking \u00a0
revenue to General Banking. \u00a0
For 2025 and 2026 operating expenses is expected to increase based on the investment in the Forward \u201928 strategy together with general \u00a0
assumptions for expected wage inflation and other costs with general inflation. \u00a0
In year 2027 a decrease in other costs is explained by a massive investment in GenAI in the years 2025-2026 reduced in year 2027 together \u00a0
with cost reductions from efficiencies. \u00a0
Large Corporates & Institutions, Asset Management \u00a0
Earnings at Asset Management depend primarily on the management fee on assets under management. Expected cash flows therefore \u00a0
depend on expectations for changes in assets under management and the average margin on those assets. For the period until the terminal \u00a0
period, changes in assets under management depend on net sales and on the accumulation of market returns on the assets. Asset under \u00a0
management is expected to grow using R\u00e5det for Afkastforventningers\u2019 assumptions. The average margin on assets under management is at \u00a0
the same level as last year. Staff related costs are forecasted based on expectations about inflation for wages and other costs based on \u00a0
general inflation. In year 2025, the inflation rate is especially for other costs at a lower rate than for the test in 2023. All assumptions reflect \u00a0
management\u2019s expectations. \u00a0
G19. Intangible assets - continued \u00a0
Sensitivity analysis \u00a0
For General Banking, the excess value (the amount by which the recoverable amount exceeds the carrying amount of goodwill) amounts to DKK \u00a0
12,015 million (2023: DKK 9,683 million). The increase in excess value is due to expected higher level of strategic growth contributing to \u00a0
especially higher growth in fee, but also improved macroeconomic environment with a higher GDP growth and a lower inflation in year 2024 \u00a0
and 2025 improves the profit. If the growth in the terminal period is reduced from 1.3 % to \u20133.8% (2023: from 1.3% to \u20132.7%) or the discount \u00a0
rate is increased from 9.0% to 12.3% (2023: increased from 9.0% to 11.7%) the excess value would be zero. \u00a0
For Markets and Investment Banking, the excess value amounts to DKK 8,400 million (2023: DKK 6,055 million). The increase in the excess \u00a0
value is mainly due to a decrease in the level for the allocated capital as profit is at the same level as included in the test last year. If the growth \u00a0
in the terminal period is reduced from 1.3 % to \u20137.0% (2023: from 1.3% to -3.2%) or the discount rate is increased from 9.0% to 13.9% (2023: \u00a0
increase from 9.0% to 12.0%), the excess value would be zero. \u00a0
For Asset Management, the excess value amounts to DKK 2,038 million (2023: DKK 1,160 million). The increase in excess value is mainly driven \u00a0
by higher income due to increased expectations to level for growth in AuM, and stable costs base. If the growth in the terminal period is \u00a0
reduced from 1.3% to \u201313.2% (2023: from 1.3% to -6.2%) or the discount rate is increased from 9.0% to 16.6% (2023: from 9.0% to 13.5%), the \u00a0
excess value would be zero. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2199": { "value": "
Accounting policy \u00a0
Goodwill \u00a0
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost (until 1 January 2010 including \u00a0
direct transaction costs) of the undertaking and the fair value of its net assets, including contingent liabilities, at the time of acquisition. \u00a0
Goodwill is allocated to cash-generating units at the level at which management monitors the investment. \u00a0
Goodwill is not amortised; instead, each cash-generating unit is tested for impairment once a year, or more frequently if indications of \u00a0
impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying amount of the net assets of \u00a0
the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value in use, which equals the present \u00a0
value of the future cash flows expected from the unit. \u00a0
Goodwill on associates is recognised under Holdings in associates. \u00a0
Software \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software acquired is \u00a0
amortised over its expected useful life, usually three years, according to the straight-line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show that \u00a0
future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a software \u00a0
application ready for use. Once a software application has been developed, the cost is amortised over its expected useful life, usually \u00a0
three years, according to the straight-line method. The cost of development consists primarily of direct remuneration and other directly \u00a0
attributable development costs. Costs incurred in the planning phase are not included but are expensed when incurred. \u00a0
Software is tested for impairment if indications of impairment exist and is written down to its value in use. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2202": { "value": "
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost (until 1 January 2010 including \u00a0
direct transaction costs) of the undertaking and the fair value of its net assets, including contingent liabilities, at the time of acquisition. \u00a0
Goodwill is allocated to cash-generating units at the level at which management monitors the investment. \u00a0
Goodwill is not amortised; instead, each cash-generating unit is tested for impairment once a year, or more frequently if indications of \u00a0
impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying amount of the net assets of \u00a0
the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value in use, which equals the present \u00a0
value of the future cash flows expected from the unit. \u00a0
Goodwill on associates is recognised under Holdings in associates. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2203": { "value": "
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost (until 1 January 2010 including \u00a0
direct transaction costs) of the undertaking and the fair value of its net assets, including contingent liabilities, at the time of acquisition. \u00a0
Goodwill is allocated to cash-generating units at the level at which management monitors the investment. \u00a0
Goodwill is not amortised; instead, each cash-generating unit is tested for impairment once a year, or more frequently if indications of \u00a0
impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying amount of the net assets of \u00a0
the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value in use, which equals the present \u00a0
value of the future cash flows expected from the unit. \u00a0
Goodwill on associates is recognised under Holdings in associates. \u00a0
Accounting policy \u00a0
The financial statements consolidate Danske Bank A/S and group undertakings in which the Group has control over financial and \u00a0
operating policy decisions. Control is said to exist if Danske Bank A/S, directly or indirectly, is exposed, or has rights, to variable returns \u00a0
from the involvement with the entity and has the ability to affect these returns through the power over the entity. Power exists if Danske \u00a0
Bank A/S, directly or indirectly, holds more than half of the voting rights in an undertaking or otherwise has power to control \u00a0
management and operating policy decisions. Operating policy control may be exercised through agreements about the undertaking\u2019s \u00a0
activities. In the rare situations where potential voting rights exist, these are taken into account if Danske Bank has the practical ability to \u00a0
exercise these rights. \u00a0
When assessing whether to consolidate investment funds, the Group reviews all facts and circumstances to determine whether the \u00a0
Group, as fund manager, is acting as agent or principal. The Group is deemed to be a principal, and the Group controls and consolidates a \u00a0
fund when it acts as fund manager and cannot be removed without cause (i.e. when kick-out rights are weak), has variable returns \u00a0
through significant holdings, and is able to influence the returns of the funds by exercising its power. Holdings where all returns belong \u00a0
to customers (pooled schemes and investment contracts) are not considered as exposure to variable returns, whereas holdings where \u00a0
the majority of the returns belong to customers (holdings related to insurance contracts) are considered only limited exposure to \u00a0
variable returns. \u00a0
The consolidated financial statements are prepared by consolidating items of the same nature and eliminating intra-group transactions, \u00a0
balances and trading profits and losses. \u00a0
Undertakings acquired are included in the financial statements at the time of acquisition. The net assets of such undertakings (assets, \u00a0
including identifiable intangible assets, less liabilities and contingent liabilities) are measured at fair value at the date of acquisition \u00a0
according to the acquisition method \u00a0
If the cost of acquisition (until 1 January 2010 including direct transaction costs) exceeds the fair value of the net assets acquired, the \u00a0
excess amount is recognised as goodwill. Goodwill is recognised in the functional currency of the undertaking acquired. The portion of \u00a0
the acquisition that is attributable to non-controlling interests does not include goodwill. \u00a0
Divested undertakings are included in the financial statements until the transfer date. Changes in the ownership share in a subsidiary \u00a0
that do not result in loss of control are accounted for as equity transactions. This implies that the carrying amounts of the controlling and \u00a0
non-controlling interests are adjusted to reflect the changes in the relative interest in the subsidiary, and any difference between the fair \u00a0
value of the consideration paid/received and the adjustment made to non-controlling interests is attributed to the shareholders of \u00a0
Danske Bank A/S. If changes in the ownership share in a subsidiary result in the loss of control, any investment retained in the former \u00a0
subsidiary is recognised at fair value, and amounts recognised under Other comprehensive income are reclassified to the income \u00a0
statement or transferred directly to retained earnings if so required by other IFRS Accounting Standards. The difference between the fair \u00a0
value of the consideration received plus any investment retained in the former subsidiary and the carrying amount of the net assets in \u00a0
the subsidiary less the carrying amounts of any non-controlling interests is recognised in the income statement \u00a0
Accounting policy \u00a0
Held-for-sale group undertakings \u00a0
Companies taken over by the Group under non-performing loan agreements and actively marketed for sale and expected to be sold \u00a0
within 12 months of classification are recognised as held-for-sale. Assets and liabilities in such companies are presented under Assets \u00a0
held for sale and Liabilities in disposal groups held for sale. The assets are recognised at the lower of cost and fair value less expected \u00a0
costs to sell. \u00a0
a) Further explanation \u00a0
All credit institutions and insurance companies supervised by national FSAs are subject to local statutory capital requirements. These \u00a0
requirements restrict intra-group facilities and dividend payouts. \u00a0
Danica has an obligation to allocate part of the margin by which Danica\u2019s equity exceeds the statutory solvency requirement to certain \u00a0
policyholders who were previously policyholders of Statsanstalten for Livsforsikring (now part of Danica). This applies only if the margin \u00a0
exceeds the margin in Statsanstalten for Livsforsikring before the privatisation in 1990 and relates to any excess included in the shareholders\u2019 \u00a0
equity or paid out as dividend. Such special allotments are expensed and recognised under Net insurance benefits. \u00a0
Restrictions impacting the Group\u2019s ability to use assets are disclosed in note G31 and include, among others, assets pledged as collateral under \u00a0
repo transactions funded by covered bonds and assets held by insurance subsidiaries that are primarily held to satisfy obligations to \u00a0
policyholders\u2019 savings. \u00a0
The Group has established a number of investment funds in which the Group acts as fund manager. The Group has consolidated assets under \u00a0
management of DKK 4,609 million (2023: DKK 6,357 million), as the Group is deemed to be acting as principal rather than agent in its role as \u00a0
fund manager and because the Group is the sole investor, owning 100% of the investment funds. The investments are held to satisfy \u00a0
obligations towards insurance policyholders and are recognised under Assets under insurance contracts. \u00a0
The Group does not have consolidated structured entities in the form of securitisation vehicles or asset-backed financing vehicles. \u00a0
(b) Acquisition of subsidiary undertakings \u00a0
On 1 January 2025, Danske Bank acquired the right to the management of the billion-kroner funds Dansk V\u00e6kstkapital I, Dansk V\u00e6kstkapital II \u00a0
and Dansk V\u00e6kstkapital III, as well as potential future Dansk V\u00e6kstkapital funds from the state-owned Export and Investment Fund of Denmark \u00a0
(EIFO) for a purchase consideration of DKK 21 million. The financial effects of this transaction have not been recognised at 31 December 2024. \u00a0
The operating result, assets and liabilities of the acquisition will be consolidated from 1 January 2025. \u00a0
Goodwill comprises DKK 17 million and is attributable to the workforce and an increase in market share of assets under management. None of \u00a0
the goodwill is expected to be deductible for tax purposes. \u00a0
The Group did not make any acquisitions of undertakings in 2024 or 2023. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2204": { "value": "
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost (until 1 January 2010 including \u00a0
direct transaction costs) of the undertaking and the fair value of its net assets, including contingent liabilities, at the time of acquisition. \u00a0
Goodwill is allocated to cash-generating units at the level at which management monitors the investment. \u00a0
Goodwill is not amortised; instead, each cash-generating unit is tested for impairment once a year, or more frequently if indications of \u00a0
impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying amount of the net assets of \u00a0
the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value in use, which equals the present \u00a0
value of the future cash flows expected from the unit. \u00a0
Goodwill on associates is recognised under Holdings in associates. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2205": { "value": "
Software \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software acquired is \u00a0
amortised over its expected useful life, usually three years, according to the straight-line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show that \u00a0
future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a software \u00a0
application ready for use. Once a software application has been developed, the cost is amortised over its expected useful life, usually \u00a0
three years, according to the straight-line method. The cost of development consists primarily of direct remuneration and other directly \u00a0
attributable development costs. Costs incurred in the planning phase are not included but are expensed when incurred. \u00a0
Software is tested for impairment if indications of impairment exist and is written down to its value in use. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2206": { "value": "
Software \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software acquired is \u00a0
amortised over its expected useful life, usually three years, according to the straight-line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show that \u00a0
future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a software \u00a0
application ready for use. Once a software application has been developed, the cost is amortised over its expected useful life, usually \u00a0
three years, according to the straight-line method. The cost of development consists primarily of direct remuneration and other directly \u00a0
attributable development costs. Costs incurred in the planning phase are not included but are expensed when incurred. \u00a0
Software is tested for impairment if indications of impairment exist and is written down to its value in use. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2207": { "value": "
Software \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software acquired is \u00a0
amortised over its expected useful life, usually three years, according to the straight-line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show that \u00a0
future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a software \u00a0
application ready for use. Once a software application has been developed, the cost is amortised over its expected useful life, usually \u00a0
three years, according to the straight-line method. The cost of development consists primarily of direct remuneration and other directly \u00a0
attributable development costs. Costs incurred in the planning phase are not included but are expensed when incurred. \u00a0
Software is tested for impairment if indications of impairment exist and is written down to its value in use. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2208": { "value": "
(a) Intangible assets \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Goodwill \u00a0
4,438 \u00a0
4,437 \u00a0
Software, acquired or internally developed \u00a0
2,299 \u00a0
1,627 \u00a0
Total \u00a0
6,737 \u00a0
6,064 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2211": { "value": "
(b) Further explanation of impairment testing of goodwill \u00a0
The Group\u2019s goodwill is tested for impairment at least once a year by testing at the level of identifiable cash-generating units to which goodwill \u00a0
has been allocated. Further, if goodwill in a cash-generating unit is fully impaired, a further impairment loss is recognised as an impairment loss \u00a0
on intangible or tangible assets, if any. \u00a0
1 January \u00a0
Foreign \u00a0
31 December \u00a0
Foreign \u00a0
31 December \u00a0
2023 \u00a0
currency \u00a0
2023 \u00a0
currency \u00a0
2024 \u00a0
(DKK millions) \u00a0
Goodwill \u00a0
translation \u00a0
Goodwill \u00a0
translation \u00a0
Goodwill \u00a0
LC&I, General Banking \u00a0
507 \u00a0
1
508 \u00a0
-
508 \u00a0
LC&I, Markets and Investment Banking \u00a0
2,094 \u00a0
5
2,099 \u00a0
2
2,101 \u00a0
LC&I, Asset Management \u00a0
1,807 \u00a0
4
1,811 \u00a0
2
1,813 \u00a0
Others \u00a0
19 \u00a0
-
19 \u00a0
-3 \u00a0
16 \u00a0
Total \u00a0
4,427 \u00a0
10 \u00a0
4,437 \u00a0
1
4,438 \u00a0
Model applied in the goodwill impairment tests for 2024 and 2023 \u00a0
The impairment test compares the recoverable amount and the carrying amount for each cash-generating unit. The recoverable amount is \u00a0
represented by the present value of expected future cash flows (value in use). The special debt structure of financial institutions requires the \u00a0
use of a discounted dividend (equity) model to calculate the present value of expected future cash flows, as the interest on lending and \u00a0
borrowings is included as part of the cash flows. \u00a0
The carrying amount for each cash-generating unit is the aggregate of the cash-generating unit\u2019s goodwill and allocated capital. The cash- \u00a0
generating unit\u2019s allocated capital is derived using the Group\u2019s capital allocation framework. The capital framework is based on a regulatory \u00a0
approach to identify the individual business unit\u2019s capital consumption and is in accordance with the Group\u2019s capital targets. In the 2024 test, \u00a0
allocated capital is allocated as 14% of the cash-generating unit`s risk exposure amount (2023: 14.0%). \u00a0
For each cash generating unit, the expected future cash flow is based on approved strategies and earnings estimates for the budget period \u00a0
representing the first five years. For the terminal period, the steady state normalised level of earnings (expected dividend) is expected to grow \u00a0
at a constant growth rate equal to expected real GDP growth. Cash flow estimates are post-tax, and the risks of the individual cash-generating \u00a0
units are reflected in the estimated earnings. Accordingly, the risk-adjusted cash flows carry a similar risk profile. The estimated cash flows are \u00a0
discounted at the Group\u2019s risk-adjusted required rates of return post-tax. \u00a0
G19. Intangible assets - continued \u00a0
Cash generating units with goodwill \u00a0
Large Corporates & Institutions, General Banking \u00a0
In 2007, Danske Bank acquired the shares of the Sampo Bank group and incorporated its banking activities into the business structure of \u00a0
Danske Bank\u2019s banking activities. In the beginning of 2011, General Banking was separated from banking activities into an independent unit, \u00a0
resulting in reallocation of goodwill to the unit. As a result of organisational changes in 2012, General Banking became part of Corporates & \u00a0
Institutions as a separate cash generating unit. At the organisational changes in 2021, Corporates & Institutions was renamed to Large \u00a0
Corporates & Institutions. \u00a0
Large Corporates & Institutions, Markets and Investment Banking \u00a0
The trading activities of Sampo Bank were incorporated into the business structure of Danske Markets in 2007. As a result of organisational \u00a0
changes in 2012, Danske Markets became part of Corporates & Institutions as a separate cash generating unit. In 2015, the unit was renamed \u00a0
to FI&C and Capital Markets. At the organisation changes in 2021, Corporates & Institutions was renamed to Large Corporates & Institutions \u00a0
and FI&C and Capital Markets to Markets and Investment Banking. \u00a0
Large Corporates & Institutions, Asset Management \u00a0
The asset management activities of Sampo Bank were incorporated into the business structure of Danske Capital in 2007. In addition to the \u00a0
acquisition of Sampo Bank, goodwill recognised by Danske Capital is attributable to a number of smaller acquisitions. As a result of \u00a0
organisational changes in 2016, Danske Capital became part of Wealth Management as a separate cash generating unit. At the organisational \u00a0
changes in 2021, the Wealth Management segment was dissolved and the asset management activities were transferred to Large Corporates \u00a0
& Institutions as a separate subsegment. \u00a0
Key assumptions for goodwill impairment tests \u00a0
Discount rate \u00a0
The discount rate used to calculate the present value of expected future cash flows is in the test for 2024 unchanged 9% after tax compared to \u00a0
the test in 2023. In the 2023 test, the discount rate was changed from 8% after tax in the 2022 test to 9% after tax. The change was due to an \u00a0
increase in the risk-free rate and market risk premium. The discount rate has been determined on the basis of the Capital Asset Pricing Model \u00a0
and comprises a risk-free interest rate, the market risk premium and a factor covering the systematic market risk (beta factor). The values for \u00a0
the risk-free interest rate, the market risk premium and the beta factor are determined and updated yearly using external sources of \u00a0
information. The Group applies the same discount rate to all cash-generating units, as the risks of the individual cash-generating units are \u00a0
reflected in their estimated cash flows. \u00a0
Cash flows in the terminal period \u00a0
Cash flows in the terminal period reflect net earnings (dividend) in the preceding year growing at a constant rate. The growth estimates are \u00a0
determined on the basis of Danske Research\u2019s forecasts of real GDP growth for the relevant markets. For Asset Management, General Banking \u00a0
as well as for Markets and Investment Banking & Securities, the assumed growth rate in the terminal period is 1.3% (2023: 1.3%). Around 73% \u00a0
of the net present value of future cash flows is expected to be generated in the terminal period (2023: 77%). \u00a0
Large Corporates & Institutions, General Banking \u00a0
Earnings are primarily affected by expectations for the interest level and its resulting effect on net interest income, as well as expectations for \u00a0
net fee income, operating expenses and credit losses. \u00a0
The interest rate levels used in the impairment test are based on Danske Research\u2019s expectations for developments in overnight money \u00a0
market interest rates. When interest rate levels increase, the return on allocated capital will increase. Earnings on lending and deposits depend \u00a0
on the growth in lending and deposits volumes and on changes in lending and deposit margins. We can modify the text to: The growht in \u00a0
lending is above Danske Research's forecasts for real GDP growth which follows the expectations of the Forward \u201928 Strategy. The growth in \u00a0
lending is 8% in 2025 and from 2026 to 2028 around 6%, and then in year 2029 the growth is equal to GDP growth at 1.3%. Deposit volumes \u00a0
are expected to decline further from the high level during Covid-19, due to an increase in deposit margin, towards the end 2025. Deposit \u00a0
volumes are then expected to grow to end of 2029 also taking into consideration the expected development in existing deposits over time, \u00a0
whereas deposit margins are expected to increase slightly over the years. \u00a0
Fee income is in especially 2025-2029 expected to increase driven by growth in corporate daily banking fees assumed to be above GDP due to \u00a0
the announced Forward \u201928 strategy ambition of 5% growth. In addition, net fees have increased compared to 2023 due to a reclassification \u00a0
between trading income and fee income and reclassification of Debt Capital Markets (DCM) investment banking income previously in Markets \u00a0
to General Banking, as described in note G2(a). \u00a0
For 2025-2029 operating expenses is due to Forward \u201928 strategy expected to increase, and hence the level for wages and general \u00a0
inflation is compared to last year, expected to increase. \u00a0
The expectations for credit losses are for the budget period based on Danske Bank\u2019s estimates and have been reduced compared to previous \u00a0
years\u2019 impairment test, as the provisions have shown to be overly conservative. \u00a0
Basel IV implementation is included in the forecast based on the Basel IV latest estimates. Compared to last year, the impact of the \u00a0
implementation of new rules are limited as the rules have been adjusted. Furthermore, the forecast for allocated capital is also reduced \u00a0
compared to last year based on a shift in business-driven assumptions like increase for level of interests reducing level of counterparty risk, \u00a0
and a reduced level of volume in general. \u00a0
Large Corporates & Institutions, Markets and Investment Banking \u00a0
Earnings are primarily affected by expectations for net fee income, net trading income and costs. \u00a0
Growth in fee and trading income have been forecasted above GDP growth rate at 2.2% yearly growth Income is impacted by interest on \u00a0
calculated equity and capital cost. Interest on calculated equity is calculated based on the overnight money market interest rate and the \u00a0
allocated capital. Total forecasted income in Markets has decreased from last year due to the reclassification of DCM investment banking \u00a0
revenue to General Banking. \u00a0
For 2025 and 2026 operating expenses is expected to increase based on the investment in the Forward \u201928 strategy together with general \u00a0
assumptions for expected wage inflation and other costs with general inflation. \u00a0
In year 2027 a decrease in other costs is explained by a massive investment in GenAI in the years 2025-2026 reduced in year 2027 together \u00a0
with cost reductions from efficiencies. \u00a0
Large Corporates & Institutions, Asset Management \u00a0
Earnings at Asset Management depend primarily on the management fee on assets under management. Expected cash flows therefore \u00a0
depend on expectations for changes in assets under management and the average margin on those assets. For the period until the terminal \u00a0
period, changes in assets under management depend on net sales and on the accumulation of market returns on the assets. Asset under \u00a0
management is expected to grow using R\u00e5det for Afkastforventningers\u2019 assumptions. The average margin on assets under management is at \u00a0
the same level as last year. Staff related costs are forecasted based on expectations about inflation for wages and other costs based on \u00a0
general inflation. In year 2025, the inflation rate is especially for other costs at a lower rate than for the test in 2023. All assumptions reflect \u00a0
management\u2019s expectations. \u00a0
G19. Intangible assets - continued \u00a0
Sensitivity analysis \u00a0
For General Banking, the excess value (the amount by which the recoverable amount exceeds the carrying amount of goodwill) amounts to DKK \u00a0
12,015 million (2023: DKK 9,683 million). The increase in excess value is due to expected higher level of strategic growth contributing to \u00a0
especially higher growth in fee, but also improved macroeconomic environment with a higher GDP growth and a lower inflation in year 2024 \u00a0
and 2025 improves the profit. If the growth in the terminal period is reduced from 1.3 % to \u20133.8% (2023: from 1.3% to \u20132.7%) or the discount \u00a0
rate is increased from 9.0% to 12.3% (2023: increased from 9.0% to 11.7%) the excess value would be zero. \u00a0
For Markets and Investment Banking, the excess value amounts to DKK 8,400 million (2023: DKK 6,055 million). The increase in the excess \u00a0
value is mainly due to a decrease in the level for the allocated capital as profit is at the same level as included in the test last year. If the growth \u00a0
in the terminal period is reduced from 1.3 % to \u20137.0% (2023: from 1.3% to -3.2%) or the discount rate is increased from 9.0% to 13.9% (2023: \u00a0
increase from 9.0% to 12.0%), the excess value would be zero. \u00a0
For Asset Management, the excess value amounts to DKK 2,038 million (2023: DKK 1,160 million). The increase in excess value is mainly driven \u00a0
by higher income due to increased expectations to level for growth in AuM, and stable costs base. If the growth in the terminal period is \u00a0
reduced from 1.3% to \u201313.2% (2023: from 1.3% to -6.2%) or the discount rate is increased from 9.0% to 16.6% (2023: from 9.0% to 13.5%), the \u00a0
excess value would be zero. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2224": { "value": "
(a) Due to credit institutions and central banks \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
129,910 \u00a0
80,108 \u00a0
Other amounts due \u00a0
-
5,440 \u00a0
Total designated at fair value \u00a0
129,910 \u00a0
85,548 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
-
3,727 \u00a0
Other amounts due \u00a0
84,454 \u00a0
65,333 \u00a0
Total amortised cost \u00a0
84,454 \u00a0
69,060 \u00a0
Total \u00a0
214,364 \u00a0
154,608 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2226": { "value": "
(b) Deposits \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
78,528 \u00a0
113,306 \u00a0
Time deposits \u00a0
21 \u00a0
6,907 \u00a0
Total designated at fair value \u00a0
78,550 \u00a0
120,213 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
618 \u00a0
-
Transaction accounts \u00a0
891,606 \u00a0
904,328 \u00a0
Time deposits \u00a0
190,046 \u00a0
158,222 \u00a0
Pension savings etc. \u00a0
12,962 \u00a0
13,685 \u00a0
Total amortised cost \u00a0
1,095,232 \u00a0
1,076,235 \u00a0
Total \u00a0
1,173,781 \u00a0
1,196,447 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
(c) Further explanation on balances designated at fair value through profit or loss \u00a0
Any changes in the fair value that is attributable to changes in the Group\u2019s own credit risk of the liabilities are recognised in Other \u00a0
comprehensive income. As the deposits are collateralised and/or with a short maturity, no change in the fair value is attributable to changes in \u00a0
the Group\u2019s own credit risk. The amount that the Group would be contractually required to pay at maturity amounts to DKK 129.9 billion (2023: \u00a0
DKK 85.5 billion) for Due to credit institutions and central banks and DKK 78.6 billion (2023: DKK 120.2 billion) for Deposits. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2231": { "value": "
G21. Tax \u00a0
Tax assets and liabilities are divided into current and deferred tax in this note. Current tax relates to expected tax to be paid on the profit for the \u00a0
year, whereas deferred tax relates to temporary differences between the tax base of assets and liabilities and their carrying amount in the \u00a0
balance sheet. Further, this note gives an overview of the Group\u2019s tax expense for the year and the effective tax rate broken down by country. \u00a0
Accounting policy \u00a0
Current tax \u00a0
Current tax assets and liabilities are recognised in the balance sheet as the estimated tax payable on the profit for the year adjusted for \u00a0
prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a legally enforceable right to \u00a0
set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis or to realise the assets and settle the \u00a0
liabilities simultaneously. \u00a0
Deferred tax \u00a0
Deferred tax on all temporary differences between the tax base of assets and liabilities and their carrying amounts is accounted for in \u00a0
accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially enacted tax \u00a0
regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to crystallise as current tax. \u00a0
Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on the basis of expected cash flows. \u00a0
The Group does not recognise deferred tax on temporary differences between the tax base and the carrying amounts of goodwill not \u00a0
subject to amortisation for tax purposes and other items if the temporary differences arose at the time of acquisition without effect on \u00a0
net profit or taxable income. If the tax base may be calculated according to several sets of tax regulations, deferred tax is measured in \u00a0
accordance with the regulations that apply to the use of the asset or settlement of the liability as planned by management. Tax assets \u00a0
arising from unused tax losses are only recognised if it is expected that such tax losses can be offset against tax on future profit in the \u00a0
next five years. Deferred tax assets and liabilities are offset when they relate to the same tax jurisdiction, a legally enforceable right to \u00a0
offset exists and the Group intends to settle on a net basis. \u00a0
Current and deferred tax is calculated on the profit for the year, and adjustments of prior-year tax charges are recognised in the income \u00a0
statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive income. Similarly, tax \u00a0
on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the uncertainty is reflected by using \u00a0
either the most likely outcome (if the possible outcomes are binary or are concentrated on one value) or the expected value, probability \u00a0
weighted amounts in a range of possible outcomes (if there is a range of possible outcomes that are neither binary nor concentrated on \u00a0
one value). \u00a0
(a) Tax assets and liabilities \u00a0
(DKK millions) \u00a0
Tax assets \u00a0
Tax liabilities \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Current tax charge \u00a0
4,784 \u00a0
2,018 \u00a0
1,007 \u00a0
450 \u00a0
Deferred tax \u00a0
1,030 \u00a0
1,246 \u00a0
1,218 \u00a0
1,107 \u00a0
Total \u00a0
5,814 \u00a0
3,264 \u00a0
2,225 \u00a0
1,557 \u00a0
(b) Change in deferred tax \u00a0
Foreign \u00a0
Recognised in \u00a0
Recognised in \u00a0
currency \u00a0
profit for the \u00a0
shareholders' \u00a0
(DKK millions) \u00a0
1 January \u00a0
translation \u00a0
year \u00a0
equity \u00a0
31 December \u00a0
2024 \u00a0
Intangible assets \u00a0
525 \u00a0
-19 \u00a0
-108 \u00a0
-
398 \u00a0
Tangible assets \u00a0
-993 \u00a0
-16 \u00a0
987 \u00a0
-5 \u00a0
-27 \u00a0
Securities \u00a0
535 \u00a0
-27 \u00a0
-290 \u00a0
-
218 \u00a0
Provisions for obligations \u00a0
1,205 \u00a0
3
-411 \u00a0
13 \u00a0
810 \u00a0
Tax loss carry forwards \u00a0
-623 \u00a0
-18 \u00a0
43 \u00a0
-
-598 \u00a0
Other \u00a0
-787 \u00a0
-4 \u00a0
164 \u00a0
15 \u00a0
-612 \u00a0
Total \u00a0
-139 \u00a0
-81 \u00a0
385 \u00a0
23 \u00a0
188 \u00a0
2023 \u00a0
Intangible assets \u00a0
217 \u00a0
-2 \u00a0
310 \u00a0
-
525 \u00a0
Tangible assets \u00a0
-179 \u00a0
-16 \u00a0
-794 \u00a0
-4 \u00a0
-993 \u00a0
Securities \u00a0
94 \u00a0
-6 \u00a0
447 \u00a0
-
535 \u00a0
Provisions for obligations \u00a0
391 \u00a0
7
1,166 \u00a0
-359 \u00a0
1,205 \u00a0
Tax loss carry forwards \u00a0
-504 \u00a0
-8 \u00a0
-111 \u00a0
-
-623 \u00a0
Other \u00a0
404 \u00a0
-6 \u00a0
-1,273 \u00a0
88 \u00a0
-787 \u00a0
Total \u00a0
422 \u00a0
-31 \u00a0
-255 \u00a0
-275 \u00a0
-139 \u00a0
Recognition of deferred tax requires management to assess the probability and amount of future profit. Deferred tax assets arising from \u00a0
unused tax losses are recognised to the extent that such losses can be offset against tax on future profit in the next five years. The tax base \u00a0
of unrecognised tax loss carryforwards, relating primarily to the Group\u2019s banking operations in Ireland, amounted to DKK 2.3 billion (2023: \u00a0
DKK 2.4 billion). \u00a0
G21. Tax \u2013 continued \u00a0
(c) Tax expense \u00a0
Tax expense 2024 \u00a0
(DKK millions) \u00a0
Denmark \u00a0
Finland \u00a0
Sweden \u00a0
Norway \u00a0
UK \u00a0
Ireland \u00a0
Other \u00a0
Total \u00a0
Profit before tax \u00a0
18,691 \u00a0
3,559 \u00a0
3,480 \u00a0
2,393 \u00a0
2,176 \u00a0
497 \u00a0
416 \u00a0
31,212 \u00a0
Tax on profit for the year \u00a0
Current tax charge \u00a0
4,267 \u00a0
644 \u00a0
667 \u00a0
972 \u00a0
385 \u00a0
-
95 \u00a0
7,030 \u00a0
Transferred to other comprehensive income \u00a0
-123 \u00a0
-
11 \u00a0
-
13 \u00a0
-
-
-99 \u00a0
Change in deferred tax \u00a0
1,045 \u00a0
70 \u00a0
62 \u00a0
-357 \u00a0
141 \u00a0
91 \u00a0
-3 \u00a0
1,049 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
-4 \u00a0
-91 \u00a0
-
-95 \u00a0
Adjustment of prior-year tax charges \u00a0
-108 \u00a0
1
4
-105 \u00a0
7
-91 \u00a0
-10 \u00a0
-302 \u00a0
Change in deferred tax charge as a result of increased tax rate \u00a0
-
-
-
-
-
-
-
-
Total \u00a0
5,081 \u00a0
714 \u00a0
744 \u00a0
510 \u00a0
542 \u00a0
-91 \u00a0
82 \u00a0
7,583 \u00a0
Effective tax rate % \u00a0
Tax rate \u00a0
26.0 \u00a0
20.0 \u00a0
20.6 \u00a0
25.0 \u00a0
26.8 \u00a0
12.5 \u00a0
Non-recognised tax loss \u00a0
-
-
-
-
-
-12.5 \u00a0
Non - taxable income \u00a0
-0.4 \u00a0
-
-0.1 \u00a0
-0.6 \u00a0
-2.5 \u00a0
-
Non-deductible expenses \u00a0
2.1 \u00a0
0.1 \u00a0
0.8 \u00a0
1.3 \u00a0
0.5 \u00a0
-
Tax on profit for the year \u00a0
27.7 \u00a0
20.1 \u00a0
21.3 \u00a0
25.7 \u00a0
24.8 \u00a0
-
Adjustment of prior-year tax charges \u00a0
-0.5 \u00a0
-
0.1 \u00a0
-4.4 \u00a0
0.3 \u00a0
-18.2 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
-0.2 \u00a0
-
Change in deferred tax charge as a result of increased tax rate \u00a0
-
-
-
-
-
Effective tax rate \u00a0
27.2 \u00a0
20.1 \u00a0
21.4 \u00a0
21.3 \u00a0
24.9 \u00a0
-18.2 \u00a0
-
24.3 \u00a0
Tax on other comprehensive income \u00a0
Remeasurement of defined benefit plans \u00a0
4
-
11 \u00a0
-
-1 \u00a0
-
-
14 \u00a0
Hedging of units outside Denmark \u00a0
-258 \u00a0
-
-
-
-
-
-
-258 \u00a0
Unrealised value adjustments of bonds \u00a0
131 \u00a0
-
-
-
14 \u00a0
-
-
145 \u00a0
Total \u00a0
-123 \u00a0
-
11 \u00a0
-
13 \u00a0
-
-
-99 \u00a0
G21. Tax \u2013 continued \u00a0
Tax expense 2023 \u00a0
(DKK millions) \u00a0
Denmark \u00a0
Finland \u00a0
Sweden \u00a0
Norway \u00a0
UK \u00a0
Ireland \u00a0
Other \u00a0
Total \u00a0
Profit before tax \u00a0
18,444 \u00a0
2,375 \u00a0
552 \u00a0
2,461 \u00a0
2,052 \u00a0
364 \u00a0
434 \u00a0
26,682 \u00a0
Tax on profit for the year \u00a0
Current tax charge \u00a0
4,847 \u00a0
573 \u00a0
114 \u00a0
333 \u00a0
511 \u00a0
-
80 \u00a0
6,458 \u00a0
Transferred to other comprehensive income \u00a0
201 \u00a0
-
-26 \u00a0
-
-170 \u00a0
-
-
5
Change in deferred tax \u00a0
29 \u00a0
-99 \u00a0
36 \u00a0
300 \u00a0
158 \u00a0
44 \u00a0
10 \u00a0
478 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
-134 \u00a0
-44 \u00a0
-
-178 \u00a0
Adjustment of prior-year tax charges \u00a0
-1,391 \u00a0
20 \u00a0
52 \u00a0
-37 \u00a0
3
-44 \u00a0
48 \u00a0
-1,349 \u00a0
Change in deferred tax charge as a result of increased tax rate \u00a0
-
-
-
-
6
-
-
6
Total \u00a0
3,686 \u00a0
494 \u00a0
176 \u00a0
596 \u00a0
374 \u00a0
-44 \u00a0
138 \u00a0
5,420 \u00a0
Effective tax rate % \u00a0
Tax rate \u00a0
25,2 \u00a0
20,0 \u00a0
20,6 \u00a0
25,0 \u00a0
26,2 \u00a0
12,5 \u00a0
Non-recognised tax loss \u00a0
-
-
-
-
-
-12,5 \u00a0
Non - taxable income \u00a0
-0,9 \u00a0
-0,1 \u00a0
-0,4 \u00a0
-0,5 \u00a0
-2,2 \u00a0
-
Non-deductible expenses \u00a0
3,2 \u00a0
-
2,2 \u00a0
1,2 \u00a0
0,3 \u00a0
-
Tax on profit for the year \u00a0
27,5 \u00a0
19,9 \u00a0
22,4 \u00a0
25,7 \u00a0
24,3 \u00a0
-
Adjustment of prior-year tax charges \u00a0
-7,5 \u00a0
0,9 \u00a0
9,4 \u00a0
-1,5 \u00a0
0,1 \u00a0
-12,0 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
-6,5 \u00a0
-
Change in deferred tax charge as a result of increased tax rate \u00a0
-
-
-
-
0,3 \u00a0
-
Effective tax rate \u00a0
20,0 \u00a0
20,8 \u00a0
31,8 \u00a0
24,2 \u00a0
18,2 \u00a0
-12,0 \u00a0
-
20,3 \u00a0
Tax on other comprehensive income \u00a0
Remeasurement of defined benefit plans \u00a0
-18 \u00a0
-
-26 \u00a0
-
-257 \u00a0
-
-
-301 \u00a0
Hedging of units outside Denmark \u00a0
-10 \u00a0
-
-
-
-
-
-
-10 \u00a0
Unrealised value adjustments of bonds \u00a0
229 \u00a0
-
-
-
87 \u00a0
-
-
316 \u00a0
Total \u00a0
201 \u00a0
-
-26 \u00a0
-
-170 \u00a0
-
-
5
G21. Tax - continued \u00a0
During 2023, a provision to cover an expected tax payment of DKK 576 million was reversed following a final decision from the tax authorities \u00a0
regarding the exit from the international joint taxation scheme in 2019. A further payment of DKK 670 million was received during 2023 due to \u00a0
a correction of tax paid in previous years on certain financial assets and liabilities measured at amortised cost. \u00a0
(c) Pillar II disclosure \u00a0
The Global Anti-Base Erosion Model Rules (GloBE Rules or Pillar Two model rules) apply to multinational enterprises (MNEs) with revenue in \u00a0
excess of EUR 750 million per their consolidated financial statements. The Pillar Two model rules introduce new taxing mechanisms under \u00a0
which MNEs would pay a minimum level of tax. The new taxing mechanisms impose a minimum tax on the income arising in each jurisdiction in \u00a0
which an MNE operates by imposing a Top-up Tax in a jurisdiction whenever the effective tax rate, determined on a jurisdictional basis under \u00a0
the GloBE Rules, is below a 15% minimum rate. \u00a0
The Group is in scope of the OECD Pillar Two model rules and has applied the temporary exception issued by the IASB in May 2023 from the \u00a0
accounting requirements for deferred taxes in IAS 12. Consequently, the Group neither recognises nor discloses information about deferred tax \u00a0
assets and liabilities related to Pillar Two income taxes. \u00a0
The Group has estimated that the effective tax rates exceed 15% in all jurisdictions, except for Ireland, where one of the Group\u2019s branches \u00a0
operates. \u00a0
The Group\u2019s assessment indicates for Ireland that the weighted average effective tax rate based on accounting profit is -18.2% for the annual \u00a0
financial year ended 31 December 2024. However, due to losses carried forward in the Ireland branch, no Pillar Two tax has been included in \u00a0
the income tax in the statement of profit or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2232": { "value": "
G21. Tax \u00a0
Tax assets and liabilities are divided into current and deferred tax in this note. Current tax relates to expected tax to be paid on the profit for the \u00a0
year, whereas deferred tax relates to temporary differences between the tax base of assets and liabilities and their carrying amount in the \u00a0
balance sheet. Further, this note gives an overview of the Group\u2019s tax expense for the year and the effective tax rate broken down by country. \u00a0
Accounting policy \u00a0
Current tax \u00a0
Current tax assets and liabilities are recognised in the balance sheet as the estimated tax payable on the profit for the year adjusted for \u00a0
prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a legally enforceable right to \u00a0
set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis or to realise the assets and settle the \u00a0
liabilities simultaneously. \u00a0
Deferred tax \u00a0
Deferred tax on all temporary differences between the tax base of assets and liabilities and their carrying amounts is accounted for in \u00a0
accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially enacted tax \u00a0
regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to crystallise as current tax. \u00a0
Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on the basis of expected cash flows. \u00a0
The Group does not recognise deferred tax on temporary differences between the tax base and the carrying amounts of goodwill not \u00a0
subject to amortisation for tax purposes and other items if the temporary differences arose at the time of acquisition without effect on \u00a0
net profit or taxable income. If the tax base may be calculated according to several sets of tax regulations, deferred tax is measured in \u00a0
accordance with the regulations that apply to the use of the asset or settlement of the liability as planned by management. Tax assets \u00a0
arising from unused tax losses are only recognised if it is expected that such tax losses can be offset against tax on future profit in the \u00a0
next five years. Deferred tax assets and liabilities are offset when they relate to the same tax jurisdiction, a legally enforceable right to \u00a0
offset exists and the Group intends to settle on a net basis. \u00a0
Current and deferred tax is calculated on the profit for the year, and adjustments of prior-year tax charges are recognised in the income \u00a0
statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive income. Similarly, tax \u00a0
on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the uncertainty is reflected by using \u00a0
either the most likely outcome (if the possible outcomes are binary or are concentrated on one value) or the expected value, probability \u00a0
weighted amounts in a range of possible outcomes (if there is a range of possible outcomes that are neither binary nor concentrated on \u00a0
one value). \u00a0
(a) Tax assets and liabilities \u00a0
(DKK millions) \u00a0
Tax assets \u00a0
Tax liabilities \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Current tax charge \u00a0
4,784 \u00a0
2,018 \u00a0
1,007 \u00a0
450 \u00a0
Deferred tax \u00a0
1,030 \u00a0
1,246 \u00a0
1,218 \u00a0
1,107 \u00a0
Total \u00a0
5,814 \u00a0
3,264 \u00a0
2,225 \u00a0
1,557 \u00a0
(b) Change in deferred tax \u00a0
Foreign \u00a0
Recognised in \u00a0
Recognised in \u00a0
currency \u00a0
profit for the \u00a0
shareholders' \u00a0
(DKK millions) \u00a0
1 January \u00a0
translation \u00a0
year \u00a0
equity \u00a0
31 December \u00a0
2024 \u00a0
Intangible assets \u00a0
525 \u00a0
-19 \u00a0
-108 \u00a0
-
398 \u00a0
Tangible assets \u00a0
-993 \u00a0
-16 \u00a0
987 \u00a0
-5 \u00a0
-27 \u00a0
Securities \u00a0
535 \u00a0
-27 \u00a0
-290 \u00a0
-
218 \u00a0
Provisions for obligations \u00a0
1,205 \u00a0
3
-411 \u00a0
13 \u00a0
810 \u00a0
Tax loss carry forwards \u00a0
-623 \u00a0
-18 \u00a0
43 \u00a0
-
-598 \u00a0
Other \u00a0
-787 \u00a0
-4 \u00a0
164 \u00a0
15 \u00a0
-612 \u00a0
Total \u00a0
-139 \u00a0
-81 \u00a0
385 \u00a0
23 \u00a0
188 \u00a0
2023 \u00a0
Intangible assets \u00a0
217 \u00a0
-2 \u00a0
310 \u00a0
-
525 \u00a0
Tangible assets \u00a0
-179 \u00a0
-16 \u00a0
-794 \u00a0
-4 \u00a0
-993 \u00a0
Securities \u00a0
94 \u00a0
-6 \u00a0
447 \u00a0
-
535 \u00a0
Provisions for obligations \u00a0
391 \u00a0
7
1,166 \u00a0
-359 \u00a0
1,205 \u00a0
Tax loss carry forwards \u00a0
-504 \u00a0
-8 \u00a0
-111 \u00a0
-
-623 \u00a0
Other \u00a0
404 \u00a0
-6 \u00a0
-1,273 \u00a0
88 \u00a0
-787 \u00a0
Total \u00a0
422 \u00a0
-31 \u00a0
-255 \u00a0
-275 \u00a0
-139 \u00a0
Recognition of deferred tax requires management to assess the probability and amount of future profit. Deferred tax assets arising from \u00a0
unused tax losses are recognised to the extent that such losses can be offset against tax on future profit in the next five years. The tax base \u00a0
of unrecognised tax loss carryforwards, relating primarily to the Group\u2019s banking operations in Ireland, amounted to DKK 2.3 billion (2023: \u00a0
DKK 2.4 billion). \u00a0
G21. Tax \u2013 continued \u00a0
(c) Tax expense \u00a0
Tax expense 2024 \u00a0
(DKK millions) \u00a0
Denmark \u00a0
Finland \u00a0
Sweden \u00a0
Norway \u00a0
UK \u00a0
Ireland \u00a0
Other \u00a0
Total \u00a0
Profit before tax \u00a0
18,691 \u00a0
3,559 \u00a0
3,480 \u00a0
2,393 \u00a0
2,176 \u00a0
497 \u00a0
416 \u00a0
31,212 \u00a0
Tax on profit for the year \u00a0
Current tax charge \u00a0
4,267 \u00a0
644 \u00a0
667 \u00a0
972 \u00a0
385 \u00a0
-
95 \u00a0
7,030 \u00a0
Transferred to other comprehensive income \u00a0
-123 \u00a0
-
11 \u00a0
-
13 \u00a0
-
-
-99 \u00a0
Change in deferred tax \u00a0
1,045 \u00a0
70 \u00a0
62 \u00a0
-357 \u00a0
141 \u00a0
91 \u00a0
-3 \u00a0
1,049 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
-4 \u00a0
-91 \u00a0
-
-95 \u00a0
Adjustment of prior-year tax charges \u00a0
-108 \u00a0
1
4
-105 \u00a0
7
-91 \u00a0
-10 \u00a0
-302 \u00a0
Change in deferred tax charge as a result of increased tax rate \u00a0
-
-
-
-
-
-
-
-
Total \u00a0
5,081 \u00a0
714 \u00a0
744 \u00a0
510 \u00a0
542 \u00a0
-91 \u00a0
82 \u00a0
7,583 \u00a0
Effective tax rate % \u00a0
Tax rate \u00a0
26.0 \u00a0
20.0 \u00a0
20.6 \u00a0
25.0 \u00a0
26.8 \u00a0
12.5 \u00a0
Non-recognised tax loss \u00a0
-
-
-
-
-
-12.5 \u00a0
Non - taxable income \u00a0
-0.4 \u00a0
-
-0.1 \u00a0
-0.6 \u00a0
-2.5 \u00a0
-
Non-deductible expenses \u00a0
2.1 \u00a0
0.1 \u00a0
0.8 \u00a0
1.3 \u00a0
0.5 \u00a0
-
Tax on profit for the year \u00a0
27.7 \u00a0
20.1 \u00a0
21.3 \u00a0
25.7 \u00a0
24.8 \u00a0
-
Adjustment of prior-year tax charges \u00a0
-0.5 \u00a0
-
0.1 \u00a0
-4.4 \u00a0
0.3 \u00a0
-18.2 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
-0.2 \u00a0
-
Change in deferred tax charge as a result of increased tax rate \u00a0
-
-
-
-
-
Effective tax rate \u00a0
27.2 \u00a0
20.1 \u00a0
21.4 \u00a0
21.3 \u00a0
24.9 \u00a0
-18.2 \u00a0
-
24.3 \u00a0
Tax on other comprehensive income \u00a0
Remeasurement of defined benefit plans \u00a0
4
-
11 \u00a0
-
-1 \u00a0
-
-
14 \u00a0
Hedging of units outside Denmark \u00a0
-258 \u00a0
-
-
-
-
-
-
-258 \u00a0
Unrealised value adjustments of bonds \u00a0
131 \u00a0
-
-
-
14 \u00a0
-
-
145 \u00a0
Total \u00a0
-123 \u00a0
-
11 \u00a0
-
13 \u00a0
-
-
-99 \u00a0
G21. Tax \u2013 continued \u00a0
Tax expense 2023 \u00a0
(DKK millions) \u00a0
Denmark \u00a0
Finland \u00a0
Sweden \u00a0
Norway \u00a0
UK \u00a0
Ireland \u00a0
Other \u00a0
Total \u00a0
Profit before tax \u00a0
18,444 \u00a0
2,375 \u00a0
552 \u00a0
2,461 \u00a0
2,052 \u00a0
364 \u00a0
434 \u00a0
26,682 \u00a0
Tax on profit for the year \u00a0
Current tax charge \u00a0
4,847 \u00a0
573 \u00a0
114 \u00a0
333 \u00a0
511 \u00a0
-
80 \u00a0
6,458 \u00a0
Transferred to other comprehensive income \u00a0
201 \u00a0
-
-26 \u00a0
-
-170 \u00a0
-
-
5
Change in deferred tax \u00a0
29 \u00a0
-99 \u00a0
36 \u00a0
300 \u00a0
158 \u00a0
44 \u00a0
10 \u00a0
478 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
-134 \u00a0
-44 \u00a0
-
-178 \u00a0
Adjustment of prior-year tax charges \u00a0
-1,391 \u00a0
20 \u00a0
52 \u00a0
-37 \u00a0
3
-44 \u00a0
48 \u00a0
-1,349 \u00a0
Change in deferred tax charge as a result of increased tax rate \u00a0
-
-
-
-
6
-
-
6
Total \u00a0
3,686 \u00a0
494 \u00a0
176 \u00a0
596 \u00a0
374 \u00a0
-44 \u00a0
138 \u00a0
5,420 \u00a0
Effective tax rate % \u00a0
Tax rate \u00a0
25,2 \u00a0
20,0 \u00a0
20,6 \u00a0
25,0 \u00a0
26,2 \u00a0
12,5 \u00a0
Non-recognised tax loss \u00a0
-
-
-
-
-
-12,5 \u00a0
Non - taxable income \u00a0
-0,9 \u00a0
-0,1 \u00a0
-0,4 \u00a0
-0,5 \u00a0
-2,2 \u00a0
-
Non-deductible expenses \u00a0
3,2 \u00a0
-
2,2 \u00a0
1,2 \u00a0
0,3 \u00a0
-
Tax on profit for the year \u00a0
27,5 \u00a0
19,9 \u00a0
22,4 \u00a0
25,7 \u00a0
24,3 \u00a0
-
Adjustment of prior-year tax charges \u00a0
-7,5 \u00a0
0,9 \u00a0
9,4 \u00a0
-1,5 \u00a0
0,1 \u00a0
-12,0 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
-6,5 \u00a0
-
Change in deferred tax charge as a result of increased tax rate \u00a0
-
-
-
-
0,3 \u00a0
-
Effective tax rate \u00a0
20,0 \u00a0
20,8 \u00a0
31,8 \u00a0
24,2 \u00a0
18,2 \u00a0
-12,0 \u00a0
-
20,3 \u00a0
Tax on other comprehensive income \u00a0
Remeasurement of defined benefit plans \u00a0
-18 \u00a0
-
-26 \u00a0
-
-257 \u00a0
-
-
-301 \u00a0
Hedging of units outside Denmark \u00a0
-10 \u00a0
-
-
-
-
-
-
-10 \u00a0
Unrealised value adjustments of bonds \u00a0
229 \u00a0
-
-
-
87 \u00a0
-
-
316 \u00a0
Total \u00a0
201 \u00a0
-
-26 \u00a0
-
-170 \u00a0
-
-
5
G21. Tax - continued \u00a0
During 2023, a provision to cover an expected tax payment of DKK 576 million was reversed following a final decision from the tax authorities \u00a0
regarding the exit from the international joint taxation scheme in 2019. A further payment of DKK 670 million was received during 2023 due to \u00a0
a correction of tax paid in previous years on certain financial assets and liabilities measured at amortised cost. \u00a0
(c) Pillar II disclosure \u00a0
The Global Anti-Base Erosion Model Rules (GloBE Rules or Pillar Two model rules) apply to multinational enterprises (MNEs) with revenue in \u00a0
excess of EUR 750 million per their consolidated financial statements. The Pillar Two model rules introduce new taxing mechanisms under \u00a0
which MNEs would pay a minimum level of tax. The new taxing mechanisms impose a minimum tax on the income arising in each jurisdiction in \u00a0
which an MNE operates by imposing a Top-up Tax in a jurisdiction whenever the effective tax rate, determined on a jurisdictional basis under \u00a0
the GloBE Rules, is below a 15% minimum rate. \u00a0
The Group is in scope of the OECD Pillar Two model rules and has applied the temporary exception issued by the IASB in May 2023 from the \u00a0
accounting requirements for deferred taxes in IAS 12. Consequently, the Group neither recognises nor discloses information about deferred tax \u00a0
assets and liabilities related to Pillar Two income taxes. \u00a0
The Group has estimated that the effective tax rates exceed 15% in all jurisdictions, except for Ireland, where one of the Group\u2019s branches \u00a0
operates. \u00a0
The Group\u2019s assessment indicates for Ireland that the weighted average effective tax rate based on accounting profit is -18.2% for the annual \u00a0
financial year ended 31 December 2024. However, due to losses carried forward in the Ireland branch, no Pillar Two tax has been included in \u00a0
the income tax in the statement of profit or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2233": { "value": "
Accounting policy \u00a0
Current tax \u00a0
Current tax assets and liabilities are recognised in the balance sheet as the estimated tax payable on the profit for the year adjusted for \u00a0
prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a legally enforceable right to \u00a0
set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis or to realise the assets and settle the \u00a0
liabilities simultaneously. \u00a0
Deferred tax \u00a0
Deferred tax on all temporary differences between the tax base of assets and liabilities and their carrying amounts is accounted for in \u00a0
accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially enacted tax \u00a0
regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to crystallise as current tax. \u00a0
Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on the basis of expected cash flows. \u00a0
The Group does not recognise deferred tax on temporary differences between the tax base and the carrying amounts of goodwill not \u00a0
subject to amortisation for tax purposes and other items if the temporary differences arose at the time of acquisition without effect on \u00a0
net profit or taxable income. If the tax base may be calculated according to several sets of tax regulations, deferred tax is measured in \u00a0
accordance with the regulations that apply to the use of the asset or settlement of the liability as planned by management. Tax assets \u00a0
arising from unused tax losses are only recognised if it is expected that such tax losses can be offset against tax on future profit in the \u00a0
next five years. Deferred tax assets and liabilities are offset when they relate to the same tax jurisdiction, a legally enforceable right to \u00a0
offset exists and the Group intends to settle on a net basis. \u00a0
Current and deferred tax is calculated on the profit for the year, and adjustments of prior-year tax charges are recognised in the income \u00a0
statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive income. Similarly, tax \u00a0
on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the uncertainty is reflected by using \u00a0
either the most likely outcome (if the possible outcomes are binary or are concentrated on one value) or the expected value, probability \u00a0
weighted amounts in a range of possible outcomes (if there is a range of possible outcomes that are neither binary nor concentrated on \u00a0
one value). \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2235": { "value": "
Accounting policy \u00a0
Current tax \u00a0
Current tax assets and liabilities are recognised in the balance sheet as the estimated tax payable on the profit for the year adjusted for \u00a0
prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a legally enforceable right to \u00a0
set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis or to realise the assets and settle the \u00a0
liabilities simultaneously. \u00a0
Deferred tax \u00a0
Deferred tax on all temporary differences between the tax base of assets and liabilities and their carrying amounts is accounted for in \u00a0
accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially enacted tax \u00a0
regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to crystallise as current tax. \u00a0
Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on the basis of expected cash flows. \u00a0
The Group does not recognise deferred tax on temporary differences between the tax base and the carrying amounts of goodwill not \u00a0
subject to amortisation for tax purposes and other items if the temporary differences arose at the time of acquisition without effect on \u00a0
net profit or taxable income. If the tax base may be calculated according to several sets of tax regulations, deferred tax is measured in \u00a0
accordance with the regulations that apply to the use of the asset or settlement of the liability as planned by management. Tax assets \u00a0
arising from unused tax losses are only recognised if it is expected that such tax losses can be offset against tax on future profit in the \u00a0
next five years. Deferred tax assets and liabilities are offset when they relate to the same tax jurisdiction, a legally enforceable right to \u00a0
offset exists and the Group intends to settle on a net basis. \u00a0
Current and deferred tax is calculated on the profit for the year, and adjustments of prior-year tax charges are recognised in the income \u00a0
statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive income. Similarly, tax \u00a0
on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the uncertainty is reflected by using \u00a0
either the most likely outcome (if the possible outcomes are binary or are concentrated on one value) or the expected value, probability \u00a0
weighted amounts in a range of possible outcomes (if there is a range of possible outcomes that are neither binary nor concentrated on \u00a0
one value). \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2239": { "value": "
(a) Tax assets and liabilities \u00a0
(DKK millions) \u00a0
Tax assets \u00a0
Tax liabilities \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Current tax charge \u00a0
4,784 \u00a0
2,018 \u00a0
1,007 \u00a0
450 \u00a0
Deferred tax \u00a0
1,030 \u00a0
1,246 \u00a0
1,218 \u00a0
1,107 \u00a0
Total \u00a0
5,814 \u00a0
3,264 \u00a0
2,225 \u00a0
1,557 \u00a0
(b) Change in deferred tax \u00a0
Foreign \u00a0
Recognised in \u00a0
Recognised in \u00a0
currency \u00a0
profit for the \u00a0
shareholders' \u00a0
(DKK millions) \u00a0
1 January \u00a0
translation \u00a0
year \u00a0
equity \u00a0
31 December \u00a0
2024 \u00a0
Intangible assets \u00a0
525 \u00a0
-19 \u00a0
-108 \u00a0
-
398 \u00a0
Tangible assets \u00a0
-993 \u00a0
-16 \u00a0
987 \u00a0
-5 \u00a0
-27 \u00a0
Securities \u00a0
535 \u00a0
-27 \u00a0
-290 \u00a0
-
218 \u00a0
Provisions for obligations \u00a0
1,205 \u00a0
3
-411 \u00a0
13 \u00a0
810 \u00a0
Tax loss carry forwards \u00a0
-623 \u00a0
-18 \u00a0
43 \u00a0
-
-598 \u00a0
Other \u00a0
-787 \u00a0
-4 \u00a0
164 \u00a0
15 \u00a0
-612 \u00a0
Total \u00a0
-139 \u00a0
-81 \u00a0
385 \u00a0
23 \u00a0
188 \u00a0
2023 \u00a0
Intangible assets \u00a0
217 \u00a0
-2 \u00a0
310 \u00a0
-
525 \u00a0
Tangible assets \u00a0
-179 \u00a0
-16 \u00a0
-794 \u00a0
-4 \u00a0
-993 \u00a0
Securities \u00a0
94 \u00a0
-6 \u00a0
447 \u00a0
-
535 \u00a0
Provisions for obligations \u00a0
391 \u00a0
7
1,166 \u00a0
-359 \u00a0
1,205 \u00a0
Tax loss carry forwards \u00a0
-504 \u00a0
-8 \u00a0
-111 \u00a0
-
-623 \u00a0
Other \u00a0
404 \u00a0
-6 \u00a0
-1,273 \u00a0
88 \u00a0
-787 \u00a0
Total \u00a0
422 \u00a0
-31 \u00a0
-255 \u00a0
-275 \u00a0
-139 \u00a0
Recognition of deferred tax requires management to assess the probability and amount of future profit. Deferred tax assets arising from \u00a0
unused tax losses are recognised to the extent that such losses can be offset against tax on future profit in the next five years. The tax base \u00a0
of unrecognised tax loss carryforwards, relating primarily to the Group\u2019s banking operations in Ireland, amounted to DKK 2.3 billion (2023: \u00a0
DKK 2.4 billion). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2246": { "value": "
G22. Issued bonds \u00a0
The issued bonds presented in this note consist of preferred senior, non-preferred senior and subordinated bonds issued by the Group, with \u00a0
the exception of additional tier 1 capital accounted for as equity. Note G16 provides more information about issued bonds measured at fair \u00a0
value through profit or loss and note G25 provides more information about additional tier 1 capital accounted for as equity. \u00a0
Preferred senior bonds are presented under the balance sheet item Issued bonds at amortised cost, while non-preferred senior and \u00a0
subordinated bonds are presented as separate line items in the balance sheet. Non-preferred senior bonds rank senior to subordinated debt \u00a0
and junior to other debt. Subordinated bonds are liabilities in the form of subordinated loan capital and other capital instruments which, in case \u00a0
of the Group\u2019s voluntary or compulsory winding-up, will not be repaid until the claims of its ordinary and non-preferred senior creditors have \u00a0
been met. Subordinated bonds include additional tier 1 capital that converts into a variable number of ordinary shares if the common equity \u00a0
tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group (the trigger event). The number of shares the additional tier 1 \u00a0
capital could potentially convert into a function of the share price at the time of conversion, however, minimised to USD 23.97 per share (a \u00a0
maximum of 62.6 million shares for the outstanding amount of the capital of USD 1.5 billion). This capital utilises 70% of the Board of Directors\u2019 \u00a0
authorisation to issue shares without pre-emption rights. \u00a0
Accounting policy \u00a0
Issued bonds, both senior, non-preferred senior and subordinated bonds, are at initial recognition measured at fair value less \u00a0
transaction costs and subsequently measured at amortised cost plus the fair value of the hedged interest rate risk. Interest expense is \u00a0
recognised according to the effective interest rate method, including amortisation of any difference between the amount received on \u00a0
issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital under the \u00a0
Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily or converted into \u00a0
a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert into a variable number of \u00a0
ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are accounted for as equity. For liability \u00a0
accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds are accounted for as liabilities in their \u00a0
entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for example an \u00a0
equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading portfolio. \u00a0
(a) Issued bonds \u00a0
Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark (covered bonds) \u00a0
744,495 \u00a0
741,062 \u00a0
Commercial papers and certificates of deposits \u00a0
-
5,228 \u00a0
Structured retail notes \u00a0
2,061 \u00a0
2,489 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
Bonds issued by Realkredit Danmark under the Group\u2019s green finance framework amounted to a nominal value of DKK 29,126 million \u00a0
outstanding at the end of 2024 (2023: DKK 27,153 million). \u00a0
Issued bonds at amortised cost \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Commercial papers and certificates of deposits \u00a0
49,044 \u00a0
24,419 \u00a0
Preferred senior bonds \u00a0
66,778 \u00a0
63,345 \u00a0
Covered bonds \u00a0
126,763 \u00a0
124,703 \u00a0
Structured retail notes \u00a0
612 \u00a0
1,766 \u00a0
Issued bonds at amortised cost, total \u00a0
243,198 \u00a0
214,234 \u00a0
Non-preferred senior bonds \u00a0
89,492 \u00a0
93,194 \u00a0
Further information on issued bonds at fair value through profit or loss can be found in note G16. The issuance and redemption of bonds \u00a0
(including commercial papers and certificates of deposits at fair value) during the year and the maturity of the outstanding bonds are \u00a0
presented in the following tables. \u00a0
G22. Issued bonds \u2013 continued \u00a0
Other issued bonds \u00a0
Other issued bonds in the following tables comprises Issued bonds at fair value excluding Realkredit Danmark, Issued bonds at amortised cost \u00a0
and Non-preferred senior bonds. \u00a0
Nominal value of other issued bonds \u00a0
Foreign \u00a0
1 January \u00a0
currency 31\u00a0December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2024 \u00a0
Commercial papers and certificate of deposits \u00a0
29,613 \u00a0
78,934 \u00a0
60,856 \u00a0
1,310 \u00a0
49,002 \u00a0
Preferred senior bonds \u00a0
65,545 \u00a0
10,684 \u00a0
8,735 \u00a0
1,099 \u00a0
68,592 \u00a0
Covered bonds \u00a0
129,419 \u00a0
27,161 \u00a0
25,770 \u00a0
-2,137 \u00a0
128,673 \u00a0
Structured retail notes \u00a0
4,076 \u00a0
-
1,154 \u00a0
196 \u00a0
3,117 \u00a0
Non-preferred senior bonds \u00a0
97,900 \u00a0
28,404 \u00a0
35,782 \u00a0
1,067 \u00a0
91,588 \u00a0
Total \u00a0
326,553 \u00a0
145,182 \u00a0
132,298 \u00a0
1,534 \u00a0
340,972 \u00a0
Foreign \u00a0
1 January \u00a0
currency \u00a0
31 December \u00a0
(DKK millions) \u00a0
2023 \u00a0
Issued \u00a0
Redeemed** \u00a0
translation \u00a0
2023 \u00a0
Commercial papers and certificate of deposits \u00a0
9,128 \u00a0
66,432 \u00a0
36,812 \u00a0
-9,135 \u00a0
29,613 \u00a0
Preferred senior bonds* \u00a0
52,421 \u00a0
39,700 \u00a0
25,430 \u00a0
-1,146 \u00a0
65,545 \u00a0
Covered bonds \u00a0
156,740 \u00a0
33,000 \u00a0
65,850 \u00a0
5,529 \u00a0
129,419 \u00a0
Structured retail notes* \u00a0
6,927 \u00a0
-
2,414 \u00a0
-437 \u00a0
4,076 \u00a0
Non-preferred senior bonds \u00a0
100,586 \u00a0
22,500 \u00a0
23,700 \u00a0
-1,486 \u00a0
97,900 \u00a0
Total \u00a0
325,801 \u00a0
161,633 \u00a0
154,206 \u00a0
-6,675 \u00a0
326,553 \u00a0
* DKK 4.1 billion of Structured retail notes as at 31 December 2023 that were previously included within Preferred senior bonds are now presented separately. \u00a0
There is no impact on total Other issued bonds. \u00a0
** Redeemed covered bonds in 2023 includes DKK 25.8 billion of covered bonds that were reclassified to Liabilities in disposal groups held for sale. See note G23 for \u00a0
more detail. \u00a0
The Group has issued non-preferred senior bonds and preferred senior bonds in accordance with the Group\u2019s green bond framework. At the \u00a0
end of 2024, the nominal value of green non-preferred senior bonds issued amounted to DKK 20,515 million (2023: DKK 24,223 million), and \u00a0
the nominal value of green preferred senior bonds issued amounted to DKK 9,082 million (2023: DKK 9,134 million). \u00a0
Broken down by maturity \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Redeemed bonds 2024 \u00a0
96,248 \u00a0
2025 \u00a0
114,771 \u00a0
69,343 \u00a0
2026 \u00a0
64,979 \u00a0
55,084 \u00a0
2027 or later \u00a0
161,222 \u00a0
105,877 \u00a0
Nominal value of other issued bonds \u00a0
340,972 \u00a0
326,553 \u00a0
Fair value hedging of interest rate risk \u00a0
-1,781 \u00a0
-7,389 \u00a0
Premium/discount \u00a0
-595 \u00a0
-432 \u00a0
Own holding of bonds issued \u00a0
3,844 \u00a0
3,586 \u00a0
Total other issued bonds \u00a0
334,751 \u00a0
315,145 \u00a0
(b) Subordinated debt \u00a0
Subordinated debt consists of liabilities in the form of issued subordinated bonds. Some of these bonds (presented as liability accounted \u00a0
additional tier 1 capital below) rank below other subordinated bonds. Early redemption of subordinated debt must be approved by the Danish \u00a0
FSA. Subordinated debt is included in total capital in accordance with the CRR. \u00a0
The issuance and redemption of subordinated debt during the year and the maturity of the outstanding debt are presented in the tables below. \u00a0
Nominal value of subordinated debt \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2024 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
24,895 \u00a0
12,056 \u00a0
6,236 \u00a0
17 \u00a0
30,732 \u00a0
Liability accounted additional tier 1 capital \u00a0
15,174 \u00a0
-
5,170 \u00a0
704 \u00a0
10,708 \u00a0
Total \u00a0
40,069 \u00a0
12,056 \u00a0
11,406 \u00a0
721 \u00a0
41,440 \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2023 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2023 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
24,837 \u00a0
-
-
58 \u00a0
24,895 \u00a0
Liability accounted additional tier 1 capital \u00a0
15,676 \u00a0
-
-
-503 \u00a0
15,174 \u00a0
Total \u00a0
40,514 \u00a0
-
-
-445 \u00a0
40,069 \u00a0
G22. Issued bonds \u2013 continued \u00a0
Nominal \u00a0
Interest \u00a0
Year of \u00a0
Redemption \u00a0
2024 \u00a0
2023 \u00a0
Currency \u00a0
Borrower \u00a0
Note \u00a0
(millions) \u00a0
rate \u00a0
issue \u00a0
Maturity \u00a0
price \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
Redeemed in 2024 \u00a0
6,262 \u00a0
EUR \u00a0
Danica \u00a0
a
500 \u00a0
4.375 \u00a0
2015 \u00a0
29.09.2045 \u00a0
100 \u00a0
3,730 \u00a0
3,727 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
b
750 \u00a0
1.375 \u00a0
2019 \u00a0
12.02.2030 \u00a0
100 \u00a0
5,595 \u00a0
5,590 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
c
500 \u00a0
1.50 \u00a0
2020 \u00a0
02.09.2030 \u00a0
100 \u00a0
3,730 \u00a0
3,727 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
d
750 \u00a0
1.00 \u00a0
2021 \u00a0
15.05.2031 \u00a0
100 \u00a0
5,595 \u00a0
5,590 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
e
750 \u00a0
4.625 \u00a0
2024 \u00a0
14.05.2034 \u00a0
100 \u00a0
5,595 \u00a0
-
SEK \u00a0
Danske Bank A/S \u00a0
f
4,250 \u00a0
var \u00a0
2024 \u00a0
23.08.2034 \u00a0
100 \u00a0
2,757 \u00a0
-
EUR \u00a0
Danske Bank A/S \u00a0
g
500 \u00a0
3.75 \u00a0
2024 \u00a0
19.11.2036 \u00a0
100 \u00a0
3,730 \u00a0
-
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
30,732 \u00a0
24,895 \u00a0
Liability accounted additional tier 1 capital \u00a0
Redeemed in 2024 \u00a0
5,058 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
h
750 \u00a0
7.00 \u00a0
2018 \u00a0
Perpetual \u00a0
100 \u00a0
5,354 \u00a0
5,058 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
i
750 \u00a0
4.375 \u00a0
2021 \u00a0
Perpetual \u00a0
100 \u00a0
5,354 \u00a0
5,058 \u00a0
Liability accounted additional tier 1 capital \u00a0
10,708 \u00a0
15,174 \u00a0
Nominal subordinated debt \u00a0
41,440 \u00a0
40,069 \u00a0
Discount \u00a0
-80 \u00a0
-72 \u00a0
Fair value hedging of interest rate risk \u00a0
-383 \u00a0
-997 \u00a0
Own holding of subordinated debt \u00a0
-180 \u00a0
-226 \u00a0
Total subordinated debt \u00a0
40,798 \u00a0
38,774 \u00a0
Portion included in total capital as additional tier 1 or tier 2 capital instruments \u00a0
27,002 \u00a0
36,342 \u00a0
As at 31 December 2024, the Group has no additional tier 1 bond issues accounted for as equity (31 December 2023: DKK 0 billion). \u00a0
G22. Issued bonds - continued \u00a0
a) \u00a0
Optional redemption from September 2025. If the debt is not redeemed, the annual interest rate will be reset at 4.375 percentage \u00a0
points above the 10-year EUR swap rate every tenth year until maturity. Solvency II compliant tier 2 capital and included in Danica\u2019s \u00a0
capital base. \u00a0
b) \u00a0
Optional redemption in February 2025. If the debt is not redeemed, the annual interest rate will be reset at 1.70 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
c) \u00a0
Optional redemption in September 2025. If the debt is not redeemed, the annual interest rate will be reset at 1.90 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
d) \u00a0
Optional redemption in February-May 2026. If the debt is not redeemed, the annual interest rate will be reset at 1.40 percentage \u00a0
points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
e) \u00a0
Optional redemption in February-May 2029. If the debt is not redeemed, the annual interest rate will be reset at 1.95 percentage \u00a0
points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
f) \u00a0
Optional redemption in May-August 2029. If the debt is not redeemed, the quarterly interest rate will be reset at 1.70 percentage \u00a0
points above the 3 month STIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
g) \u00a0
Optional redemption in November 2031. If the debt is not redeemed, the annual interest rate will be reset at 1.55 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
h) \u00a0
Optional redemption from June 2025. If the debt is not redeemed, the annual interest rate will be reset at 4.130 percentage points \u00a0
above 5-year CMT rate. CRR compliant tier 1 capital. The capital converts into a variable number of shares if Danske Bank Group\u2019s or \u00a0
Danske Bank A/S\u2019 common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant additional tier 1 \u00a0
capital instrument in the statement of capital. \u00a0
i) \u00a0
Optional redemption from May 2026. If the debt is not redeemed, the annual interest rate will be reset at 3.387 percentage points \u00a0
above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s or Danske Bank A/S\u2019s \u00a0
common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant additional tier 1 capital instrument \u00a0
in the statement of capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2247": { "value": "
G22. Issued bonds \u00a0
The issued bonds presented in this note consist of preferred senior, non-preferred senior and subordinated bonds issued by the Group, with \u00a0
the exception of additional tier 1 capital accounted for as equity. Note G16 provides more information about issued bonds measured at fair \u00a0
value through profit or loss and note G25 provides more information about additional tier 1 capital accounted for as equity. \u00a0
Preferred senior bonds are presented under the balance sheet item Issued bonds at amortised cost, while non-preferred senior and \u00a0
subordinated bonds are presented as separate line items in the balance sheet. Non-preferred senior bonds rank senior to subordinated debt \u00a0
and junior to other debt. Subordinated bonds are liabilities in the form of subordinated loan capital and other capital instruments which, in case \u00a0
of the Group\u2019s voluntary or compulsory winding-up, will not be repaid until the claims of its ordinary and non-preferred senior creditors have \u00a0
been met. Subordinated bonds include additional tier 1 capital that converts into a variable number of ordinary shares if the common equity \u00a0
tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group (the trigger event). The number of shares the additional tier 1 \u00a0
capital could potentially convert into a function of the share price at the time of conversion, however, minimised to USD 23.97 per share (a \u00a0
maximum of 62.6 million shares for the outstanding amount of the capital of USD 1.5 billion). This capital utilises 70% of the Board of Directors\u2019 \u00a0
authorisation to issue shares without pre-emption rights. \u00a0
Accounting policy \u00a0
Issued bonds, both senior, non-preferred senior and subordinated bonds, are at initial recognition measured at fair value less \u00a0
transaction costs and subsequently measured at amortised cost plus the fair value of the hedged interest rate risk. Interest expense is \u00a0
recognised according to the effective interest rate method, including amortisation of any difference between the amount received on \u00a0
issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital under the \u00a0
Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily or converted into \u00a0
a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert into a variable number of \u00a0
ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are accounted for as equity. For liability \u00a0
accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds are accounted for as liabilities in their \u00a0
entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for example an \u00a0
equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading portfolio. \u00a0
(a) Issued bonds \u00a0
Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Bonds issued by Realkredit Danmark (covered bonds) \u00a0
744,495 \u00a0
741,062 \u00a0
Commercial papers and certificates of deposits \u00a0
-
5,228 \u00a0
Structured retail notes \u00a0
2,061 \u00a0
2,489 \u00a0
Total \u00a0
746,556 \u00a0
748,780 \u00a0
Bonds issued by Realkredit Danmark under the Group\u2019s green finance framework amounted to a nominal value of DKK 29,126 million \u00a0
outstanding at the end of 2024 (2023: DKK 27,153 million). \u00a0
Issued bonds at amortised cost \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Commercial papers and certificates of deposits \u00a0
49,044 \u00a0
24,419 \u00a0
Preferred senior bonds \u00a0
66,778 \u00a0
63,345 \u00a0
Covered bonds \u00a0
126,763 \u00a0
124,703 \u00a0
Structured retail notes \u00a0
612 \u00a0
1,766 \u00a0
Issued bonds at amortised cost, total \u00a0
243,198 \u00a0
214,234 \u00a0
Non-preferred senior bonds \u00a0
89,492 \u00a0
93,194 \u00a0
Further information on issued bonds at fair value through profit or loss can be found in note G16. The issuance and redemption of bonds \u00a0
(including commercial papers and certificates of deposits at fair value) during the year and the maturity of the outstanding bonds are \u00a0
presented in the following tables. \u00a0
G22. Issued bonds \u2013 continued \u00a0
Other issued bonds \u00a0
Other issued bonds in the following tables comprises Issued bonds at fair value excluding Realkredit Danmark, Issued bonds at amortised cost \u00a0
and Non-preferred senior bonds. \u00a0
Nominal value of other issued bonds \u00a0
Foreign \u00a0
1 January \u00a0
currency 31\u00a0December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2024 \u00a0
Commercial papers and certificate of deposits \u00a0
29,613 \u00a0
78,934 \u00a0
60,856 \u00a0
1,310 \u00a0
49,002 \u00a0
Preferred senior bonds \u00a0
65,545 \u00a0
10,684 \u00a0
8,735 \u00a0
1,099 \u00a0
68,592 \u00a0
Covered bonds \u00a0
129,419 \u00a0
27,161 \u00a0
25,770 \u00a0
-2,137 \u00a0
128,673 \u00a0
Structured retail notes \u00a0
4,076 \u00a0
-
1,154 \u00a0
196 \u00a0
3,117 \u00a0
Non-preferred senior bonds \u00a0
97,900 \u00a0
28,404 \u00a0
35,782 \u00a0
1,067 \u00a0
91,588 \u00a0
Total \u00a0
326,553 \u00a0
145,182 \u00a0
132,298 \u00a0
1,534 \u00a0
340,972 \u00a0
Foreign \u00a0
1 January \u00a0
currency \u00a0
31 December \u00a0
(DKK millions) \u00a0
2023 \u00a0
Issued \u00a0
Redeemed** \u00a0
translation \u00a0
2023 \u00a0
Commercial papers and certificate of deposits \u00a0
9,128 \u00a0
66,432 \u00a0
36,812 \u00a0
-9,135 \u00a0
29,613 \u00a0
Preferred senior bonds* \u00a0
52,421 \u00a0
39,700 \u00a0
25,430 \u00a0
-1,146 \u00a0
65,545 \u00a0
Covered bonds \u00a0
156,740 \u00a0
33,000 \u00a0
65,850 \u00a0
5,529 \u00a0
129,419 \u00a0
Structured retail notes* \u00a0
6,927 \u00a0
-
2,414 \u00a0
-437 \u00a0
4,076 \u00a0
Non-preferred senior bonds \u00a0
100,586 \u00a0
22,500 \u00a0
23,700 \u00a0
-1,486 \u00a0
97,900 \u00a0
Total \u00a0
325,801 \u00a0
161,633 \u00a0
154,206 \u00a0
-6,675 \u00a0
326,553 \u00a0
* DKK 4.1 billion of Structured retail notes as at 31 December 2023 that were previously included within Preferred senior bonds are now presented separately. \u00a0
There is no impact on total Other issued bonds. \u00a0
** Redeemed covered bonds in 2023 includes DKK 25.8 billion of covered bonds that were reclassified to Liabilities in disposal groups held for sale. See note G23 for \u00a0
more detail. \u00a0
The Group has issued non-preferred senior bonds and preferred senior bonds in accordance with the Group\u2019s green bond framework. At the \u00a0
end of 2024, the nominal value of green non-preferred senior bonds issued amounted to DKK 20,515 million (2023: DKK 24,223 million), and \u00a0
the nominal value of green preferred senior bonds issued amounted to DKK 9,082 million (2023: DKK 9,134 million). \u00a0
Broken down by maturity \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Redeemed bonds 2024 \u00a0
96,248 \u00a0
2025 \u00a0
114,771 \u00a0
69,343 \u00a0
2026 \u00a0
64,979 \u00a0
55,084 \u00a0
2027 or later \u00a0
161,222 \u00a0
105,877 \u00a0
Nominal value of other issued bonds \u00a0
340,972 \u00a0
326,553 \u00a0
Fair value hedging of interest rate risk \u00a0
-1,781 \u00a0
-7,389 \u00a0
Premium/discount \u00a0
-595 \u00a0
-432 \u00a0
Own holding of bonds issued \u00a0
3,844 \u00a0
3,586 \u00a0
Total other issued bonds \u00a0
334,751 \u00a0
315,145 \u00a0
(b) Subordinated debt \u00a0
Subordinated debt consists of liabilities in the form of issued subordinated bonds. Some of these bonds (presented as liability accounted \u00a0
additional tier 1 capital below) rank below other subordinated bonds. Early redemption of subordinated debt must be approved by the Danish \u00a0
FSA. Subordinated debt is included in total capital in accordance with the CRR. \u00a0
The issuance and redemption of subordinated debt during the year and the maturity of the outstanding debt are presented in the tables below. \u00a0
Nominal value of subordinated debt \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2024 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
24,895 \u00a0
12,056 \u00a0
6,236 \u00a0
17 \u00a0
30,732 \u00a0
Liability accounted additional tier 1 capital \u00a0
15,174 \u00a0
-
5,170 \u00a0
704 \u00a0
10,708 \u00a0
Total \u00a0
40,069 \u00a0
12,056 \u00a0
11,406 \u00a0
721 \u00a0
41,440 \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2023 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2023 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
24,837 \u00a0
-
-
58 \u00a0
24,895 \u00a0
Liability accounted additional tier 1 capital \u00a0
15,676 \u00a0
-
-
-503 \u00a0
15,174 \u00a0
Total \u00a0
40,514 \u00a0
-
-
-445 \u00a0
40,069 \u00a0
G22. Issued bonds \u2013 continued \u00a0
Nominal \u00a0
Interest \u00a0
Year of \u00a0
Redemption \u00a0
2024 \u00a0
2023 \u00a0
Currency \u00a0
Borrower \u00a0
Note \u00a0
(millions) \u00a0
rate \u00a0
issue \u00a0
Maturity \u00a0
price \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
Redeemed in 2024 \u00a0
6,262 \u00a0
EUR \u00a0
Danica \u00a0
a
500 \u00a0
4.375 \u00a0
2015 \u00a0
29.09.2045 \u00a0
100 \u00a0
3,730 \u00a0
3,727 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
b
750 \u00a0
1.375 \u00a0
2019 \u00a0
12.02.2030 \u00a0
100 \u00a0
5,595 \u00a0
5,590 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
c
500 \u00a0
1.50 \u00a0
2020 \u00a0
02.09.2030 \u00a0
100 \u00a0
3,730 \u00a0
3,727 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
d
750 \u00a0
1.00 \u00a0
2021 \u00a0
15.05.2031 \u00a0
100 \u00a0
5,595 \u00a0
5,590 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
e
750 \u00a0
4.625 \u00a0
2024 \u00a0
14.05.2034 \u00a0
100 \u00a0
5,595 \u00a0
-
SEK \u00a0
Danske Bank A/S \u00a0
f
4,250 \u00a0
var \u00a0
2024 \u00a0
23.08.2034 \u00a0
100 \u00a0
2,757 \u00a0
-
EUR \u00a0
Danske Bank A/S \u00a0
g
500 \u00a0
3.75 \u00a0
2024 \u00a0
19.11.2036 \u00a0
100 \u00a0
3,730 \u00a0
-
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
30,732 \u00a0
24,895 \u00a0
Liability accounted additional tier 1 capital \u00a0
Redeemed in 2024 \u00a0
5,058 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
h
750 \u00a0
7.00 \u00a0
2018 \u00a0
Perpetual \u00a0
100 \u00a0
5,354 \u00a0
5,058 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
i
750 \u00a0
4.375 \u00a0
2021 \u00a0
Perpetual \u00a0
100 \u00a0
5,354 \u00a0
5,058 \u00a0
Liability accounted additional tier 1 capital \u00a0
10,708 \u00a0
15,174 \u00a0
Nominal subordinated debt \u00a0
41,440 \u00a0
40,069 \u00a0
Discount \u00a0
-80 \u00a0
-72 \u00a0
Fair value hedging of interest rate risk \u00a0
-383 \u00a0
-997 \u00a0
Own holding of subordinated debt \u00a0
-180 \u00a0
-226 \u00a0
Total subordinated debt \u00a0
40,798 \u00a0
38,774 \u00a0
Portion included in total capital as additional tier 1 or tier 2 capital instruments \u00a0
27,002 \u00a0
36,342 \u00a0
As at 31 December 2024, the Group has no additional tier 1 bond issues accounted for as equity (31 December 2023: DKK 0 billion). \u00a0
G22. Issued bonds - continued \u00a0
a) \u00a0
Optional redemption from September 2025. If the debt is not redeemed, the annual interest rate will be reset at 4.375 percentage \u00a0
points above the 10-year EUR swap rate every tenth year until maturity. Solvency II compliant tier 2 capital and included in Danica\u2019s \u00a0
capital base. \u00a0
b) \u00a0
Optional redemption in February 2025. If the debt is not redeemed, the annual interest rate will be reset at 1.70 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
c) \u00a0
Optional redemption in September 2025. If the debt is not redeemed, the annual interest rate will be reset at 1.90 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
d) \u00a0
Optional redemption in February-May 2026. If the debt is not redeemed, the annual interest rate will be reset at 1.40 percentage \u00a0
points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
e) \u00a0
Optional redemption in February-May 2029. If the debt is not redeemed, the annual interest rate will be reset at 1.95 percentage \u00a0
points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
f) \u00a0
Optional redemption in May-August 2029. If the debt is not redeemed, the quarterly interest rate will be reset at 1.70 percentage \u00a0
points above the 3 month STIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
g) \u00a0
Optional redemption in November 2031. If the debt is not redeemed, the annual interest rate will be reset at 1.55 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
h) \u00a0
Optional redemption from June 2025. If the debt is not redeemed, the annual interest rate will be reset at 4.130 percentage points \u00a0
above 5-year CMT rate. CRR compliant tier 1 capital. The capital converts into a variable number of shares if Danske Bank Group\u2019s or \u00a0
Danske Bank A/S\u2019 common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant additional tier 1 \u00a0
capital instrument in the statement of capital. \u00a0
i) \u00a0
Optional redemption from May 2026. If the debt is not redeemed, the annual interest rate will be reset at 3.387 percentage points \u00a0
above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s or Danske Bank A/S\u2019s \u00a0
common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant additional tier 1 capital instrument \u00a0
in the statement of capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2266": { "value": "
(b) Subordinated debt \u00a0
Subordinated debt consists of liabilities in the form of issued subordinated bonds. Some of these bonds (presented as liability accounted \u00a0
additional tier 1 capital below) rank below other subordinated bonds. Early redemption of subordinated debt must be approved by the Danish \u00a0
FSA. Subordinated debt is included in total capital in accordance with the CRR. \u00a0
The issuance and redemption of subordinated debt during the year and the maturity of the outstanding debt are presented in the tables below. \u00a0
Nominal value of subordinated debt \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2024 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
24,895 \u00a0
12,056 \u00a0
6,236 \u00a0
17 \u00a0
30,732 \u00a0
Liability accounted additional tier 1 capital \u00a0
15,174 \u00a0
-
5,170 \u00a0
704 \u00a0
10,708 \u00a0
Total \u00a0
40,069 \u00a0
12,056 \u00a0
11,406 \u00a0
721 \u00a0
41,440 \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2023 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2023 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
24,837 \u00a0
-
-
58 \u00a0
24,895 \u00a0
Liability accounted additional tier 1 capital \u00a0
15,676 \u00a0
-
-
-503 \u00a0
15,174 \u00a0
Total \u00a0
40,514 \u00a0
-
-
-445 \u00a0
40,069 \u00a0
G22. Issued bonds \u2013 continued \u00a0
Nominal \u00a0
Interest \u00a0
Year of \u00a0
Redemption \u00a0
2024 \u00a0
2023 \u00a0
Currency \u00a0
Borrower \u00a0
Note \u00a0
(millions) \u00a0
rate \u00a0
issue \u00a0
Maturity \u00a0
price \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
Redeemed in 2024 \u00a0
6,262 \u00a0
EUR \u00a0
Danica \u00a0
a
500 \u00a0
4.375 \u00a0
2015 \u00a0
29.09.2045 \u00a0
100 \u00a0
3,730 \u00a0
3,727 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
b
750 \u00a0
1.375 \u00a0
2019 \u00a0
12.02.2030 \u00a0
100 \u00a0
5,595 \u00a0
5,590 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
c
500 \u00a0
1.50 \u00a0
2020 \u00a0
02.09.2030 \u00a0
100 \u00a0
3,730 \u00a0
3,727 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
d
750 \u00a0
1.00 \u00a0
2021 \u00a0
15.05.2031 \u00a0
100 \u00a0
5,595 \u00a0
5,590 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
e
750 \u00a0
4.625 \u00a0
2024 \u00a0
14.05.2034 \u00a0
100 \u00a0
5,595 \u00a0
-
SEK \u00a0
Danske Bank A/S \u00a0
f
4,250 \u00a0
var \u00a0
2024 \u00a0
23.08.2034 \u00a0
100 \u00a0
2,757 \u00a0
-
EUR \u00a0
Danske Bank A/S \u00a0
g
500 \u00a0
3.75 \u00a0
2024 \u00a0
19.11.2036 \u00a0
100 \u00a0
3,730 \u00a0
-
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
30,732 \u00a0
24,895 \u00a0
Liability accounted additional tier 1 capital \u00a0
Redeemed in 2024 \u00a0
5,058 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
h
750 \u00a0
7.00 \u00a0
2018 \u00a0
Perpetual \u00a0
100 \u00a0
5,354 \u00a0
5,058 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
i
750 \u00a0
4.375 \u00a0
2021 \u00a0
Perpetual \u00a0
100 \u00a0
5,354 \u00a0
5,058 \u00a0
Liability accounted additional tier 1 capital \u00a0
10,708 \u00a0
15,174 \u00a0
Nominal subordinated debt \u00a0
41,440 \u00a0
40,069 \u00a0
Discount \u00a0
-80 \u00a0
-72 \u00a0
Fair value hedging of interest rate risk \u00a0
-383 \u00a0
-997 \u00a0
Own holding of subordinated debt \u00a0
-180 \u00a0
-226 \u00a0
Total subordinated debt \u00a0
40,798 \u00a0
38,774 \u00a0
Portion included in total capital as additional tier 1 or tier 2 capital instruments \u00a0
27,002 \u00a0
36,342 \u00a0
As at 31 December 2024, the Group has no additional tier 1 bond issues accounted for as equity (31 December 2023: DKK 0 billion). \u00a0
G22. Issued bonds - continued \u00a0
a) \u00a0
Optional redemption from September 2025. If the debt is not redeemed, the annual interest rate will be reset at 4.375 percentage \u00a0
points above the 10-year EUR swap rate every tenth year until maturity. Solvency II compliant tier 2 capital and included in Danica\u2019s \u00a0
capital base. \u00a0
b) \u00a0
Optional redemption in February 2025. If the debt is not redeemed, the annual interest rate will be reset at 1.70 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
c) \u00a0
Optional redemption in September 2025. If the debt is not redeemed, the annual interest rate will be reset at 1.90 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
d) \u00a0
Optional redemption in February-May 2026. If the debt is not redeemed, the annual interest rate will be reset at 1.40 percentage \u00a0
points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
e) \u00a0
Optional redemption in February-May 2029. If the debt is not redeemed, the annual interest rate will be reset at 1.95 percentage \u00a0
points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
f) \u00a0
Optional redemption in May-August 2029. If the debt is not redeemed, the quarterly interest rate will be reset at 1.70 percentage \u00a0
points above the 3 month STIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
g) \u00a0
Optional redemption in November 2031. If the debt is not redeemed, the annual interest rate will be reset at 1.55 percentage points \u00a0
above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
h) \u00a0
Optional redemption from June 2025. If the debt is not redeemed, the annual interest rate will be reset at 4.130 percentage points \u00a0
above 5-year CMT rate. CRR compliant tier 1 capital. The capital converts into a variable number of shares if Danske Bank Group\u2019s or \u00a0
Danske Bank A/S\u2019 common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant additional tier 1 \u00a0
capital instrument in the statement of capital. \u00a0
i) \u00a0
Optional redemption from May 2026. If the debt is not redeemed, the annual interest rate will be reset at 3.387 percentage points \u00a0
above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s or Danske Bank A/S\u2019s \u00a0
common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant additional tier 1 capital instrument \u00a0
in the statement of capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2278": { "value": "
G23. Assets held for sale and Liabilities in disposal groups \u00a0
Assets held for sale and Liabilities in disposal groups held for sale includes assets and liabilities that fall under IFRS 5. \u00a0
Accounting policy \u00a0
Assets held for sale and Liabilities in disposal groups \u00a0
Assets held for sale are disposal groups of assets actively marketed for sale and for which a sale is expected to occur within 12 months. \u00a0
A disposal group is a group of assets that will be disposed of in a single transaction and includes any directly associated liabilities. A \u00a0
disposal group includes for example companies (subsidiaries) or properties taken over under non-performing loan agreements. Further, \u00a0
loans that are marketed for sale are transferred to Assets held for sale. The loans are written down to their expected selling price. \u00a0
The net assets in the disposal group are remeasured at the lower of the carrying amount of the net assets in the disposal group at the \u00a0
time of reclassification and fair value less expected cost to sell. \u00a0
If a disposal group of assets and liabilities represents a separate major line of business (typically a reportable segment) or a geographical \u00a0
area of operation or is a subsidiary acquired exclusively with a view of resale, it is presented as a discontinued operation. For a \u00a0
discontinued operation, net profit is presented as a single item \u2018Net profit from discontinued operations\u2019 in the income statement, i.e. no \u00a0
longer included as income and expenses from the Group\u2019s continuing operations. \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Assets held for sale \u00a0
Loans \u00a0
-
110,415 \u00a0
Other \u00a0
160 \u00a0
289 \u00a0
Total \u00a0
160 \u00a0
110,704 \u00a0
Liabilities in disposal groups \u00a0
Deposits \u00a0
-
30,599 \u00a0
Covered bonds \u00a0
-
25,877 \u00a0
Total \u00a0
-
56,476 \u00a0
As announced in July 2023, Danske Bank has entered into an agreement to sell its personal customers business Norway. The sale, which \u00a0
included loans, deposits and issued bonds at amortised cost, was completed in the fourth quarter of 2024. \u00a0
Assets held for sale also includes lease assets (where the Group acts as lessor) put up for sale at the end of the lease and properties taken over \u00a0
by the Group under non-performing loan agreements. The Group expects to sell the properties through a real estate agent within 12 months \u00a0
from the date of acquisition. The properties comprise properties in Denmark and in other countries. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2279": { "value": "
Accounting policy \u00a0
Assets held for sale and Liabilities in disposal groups \u00a0
Assets held for sale are disposal groups of assets actively marketed for sale and for which a sale is expected to occur within 12 months. \u00a0
A disposal group is a group of assets that will be disposed of in a single transaction and includes any directly associated liabilities. A \u00a0
disposal group includes for example companies (subsidiaries) or properties taken over under non-performing loan agreements. Further, \u00a0
loans that are marketed for sale are transferred to Assets held for sale. The loans are written down to their expected selling price. \u00a0
The net assets in the disposal group are remeasured at the lower of the carrying amount of the net assets in the disposal group at the \u00a0
time of reclassification and fair value less expected cost to sell. \u00a0
If a disposal group of assets and liabilities represents a separate major line of business (typically a reportable segment) or a geographical \u00a0
area of operation or is a subsidiary acquired exclusively with a view of resale, it is presented as a discontinued operation. For a \u00a0
discontinued operation, net profit is presented as a single item \u2018Net profit from discontinued operations\u2019 in the income statement, i.e. no \u00a0
longer included as income and expenses from the Group\u2019s continuing operations. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2280": { "value": "
Accounting policy \u00a0
Assets held for sale and Liabilities in disposal groups \u00a0
Assets held for sale are disposal groups of assets actively marketed for sale and for which a sale is expected to occur within 12 months. \u00a0
A disposal group is a group of assets that will be disposed of in a single transaction and includes any directly associated liabilities. A \u00a0
disposal group includes for example companies (subsidiaries) or properties taken over under non-performing loan agreements. Further, \u00a0
loans that are marketed for sale are transferred to Assets held for sale. The loans are written down to their expected selling price. \u00a0
The net assets in the disposal group are remeasured at the lower of the carrying amount of the net assets in the disposal group at the \u00a0
time of reclassification and fair value less expected cost to sell. \u00a0
If a disposal group of assets and liabilities represents a separate major line of business (typically a reportable segment) or a geographical \u00a0
area of operation or is a subsidiary acquired exclusively with a view of resale, it is presented as a discontinued operation. For a \u00a0
discontinued operation, net profit is presented as a single item \u2018Net profit from discontinued operations\u2019 in the income statement, i.e. no \u00a0
longer included as income and expenses from the Group\u2019s continuing operations. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2283": { "value": "
If a disposal group of assets and liabilities represents a separate major line of business (typically a reportable segment) or a geographical \u00a0
area of operation or is a subsidiary acquired exclusively with a view of resale, it is presented as a discontinued operation. For a \u00a0
discontinued operation, net profit is presented as a single item \u2018Net profit from discontinued operations\u2019 in the income statement, i.e. no \u00a0
longer included as income and expenses from the Group\u2019s continuing operations. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2286": { "value": "
G24. Other assets and Other liabilities \u00a0
The Group uses quantitative and qualitative materiality considerations when aggregating line items in the balance sheet that are not \u00a0
considered individually material. Such line items are presented under Other assets or Other liabilities and consist of net assets or net liabilities \u00a0
in defined benefit pension plans, investment property, tangible assets, right-of-use lease assets and lease liabilities and holdings in associates. \u00a0
The Group uses clean pricing of financial instruments, and accrued interest is therefore included in Other assets and Other liabilities. In \u00a0
addition, prepayments and accrued income and expenses are included under Other assets and Other liabilities. Other staff commitments \u00a0
includes provisions for holiday payments, variable remuneration, severance pay etc. The provisions recognised represent the compensation \u00a0
that the employee has earned and that is expected to be paid to the employee. \u00a0
Accounting policy \u00a0
Right of use lease assets and lease liabilities \u00a0
The Group recognise a right-of-use asset and a lease liability at the commencement date, for all lease agreements, that the Group has \u00a0
entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured at the present \u00a0
value of the future payments from lease components, discounted using the incremental borrowing rate for the individual lease. The \u00a0
lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by reducing the carrying amount to \u00a0
reflect the lease payments made. Further lease liabilities are changed when remeasurements are needed, corresponding adjustment is \u00a0
the related right-of-use asset. Gain or loss from a lease modification that are not accounted for as a separate lease is recognised in profit \u00a0
and loss. The initial right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made at or \u00a0
before the commencement day, initial direct costs and costs to restore the underlying asset. The right-of-use asset are subsequently \u00a0
measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated over the shorter period \u00a0
of the lease term and the useful life of the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head \u00a0
lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of- \u00a0
use asset arising from the head lease. \u00a0
Loan commitments and guarantees \u00a0
The Group issues a number of loan commitments and guarantees. Such exposures are subject to impairment for expected credit losses. \u00a0
Further information can be found in note G15. \u00a0
Other provisions, including litigations \u00a0
Provisions for other obligations, such as lawsuits, are recognised if the obligation is likely to result in a payment obligation and the \u00a0
amount can be measured reliably. Liabilities are recognised at the present value of expected payments. \u00a0
Information on defined benefit plans and holdings in associates is provided in notes G9 and G38, respectively. \u00a0
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,352 \u00a0
7,264 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,727 \u00a0
10,811 \u00a0
Defined benefit pension plan, net assets \u00a0
907 \u00a0
806 \u00a0
Investment property \u00a0
396 \u00a0
157 \u00a0
Tangible assets \u00a0
7,092 \u00a0
7,418 \u00a0
Right of use lease assets \u00a0
3,675 \u00a0
4,010 \u00a0
Holdings in associates \u00a0
396 \u00a0
612 \u00a0
Total \u00a0
29,547 \u00a0
31,079 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
42,659 \u00a0
33,005 \u00a0
Accrued interest and commissions due \u00a0
13,265 \u00a0
12,902 \u00a0
Defined benefit pension plans, net liabilities \u00a0
275 \u00a0
301 \u00a0
Other staff commitments \u00a0
1,287 \u00a0
1,175 \u00a0
Lease liabilities \u00a0
3,787 \u00a0
4,102 \u00a0
Loan commitments and guarantees etc. \u00a0
2,893 \u00a0
3,161 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,866 \u00a0
2,398 \u00a0
Total \u00a0
66,033 \u00a0
57,046 \u00a0
G24. Other assets and Other liabilities - Continued \u00a0
(a) Further explanation other assets \u00a0
Right-of-use lease assets consist of domicile property of DKK 3,675 million (2023: DKK 4,010 million). The depreciation charge is DKK 630 \u00a0
million (2023: DKK 704 million). The interest expense on the corresponding lease liability is DKK 143 million (2023: DKK 91 million). There has \u00a0
been no significant impairment losses of the right-of-use lease assets in 2024 and 2023. \u00a0
Tangible assets consist primarily of lease assets (where the Group acts as lessor). Further, it includes domicile property (not held for sale) \u00a0
amounting to DKK 70 million (2023: DKK 86 million). If indications of impairment exist, the properties are written down to the lower of the \u00a0
carrying amount and its value in use. \u00a0
(b) Further explanation other liabilities \u00a0
The following table shows an analysis of provisions by class of provision: \u00a0
Provisions \u00a0
Regulatory and \u00a0
Customer \u00a0
legal \u00a0
Restructuring \u00a0
Other \u00a0
(DKK millions) \u00a0
remediations \u00a0
proceedings \u00a0
cost \u00a0
provisions \u00a0
Total \u00a0
Balance as at 1 January 2024 \u00a0
1,559 \u00a0
24 \u00a0
357 \u00a0
457 \u00a0
2,398 \u00a0
Additional provisions made \u00a0
25 \u00a0
1
48 \u00a0
11 \u00a0
86 \u00a0
Amounts used \u00a0
247 \u00a0
-
22 \u00a0
70 \u00a0
339 \u00a0
Reversals \u00a0
110 \u00a0
20 \u00a0
145 \u00a0
-
275 \u00a0
Transfer to other liabilities \u00a0
-
-
-
-1 \u00a0
-1 \u00a0
Foreign exchange adjustments \u00a0
1
-1 \u00a0
-1 \u00a0
-3 \u00a0
-4 \u00a0
Balance as at 31 December 2024 \u00a0
1,228 \u00a0
5
236 \u00a0
396 \u00a0
1,866 \u00a0
Customer remediation refers to activities to compensate customers for losses or damages associated with a failure to comply with regulations \u00a0
or to treat customers fairly. Customer remediation is often initiated by the Group in response to customer complaints and/or industry \u00a0
developments in sales practices and is not necessarily initiated by regulatory action. Customer remediation includes the provision for \u00a0
customer compensation in the debt collection case and other investor protection cases. In 2024, DKK 0.2 billion has been paid out from the \u00a0
provision for debt collection customers in Denmark. The payments will continue in 2024. \u00a0
Regulatory and legal proceedings include civil court, arbitration or tribunal proceedings brought against companies within the Danske Bank \u00a0
Group (whether by way of claim or counterclaim) or civil disputes that may, if not settled, result in court, arbitration or tribunal proceedings. \u00a0
Regulatory matters refer to investigations, reviews and other actions carried out by, or in response to the actions of, regulators or law \u00a0
enforcement agencies in connection with alleged wrongdoing by companies within the Danske Bank Group. For further information on \u00a0
regulatory and legal proceedings, including the Estonia matter, see note G27(c). \u00a0
Restructuring costs include provisions for severance pay in connection with termination of employees and provisions for branch mergers and \u00a0
closure of office sites. Other provisions includes a provision of DKK 0.2 billion (2023: DKK 0.4 billion) for restoration of lease assets. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2287": { "value": "
G24. Other assets and Other liabilities \u00a0
The Group uses quantitative and qualitative materiality considerations when aggregating line items in the balance sheet that are not \u00a0
considered individually material. Such line items are presented under Other assets or Other liabilities and consist of net assets or net liabilities \u00a0
in defined benefit pension plans, investment property, tangible assets, right-of-use lease assets and lease liabilities and holdings in associates. \u00a0
The Group uses clean pricing of financial instruments, and accrued interest is therefore included in Other assets and Other liabilities. In \u00a0
addition, prepayments and accrued income and expenses are included under Other assets and Other liabilities. Other staff commitments \u00a0
includes provisions for holiday payments, variable remuneration, severance pay etc. The provisions recognised represent the compensation \u00a0
that the employee has earned and that is expected to be paid to the employee. \u00a0
Accounting policy \u00a0
Right of use lease assets and lease liabilities \u00a0
The Group recognise a right-of-use asset and a lease liability at the commencement date, for all lease agreements, that the Group has \u00a0
entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured at the present \u00a0
value of the future payments from lease components, discounted using the incremental borrowing rate for the individual lease. The \u00a0
lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by reducing the carrying amount to \u00a0
reflect the lease payments made. Further lease liabilities are changed when remeasurements are needed, corresponding adjustment is \u00a0
the related right-of-use asset. Gain or loss from a lease modification that are not accounted for as a separate lease is recognised in profit \u00a0
and loss. The initial right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made at or \u00a0
before the commencement day, initial direct costs and costs to restore the underlying asset. The right-of-use asset are subsequently \u00a0
measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated over the shorter period \u00a0
of the lease term and the useful life of the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head \u00a0
lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of- \u00a0
use asset arising from the head lease. \u00a0
Loan commitments and guarantees \u00a0
The Group issues a number of loan commitments and guarantees. Such exposures are subject to impairment for expected credit losses. \u00a0
Further information can be found in note G15. \u00a0
Other provisions, including litigations \u00a0
Provisions for other obligations, such as lawsuits, are recognised if the obligation is likely to result in a payment obligation and the \u00a0
amount can be measured reliably. Liabilities are recognised at the present value of expected payments. \u00a0
Information on defined benefit plans and holdings in associates is provided in notes G9 and G38, respectively. \u00a0
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,352 \u00a0
7,264 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,727 \u00a0
10,811 \u00a0
Defined benefit pension plan, net assets \u00a0
907 \u00a0
806 \u00a0
Investment property \u00a0
396 \u00a0
157 \u00a0
Tangible assets \u00a0
7,092 \u00a0
7,418 \u00a0
Right of use lease assets \u00a0
3,675 \u00a0
4,010 \u00a0
Holdings in associates \u00a0
396 \u00a0
612 \u00a0
Total \u00a0
29,547 \u00a0
31,079 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
42,659 \u00a0
33,005 \u00a0
Accrued interest and commissions due \u00a0
13,265 \u00a0
12,902 \u00a0
Defined benefit pension plans, net liabilities \u00a0
275 \u00a0
301 \u00a0
Other staff commitments \u00a0
1,287 \u00a0
1,175 \u00a0
Lease liabilities \u00a0
3,787 \u00a0
4,102 \u00a0
Loan commitments and guarantees etc. \u00a0
2,893 \u00a0
3,161 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,866 \u00a0
2,398 \u00a0
Total \u00a0
66,033 \u00a0
57,046 \u00a0
G24. Other assets and Other liabilities - Continued \u00a0
(a) Further explanation other assets \u00a0
Right-of-use lease assets consist of domicile property of DKK 3,675 million (2023: DKK 4,010 million). The depreciation charge is DKK 630 \u00a0
million (2023: DKK 704 million). The interest expense on the corresponding lease liability is DKK 143 million (2023: DKK 91 million). There has \u00a0
been no significant impairment losses of the right-of-use lease assets in 2024 and 2023. \u00a0
Tangible assets consist primarily of lease assets (where the Group acts as lessor). Further, it includes domicile property (not held for sale) \u00a0
amounting to DKK 70 million (2023: DKK 86 million). If indications of impairment exist, the properties are written down to the lower of the \u00a0
carrying amount and its value in use. \u00a0
(b) Further explanation other liabilities \u00a0
The following table shows an analysis of provisions by class of provision: \u00a0
Provisions \u00a0
Regulatory and \u00a0
Customer \u00a0
legal \u00a0
Restructuring \u00a0
Other \u00a0
(DKK millions) \u00a0
remediations \u00a0
proceedings \u00a0
cost \u00a0
provisions \u00a0
Total \u00a0
Balance as at 1 January 2024 \u00a0
1,559 \u00a0
24 \u00a0
357 \u00a0
457 \u00a0
2,398 \u00a0
Additional provisions made \u00a0
25 \u00a0
1
48 \u00a0
11 \u00a0
86 \u00a0
Amounts used \u00a0
247 \u00a0
-
22 \u00a0
70 \u00a0
339 \u00a0
Reversals \u00a0
110 \u00a0
20 \u00a0
145 \u00a0
-
275 \u00a0
Transfer to other liabilities \u00a0
-
-
-
-1 \u00a0
-1 \u00a0
Foreign exchange adjustments \u00a0
1
-1 \u00a0
-1 \u00a0
-3 \u00a0
-4 \u00a0
Balance as at 31 December 2024 \u00a0
1,228 \u00a0
5
236 \u00a0
396 \u00a0
1,866 \u00a0
Customer remediation refers to activities to compensate customers for losses or damages associated with a failure to comply with regulations \u00a0
or to treat customers fairly. Customer remediation is often initiated by the Group in response to customer complaints and/or industry \u00a0
developments in sales practices and is not necessarily initiated by regulatory action. Customer remediation includes the provision for \u00a0
customer compensation in the debt collection case and other investor protection cases. In 2024, DKK 0.2 billion has been paid out from the \u00a0
provision for debt collection customers in Denmark. The payments will continue in 2024. \u00a0
Regulatory and legal proceedings include civil court, arbitration or tribunal proceedings brought against companies within the Danske Bank \u00a0
Group (whether by way of claim or counterclaim) or civil disputes that may, if not settled, result in court, arbitration or tribunal proceedings. \u00a0
Regulatory matters refer to investigations, reviews and other actions carried out by, or in response to the actions of, regulators or law \u00a0
enforcement agencies in connection with alleged wrongdoing by companies within the Danske Bank Group. For further information on \u00a0
regulatory and legal proceedings, including the Estonia matter, see note G27(c). \u00a0
Restructuring costs include provisions for severance pay in connection with termination of employees and provisions for branch mergers and \u00a0
closure of office sites. Other provisions includes a provision of DKK 0.2 billion (2023: DKK 0.4 billion) for restoration of lease assets. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2289": { "value": "
Accounting policy \u00a0
Right of use lease assets and lease liabilities \u00a0
The Group recognise a right-of-use asset and a lease liability at the commencement date, for all lease agreements, that the Group has \u00a0
entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured at the present \u00a0
value of the future payments from lease components, discounted using the incremental borrowing rate for the individual lease. The \u00a0
lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by reducing the carrying amount to \u00a0
reflect the lease payments made. Further lease liabilities are changed when remeasurements are needed, corresponding adjustment is \u00a0
the related right-of-use asset. Gain or loss from a lease modification that are not accounted for as a separate lease is recognised in profit \u00a0
and loss. The initial right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made at or \u00a0
before the commencement day, initial direct costs and costs to restore the underlying asset. The right-of-use asset are subsequently \u00a0
measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated over the shorter period \u00a0
of the lease term and the useful life of the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head \u00a0
lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of- \u00a0
use asset arising from the head lease. \u00a0
Loan commitments and guarantees \u00a0
The Group issues a number of loan commitments and guarantees. Such exposures are subject to impairment for expected credit losses. \u00a0
Further information can be found in note G15. \u00a0
Other provisions, including litigations \u00a0
Provisions for other obligations, such as lawsuits, are recognised if the obligation is likely to result in a payment obligation and the \u00a0
amount can be measured reliably. Liabilities are recognised at the present value of expected payments. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2292": { "value": "
Other provisions, including litigations \u00a0
Provisions for other obligations, such as lawsuits, are recognised if the obligation is likely to result in a payment obligation and the \u00a0
amount can be measured reliably. Liabilities are recognised at the present value of expected payments. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2303": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,352 \u00a0
7,264 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,727 \u00a0
10,811 \u00a0
Defined benefit pension plan, net assets \u00a0
907 \u00a0
806 \u00a0
Investment property \u00a0
396 \u00a0
157 \u00a0
Tangible assets \u00a0
7,092 \u00a0
7,418 \u00a0
Right of use lease assets \u00a0
3,675 \u00a0
4,010 \u00a0
Holdings in associates \u00a0
396 \u00a0
612 \u00a0
Total \u00a0
29,547 \u00a0
31,079 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
42,659 \u00a0
33,005 \u00a0
Accrued interest and commissions due \u00a0
13,265 \u00a0
12,902 \u00a0
Defined benefit pension plans, net liabilities \u00a0
275 \u00a0
301 \u00a0
Other staff commitments \u00a0
1,287 \u00a0
1,175 \u00a0
Lease liabilities \u00a0
3,787 \u00a0
4,102 \u00a0
Loan commitments and guarantees etc. \u00a0
2,893 \u00a0
3,161 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,866 \u00a0
2,398 \u00a0
Total \u00a0
66,033 \u00a0
57,046 \u00a0
(b) Further explanation other liabilities \u00a0
The following table shows an analysis of provisions by class of provision: \u00a0
Provisions \u00a0
Regulatory and \u00a0
Customer \u00a0
legal \u00a0
Restructuring \u00a0
Other \u00a0
(DKK millions) \u00a0
remediations \u00a0
proceedings \u00a0
cost \u00a0
provisions \u00a0
Total \u00a0
Balance as at 1 January 2024 \u00a0
1,559 \u00a0
24 \u00a0
357 \u00a0
457 \u00a0
2,398 \u00a0
Additional provisions made \u00a0
25 \u00a0
1
48 \u00a0
11 \u00a0
86 \u00a0
Amounts used \u00a0
247 \u00a0
-
22 \u00a0
70 \u00a0
339 \u00a0
Reversals \u00a0
110 \u00a0
20 \u00a0
145 \u00a0
-
275 \u00a0
Transfer to other liabilities \u00a0
-
-
-
-1 \u00a0
-1 \u00a0
Foreign exchange adjustments \u00a0
1
-1 \u00a0
-1 \u00a0
-3 \u00a0
-4 \u00a0
Balance as at 31 December 2024 \u00a0
1,228 \u00a0
5
236 \u00a0
396 \u00a0
1,866 \u00a0
Customer remediation refers to activities to compensate customers for losses or damages associated with a failure to comply with regulations \u00a0
or to treat customers fairly. Customer remediation is often initiated by the Group in response to customer complaints and/or industry \u00a0
developments in sales practices and is not necessarily initiated by regulatory action. Customer remediation includes the provision for \u00a0
customer compensation in the debt collection case and other investor protection cases. In 2024, DKK 0.2 billion has been paid out from the \u00a0
provision for debt collection customers in Denmark. The payments will continue in 2024. \u00a0
Restructuring costs include provisions for severance pay in connection with termination of employees and provisions for branch mergers and \u00a0
closure of office sites. Other provisions includes a provision of DKK 0.2 billion (2023: DKK 0.4 billion) for restoration of lease assets. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2302": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,352 \u00a0
7,264 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,727 \u00a0
10,811 \u00a0
Defined benefit pension plan, net assets \u00a0
907 \u00a0
806 \u00a0
Investment property \u00a0
396 \u00a0
157 \u00a0
Tangible assets \u00a0
7,092 \u00a0
7,418 \u00a0
Right of use lease assets \u00a0
3,675 \u00a0
4,010 \u00a0
Holdings in associates \u00a0
396 \u00a0
612 \u00a0
Total \u00a0
29,547 \u00a0
31,079 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
42,659 \u00a0
33,005 \u00a0
Accrued interest and commissions due \u00a0
13,265 \u00a0
12,902 \u00a0
Defined benefit pension plans, net liabilities \u00a0
275 \u00a0
301 \u00a0
Other staff commitments \u00a0
1,287 \u00a0
1,175 \u00a0
Lease liabilities \u00a0
3,787 \u00a0
4,102 \u00a0
Loan commitments and guarantees etc. \u00a0
2,893 \u00a0
3,161 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,866 \u00a0
2,398 \u00a0
Total \u00a0
66,033 \u00a0
57,046 \u00a0
Tangible assets consist primarily of lease assets (where the Group acts as lessor). Further, it includes domicile property (not held for sale) \u00a0
amounting to DKK 70 million (2023: DKK 86 million). If indications of impairment exist, the properties are written down to the lower of the \u00a0
carrying amount and its value in use. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2301": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,352 \u00a0
7,264 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,727 \u00a0
10,811 \u00a0
Defined benefit pension plan, net assets \u00a0
907 \u00a0
806 \u00a0
Investment property \u00a0
396 \u00a0
157 \u00a0
Tangible assets \u00a0
7,092 \u00a0
7,418 \u00a0
Right of use lease assets \u00a0
3,675 \u00a0
4,010 \u00a0
Holdings in associates \u00a0
396 \u00a0
612 \u00a0
Total \u00a0
29,547 \u00a0
31,079 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
42,659 \u00a0
33,005 \u00a0
Accrued interest and commissions due \u00a0
13,265 \u00a0
12,902 \u00a0
Defined benefit pension plans, net liabilities \u00a0
275 \u00a0
301 \u00a0
Other staff commitments \u00a0
1,287 \u00a0
1,175 \u00a0
Lease liabilities \u00a0
3,787 \u00a0
4,102 \u00a0
Loan commitments and guarantees etc. \u00a0
2,893 \u00a0
3,161 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,866 \u00a0
2,398 \u00a0
Total \u00a0
66,033 \u00a0
57,046 \u00a0
(a) Further explanation other assets \u00a0
Right-of-use lease assets consist of domicile property of DKK 3,675 million (2023: DKK 4,010 million). The depreciation charge is DKK 630 \u00a0
million (2023: DKK 704 million). The interest expense on the corresponding lease liability is DKK 143 million (2023: DKK 91 million). There has \u00a0
been no significant impairment losses of the right-of-use lease assets in 2024 and 2023. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2300": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,352 \u00a0
7,264 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,727 \u00a0
10,811 \u00a0
Defined benefit pension plan, net assets \u00a0
907 \u00a0
806 \u00a0
Investment property \u00a0
396 \u00a0
157 \u00a0
Tangible assets \u00a0
7,092 \u00a0
7,418 \u00a0
Right of use lease assets \u00a0
3,675 \u00a0
4,010 \u00a0
Holdings in associates \u00a0
396 \u00a0
612 \u00a0
Total \u00a0
29,547 \u00a0
31,079 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
42,659 \u00a0
33,005 \u00a0
Accrued interest and commissions due \u00a0
13,265 \u00a0
12,902 \u00a0
Defined benefit pension plans, net liabilities \u00a0
275 \u00a0
301 \u00a0
Other staff commitments \u00a0
1,287 \u00a0
1,175 \u00a0
Lease liabilities \u00a0
3,787 \u00a0
4,102 \u00a0
Loan commitments and guarantees etc. \u00a0
2,893 \u00a0
3,161 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,866 \u00a0
2,398 \u00a0
Total \u00a0
66,033 \u00a0
57,046 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2298": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,352 \u00a0
7,264 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,727 \u00a0
10,811 \u00a0
Defined benefit pension plan, net assets \u00a0
907 \u00a0
806 \u00a0
Investment property \u00a0
396 \u00a0
157 \u00a0
Tangible assets \u00a0
7,092 \u00a0
7,418 \u00a0
Right of use lease assets \u00a0
3,675 \u00a0
4,010 \u00a0
Holdings in associates \u00a0
396 \u00a0
612 \u00a0
Total \u00a0
29,547 \u00a0
31,079 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
42,659 \u00a0
33,005 \u00a0
Accrued interest and commissions due \u00a0
13,265 \u00a0
12,902 \u00a0
Defined benefit pension plans, net liabilities \u00a0
275 \u00a0
301 \u00a0
Other staff commitments \u00a0
1,287 \u00a0
1,175 \u00a0
Lease liabilities \u00a0
3,787 \u00a0
4,102 \u00a0
Loan commitments and guarantees etc. \u00a0
2,893 \u00a0
3,161 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,866 \u00a0
2,398 \u00a0
Total \u00a0
66,033 \u00a0
57,046 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2297": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,352 \u00a0
7,264 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,727 \u00a0
10,811 \u00a0
Defined benefit pension plan, net assets \u00a0
907 \u00a0
806 \u00a0
Investment property \u00a0
396 \u00a0
157 \u00a0
Tangible assets \u00a0
7,092 \u00a0
7,418 \u00a0
Right of use lease assets \u00a0
3,675 \u00a0
4,010 \u00a0
Holdings in associates \u00a0
396 \u00a0
612 \u00a0
Total \u00a0
29,547 \u00a0
31,079 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
42,659 \u00a0
33,005 \u00a0
Accrued interest and commissions due \u00a0
13,265 \u00a0
12,902 \u00a0
Defined benefit pension plans, net liabilities \u00a0
275 \u00a0
301 \u00a0
Other staff commitments \u00a0
1,287 \u00a0
1,175 \u00a0
Lease liabilities \u00a0
3,787 \u00a0
4,102 \u00a0
Loan commitments and guarantees etc. \u00a0
2,893 \u00a0
3,161 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,866 \u00a0
2,398 \u00a0
Total \u00a0
66,033 \u00a0
57,046 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2296": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,352 \u00a0
7,264 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,727 \u00a0
10,811 \u00a0
Defined benefit pension plan, net assets \u00a0
907 \u00a0
806 \u00a0
Investment property \u00a0
396 \u00a0
157 \u00a0
Tangible assets \u00a0
7,092 \u00a0
7,418 \u00a0
Right of use lease assets \u00a0
3,675 \u00a0
4,010 \u00a0
Holdings in associates \u00a0
396 \u00a0
612 \u00a0
Total \u00a0
29,547 \u00a0
31,079 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
42,659 \u00a0
33,005 \u00a0
Accrued interest and commissions due \u00a0
13,265 \u00a0
12,902 \u00a0
Defined benefit pension plans, net liabilities \u00a0
275 \u00a0
301 \u00a0
Other staff commitments \u00a0
1,287 \u00a0
1,175 \u00a0
Lease liabilities \u00a0
3,787 \u00a0
4,102 \u00a0
Loan commitments and guarantees etc. \u00a0
2,893 \u00a0
3,161 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,866 \u00a0
2,398 \u00a0
Total \u00a0
66,033 \u00a0
57,046 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2295": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,352 \u00a0
7,264 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,727 \u00a0
10,811 \u00a0
Defined benefit pension plan, net assets \u00a0
907 \u00a0
806 \u00a0
Investment property \u00a0
396 \u00a0
157 \u00a0
Tangible assets \u00a0
7,092 \u00a0
7,418 \u00a0
Right of use lease assets \u00a0
3,675 \u00a0
4,010 \u00a0
Holdings in associates \u00a0
396 \u00a0
612 \u00a0
Total \u00a0
29,547 \u00a0
31,079 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
42,659 \u00a0
33,005 \u00a0
Accrued interest and commissions due \u00a0
13,265 \u00a0
12,902 \u00a0
Defined benefit pension plans, net liabilities \u00a0
275 \u00a0
301 \u00a0
Other staff commitments \u00a0
1,287 \u00a0
1,175 \u00a0
Lease liabilities \u00a0
3,787 \u00a0
4,102 \u00a0
Loan commitments and guarantees etc. \u00a0
2,893 \u00a0
3,161 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,866 \u00a0
2,398 \u00a0
Total \u00a0
66,033 \u00a0
57,046 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2309": { "value": "
(b) Further explanation other liabilities \u00a0
The following table shows an analysis of provisions by class of provision: \u00a0
Provisions \u00a0
Regulatory and \u00a0
Customer \u00a0
legal \u00a0
Restructuring \u00a0
Other \u00a0
(DKK millions) \u00a0
remediations \u00a0
proceedings \u00a0
cost \u00a0
provisions \u00a0
Total \u00a0
Balance as at 1 January 2024 \u00a0
1,559 \u00a0
24 \u00a0
357 \u00a0
457 \u00a0
2,398 \u00a0
Additional provisions made \u00a0
25 \u00a0
1
48 \u00a0
11 \u00a0
86 \u00a0
Amounts used \u00a0
247 \u00a0
-
22 \u00a0
70 \u00a0
339 \u00a0
Reversals \u00a0
110 \u00a0
20 \u00a0
145 \u00a0
-
275 \u00a0
Transfer to other liabilities \u00a0
-
-
-
-1 \u00a0
-1 \u00a0
Foreign exchange adjustments \u00a0
1
-1 \u00a0
-1 \u00a0
-3 \u00a0
-4 \u00a0
Balance as at 31 December 2024 \u00a0
1,228 \u00a0
5
236 \u00a0
396 \u00a0
1,866 \u00a0
Customer remediation refers to activities to compensate customers for losses or damages associated with a failure to comply with regulations \u00a0
or to treat customers fairly. Customer remediation is often initiated by the Group in response to customer complaints and/or industry \u00a0
developments in sales practices and is not necessarily initiated by regulatory action. Customer remediation includes the provision for \u00a0
customer compensation in the debt collection case and other investor protection cases. In 2024, DKK 0.2 billion has been paid out from the \u00a0
provision for debt collection customers in Denmark. The payments will continue in 2024. \u00a0
Restructuring costs include provisions for severance pay in connection with termination of employees and provisions for branch mergers and \u00a0
closure of office sites. Other provisions includes a provision of DKK 0.2 billion (2023: DKK 0.4 billion) for restoration of lease assets. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2321": { "value": "
Proposed dividends \u00a0
The Board of Directors\u2019 proposal for dividends for the year submitted to the general meeting is included as a separate reserve in equity. The \u00a0
dividends are recognised as a liability when the general meeting has adopted the proposal. Any dividend payments approved by the Board of \u00a0
Directors during the year are deducted from retained earnings at time of payment, and are therefore not included in proposed dividends. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2312": { "value": "
G25. Equity \u00a0
Equity is the residual interest in the assets after deducting all liabilities recognised in the balance sheet. Equity is divided between capital and \u00a0
reserves that are attributable to holders of shares issued by the Group (owners of Danske Bank A/S) and other parties holding an interest in the \u00a0
net assets of the Group. \u00a0
At the end of 2024, the nominal value of issued additional tier 1 capital in Danske Bank Group amounted to DKK 10,708 million (2023: DKK \u00a0
15,174 million), all accounted for as liability instruments; see note G22. Danske Bank A/S may, at its sole discretion, omit interest and principal \u00a0
payments to bondholders. Additional tier 1 capital that are accounted for as equity instruments are included in equity as a non-controlling \u00a0
interest. This means that equity was increased at the time of issue by the net proceeds received. When interest is paid, the amount paid to \u00a0
investors reduces equity at the time of payment and does not affect net profit. If the Group decides to repay the capital, equity will be reduced \u00a0
by the redemption amount at the time of redemption. The capital issued is included in tier 1 capital instruments in the statement of capital as it \u00a0
meets the criteria of the CRR for such instruments. \u00a0
Accounting policy \u00a0
Equity is the residual interest in recognised assets after deduction of recognised liabilities. In this context, the following items are of \u00a0
particular interest: \u00a0
Own shares \u00a0
Amounts received or paid for the Group\u2019s sale or purchase of Danske Bank shares that are neither held on behalf of customers or are \u00a0
underlying items of insurance contracts with direct participation features are recognised directly in equity under transactions with \u00a0
owners. The same applies to premiums received or paid for derivatives entailing settlement in own shares. A capital reduction by \u00a0
cancellation of own shares will lower the share capital by an amount equal to the nominal value of the shares at the time of registration \u00a0
of the capital reduction. \u00a0
With effect from 1 January 2023 the Group has elected to not deduct from equity own shares that are held on behalf of customers or \u00a0
those that are underlying items of insurance contracts with direct participation features. \u00a0
(a) Further explanation \u00a0
Equity consists of various components, including the accumulated balance of each class of Other comprehensive income, retained earnings \u00a0
and issued additional tier 1 capital. The various components of equity are described below. Tax on items recognised directly in equity is \u00a0
recognised under Retained earnings. \u00a0
Foreign currency translation reserve \u00a0
Assets and liabilities of units outside Denmark are translated into DKK at the applicable exchange rates at the balance sheet date. Income and \u00a0
expenses are translated at the applicable exchange rates at the transaction date. Gains and losses arising at the translation of net investments \u00a0
in units outside Denmark are recognised under Other comprehensive income and recognised in the foreign currency translation reserve in \u00a0
equity. Net investments include the net assets and goodwill of the units as well as holdings in the form of subordinated loan capital and other \u00a0
loans to the units for which settlement is neither planned nor likely to occur in the foreseeable future. Exchange rate adjustments of financial \u00a0
liabilities used for hedging the Group\u2019s net investments are also recognised under Other comprehensive income and in the foreign currency \u00a0
translation reserve. Further information can be found in Note G12(c). \u00a0
If the net investment in a unit outside Denmark is sold, translation differences, including the impact from hedge, are reclassified from Other \u00a0
comprehensive income to the income statement. \u00a0
Reserve for bonds at fair value through Other comprehensive income \u00a0
The reserve covers unrealised fair value adjustments, other than expected credit losses and foreign exchanges gains and losses, of bonds \u00a0
measured at fair value through Other comprehensive income. Unrealised fair value adjustments of hedged interest rate risks that qualify for \u00a0
fair value hedge accounting are recognised in the income statement and are not included in the reserve. When bonds are sold, the Group \u00a0
reclassifies unrealised value adjustments from the reserve to the income statement. \u00a0
Proposed dividends \u00a0
The Board of Directors\u2019 proposal for dividends for the year submitted to the general meeting is included as a separate reserve in equity. The \u00a0
dividends are recognised as a liability when the general meeting has adopted the proposal. Any dividend payments approved by the Board of \u00a0
Directors during the year are deducted from retained earnings at time of payment, and are therefore not included in proposed dividends. \u00a0
Share-based payments \u00a0
Share-based payments by the Group are settled in Danske Bank shares. The fair value at the grant date is expensed over the vesting period and \u00a0
set off against equity. At the time of exercise, payments by employees are recognised as an increase in equity. As with other purchases of \u00a0
Danske Bank shares, shares acquired for hedging purposes reduce equity by the amount paid. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2313": { "value": "
G25. Equity \u00a0
Equity is the residual interest in the assets after deducting all liabilities recognised in the balance sheet. Equity is divided between capital and \u00a0
reserves that are attributable to holders of shares issued by the Group (owners of Danske Bank A/S) and other parties holding an interest in the \u00a0
net assets of the Group. \u00a0
At the end of 2024, the nominal value of issued additional tier 1 capital in Danske Bank Group amounted to DKK 10,708 million (2023: DKK \u00a0
15,174 million), all accounted for as liability instruments; see note G22. Danske Bank A/S may, at its sole discretion, omit interest and principal \u00a0
payments to bondholders. Additional tier 1 capital that are accounted for as equity instruments are included in equity as a non-controlling \u00a0
interest. This means that equity was increased at the time of issue by the net proceeds received. When interest is paid, the amount paid to \u00a0
investors reduces equity at the time of payment and does not affect net profit. If the Group decides to repay the capital, equity will be reduced \u00a0
by the redemption amount at the time of redemption. The capital issued is included in tier 1 capital instruments in the statement of capital as it \u00a0
meets the criteria of the CRR for such instruments. \u00a0
Accounting policy \u00a0
Equity is the residual interest in recognised assets after deduction of recognised liabilities. In this context, the following items are of \u00a0
particular interest: \u00a0
Own shares \u00a0
Amounts received or paid for the Group\u2019s sale or purchase of Danske Bank shares that are neither held on behalf of customers or are \u00a0
underlying items of insurance contracts with direct participation features are recognised directly in equity under transactions with \u00a0
owners. The same applies to premiums received or paid for derivatives entailing settlement in own shares. A capital reduction by \u00a0
cancellation of own shares will lower the share capital by an amount equal to the nominal value of the shares at the time of registration \u00a0
of the capital reduction. \u00a0
With effect from 1 January 2023 the Group has elected to not deduct from equity own shares that are held on behalf of customers or \u00a0
those that are underlying items of insurance contracts with direct participation features. \u00a0
(a) Further explanation \u00a0
Equity consists of various components, including the accumulated balance of each class of Other comprehensive income, retained earnings \u00a0
and issued additional tier 1 capital. The various components of equity are described below. Tax on items recognised directly in equity is \u00a0
recognised under Retained earnings. \u00a0
Foreign currency translation reserve \u00a0
Assets and liabilities of units outside Denmark are translated into DKK at the applicable exchange rates at the balance sheet date. Income and \u00a0
expenses are translated at the applicable exchange rates at the transaction date. Gains and losses arising at the translation of net investments \u00a0
in units outside Denmark are recognised under Other comprehensive income and recognised in the foreign currency translation reserve in \u00a0
equity. Net investments include the net assets and goodwill of the units as well as holdings in the form of subordinated loan capital and other \u00a0
loans to the units for which settlement is neither planned nor likely to occur in the foreseeable future. Exchange rate adjustments of financial \u00a0
liabilities used for hedging the Group\u2019s net investments are also recognised under Other comprehensive income and in the foreign currency \u00a0
translation reserve. Further information can be found in Note G12(c). \u00a0
If the net investment in a unit outside Denmark is sold, translation differences, including the impact from hedge, are reclassified from Other \u00a0
comprehensive income to the income statement. \u00a0
Reserve for bonds at fair value through Other comprehensive income \u00a0
The reserve covers unrealised fair value adjustments, other than expected credit losses and foreign exchanges gains and losses, of bonds \u00a0
measured at fair value through Other comprehensive income. Unrealised fair value adjustments of hedged interest rate risks that qualify for \u00a0
fair value hedge accounting are recognised in the income statement and are not included in the reserve. When bonds are sold, the Group \u00a0
reclassifies unrealised value adjustments from the reserve to the income statement. \u00a0
Proposed dividends \u00a0
The Board of Directors\u2019 proposal for dividends for the year submitted to the general meeting is included as a separate reserve in equity. The \u00a0
dividends are recognised as a liability when the general meeting has adopted the proposal. Any dividend payments approved by the Board of \u00a0
Directors during the year are deducted from retained earnings at time of payment, and are therefore not included in proposed dividends. \u00a0
Share-based payments \u00a0
Share-based payments by the Group are settled in Danske Bank shares. The fair value at the grant date is expensed over the vesting period and \u00a0
set off against equity. At the time of exercise, payments by employees are recognised as an increase in equity. As with other purchases of \u00a0
Danske Bank shares, shares acquired for hedging purposes reduce equity by the amount paid. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2323": { "value": "
G26. Note to the cash flow statement \u00a0
This note provides further information on the cash flow statement, including a reconciliation of the cash flows arising from financing activities. \u00a0
Accounting policy \u00a0
The cash flow statement is prepared according to the indirect method. The statement is based on pre-tax profit for the year and shows the \u00a0
cash flows from operating, investing and financing activities as well as the increase or decrease in cash and cash equivalents during the \u00a0
year. Cash and cash equivalents consists of cash in hand and demand deposits with central banks as well as amounts due from credit \u00a0
institutions and central banks with an original maturity shorter than three months. \u00a0
In the cash flow statement, cash flows are divided into cash flows from operations, investing activities and financing activities. Investing \u00a0
activities include cash flows from the sale or acquisition of tangible and intangible assets as well as businesses. Financing activities include \u00a0
cash flows from the Group\u2019s issued non-preferred senior bonds, subordinated debt, additional tier 1 capital (both liability- and equity- \u00a0
accounted bonds) and share capital. \u00a0
All credit institutions and insurance companies supervised by national FSAs are subject to local statutory capital requirements. These \u00a0
requirements restrict intra-group facilities. Note G31 provides information on amounts due from credit institutions that are provided as \u00a0
collateral for liabilities or contingent liabilities. \u00a0
Adjustment for non-cash operating items \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Unrealised income from holdings in associates \u00a0
257 \u00a0
110 \u00a0
Amortisation/depreciation of intangible, tangible and right-of-use assets \u00a0
1,026 \u00a0
4,244 \u00a0
Loan impairment charges \u00a0
-544 \u00a0
262 \u00a0
Other \u00a0
-39 \u00a0
3,810 \u00a0
Total \u00a0
700 \u00a0
8,426 \u00a0
Other mostly comprises change in accrued interest and commissions due and payable. \u00a0
Reconciliation of liabilities from financing activities \u00a0
Foreign \u00a0
exchange \u00a0
Fair Value \u00a0
31 December \u00a0
(DKK millions) \u00a0
1 January 2024 \u00a0
Issued \u00a0
Redeemed \u00a0
movement \u00a0
changes \u00a0
2024 \u00a0
Subordinated debt \u00a0
38,774 \u00a0
12,108 \u00a0
11,392 \u00a0
721 \u00a0
587 \u00a0
40,798 \u00a0
Non-preferred senior bonds \u00a0
93,194 \u00a0
28,338 \u00a0
35,702 \u00a0
1,067 \u00a0
2,595 \u00a0
89,492 \u00a0
Foreign \u00a0
exchange \u00a0
Fair Value \u00a0
31 December \u00a0
(DKK millions) \u00a0
1 January 2023 \u00a0
Issued \u00a0
Redeemed \u00a0
movement \u00a0
changes \u00a0
2023 \u00a0
Subordinated debt \u00a0
38,350 \u00a0
-
-
-445 \u00a0
869 \u00a0
38,774 \u00a0
Non-preferred senior bonds \u00a0
93,235 \u00a0
22,425 \u00a0
23,696 \u00a0
-1,486 \u00a0
2,716 \u00a0
93,194 \u00a0
Fair value changes include the impact from fair value hedge accounting, amortisation of transaction costs and changes in own holdings. The \u00a0
cash flows from debt issued and redeemed are based on the applicable foreign exchange rate at the transaction date and net of any \u00a0
transaction costs etc. In note G22, which shows changes in the nominal value of subordinated debt, issue and redemption amounts excludes \u00a0
transaction costs etc. \u00a0
Liabilities from financing activities include lease liabilities that are recognised on the balance sheet under IFRS 16. At the end of 2024, lease \u00a0
liabilities amounted to DKK 3,787 million (2023: DKK 4,102 million). The cash flows included in the cash flow statement as cash flows from \u00a0
financing activities relates to the principal portion of the lease payments. Other changes are non-cash changes, which primarily consist of \u00a0
interest expenses, new leases, terminated leases and modifications of existing leases. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2324": { "value": "
Accounting policy \u00a0
The cash flow statement is prepared according to the indirect method. The statement is based on pre-tax profit for the year and shows the \u00a0
cash flows from operating, investing and financing activities as well as the increase or decrease in cash and cash equivalents during the \u00a0
year. Cash and cash equivalents consists of cash in hand and demand deposits with central banks as well as amounts due from credit \u00a0
institutions and central banks with an original maturity shorter than three months. \u00a0
In the cash flow statement, cash flows are divided into cash flows from operations, investing activities and financing activities. Investing \u00a0
activities include cash flows from the sale or acquisition of tangible and intangible assets as well as businesses. Financing activities include \u00a0
cash flows from the Group\u2019s issued non-preferred senior bonds, subordinated debt, additional tier 1 capital (both liability- and equity- \u00a0
accounted bonds) and share capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2325": { "value": "
Accounting policy \u00a0
The cash flow statement is prepared according to the indirect method. The statement is based on pre-tax profit for the year and shows the \u00a0
cash flows from operating, investing and financing activities as well as the increase or decrease in cash and cash equivalents during the \u00a0
year. Cash and cash equivalents consists of cash in hand and demand deposits with central banks as well as amounts due from credit \u00a0
institutions and central banks with an original maturity shorter than three months. \u00a0
In the cash flow statement, cash flows are divided into cash flows from operations, investing activities and financing activities. Investing \u00a0
activities include cash flows from the sale or acquisition of tangible and intangible assets as well as businesses. Financing activities include \u00a0
cash flows from the Group\u2019s issued non-preferred senior bonds, subordinated debt, additional tier 1 capital (both liability- and equity- \u00a0
accounted bonds) and share capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2328": { "value": "
All credit institutions and insurance companies supervised by national FSAs are subject to local statutory capital requirements. These \u00a0
requirements restrict intra-group facilities. Note G31 provides information on amounts due from credit institutions that are provided as \u00a0
collateral for liabilities or contingent liabilities. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2337": { "value": "
(c) Regulatory and legal proceedings \u00a0
Estonia matter \u00a0
In December 2022, Danske Bank entered into final coordinated resolutions with the US Department of Justice (DoJ), the US Securities and \u00a0
Exchange Commission (SEC) and the Danish Special Crime Unit (SCU) following the investigations into failings and misconduct related to the \u00a0
non-resident portfolio at Danske Bank\u2019s former Estonia branch. The aggregate amounts payable to the US and Danish authorities were paid in \u00a0
January 2023. The coordinated resolutions marked the end of the criminal and regulatory investigations into Danske Bank by the authorities in \u00a0
Denmark and the United States. \u00a0
As part of the Bank\u2019s agreement with DoJ, Danske Bank was placed on corporate probation for three years from 13 December 2022 until 13 \u00a0
December 2025 and Danske Bank committed to continue improving its compliance programs. Danske Bank has taken extensive remediation \u00a0
action to address those failings to prevent any similar occurrences, and the Bank remains in contact with DoJ as a matter of post-resolution \u00a0
obligations set forth in the agreement with DoJ. \u00a0
The Bank has been subject to a criminal investigation by authorities in France. The Bank has cooperated with the French authorities and has \u00a0
reached a resolution with the French National Financial Prosecutor to settle this investigation by agreeing to pay EUR 6.33 million. As \u00a0
previously communicated, the coordinated resolutions reached with the US and Danish authorities in December 2022 did not include the \u00a0
French investigation. The resolution marks the end of the French investigation of Danske Bank. Danske Bank had posted bail in the amount of \u00a0
DKK 80 million in connection with the French investigation, and the financial impact of this resolution was previously provisioned for. \u00a0
The civil claims filed against Danske Bank by institutional investors can be summarised to six case complexes with a current total claim \u00a0
amount of approximately DKK 12.8 billion. One of the case complexes has partly been referred to the Eastern High Court, while the remaining \u00a0
case complexes are stayed or pending before the Copenhagen City Court. The civil claims were not included in the coordinated resolutions with \u00a0
DoJ, SEC, and SCU. Danske Bank will continue to defend itself vigorously against these claims. The timing of completion of such civil claims \u00a0
(pending or threatening) and their outcome are uncertain and could be material. \u00a0
Danske Bank has been procedurally notified in two claims filed against Thomas F. Borgen. Under Danish law, the purpose of a procedural \u00a0
notification is to make a formal reservation of rights to bring a potential claim against the notified party. The first case was dismissed in the \u00a0
first instance and subsequently appealed by the claimants. The original claim amount for both claims was approximately DKK 3.2 billion but \u00a0
has been reduced to approximately DKK 1.7 billion. \u00a0
An action has been filed in the United States District Court for the Eastern District of New York against Danske Bank and others. The complaint \u00a0
sought unspecified punitive and compensatory damages. On 29 December 2022, the action was dismissed by the court and on 27 January \u00a0
2023, the complainants filed an appeal of the dismissal. The timing of the completion of the lawsuit and the outcome are uncertain. \u00a0
Other \u00a0
Owing to its business volume, Danske Bank is continually a party to various other lawsuits and disputes, and has an ongoing dialogue with \u00a0
public authorities, such as the Danish FSA and the Danish Tax Agency on other matters. In general, Danske Bank does not expect the outcomes \u00a0
of any of these other pending lawsuits and disputes, or its dialogue with public authorities to have any material effect on its financial position. \u00a0
Provisions for litigations are included in Other Liabilities, see note G24. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2330": { "value": "
G27. Guarantees, commitments and contingent liabilities \u00a0
The Group uses a variety of loan-related financial instruments to meet customers\u2019 financial requirements. Such instruments include loan \u00a0
commitments, loan offers, other credit facilities and guarantees. This note provides information on such instruments and on other contingent \u00a0
liabilities. \u00a0
Accounting policy \u00a0
Guarantees and loan commitments are subject to the expected credit loss impairment model in IFRS 9. For further information, see note \u00a0
G15. \u00a0
Contingent liabilities consist of possible obligations arising from past events. The existence of such obligations will be confirmed only by \u00a0
the occurrence or non-occurrence of one or more uncertain future events not wholly within the Group\u2019s control. Further, contingent \u00a0
liabilities consist of present obligations arising from past events, for which it is either not probable that the obligation will result in an \u00a0
outflow of financial resources, or it is not possible to reliably estimate the amount of the obligation. \u00a0
A contingent liability is not recognised in the financial statement but disclosed, unless the possibility of an outflow of financial resources \u00a0
is remote. \u00a0
(a) Guarantees \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Financial guarantees \u00a0
17,393 \u00a0
4,348 \u00a0
Other guarantees \u00a0
78,965 \u00a0
71,536 \u00a0
Total \u00a0
96,359 \u00a0
75,883 \u00a0
(b) Commitments \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Loan commitments shorter than 1 year \u00a0
191,002 \u00a0
197,007 \u00a0
Loan commitments longer than 1 year \u00a0
244,372 \u00a0
220,285 \u00a0
Other unutilised commitments \u00a0
16,689 \u00a0
16,719 \u00a0
Total \u00a0
452,062 \u00a0
434,011 \u00a0
In addition to credit exposure from lending activities, loan offers made and uncommitted lines of credit granted by the Group amounted to \u00a0
DKK 193 billion (2023: DKK 232 billion). These items are included in the calculation of the total risk exposure amount in accordance with \u00a0
the CRR. \u00a0
(c) Regulatory and legal proceedings \u00a0
Estonia matter \u00a0
In December 2022, Danske Bank entered into final coordinated resolutions with the US Department of Justice (DoJ), the US Securities and \u00a0
Exchange Commission (SEC) and the Danish Special Crime Unit (SCU) following the investigations into failings and misconduct related to the \u00a0
non-resident portfolio at Danske Bank\u2019s former Estonia branch. The aggregate amounts payable to the US and Danish authorities were paid in \u00a0
January 2023. The coordinated resolutions marked the end of the criminal and regulatory investigations into Danske Bank by the authorities in \u00a0
Denmark and the United States. \u00a0
As part of the Bank\u2019s agreement with DoJ, Danske Bank was placed on corporate probation for three years from 13 December 2022 until 13 \u00a0
December 2025 and Danske Bank committed to continue improving its compliance programs. Danske Bank has taken extensive remediation \u00a0
action to address those failings to prevent any similar occurrences, and the Bank remains in contact with DoJ as a matter of post-resolution \u00a0
obligations set forth in the agreement with DoJ. \u00a0
The Bank has been subject to a criminal investigation by authorities in France. The Bank has cooperated with the French authorities and has \u00a0
reached a resolution with the French National Financial Prosecutor to settle this investigation by agreeing to pay EUR 6.33 million. As \u00a0
previously communicated, the coordinated resolutions reached with the US and Danish authorities in December 2022 did not include the \u00a0
French investigation. The resolution marks the end of the French investigation of Danske Bank. Danske Bank had posted bail in the amount of \u00a0
DKK 80 million in connection with the French investigation, and the financial impact of this resolution was previously provisioned for. \u00a0
The civil claims filed against Danske Bank by institutional investors can be summarised to six case complexes with a current total claim \u00a0
amount of approximately DKK 12.8 billion. One of the case complexes has partly been referred to the Eastern High Court, while the remaining \u00a0
case complexes are stayed or pending before the Copenhagen City Court. The civil claims were not included in the coordinated resolutions with \u00a0
DoJ, SEC, and SCU. Danske Bank will continue to defend itself vigorously against these claims. The timing of completion of such civil claims \u00a0
(pending or threatening) and their outcome are uncertain and could be material. \u00a0
Danske Bank has been procedurally notified in two claims filed against Thomas F. Borgen. Under Danish law, the purpose of a procedural \u00a0
notification is to make a formal reservation of rights to bring a potential claim against the notified party. The first case was dismissed in the \u00a0
first instance and subsequently appealed by the claimants. The original claim amount for both claims was approximately DKK 3.2 billion but \u00a0
has been reduced to approximately DKK 1.7 billion. \u00a0
An action has been filed in the United States District Court for the Eastern District of New York against Danske Bank and others. The complaint \u00a0
sought unspecified punitive and compensatory damages. On 29 December 2022, the action was dismissed by the court and on 27 January \u00a0
2023, the complainants filed an appeal of the dismissal. The timing of the completion of the lawsuit and the outcome are uncertain. \u00a0
Other \u00a0
Owing to its business volume, Danske Bank is continually a party to various other lawsuits and disputes, and has an ongoing dialogue with \u00a0
public authorities, such as the Danish FSA and the Danish Tax Agency on other matters. In general, Danske Bank does not expect the outcomes \u00a0
of any of these other pending lawsuits and disputes, or its dialogue with public authorities to have any material effect on its financial position. \u00a0
Provisions for litigations are included in Other Liabilities, see note G24. \u00a0
G27. Guarantees, commitments and contingent liabilities - continued \u00a0
(d) Other contingent liabilities \u00a0
A limited number of employees are employed under terms which, if they are dismissed before reaching their normal retirement age, grant \u00a0
them a severance and/or pension payment in excess of their entitlement under ordinary terms of employment. As the sponsoring employer, \u00a0
the Group is also liable for the pension obligations of a number of company pension funds. \u00a0
The Group participates in the Danish Guarantee Fund and the Danish Resolution Fund. The funds\u2019 capital must amount to at least 0.8% and 1%, \u00a0
respectively, of the covered deposits of all Danish credit institutions by 31 December 2024. \u00a0
The Danish Guarantee Fund is currently fully funded, but if the fund subsequently does not have sufficient means to make the required \u00a0
payments, extraordinary contributions of up to 0.5% of the individual institution\u2019s covered deposits may be required. Extraordinary \u00a0
contributions above this percentage require the consent of the Danish FSA. \u00a0
Danske Bank A/S and Realkredit Danmark A/S make contributions to the Danish Resolution Fund based on their size and risk relative to other \u00a0
credit institutions in Denmark. The contribution to the Resolution Fund is recognised as operating expenses. After payment of the contribution \u00a0
for 2024, the Resolution Fund is fully funded. If the Resolution Fund does not have sufficient means to make the required payments, \u00a0
extraordinary contributions of up to three times the latest annual contributions may be required. \u00a0
In addition, Danish banks participate in the Danish Restructuring Fund, which reimburses creditors if the final dividend is lower than the interim \u00a0
dividend in respect of banks that were in distress before 1 June 2015. Similarly, Danish banks have made payment commitments totalling DKK \u00a0
1 billion to cover losses incurred by the Danish Restructuring Fund for the withdrawal of distressed banks from data centres etc. Payments to \u00a0
the Danish Restructuring Fund are calculated based on the individual credit institution\u2019s share of covered deposits relative to other credit \u00a0
institutions in Denmark. However, each institution\u2019s contribution to the Danish Restructuring Fund may not exceed 0.2% of its covered \u00a0
deposits. \u00a0
The Group is a member of deposit guarantee schemes and other compensation schemes in Norway and the UK. As in Denmark, the \u00a0
contributions to the schemes in these countries are annual contributions combined with extraordinary contributions if the means of the \u00a0
schemes are not sufficient to cover the required payments. \u00a0
Danske Bank A/S is taxed jointly with all Danish entities of Danske Bank Group and is jointly and severally liable with these for payment of \u00a0
Danish corporation tax and withholding tax, etc. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2333": { "value": "
Guarantees and loan commitments are subject to the expected credit loss impairment model in IFRS 9. For further information, see note \u00a0
G15. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2334": { "value": "
Contingent liabilities consist of possible obligations arising from past events. The existence of such obligations will be confirmed only by \u00a0
the occurrence or non-occurrence of one or more uncertain future events not wholly within the Group\u2019s control. Further, contingent \u00a0
liabilities consist of present obligations arising from past events, for which it is either not probable that the obligation will result in an \u00a0
outflow of financial resources, or it is not possible to reliably estimate the amount of the obligation. \u00a0
A contingent liability is not recognised in the financial statement but disclosed, unless the possibility of an outflow of financial resources \u00a0
is remote. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2335": { "value": "
(a) Guarantees \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Financial guarantees \u00a0
17,393 \u00a0
4,348 \u00a0
Other guarantees \u00a0
78,965 \u00a0
71,536 \u00a0
Total \u00a0
96,359 \u00a0
75,883 \u00a0
(b) Commitments \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Loan commitments shorter than 1 year \u00a0
191,002 \u00a0
197,007 \u00a0
Loan commitments longer than 1 year \u00a0
244,372 \u00a0
220,285 \u00a0
Other unutilised commitments \u00a0
16,689 \u00a0
16,719 \u00a0
Total \u00a0
452,062 \u00a0
434,011 \u00a0
In addition to credit exposure from lending activities, loan offers made and uncommitted lines of credit granted by the Group amounted to \u00a0
DKK 193 billion (2023: DKK 232 billion). These items are included in the calculation of the total risk exposure amount in accordance with \u00a0
the CRR. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2347": { "value": "
G30. Transferred financial assets that are not derecognised \u00a0
The Group enters into transactions that transfer ownership of financial assets, such as bonds and shares, to a counterparty, while the Group \u00a0
retains the risks associated with the holding of the assets. If the Group retains all significant risks, the securities remain in the balance sheet, \u00a0
and the transactions are accounted for as loans received against collateral. Such transactions are repo transactions and securities lending. The \u00a0
transactions involve selling the securities to be repurchased at a fixed price at a later date. Counterparties are entitled to sell the securities or \u00a0
deposit them as collateral for loans. \u00a0
Trading portfolio \u00a0
2024 \u00a0
2023 \u00a0
(DKK millions) \u00a0
Bonds \u00a0
Shares \u00a0
Bonds \u00a0
Shares \u00a0
Carrying amount of transferred assets \u00a0
Repo transactions \u00a0
176,271 \u00a0
164,189 \u00a0
Securities lending \u00a0
1,811 \u00a0
1,047 \u00a0
Total transferred assets \u00a0
176,271 \u00a0
1,811 \u00a0
164,189 \u00a0
1,047 \u00a0
Repo transactions, own issued bonds \u00a0
32,146 \u00a0
33,693 \u00a0
Carrying amount of associated liabilities \u00a0
209,057 \u00a0
1,901 \u00a0
197,140 \u00a0
1,099 \u00a0
Net positions \u00a0
639 \u00a0
91 \u00a0
-742 \u00a0
52 \u00a0
The Group has not entered into any agreements on the sale of assets that entail the Group\u2019s continuing involvement in derecognised \u00a0
financial assets. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2350": { "value": "
G31. Assets provided or received as collateral \u00a0
At the end of 2024, the Group had deposited securities (including bonds issued by the Group) worth DKK 4.2 billion as collateral with Danish and \u00a0
international clearing centres and other institutions (2023: DKK 4.5 billion). \u00a0
At the end of 2024, the Group had provided cash and securities (including bonds issued by the Group) worth DKK 85.8 billion as collateral for \u00a0
derivatives transactions (2023: DKK 90.6 billion). \u00a0
At the end of 2024, the Group had registered assets (including bonds and shares issued by the Group) under insurance contracts and unit- \u00a0
linked investment contracts worth DKK 505.3 billion (2023: DKK 443.2 billion) as collateral for policyholders\u2019 savings of DKK 469.8 billion (2023: \u00a0
DKK 426.0 billion). \u00a0
At the end of 2024, the Group had registered loans at fair value and securities worth a total of DKK 760.6 billion (2023: DKK 759.6 billion) as \u00a0
collateral for bonds issued by Realkredit Danmark. Note G16 provides additional information. Similarly, the Group had registered DKK 231.1 \u00a0
billion worth of loans and other assets (2023: DKK 308.8 billion) as collateral for covered bonds issued under Danish, Swedish and Finnish law. \u00a0
The following table shows assets provided as collateral for liabilities or contingent liabilities. Assets provided as collateral under repo \u00a0
transactions is shown separately whereas the types explained above are included in the column \u2018Other\u2019. \u00a0
Assets provided as collateral \u00a0
31 December 2024 \u00a0
31 December 2023 \u00a0
(DKK millions) \u00a0
Repo \u00a0
Other \u00a0
Total \u00a0
Repo \u00a0
Other \u00a0
Total \u00a0
Due from credit institutions \u00a0
-
29,204 \u00a0
29,204 \u00a0
-
15,922 \u00a0
15,922 \u00a0
Trading and investment securities \u00a0
176,271 \u00a0
52,627 \u00a0
228,898 \u00a0
164,189 \u00a0
48,326 \u00a0
212,514 \u00a0
Loans at fair value \u00a0
-
755,188 \u00a0
755,188 \u00a0
-
753,277 \u00a0
753,277 \u00a0
Loans at amortised cost \u00a0
-
243,691 \u00a0
243,691 \u00a0
-
340,297 \u00a0
340,297 \u00a0
Insurance assets and assets under investment contracts \u00a0
-
487,000 \u00a0
487,000 \u00a0
-
420,701 \u00a0
420,701 \u00a0
Total \u00a0
176,271 \u00a0
1,567,709 \u00a0
1,743,981 \u00a0
164,189 \u00a0
1,578,522 \u00a0
1,742,711 \u00a0
Own issued bonds \u00a0
32,146 \u00a0
21,030 \u00a0
53,176 \u00a0
33,693 \u00a0
30,665 \u00a0
64,358 \u00a0
Total, including own issued bonds \u00a0
208,418 \u00a0
1,588,739 \u00a0
1,797,156 \u00a0
197,882 \u00a0
1,609,187 \u00a0
1,807,069 \u00a0
Securities provided as collateral under agreements that entitle the counterparty to sell the securities or provide them as collateral for other \u00a0
loans amounted to DKK 176.3 billion at the end of 2024 (2023: DKK 164.2 billion). \u00a0
At the end of 2024, the Group had received DKK 452.0 billion worth of securities (2023: DKK 315.5 billion) as collateral for reverse repo \u00a0
transactions, securities lending, derivatives transactions and other transactions entered into on the standard terms for such transactions. As \u00a0
the party receiving the collateral, the Group is entitled in many cases to sell the securities or provide the securities as collateral for other loans \u00a0
in exchange for returning similar securities to the counterparty at the expiry of the transactions. At the end of 2024, the Group had sold \u00a0
securities or provided securities as collateral worth DKK 103.0 billion (2023: DKK 113.6 billion). \u00a0
The Group also receives many other types of assets as collateral in connection with its ordinary lending activities. The Group has not \u00a0
transferred the ownership of these assets. Note G40 provide more details on assets received as collateral. \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is obtaining \u00a0
collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to ensure it \u00a0
reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus ensuring that the \u00a0
Group complies with regulatory requirements. \u00a0
The validity of the internal and external inputs on which the valuation models depend is assessed regularly and the performance of the models \u00a0
themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that need to be addressed. \u00a0
The market value of collateral is subject to a haircut to reflect the fact that the Group may not be able to obtain the estimated market value \u00a0
upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility during the \u00a0
sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory purposes, the Group \u00a0
also applies more conservative haircuts in order to capture the risk of an economic downturn. \u00a0
Credit risk \u2013 continued \u00a0
Types of collateral \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Functions \u00a0
Total \u00a0
31 December 2024 \u00a0
Real property \u00a0
583.2 \u00a0
441.4 \u00a0
36.3 \u00a0
48.8 \u00a0
-
1,109.7 \u00a0
- Personal \u00a0
575.6 \u00a0
1.0 \u00a0
-
30.8 \u00a0
-
607.4 \u00a0
- Commercial \u00a0
5.8 \u00a0
408.4 \u00a0
34.7 \u00a0
15.0 \u00a0
-
463.9 \u00a0
- Agricultural \u00a0
1.9 \u00a0
31.9 \u00a0
1.5 \u00a0
3.0 \u00a0
-
38.5 \u00a0
Bank accounts \u00a0
-
-
-
-
-
-
Custody account and securities \u00a0
6.4 \u00a0
4.1 \u00a0
6.3 \u00a0
-
-
16.8 \u00a0
Vehicles \u00a0
1.9 \u00a0
22.8 \u00a0
-
-
-
24.6 \u00a0
Equipment \u00a0
-
15.1 \u00a0
3.3 \u00a0
3.5 \u00a0
-
21.9 \u00a0
Vessels \u00a0
-
1.5 \u00a0
21.0 \u00a0
-
-
22.5 \u00a0
Guarantees \u00a0
17.7 \u00a0
48.3 \u00a0
16.4 \u00a0
1.3 \u00a0
-
83.6 \u00a0
Amounts due \u00a0
-
3.1 \u00a0
0.5 \u00a0
0.3 \u00a0
-
4.0 \u00a0
Other assets \u00a0
0.1 \u00a0
28.4 \u00a0
4.0 \u00a0
1.6 \u00a0
2.4 \u00a0
36.6 \u00a0
Total collateral \u00a0
609.4 \u00a0
564.7 \u00a0
87.8 \u00a0
55.5 \u00a0
2.5 \u00a0
1,319.9 \u00a0
Total unsecured credit exposure \u00a0
107.5 \u00a0
203.5 \u00a0
600.2 \u00a0
49.5 \u00a0
960.8 \u00a0
Unsecured portion of credit exposure (%) \u00a0
15.0% \u00a0
26.5% \u00a0
87.2% \u00a0
47.2% \u00a0
-
42.1% \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Functions \u00a0
Total \u00a0
31 December 2023 \u00a0
Real property \u00a0
696.2 \u00a0
489.9 \u00a0
42.6 \u00a0
40.3 \u00a0
0.1 \u00a0
1,269.1 \u00a0
- Personal \u00a0
687.3 \u00a0
1.5 \u00a0
-
26.6 \u00a0
0.1 \u00a0
715.6 \u00a0
- Commercial \u00a0
6.8 \u00a0
452.4 \u00a0
40.7 \u00a0
11.4 \u00a0
-
511.4 \u00a0
- Agricultural \u00a0
2.0 \u00a0
36.0 \u00a0
1.9 \u00a0
2.2 \u00a0
-
42.1 \u00a0
Bank accounts \u00a0
0.2 \u00a0
0.4 \u00a0
-
-
-
0.6 \u00a0
Custody account and securities \u00a0
3.6 \u00a0
4.1 \u00a0
10.2 \u00a0
-
-
17.9 \u00a0
Vehicles \u00a0
2.0 \u00a0
19.7 \u00a0
3.2 \u00a0
-
-
24.9 \u00a0
Equipment \u00a0
-
12.2 \u00a0
3.4 \u00a0
2.5 \u00a0
-
18.1 \u00a0
Vessels \u00a0
-
1.1 \u00a0
18.1 \u00a0
-
-
19.2 \u00a0
Guarantees \u00a0
6.2 \u00a0
3.6 \u00a0
12.1 \u00a0
1.9 \u00a0
-
23.8 \u00a0
Amounts due \u00a0
0.1 \u00a0
2.3 \u00a0
0.8 \u00a0
0.2 \u00a0
-
3.3 \u00a0
Other assets \u00a0
0.1 \u00a0
29.2 \u00a0
3.5 \u00a0
1.4 \u00a0
2.5 \u00a0
36.7 \u00a0
Total collateral \u00a0
708.3 \u00a0
562.5 \u00a0
94.0 \u00a0
46.2 \u00a0
2.6 \u00a0
1,413.6 \u00a0
Total unsecured credit exposure \u00a0
135.7 \u00a0
182.7 \u00a0
539.3 \u00a0
49.0 \u00a0
-
906.7 \u00a0
Unsecured portion of credit exposure (%) \u00a0
16.1% \u00a0
24.5% \u00a0
85.2% \u00a0
51.4% \u00a0
-
39.1% \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2353": { "value": "
Accounting policy \u00a0
Assets and liabilities are offset when the Group and the counterparty have a legally enforceable right to offset recognised amounts and \u00a0
have agreed to settle the balances on a net basis or to realise the asset and settle the liability simultaneously. Positive and negative fair \u00a0
values of derivatives with the same counterparty are offset if the Group has agreed with the counterparty to settle contractual cash flows \u00a0
net and to make cash payments or provide collateral on a daily basis to cover changes in the fair value of the derivative position. Master \u00a0
netting agreements or similar agreements give the right to additional offsetting in the event of default. Such agreements reduce the \u00a0
exposure further in the event of default, but do not qualify for offsetting in accordance with IFRS Accounting Standards. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2358": { "value": "
G33. Fair value information for financial instruments \u00a0
Financial instruments are recognised in the balance sheet at fair value or amortised cost. Group breaks down its financial instruments \u00a0
according to the valuation method (note G1 provides additional information). \u00a0
31 December 2024 \u00a0
31 December 2023 \u00a0
(DKK millions) \u00a0
Fair value \u00a0
Amortised cost \u00a0
Fair value \u00a0
Amortised cost \u00a0
Financial assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
-
107,498 \u00a0
-
259,156 \u00a0
Due from credit institutions and central banks \u00a0
63,040 \u00a0
80,529 \u00a0
92,985 \u00a0
21,829 \u00a0
Trading portfolio assets* \u00a0
531,831 \u00a0
-
503,548 \u00a0
-
Investment securities held at amortised cost \u00a0
-
135,714 \u00a0
-
155,398 \u00a0
Investment securities held at fair value \u00a0
133,404 \u00a0
-
128,516 \u00a0
-
Loans at amortised cost* \u00a0
-
921,900 \u00a0
-
921,580 \u00a0
Loans at fair value \u00a0
1,074,783 \u00a0
-
928,239 \u00a0
-
Assets under pooled schemes and investment contracts \u00a0
76,173 \u00a0
-
70,900 \u00a0
-
Insurance assets \u00a0
508,045 \u00a0
-
460,747 \u00a0
-
Loans held for sale \u00a0
-
-
-
110,415 \u00a0
Total \u00a0
2,387,276 \u00a0
1,245,642 \u00a0
2,184,935 \u00a0
1,468,378 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
129,910 \u00a0
84,454 \u00a0
85,548 \u00a0
69,060 \u00a0
Trading portfolio liabilities* \u00a0
357,507 \u00a0
-
438,553 \u00a0
-
Deposits* \u00a0
78,550 \u00a0
1,095,232 \u00a0
120,213 \u00a0
1,076,235 \u00a0
Issued bonds at fair value \u00a0
746,556 \u00a0
-
748,780 \u00a0
-
Issued bonds at amortised cost \u00a0
-
243,198 \u00a0
-
214,234 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
76,608 \u00a0
-
71,253 \u00a0
-
Insurance liabilities** \u00a0
60,111 \u00a0
-
60,136 \u00a0
-
Liabilities held for sale \u00a0
-
-
-
56,476 \u00a0
Non-preferred senior bonds \u00a0
-
89,492 \u00a0
-
93,194 \u00a0
Subordinated debt \u00a0
-
40,798 \u00a0
-
38,774 \u00a0
Loan commitments and guarantees \u00a0
-
2,893 \u00a0
-
3,161 \u00a0
Total \u00a0
1,449,242 \u00a0
1,556,067 \u00a0
1,524,483 \u00a0
1,551,133 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
Insurance liabilities in the Balance sheet comprise insurance contract liabilities (as defined by IFRS 17) and Other insurance-related liabilities. \u00a0
The table above does not include insurance contract liabilities as they are measured using the General Measurement Model, Variable Fee \u00a0
Approach or Premium Allocation Approach as defined by IFRS 17. \u00a0
(a) Financial instruments at fair value \u00a0
The fair value is the amount for which a financial asset or a financial liability can be exchanged between knowledgeable, willing parties. Fair \u00a0
value is measured on the basis of the following hierarchy: \u00a0
The fair value hierarchy \u00a0
\u2022
Quoted price (level 1) consists of financial instruments that are quoted in an active market. The Group uses the price quoted in the principal \u00a0
market. \u00a0
\u2022
Valuation based on observable input (level 2) consists of financial instruments valued substantially on the basis of observable input other \u00a0
than a quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active, the Group bases its \u00a0
measurement on the most recent transaction price. Adjustment is made for subsequent changes to market conditions, for instance, by \u00a0
including transactions in similar financial instruments that are assumed to be motivated by normal business considerations. For a number \u00a0
of financial assets and liabilities, no market exists. In such cases, the Group uses recent transactions in similar instruments and discounted \u00a0
cash flows or other generally accepted estimation and valuation techniques based on market conditions at the balance sheet date to \u00a0
calculate an estimated value. This category covers instruments such as derivatives valued on the basis of observable yield curves and \u00a0
exchange rates and illiquid mortgage bonds valued by reference to the value of similar liquid bonds. \u00a0
\u2022
Valuation based on significant non-observable input (level 3): The valuation of certain financial instruments is based substantially on non- \u00a0
observable input. Such instruments include unlisted shares, some unlisted bonds and a limited portion of the derivatives portfolio (2%). \u00a0
G33. Fair value information for financial instruments \u2013 continued \u00a0
Financial instruments at fair value, by fair value category \u00a0
Non- \u00a0
Observable \u00a0
input \u00a0
observable \u00a0
input \u00a0
(DKK millions) \u00a0
Quoted prices \u00a0
Total \u00a0
31 December 2024 \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
63,040 \u00a0
-
63,040 \u00a0
Derivatives \u00a0
7,289 \u00a0
249,643 \u00a0
4,114 \u00a0
261,046 \u00a0
Interest rate contracts \u00a0
7,289 \u00a0
140,184 \u00a0
652 \u00a0
148,125 \u00a0
Currency contracts etc. \u00a0
-
109,460 \u00a0
3,462 \u00a0
112,922 \u00a0
Trading portfolio bonds \u00a0
160,849 \u00a0
17,168 \u00a0
-
178,017 \u00a0
Trading portfolio shares \u00a0
92,637 \u00a0
-
131 \u00a0
92,768 \u00a0
Investment securities, bonds \u00a0
108,843 \u00a0
24,042 \u00a0
-
132,885 \u00a0
Investment securities, shares \u00a0
-
-
519 \u00a0
519 \u00a0
Loans at fair value \u00a0
-
1,074,783 \u00a0
-
1,074,783 \u00a0
Assets under pooled schemes and investment contracts \u00a0
76,173 \u00a0
-
-
76,173 \u00a0
Insurance assets, bonds \u00a0
160,099 \u00a0
49,275 \u00a0
2,103 \u00a0
211,477 \u00a0
Danish mortgage bonds \u00a0
72,637 \u00a0
19,374 \u00a0
338 \u00a0
92,349 \u00a0
Other covered bonds \u00a0
87,462 \u00a0
29,901 \u00a0
1,765 \u00a0
119,128 \u00a0
Insurance assets, shares \u00a0
208,508 \u00a0
5,963 \u00a0
36,911 \u00a0
251,382 \u00a0
Insurance assets, derivatives \u00a0
826 \u00a0
43,682 \u00a0
678 \u00a0
45,186 \u00a0
Total \u00a0
815,224 \u00a0
1,527,596 \u00a0
44,456 \u00a0
2,387,276 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
129,910 \u00a0
-
129,910 \u00a0
Derivatives \u00a0
10,125 \u00a0
241,256 \u00a0
3,120 \u00a0
254,500 \u00a0
Interest rate contracts \u00a0
10,125 \u00a0
137,458 \u00a0
422 \u00a0
148,005 \u00a0
Currency contracts etc. \u00a0
-
103,798 \u00a0
2,697 \u00a0
106,495 \u00a0
Obligations to repurchase securities \u00a0
100,696 \u00a0
2,301 \u00a0
10 \u00a0
103,007 \u00a0
Deposits \u00a0
-
78,550 \u00a0
-
78,550 \u00a0
Issued bonds at fair value \u00a0
746,556 \u00a0
-
-
746,556 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
76,608 \u00a0
-
76,608 \u00a0
Insurance liabilities \u00a0
208 \u00a0
59,402 \u00a0
501 \u00a0
60,111 \u00a0
Total \u00a0
857,585 \u00a0
588,027 \u00a0
3,631 \u00a0
1,449,242 \u00a0
Non- \u00a0
Observable \u00a0
input \u00a0
observable \u00a0
input \u00a0
(DKK millions) \u00a0
Quoted prices \u00a0
Total \u00a0
31 December 2023* \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
92,985 \u00a0
-
92,985 \u00a0
Derivatives \u00a0
6,723 \u00a0
298,493 \u00a0
1,865 \u00a0
307,081 \u00a0
Interest rate contracts \u00a0
6,723 \u00a0
188,243 \u00a0
1,014 \u00a0
195,980 \u00a0
Currency contracts etc. \u00a0
-
110,250 \u00a0
851 \u00a0
111,101 \u00a0
Trading portfolio bonds \u00a0
168,031 \u00a0
9,532 \u00a0
-
177,563 \u00a0
Trading portfolio shares \u00a0
18,785 \u00a0
-
119 \u00a0
18,904 \u00a0
Investment securities, bonds \u00a0
100,554 \u00a0
27,470 \u00a0
-
128,023 \u00a0
Investment securities, shares \u00a0
-
-
493 \u00a0
493 \u00a0
Loans at fair value \u00a0
-
928,239 \u00a0
-
928,239 \u00a0
Assets under pooled schemes and investment contracts \u00a0
70,900 \u00a0
-
-
70,900 \u00a0
Insurance assets, bonds \u00a0
189,297 \u00a0
22,318 \u00a0
2,458 \u00a0
214,073 \u00a0
Danish mortgage bonds \u00a0
92,182 \u00a0
10,865 \u00a0
334 \u00a0
103,381 \u00a0
Other covered bonds \u00a0
97,115 \u00a0
11,453 \u00a0
2,124 \u00a0
110,692 \u00a0
Insurance assets, shares \u00a0
153,310 \u00a0
5,121 \u00a0
34,755 \u00a0
193,186 \u00a0
Insurance assets, derivatives \u00a0
141 \u00a0
52,436 \u00a0
911 \u00a0
53,488 \u00a0
Total \u00a0
707,741 \u00a0
1,436,594 \u00a0
40,601 \u00a0
2,184,935 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
85,548 \u00a0
-
85,548 \u00a0
Derivatives \u00a0
7,360 \u00a0
316,021 \u00a0
1,604 \u00a0
324,985 \u00a0
Interest rate contracts \u00a0
7,360 \u00a0
188,102 \u00a0
803 \u00a0
196,265 \u00a0
Currency contracts etc. \u00a0
-
127,919 \u00a0
801 \u00a0
128,720 \u00a0
Obligations to repurchase securities \u00a0
111,657 \u00a0
1,853 \u00a0
59 \u00a0
113,569 \u00a0
Deposits \u00a0
-
120,213 \u00a0
-
120,213 \u00a0
Issued bonds at fair value \u00a0
748,780 \u00a0
-
-
748,780 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
71,253 \u00a0
-
71,253 \u00a0
Insurance liabilities** \u00a0
58,976 \u00a0
1,160 \u00a0
60,136 \u00a0
Total \u00a0
867,797 \u00a0
653,864 \u00a0
2,823 \u00a0
1,524,483 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
G33. Fair value information for financial instruments \u2013 continued \u00a0
If, at the balance sheet date, a financial instrument\u2019s classification differs from its classification at the beginning of the year, the classification \u00a0
of the instrument changes. Changes are considered to have taken place at the balance sheet date. Developments in the financial markets have \u00a0
resulted in reclassifications between the categories. Some bonds have become illiquid and have therefore been moved from the Quoted prices \u00a0
to the Observable input category, while other bonds have instead become liquid and have been moved from the Observable input to the Quoted \u00a0
prices category. \u00a0
Valuation techniques \u00a0
The most frequently used valuation techniques include the pricing of transactions with future settlement and swap models that apply present \u00a0
value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control environment, \u00a0
valuation models are validated by units that are independent of the business units that develop the models and trade in the products covered \u00a0
by the models. Validation is made to test the implementation, quality and operating stability of models to ensure that the models can be used \u00a0
for pricing and risk management of financial products. \u00a0
Loans granted and bonds issued by Realkredit Danmark are recognised at the fair value of the issued bonds (the quoted price in an active \u00a0
market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further in note G16. \u00a0
The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves for the full duration of \u00a0
the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable input as well as assumptions about \u00a0
the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance with the International Private Equity and \u00a0
Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting Standards. IPEV guides the calculation of the estimated \u00a0
fair value of unlisted shares as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between \u00a0
market participants at the measurement date. Valuation methods include discounted cash flow models and pricing based on a multiple of \u00a0
earnings or equity. \u00a0
Fair value adjustments \u00a0
Management estimates underlie the valuation of financial instruments for which the value is based on valuation techniques. The Group makes \u00a0
fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer spreads on the net \u00a0
open position of portfolios with offsetting market risk, and model risk on level 3 derivatives. \u00a0
Credit value adjustment (CVA) and funding value adjustment (FVA and ColVA) \u00a0
The Group makes a fair value adjustment to cover the counterparty credit risk on derivatives with a positive fair value (CVA). For a given \u00a0
counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive exposure (EPE) \u00a0
and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with counterparties in the \u00a0
Scandinavian market. \u00a0
The PDs used in the CVA model are derived from single name liquid credit default swap (CDS). If this is not available, the PDs are derived using \u00a0
proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive exposures to the \u00a0
counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. For the calculation of LGD, \u00a0
the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the expected credit loss impairment, CVA is \u00a0
calculated as if the derivatives were loans subject to impairment because of credit losses. \u00a0
A fair value adjustment for derivatives to cover expected funding costs (FVA and ColVA) is calculated. FVA primarily arises from the cost or \u00a0
benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected future exposures. \u00a0
ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a function of expected collateral \u00a0
balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2024, CVA, FVA and ColVA came to a net amount of DKK 173 million (2023: DKK 153 million), including the adjustment for credit \u00a0
risk on derivatives in stage 3. \u00a0
Bid-offer spread \u00a0
For portfolios of assets and liabilities with offsetting market risk, the Group bases its measurement of the portfolios on mid-market prices and \u00a0
makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the end of 2024, these \u00a0
fair value adjustments totalled DKK 106 million (2023: DKK 138 million). \u00a0
Model risk \u00a0
To account for the uncertainty associated with measuring the value of derivatives on the basis of non-observable input (level 3 in the fair value \u00a0
hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an ongoing basis. At the \u00a0
end of 2024, the reserve totalled DKK 1 million (2023: DKK 1 million). \u00a0
Amortisation of initial margin \u00a0
If, at the time of acquisition, a difference arises between the model value of a financial instrument, calculated on the basis of non-observable \u00a0
input and actual cost (day-one profit or loss), and the difference is not the result of transaction costs, the Group adjusts model parameters to \u00a0
actual cost to take the initial margin into account. Accordingly, the valuation of derivatives includes amortisation of the value of initial margins \u00a0
over the remaining term to maturity. The initial margins relate to elements not covered by the above CVA and FVA adjustments, such as future \u00a0
administrative expenses and capital consumption. At 31 December 2024, the value of unamortised initial margins was DKK 1,229 million \u00a0
(2023: DKK 1,176 million). \u00a0
Amortisation of initial margin \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Unamortised initial margins at 1 January \u00a0
1,176 \u00a0
1,101 \u00a0
Amortised to the income statement during the year \u00a0
-455 \u00a0
-342 \u00a0
Initial margins on new derivatives contracts \u00a0
608 \u00a0
596 \u00a0
Terminated derivatives contracts \u00a0
-100 \u00a0
-179 \u00a0
Unamortised initial margins as at 31 December \u00a0
1,229 \u00a0
1,176 \u00a0
G33. Fair value information for financial instruments \u2013 continued \u00a0
The tables below shows financial instruments valued on the basis of non-observable input. \u00a0
Financial instruments valued on the basis of unobservable input \u00a0
Sensitivity (change in fair value) \u00a0
Gains/losses for the period \u00a0
Carrying \u00a0
(DKK millions) \u00a0
amount \u00a0
Increase \u00a0
Decrease \u00a0
Realised \u00a0
Unrealised \u00a0
31 December 2024 \u00a0
Unlisted shares allocated to insurance contract policyholders \u00a0
36,911 \u00a0
-
-
2,189 \u00a0
-10 \u00a0
Unlisted shares other \u00a0
640 \u00a0
64 \u00a0
64 \u00a0
98 \u00a0
-3 \u00a0
Illiquid bonds \u00a0
2,103 \u00a0
32 \u00a0
32 \u00a0
-
-1,398 \u00a0
Derivatives, net fair value \u00a0
1,171 \u00a0
-
-
-
615 \u00a0
31 December 2023* \u00a0
Unlisted shares allocated to insurance contract policyholders \u00a0
34,755 \u00a0
-
-
522 \u00a0
-522 \u00a0
Unlisted shares other \u00a0
553 \u00a0
55 \u00a0
55 \u00a0
302 \u00a0
-160 \u00a0
Illiquid bonds \u00a0
2,458 \u00a0
56 \u00a0
56 \u00a0
2
-152 \u00a0
Derivatives, net fair value \u00a0
12 \u00a0
-
-
-
1,102 \u00a0
* The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
For unlisted shares allocated to insurance contract policyholders, the policyholders assume most of the risk on the shares. Therefore, changes \u00a0
in the fair value of those shares will only to a limited extent affect the Group\u2019s net profit. The Group\u2019s remaining portfolio of unlisted shares \u00a0
consists primarily of banking-related investments and holdings in private equity funds. The sensitivity of the fair value measurement to \u00a0
changes in the unobservable input disclosed in the table is calculated as a 10% increase or 10 % decrease in fair value. Under current market \u00a0
conditions, an additional 10 % decrease in the fair value is considered to be a conservative adjustment compared to the estimated unrealized \u00a0
fair value at the end of the period. The unrealised adjustments in 2024 were attributable to various unlisted shares. \u00a0
The estimated fair value of illiquid bonds depends significantly on the estimated credit spread. In the table, the sensitivity of the fair value \u00a0
measurement to changes in non-observable input is calculated as a 50bps widening or narrowing of the credit spread. \u00a0
A substantial number of derivatives valued on the basis of non-observable input are hedged by similar derivatives or are used for hedging the \u00a0
credit risk on bonds also valued on the basis of non-observable input. Changing one or more of the non-observable inputs to reflect reasonable, \u00a0
possible alternative assumptions would not change the fair value of the derivatives significantly above what is already covered by the reserve \u00a0
related to fair value adjustment for model risk. \u00a0
Shares, bonds and derivatives valued on the basis of non-observable input \u00a0
Reconciliation from beginning to end of period \u00a0
31 December 2024 \u00a0
31 December 2023* \u00a0
(DKK millions) \u00a0
Shares \u00a0
Bonds \u00a0
Derivatives \u00a0
Shares \u00a0
Bonds \u00a0
Derivatives \u00a0
Fair value at 1 January \u00a0
35,308 \u00a0
2,458 \u00a0
12 \u00a0
48,292 \u00a0
3,369 \u00a0
-1,084 \u00a0
Value adjustment through profit or loss \u00a0
2,274 \u00a0
-1,398 \u00a0
615 \u00a0
142 \u00a0
-150 \u00a0
1,102 \u00a0
Acquisitions \u00a0
3,658 \u00a0
372 \u00a0
707 \u00a0
3,152 \u00a0
161 \u00a0
-250 \u00a0
Sale and redemption \u00a0
-3,856 \u00a0
-21 \u00a0
-105 \u00a0
-16,278 \u00a0
-922 \u00a0
-125 \u00a0
Transferred from quoted prices and observable input \u00a0
167 \u00a0
692 \u00a0
-
-
-
295 \u00a0
Transferred to quoted prices and observable input \u00a0
-
-
-58 \u00a0
-
-
74 \u00a0
Fair value end of period \u00a0
37,551 \u00a0
2,103 \u00a0
1,171 \u00a0
35,308 \u00a0
2,458 \u00a0
12 \u00a0
* The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
The value adjustment through profit or loss is recognised under Net trading income or loss. The transfer of derivatives to the Observable input \u00a0
category consists primarily of maturity reductions, implying that the yield curves have become observable. \u00a0
(b) Financial instruments at amortised cost \u00a0
In this section, the fair value of financial instruments recognised at amortised cost is presented. The fair value is based on quoted market \u00a0
prices, if available. If quoted prices are not available, the value is approximated to reflect the price that would have been fixed had the terms \u00a0
been agreed at the balance sheet date. \u00a0
The fair values disclosed below are determined on the basis of the following principles: \u00a0
Investment securities (bonds classified as hold-to-collect), other issued bonds and subordinated debt \u00a0
Quoted prices in an active market exist for a significant part of these financial instruments. If quoted prices in an active market do not exist, the \u00a0
Group uses an estimate of the current return required by the market to estimate the fair value. \u00a0
Other financial instruments \u00a0
The determination of the fair value of financial instruments recognised at amortised cost is based on the following preconditions relating to \u00a0
interest rate risk: \u00a0
\u2022
For a significant number of the Group\u2019s deposits and loans, the interest rate depends on the standard variable rate fixed by the Group. The \u00a0
rate is adjusted only upon certain changes in market conditions. Such deposits and loans are considered to carry interest at a variable rate, \u00a0
as the standard variable rate fixed by the Group at any time applies to both new and existing arrangements. \u00a0
G33. Fair value information for financial instruments \u2013 continued \u00a0
\u2022
The interest rate risk on some fixed-rate loans extended by the Group is designated as a hedge of the interest rate risk on liabilities. \u00a0
Interest rate risk not hedging the interest rate risk on liabilities is hedged by derivatives. Such hedges are accounted for as fair value \u00a0
hedges, and the fair value of the hedged interest risk is adjusted in the carrying amount of the hedged financial instruments. Consequently, \u00a0
only fair value changes related to fixed-rate loans not hedged by derivatives are adjusted in the fair values presented in the following table. \u00a0
For financial instruments that are only to a limited extent influenced by changes in credit risk, the amortised cost, including the adjustment for \u00a0
the fair value hedge accounting of the interest rate risk, is a reasonable approximation of fair value. This is the case for Due from/to credit \u00a0
institutions and central banks and Deposits. \u00a0
It is assessed that the expected credit loss impairment model used for loans measured at amortised cost is a reasonable proxy for the fair \u00a0
value of the credit risk. \u00a0
In the following table, fair value is presented for classes of financial instruments for which the carrying amount is not a reasonable \u00a0
approximation of fair value. \u00a0
Carrying \u00a0
Observable \u00a0
Non-observable \u00a0
(DKK millions) \u00a0
amount \u00a0
Fair value \u00a0
Quoted prices \u00a0
input \u00a0
input \u00a0
31 December 2024 \u00a0
Financial assets \u00a0
Investment securities \u00a0
135,714 \u00a0
139,484 \u00a0
132,518 \u00a0
6,966 \u00a0
-
Loans at amortised cost \u00a0
921,900 \u00a0
921,883 \u00a0
-
117 \u00a0
921,766 \u00a0
Financial liabilities \u00a0
Issued bonds, including non-preferred senior bonds \u00a0
332,690 \u00a0
334,316 \u00a0
260,389 \u00a0
61,426 \u00a0
12,501 \u00a0
Subordinated debt \u00a0
40,798 \u00a0
40,954 \u00a0
34,173 \u00a0
6,781 \u00a0
-
31 December 2023 \u00a0
Financial assets \u00a0
Investment securities \u00a0
155,398 \u00a0
148,908 \u00a0
141,789 \u00a0
7,119 \u00a0
-
Loans at amortised cost* \u00a0
921,580 \u00a0
921,426 \u00a0
-
150 \u00a0
921,276 \u00a0
Financial liabilities \u00a0
Issued bonds, including non-preferred senior bonds \u00a0
307,428 \u00a0
307,523 \u00a0
273,830 \u00a0
19,286 \u00a0
14,406 \u00a0
Subordinated debt \u00a0
38,774 \u00a0
38,172 \u00a0
37,924 \u00a0
248 \u00a0
-
*Comparative information has been restated as described in note G2(b). \u00a0
The liquidity portfolio managed by Group Treasury includes different portfolios with different business models (see note G13 in this report for \u00a0
further description of business models). Investment securities held within a business model for the purpose of collecting contractual cash \u00a0
flows (hold to collect) and with cash flows that are solely payments of principal and interest on the principal amount outstanding are measured \u00a0
at amortised cost. For investment securities classified as hold-to-collect (see note G13 in this report for further description of business \u00a0
models), amortised cost exceeded fair value as of 31 December 2024 with DKK 3,770 million (31 December 2023: DKK 6,489 million). This \u00a0
portfolio mainly contains Danish mortgage bonds and central and local government bonds and has a weighted average rating factor of 5.9, \u00a0
following Moody\u2019s numerical rating factor to scale, which corresponds to a strong Aa1 rating. The interest rate risk duration for the portfolio is \u00a0
2.9 years. Without any reinvestments, respectively 32%, 46% and 22% of this portfolio will reach maturity within a period of 1 year, between 1 \u00a0
to 5 years, and after 5 years. The difference from amortised cost to fair value has reduced significantly during 2024, due to a decrease in \u00a0
market interest rate levels. The difference is now less than 3% of the amount invested and held at amortised cost. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2368": { "value": "
G33. Fair value information for financial instruments \u2013 continued \u00a0
Financial instruments at fair value, by fair value category \u00a0
Non- \u00a0
Observable \u00a0
input \u00a0
observable \u00a0
input \u00a0
(DKK millions) \u00a0
Quoted prices \u00a0
Total \u00a0
31 December 2024 \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
63,040 \u00a0
-
63,040 \u00a0
Derivatives \u00a0
7,289 \u00a0
249,643 \u00a0
4,114 \u00a0
261,046 \u00a0
Interest rate contracts \u00a0
7,289 \u00a0
140,184 \u00a0
652 \u00a0
148,125 \u00a0
Currency contracts etc. \u00a0
-
109,460 \u00a0
3,462 \u00a0
112,922 \u00a0
Trading portfolio bonds \u00a0
160,849 \u00a0
17,168 \u00a0
-
178,017 \u00a0
Trading portfolio shares \u00a0
92,637 \u00a0
-
131 \u00a0
92,768 \u00a0
Investment securities, bonds \u00a0
108,843 \u00a0
24,042 \u00a0
-
132,885 \u00a0
Investment securities, shares \u00a0
-
-
519 \u00a0
519 \u00a0
Loans at fair value \u00a0
-
1,074,783 \u00a0
-
1,074,783 \u00a0
Assets under pooled schemes and investment contracts \u00a0
76,173 \u00a0
-
-
76,173 \u00a0
Insurance assets, bonds \u00a0
160,099 \u00a0
49,275 \u00a0
2,103 \u00a0
211,477 \u00a0
Danish mortgage bonds \u00a0
72,637 \u00a0
19,374 \u00a0
338 \u00a0
92,349 \u00a0
Other covered bonds \u00a0
87,462 \u00a0
29,901 \u00a0
1,765 \u00a0
119,128 \u00a0
Insurance assets, shares \u00a0
208,508 \u00a0
5,963 \u00a0
36,911 \u00a0
251,382 \u00a0
Insurance assets, derivatives \u00a0
826 \u00a0
43,682 \u00a0
678 \u00a0
45,186 \u00a0
Total \u00a0
815,224 \u00a0
1,527,596 \u00a0
44,456 \u00a0
2,387,276 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
129,910 \u00a0
-
129,910 \u00a0
Derivatives \u00a0
10,125 \u00a0
241,256 \u00a0
3,120 \u00a0
254,500 \u00a0
Interest rate contracts \u00a0
10,125 \u00a0
137,458 \u00a0
422 \u00a0
148,005 \u00a0
Currency contracts etc. \u00a0
-
103,798 \u00a0
2,697 \u00a0
106,495 \u00a0
Obligations to repurchase securities \u00a0
100,696 \u00a0
2,301 \u00a0
10 \u00a0
103,007 \u00a0
Deposits \u00a0
-
78,550 \u00a0
-
78,550 \u00a0
Issued bonds at fair value \u00a0
746,556 \u00a0
-
-
746,556 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
76,608 \u00a0
-
76,608 \u00a0
Insurance liabilities \u00a0
208 \u00a0
59,402 \u00a0
501 \u00a0
60,111 \u00a0
Total \u00a0
857,585 \u00a0
588,027 \u00a0
3,631 \u00a0
1,449,242 \u00a0
Non- \u00a0
Observable \u00a0
input \u00a0
observable \u00a0
input \u00a0
(DKK millions) \u00a0
Quoted prices \u00a0
Total \u00a0
31 December 2023* \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
92,985 \u00a0
-
92,985 \u00a0
Derivatives \u00a0
6,723 \u00a0
298,493 \u00a0
1,865 \u00a0
307,081 \u00a0
Interest rate contracts \u00a0
6,723 \u00a0
188,243 \u00a0
1,014 \u00a0
195,980 \u00a0
Currency contracts etc. \u00a0
-
110,250 \u00a0
851 \u00a0
111,101 \u00a0
Trading portfolio bonds \u00a0
168,031 \u00a0
9,532 \u00a0
-
177,563 \u00a0
Trading portfolio shares \u00a0
18,785 \u00a0
-
119 \u00a0
18,904 \u00a0
Investment securities, bonds \u00a0
100,554 \u00a0
27,470 \u00a0
-
128,023 \u00a0
Investment securities, shares \u00a0
-
-
493 \u00a0
493 \u00a0
Loans at fair value \u00a0
-
928,239 \u00a0
-
928,239 \u00a0
Assets under pooled schemes and investment contracts \u00a0
70,900 \u00a0
-
-
70,900 \u00a0
Insurance assets, bonds \u00a0
189,297 \u00a0
22,318 \u00a0
2,458 \u00a0
214,073 \u00a0
Danish mortgage bonds \u00a0
92,182 \u00a0
10,865 \u00a0
334 \u00a0
103,381 \u00a0
Other covered bonds \u00a0
97,115 \u00a0
11,453 \u00a0
2,124 \u00a0
110,692 \u00a0
Insurance assets, shares \u00a0
153,310 \u00a0
5,121 \u00a0
34,755 \u00a0
193,186 \u00a0
Insurance assets, derivatives \u00a0
141 \u00a0
52,436 \u00a0
911 \u00a0
53,488 \u00a0
Total \u00a0
707,741 \u00a0
1,436,594 \u00a0
40,601 \u00a0
2,184,935 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
85,548 \u00a0
-
85,548 \u00a0
Derivatives \u00a0
7,360 \u00a0
316,021 \u00a0
1,604 \u00a0
324,985 \u00a0
Interest rate contracts \u00a0
7,360 \u00a0
188,102 \u00a0
803 \u00a0
196,265 \u00a0
Currency contracts etc. \u00a0
-
127,919 \u00a0
801 \u00a0
128,720 \u00a0
Obligations to repurchase securities \u00a0
111,657 \u00a0
1,853 \u00a0
59 \u00a0
113,569 \u00a0
Deposits \u00a0
-
120,213 \u00a0
-
120,213 \u00a0
Issued bonds at fair value \u00a0
748,780 \u00a0
-
-
748,780 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
71,253 \u00a0
-
71,253 \u00a0
Insurance liabilities** \u00a0
58,976 \u00a0
1,160 \u00a0
60,136 \u00a0
Total \u00a0
867,797 \u00a0
653,864 \u00a0
2,823 \u00a0
1,524,483 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** The table above has been restated to include Insurance liabilities as at 31 December 2023 which meet the definition of financial instruments. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2387": { "value": "
Amortisation of initial margin \u00a0
If, at the time of acquisition, a difference arises between the model value of a financial instrument, calculated on the basis of non-observable \u00a0
input and actual cost (day-one profit or loss), and the difference is not the result of transaction costs, the Group adjusts model parameters to \u00a0
actual cost to take the initial margin into account. Accordingly, the valuation of derivatives includes amortisation of the value of initial margins \u00a0
over the remaining term to maturity. The initial margins relate to elements not covered by the above CVA and FVA adjustments, such as future \u00a0
administrative expenses and capital consumption. At 31 December 2024, the value of unamortised initial margins was DKK 1,229 million \u00a0
(2023: DKK 1,176 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2377": { "value": "
If, at the balance sheet date, a financial instrument\u2019s classification differs from its classification at the beginning of the year, the classification \u00a0
of the instrument changes. Changes are considered to have taken place at the balance sheet date. Developments in the financial markets have \u00a0
resulted in reclassifications between the categories. Some bonds have become illiquid and have therefore been moved from the Quoted prices \u00a0
to the Observable input category, while other bonds have instead become liquid and have been moved from the Observable input to the Quoted \u00a0
prices category. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2398": { "value": "
G34. Related parties \u00a0
Danske Bank A/S acts as the bank of a number of its related parties. Payment services, trading in securities and other instruments, depositing \u00a0
of surplus liquidity and provision of short- and long-term financing are the primary services provided by Danske Bank A/S. \u00a0
Danica manages the pension plans of a number of related parties, and Danske Bank manages the assets of a number of the Group\u2019s pension \u00a0
funds. \u00a0
Accounting policy \u00a0
A related party to the Group is either a party over which the Group has control or significant influence or a party that has control or \u00a0
significant influence over the Group. All entities over which the Group has control are consolidated and are therefore not considered a \u00a0
related party to the Group. \u00a0
Entities that are related parties to the Group comprise shareholders that have a significant holding of shares (significant influence over the \u00a0
Group), associates, joint venture partners or defined benefit pension plan providers (the Group has significant influence over the entity). \u00a0
Further, key management personnel, defined as members of the Board of Directors and the Executive Leadership Team, are related parties \u00a0
to the Group. \u00a0
Transactions with related parties are settled on an arm\u2019s-length basis and recognised in the financial statements according to the same \u00a0
accounting policy as for similar transactions with unrelated parties. \u00a0
Related parties \u00a0
Parties with significant \u00a0
influence* \u00a0
Associates \u00a0
Board of Directors \u00a0
Executive Leadership Team \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Loans and\u00a0loan commitments \u00a0
9,538 \u00a0
7,060 \u00a0
1,614 \u00a0
2,065 \u00a0
30 \u00a0
46 \u00a0
32 \u00a0
33 \u00a0
Securities and derivatives \u00a0
1,506 \u00a0
1,197 \u00a0
10,560 \u00a0
10,545 \u00a0
-
-
-
-
Deposits \u00a0
12,779 \u00a0
12,353 \u00a0
1,278 \u00a0
1,358 \u00a0
15 \u00a0
30 \u00a0
14 \u00a0
16 \u00a0
Derivatives \u00a0
93 \u00a0
203 \u00a0
8
19 \u00a0
-
-
-
-
Pension obligation \u00a0
-
-
-
-
-
-
-
-
Guarantees issued \u00a0
581 \u00a0
260 \u00a0
4
4
-
-
-
-
Guarantees and collateral received \u00a0
891 \u00a0
1,131 \u00a0
486 \u00a0
308 \u00a0
22 \u00a0
33 \u00a0
23 \u00a0
23 \u00a0
Interest income \u00a0
320 \u00a0
333 \u00a0
91 \u00a0
125 \u00a0
1
1
1
1
Interest expense \u00a0
608 \u00a0
485 \u00a0
67 \u00a0
61 \u00a0
-
-
-
-
Fee income \u00a0
29 \u00a0
28 \u00a0
8
6
-
-
-
-
Dividend income \u00a0
29 \u00a0
242 \u00a0
-
-
-
-
-
-
Other income \u00a0
3
3
-
-
-
-
-
-
Loan impairment charges* \u00a0
1
1
-
-9 \u00a0
-
-
-
-
Trade in Danske Bank shares \u00a0
Acquisition of shares \u00a0
-
-
-
-
2
2
-
1
Sale of shares \u00a0
1,089 \u00a0
-
-
-
-
-
-
-
* For parties with significant influence, all exposures are in stage 1. \u00a0
The Group is a listed company, with no shareholder having control over the Group. Related parties with significant influence include \u00a0
shareholders with holdings exceeding 20% of Danske Bank A/S\u2019s share capital. The A.P. M\u00f8ller and Chastine Mc-Kinney M\u00f8ller Foundation and \u00a0
companies of A.P. M\u00f8ller Holding Group, Copenhagen, hold 21% of the share capital. Note G38 lists significant holdings in associates. The Board \u00a0
of Directors and Executive Leadership Team columns list the personal facilities, deposits, etc. held by members of the Board of Directors and \u00a0
the Executive Leadership Team and their dependants, and facilities with businesses in which these parties have control, joint control or \u00a0
significant influence. \u00a0
In 2024, the average interest rates on credit facilities granted to members of the Board of Directors and the Executive Leadership Team were \u00a0
2.7% (2023: 2.0%) and 3.0% (2023: 2.1%), respectively. Notes G35 and G36 specify the remuneration and shareholdings of management. \u00a0
G34. Related parties - continued \u00a0
Pension funds set up for the purpose of paying out pension benefits to employees of the Danske Bank Group are also considered related \u00a0
parties. The Danske Bank Group has entered into transactions with these funds. Such transactions are not eliminated in the consolidated \u00a0
financial statements. Transactions with pension funds comprised loans in the amount of DKK 6 million (2023: DKK 6 million), deposits \u00a0
amounting to DKK 59 million (2023: DKK 62 million), DKK 11 million worth of bonds issued (2023: DKK 10 million), derivatives with a positive \u00a0
fair value of DKK 0 million (2023: DKK 0 million), derivatives with a negative fair value of DKK 404 million (2023: DKK 464 million), interest \u00a0
expenses of DKK 2 million (2023: DKK 2 million), fee income of DKK 0 million (2023: DKK 0 million) and pension contributions of DKK 15 million \u00a0
(2023: DKK 96 million). \u00a0
The figures above do not include debt to related parties in the form of issued notes or bonds. Such notes or bonds are bearer securities, which \u00a0
means that Danske Bank does not know the identity of the holders. Danske Bank shares may be registered by name. Related parties\u2019 holdings \u00a0
of Danske Bank shares equalling 5% or more of Danske Bank\u2019s share capital are determined on the basis of the most recent reporting of \u00a0
holdings to Danske Bank. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2399": { "value": "
Accounting policy \u00a0
A related party to the Group is either a party over which the Group has control or significant influence or a party that has control or \u00a0
significant influence over the Group. All entities over which the Group has control are consolidated and are therefore not considered a \u00a0
related party to the Group. \u00a0
Entities that are related parties to the Group comprise shareholders that have a significant holding of shares (significant influence over the \u00a0
Group), associates, joint venture partners or defined benefit pension plan providers (the Group has significant influence over the entity). \u00a0
Further, key management personnel, defined as members of the Board of Directors and the Executive Leadership Team, are related parties \u00a0
to the Group. \u00a0
Transactions with related parties are settled on an arm\u2019s-length basis and recognised in the financial statements according to the same \u00a0
accounting policy as for similar transactions with unrelated parties. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2404": { "value": "
G35. Remuneration of management and material risk takers \u00a0
This note gives information on the total remuneration of the Group\u2019s management in the form of the Board of Directors and the Executive \u00a0
Leadership Team, and remuneration of other material risk takers. This note further includes information on the Group\u2019s share-based payment. \u00a0
Remuneration Report 2024 available at danskebank.com/remuneration provides a detailed description of remuneration paid to the Board of \u00a0
Directors and the Executive Leadership team. \u00a0
(a) Remuneration of the Board of Directors \u00a0
The members of the Board of Directors receive fixed remuneration and are not covered by any of the Group\u2019s incentive programmes. In \u00a0
addition, the members of the Board of Directors also receive a fee for board committee membership. The Board of Directors is remunerated by \u00a0
the parent company, Danske Bank A/S. The Group has no pension obligations towards the directors. At the end of 2024 there were 12 \u00a0
members of the Board (2023: 12 members). \u00a0
Remuneration of the Board of Directors \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Directors' remuneration \u00a0
12 \u00a0
11 \u00a0
Remuneration for committee work \u00a0
5
5
Total \u00a0
17 \u00a0
15 \u00a0
b) Remuneration of the Executive Leadership Team \u00a0
For the Executive Leadership Team, a total remuneration of DKK 123 million for 2024 (2023: DKK 130 million) has been expensed, \u00a0
Remuneration of the Executive Leadership Team \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023* \u00a0
Fixed remuneration \u00a0
97 \u00a0
90 \u00a0
Variable remuneration \u00a0
26 \u00a0
40 \u00a0
Total \u00a0
123 \u00a0
130 \u00a0
* Variable remuneration in 2023 included sign-on fee. See Remuneration Report 2023 for details. \u00a0
At the end of 2024, the Executive Leadership Team had 9 members (2023: 9 members). \u00a0
Part of the variable remuneration of the Executive Leadership Team is provided as a share-based long-term incentive programme and deferred \u00a0
variable payouts from the short-term incentive. The incentive programmes are further described in section (d). \u00a0
G35. Remuneration of management and material risk takers - continued \u00a0
In the Remuneration Report 2024, the value of the long-term incentive programme grant is the grant value of the award for the performance \u00a0
period 2024-2026 of which one third of the award granted is included within total variable remuneration in this note. In the Remuneration \u00a0
Report 2024, the value of the long-term incentive corresponds to the grant value of the award for the three-year performance period, 2024- \u00a0
2026. In accordance with EBA regulations, prorated provisions for the long-term incentive and deferrals from the short-term incentive, will be \u00a0
paid in future financial years. \u00a0
Membership of the Board of Directors in one or more of the Group\u2019s subsidiaries is not remunerated separately but considered part of the \u00a0
Executive Leadership Team\u2019s responsibilities and as such part of the remuneration of the Executive Leadership Team. Danske Bank Group\u2019s \u00a0
Remuneration Policy provides more information about remuneration in the Group. The policy is available at danskebank.com/remuneration- \u00a0
policy. \u00a0
(c) Remuneration of other material risk takers \u00a0
Danske Bank Group is required to identify all employees whose professional activities could have a material impact on the risk profile of \u00a0
Danske Bank in accordance with current legislation. Other material risk takers do not include members of the Board of Directors or the \u00a0
Executive Leadership Team. \u00a0
At the end of 2024, 436 other material risk takers were designated (end of 2023: 429 other material risk takers). During 2024, 435 full-time- \u00a0
equivalents (FTEs) were designated as other material risk takers (2023: 421 FTEs). The 435 FTEs designated as other material risk takers \u00a0
earned remuneration of DKK 1,175 million (2023: 421 FTEs earned remuneration of DKK 1,000 million), with fixed remuneration amounting to \u00a0
DKK 834 million and variable remuneration amounting to DKK 341 million (2023: DKK 774 million and DKK 227 million, respectively).\u00a0Fixed and \u00a0
variable remuneration for 2024 is estimated and the final figure is determined at the end of February 2025. The final fixed and variable \u00a0
remuneration for material risk takers will be published in the quantitative disclosure on material risk takers\u2019 remuneration, compliant with the \u00a0
Danish FSA and EBA requirements. The disclosure will be available at danskebank.com/remuneration in May 2025. \u00a0
Of the above remuneration for 2024, 289 FTEs designated as other material risk takers at the parent company, Danske Bank A/S, earned \u00a0
remuneration of DKK 949 million (2023: DKK 787 million to 271 FTEs), with fixed remuneration amounting to DKK 646 million and variable \u00a0
remuneration amounting to DKK 303 million (2023: DKK 588 million and DKK 199 million, respectively). \u00a0
The Group\u2019s pension obligations towards other material risk takers amounted to DKK 106 million to 26 employees at year-end 2024 (2023: \u00a0
DKK 84 million and 22 employees). Payouts from variable remuneration for other material risk takers are split into cash and Danske Bank \u00a0
shares according to EBA regulations. Further, 40-60% of payouts from variable remuneration are deferred for a minimum of three years. All \u00a0
payouts from variable remuneration are subject to back-testing and clawback if granted on the basis of results which has subsequently proven \u00a0
to not be sustainable or accurate. \u00a0
(d) Share-based payment \u00a0
The total expense recognised as operating expenses in 2024 arising from share-based payments was DKK 203 million (2023: DKK 172 million). \u00a0
All share-based payments are equity-settled. The exact number of shares granted for 2024 will be determined at the beginning of April 2025. \u00a0
The Group has granted rights to conditional shares under the bonus structure for material risk takers and other employees as part of their \u00a0
variable remuneration. Such employees have a performance agreement based on the performance of the Group, the business unit and the \u00a0
individual employee. Part of the Danske Bank shares granted to material risk takers are deferred, as required by the EBA (see section (c) above \u00a0
on payouts from variable remuneration). The fair value at the grant date is measured at the monetary value of the underlying performance \u00a0
agreement. \u00a0
The variable remuneration of the Executive Leadership Team is provided as part of a short-term incentive- and a long-term incentive \u00a0
programme. \u00a0
The short-term incentive programme is structured similarly to that of other material risk takers, as described above. However, the rights to \u00a0
Danske Bank shares are deferred for five years, followed by a one year holding period before shares are available to trade. \u00a0
The long-term incentive programme is based on the performance in selected KPIs over a three-year performance period. In 2024, there were \u00a0
three long-term incentive programmes running: the 2022-2024, the 2023-2025 and the 2024-2026. While for the long-term incentive \u00a0
programmes 2022-2024 and 2023-2025 only the total shareholder return performance relative to peers was selected as a KPI, the long-term \u00a0
incentive programme 2024-2026 is based also on the return on equity. Both KPIs are weighted equally. After the performance period of three \u00a0
years, part of the shares will be paid out. The remaining shares are deferred for five years from the grant date followed by a one year holding \u00a0
period before shares are available to trade. \u00a0
The remuneration is subject to backtesting and clawback. \u00a0
The fair value of the long-term incentive programmes at the grant date was DKK 10.4 million for the 2024-2026 programme and DKK 6.1 \u00a0
million for the 2023-2025 programme. The fair value of the shares is calculated at the grant date and is based on relevant assumptions, which \u00a0
relate to volatility relative to peers. The fair value at grant date is expensed over the three-year vesting period. The increase between the 2023- \u00a0
2025 programme and 2024-2026 programme is due to a change in to the remuneration model \u2013 see Remuneration Report 2024 for more \u00a0
details. \u00a0
G35. Remuneration of management and material risk takers - continued \u00a0
Conditional shares \u00a0
Employee \u00a0
Number \u00a0
payment price \u00a0
Fair value \u00a0
Employee \u00a0
payment \u00a0
Executive \u00a0
Other \u00a0
At issue \u00a0
End of year \u00a0
Leadership \u00a0
Team \u00a0
Granted in 2016 \u00a0
staff \u00a0
Total \u00a0
price (DKK) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
1 January 2023 \u00a0
-
239 \u00a0
239 \u00a0
-
0.0 \u00a0
0.0 \u00a0
Vested 2023 \u00a0
-
-
-
-
-
-
Forfeited 2023 \u00a0
-
-
-
-
-
-
Other changes 2023 \u00a0
-
-
-
-
-
-
31 December 2023 \u00a0
-
239 \u00a0
239 \u00a0
-
0.0 \u00a0
0.0 \u00a0
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-
-
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
-
239 \u00a0
239 \u00a0
-
0.0 \u00a0
0.0 \u00a0
Granted in 2017 \u00a0
1 January 2023 \u00a0
-
5,378 \u00a0
5,378 \u00a0
-
1.3 \u00a0
1.1 \u00a0
Vested 2023 \u00a0
-
-2,998 \u00a0
-2,998 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-
-
-
-
-
Other changes 2023 \u00a0
-
-
-
-
-
-
31 December 2023 \u00a0
-
2,380 \u00a0
2,380 \u00a0
-
0.6 \u00a0
0.5 \u00a0
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-938 \u00a0
-938 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
-
1,442 \u00a0
1,442 \u00a0
-
0.3 \u00a0
0.3 \u00a0
Granted in 2018 \u00a0
1 January 2023 \u00a0
1,062 \u00a0
14,024 \u00a0
15,086 \u00a0
-
3.5 \u00a0
3.1 \u00a0
Vested 2023 \u00a0
-1,062 \u00a0
-10,391 \u00a0
-11,453 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-3,075 \u00a0
-3,075 \u00a0
-
-
-
Other changes 2023 \u00a0
-
-558 \u00a0
-558 \u00a0
-
-
-
31 December 2023 \u00a0
-
-
-
-
-
-
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-
-
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
-
-
-
-
-
-
Employee \u00a0
Number \u00a0
payment price \u00a0
Fair value \u00a0
Employee \u00a0
payment \u00a0
Executive \u00a0
Other \u00a0
At issue \u00a0
End of year \u00a0
Leadership \u00a0
Team \u00a0
Granted in 2019 \u00a0
staff \u00a0
Total \u00a0
price (DKK) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
1 January 2023 \u00a0
-
31,122 \u00a0
31,122 \u00a0
-
3.9 \u00a0
6.3 \u00a0
Vested 2023 \u00a0
-
-9,390 \u00a0
-9,390 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-
-
-
-
-
Other changes 2023 \u00a0
-
-19,397 \u00a0
-19,397 \u00a0
-
-
-
31 December 2023 \u00a0
-
2,335 \u00a0
2,335 \u00a0
-
0.3 \u00a0
0.5 \u00a0
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-2,335 \u00a0
-2,335 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
-
-
-
-
-
-
Granted in 2020 \u00a0
1 January 2023 \u00a0
80,220 \u00a0
716,798 \u00a0
797,018 \u00a0
-
77.0 \u00a0
162.4 \u00a0
Vested 2023 \u00a0
-2,922 \u00a0
-526,301 \u00a0
-529,223 \u00a0
-
-
-
Forfeited 2023 \u00a0
-64,350 \u00a0
-133,887 \u00a0
-198,237 \u00a0
-
-
-
Other changes 2023 \u00a0
-6,543 \u00a0
3,347 \u00a0
-3,196 \u00a0
-
-
-
31 December 2023 \u00a0
6,405 \u00a0
59,957 \u00a0
66,362 \u00a0
-
6.4 \u00a0
13.5 \u00a0
Vested 2024 \u00a0
-
-5,428 \u00a0
-5,428 \u00a0
-
-
-
Forfeited 2024 \u00a0
-
-
-
-
-
-
Other changes 2024 \u00a0
-
-6,405 \u00a0
-6,405 \u00a0
-
-
-
31 December 2024 \u00a0
6,405 \u00a0
48,124 \u00a0
54,529 \u00a0
-
5.3 \u00a0
11.1 \u00a0
Granted in 2021 \u00a0
1 January 2023 \u00a0
113,621 \u00a0
718,739 \u00a0
832,360 \u00a0
-
98.7 \u00a0
169.6 \u00a0
Vested 2023 \u00a0
-
-5,523 \u00a0
-5,523 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-28,586 \u00a0
-28,586 \u00a0
-
-
-
Other changes 2023 \u00a0
-769 \u00a0
125 \u00a0
-644 \u00a0
-
-
-
31 December 2023 \u00a0
112,852 \u00a0
684,755 \u00a0
797,607 \u00a0
-
94.5 \u00a0
162.5 \u00a0
Vested 2024 \u00a0
-21,960 \u00a0
-146,848 \u00a0
-168,808 \u00a0
-
-
-
Forfeited 2024 \u00a0
-32,306 \u00a0
-28,032 \u00a0
-60,338 \u00a0
-
-
-
Other changes 2024 \u00a0
-
1,573 \u00a0
1,573 \u00a0
-
-
-
31 December 2024 \u00a0
58,586 \u00a0
511,448 \u00a0
570,034 \u00a0
-
67.9 \u00a0
116.1 \u00a0
G35. Remuneration of management and material risk takers - continued \u00a0
Employee \u00a0
Number \u00a0
payment price \u00a0
Fair value \u00a0
Employee \u00a0
Executive \u00a0
Other \u00a0
payment \u00a0
At issue \u00a0
End of year \u00a0
Leadership \u00a0
Granted in 2022 \u00a0
Team \u00a0
staff \u00a0
Total \u00a0
price (DKK) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
1 January 2023 \u00a0
172,628 \u00a0
1,053,790 \u00a0
1,226,418 \u00a0
-
140.7 \u00a0
249.8 \u00a0
Vested 2023 \u00a0
-7,389 \u00a0
-299,858 \u00a0
-307,247 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-14,126 \u00a0
-14,126 \u00a0
-
-
-
Other changes 2023 \u00a0
-39,217 \u00a0
2,534 \u00a0
-36,683 \u00a0
-
-
-
31 December 2023 \u00a0
126,022 \u00a0
742,340 \u00a0
868,362 \u00a0
-
99.7 \u00a0
176.9 \u00a0
Vested 2024 \u00a0
-7,389 \u00a0
-195,734 \u00a0
-203,123 \u00a0
-
-
-
Forfeited 2024 \u00a0
-
-3,373 \u00a0
-3,373 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-66,754 \u00a0
-66,754 \u00a0
-
-
-
31 December 2024 \u00a0
118,633 \u00a0
476,479 \u00a0
595,112 \u00a0
-
68.3 \u00a0
121.2 \u00a0
Granted in 2023 \u00a0
Granted in 2023 \u00a0
140,524 \u00a0
633,671 \u00a0
774,195 \u00a0
-
109.6 \u00a0
157.7 \u00a0
Vested 2023 \u00a0
-549 \u00a0
-269,062 \u00a0
-269,611 \u00a0
-
-
-
Forfeited 2023 \u00a0
-
-11,834 \u00a0
-11,834 \u00a0
-
-
-
Other changes 2023 \u00a0
-12,396 \u00a0
15,451 \u00a0
3,055 \u00a0
-
-
-
31 December 2023 \u00a0
127,579 \u00a0
368,226 \u00a0
495,805 \u00a0
-
70.2 \u00a0
101.0 \u00a0
Vested 2024 \u00a0
-5,580 \u00a0
-88,645 \u00a0
-94,225 \u00a0
-
-
-
Forfeited 2024 \u00a0
-
-2,086 \u00a0
-2,086 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-22,765 \u00a0
-22,765 \u00a0
-
-
-
31 December 2024 \u00a0
121,999 \u00a0
254,730 \u00a0
376,729 \u00a0
-
53.3 \u00a0
76.7 \u00a0
Granted in 2024 \u00a0
Granted in 2024 \u00a0
196,016 \u00a0
1,071,957 \u00a0
1,267,973 \u00a0
-
262.7 \u00a0
258.3 \u00a0
Vested 2024 \u00a0
-
-257,758 \u00a0
-257,758 \u00a0
-
-
-
Forfeited 2024 \u00a0
-
-34,291 \u00a0
-34,291 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-157,627 \u00a0
-157,627 \u00a0
-
-
-
31 December 2024 \u00a0
196,016 \u00a0
622,281 \u00a0
818,297 \u00a0
-
169.6 \u00a0
166.7 \u00a0
Other staff includes material risk takers and other employees eligible for share-based payment. \u00a0
At the end of 2024, the Executive Leadership Team held a total of 501,639 conditional shares with fair value of DKK 102.2 million (2023: \u00a0
372,858 conditional shares with fair value of DKK 67.3 million). See Remuneration Report 2024 for further details of the Executive Leadership \u00a0
Team\u2019s holdings. \u00a0
In 2024, the average price at the vesting date for rights to conditional shares was DKK 200.9 (2023: DKK 141.5). \u00a0
G36. Danske Bank shares held by the Board of Directors \u00a0
and the Executive Leadership Team \u00a0
Upon \u00a0
Beginning of \u00a0
2024 \u00a0
appointment / \u00a0
retirement \u00a0
(Number of shares) \u00a0
Additions \u00a0
Disposals \u00a0
End of 2024 \u00a0
Board of directors \u00a0
Martin Blessing \u00a0
21,000 \u00a0
-
-
-
21,000 \u00a0
Martin N\u00f8rkj\u00e6r Larsen \u00a0
-
-
9,193 \u00a0
-
9,193 \u00a0
Lars-Erik Bren\u00f8e \u00a0
32,886 \u00a0
-
-
-
32,886 \u00a0
Jacob Dahl \u00a0
13,408 \u00a0
-
5,161 \u00a0
-
18,569 \u00a0
Raija-Leena Hankonen-Nybom \u00a0
8,000 \u00a0
-
-
-
8,000 \u00a0
Lieve Mostrey \u00a0
-
-
1,400 \u00a0
-
1,400 \u00a0
Allan Polack \u00a0
4,466 \u00a0
-
-
-
4,466 \u00a0
Helle Valentin \u00a0
600 \u00a0
-
-
-
600 \u00a0
Bente Bang \u00a0
1,262 \u00a0
-
-
-
1,262 \u00a0
Kirsten Ebbe Brich \u00a0
3,796 \u00a0
-
-
-
3,796 \u00a0
Aleksandras Cicasovas \u00a0
600 \u00a0
-
400 \u00a0
-
1,000 \u00a0
Louise Aggerstr\u00f8m Hansen \u00a0
676 \u00a0
-
-
-
676 \u00a0
Jan Thorsgaard Nielsen \u00a0
25,000 \u00a0
-25,000 \u00a0
-
-
-
Carol Sergeant \u00a0
7,023 \u00a0
-7,023 \u00a0
-
-
-
Total \u00a0
118,717 \u00a0
-32,023 \u00a0
16,154 \u00a0
-
102,848 \u00a0
Executive Leadership Team \u00a0
Carsten Rasch Egeriis \u00a0
31,561 \u00a0
-
13,457 \u00a0
-
45,018 \u00a0
Magnus Agustsson \u00a0
-
-
1,497 \u00a0
-
1,497 \u00a0
Joachim Alpen \u00a0
-
-
-
-
-
Christian Bornfeld \u00a0
8,000 \u00a0
-
375 \u00a0
-
8,375 \u00a0
Karsten Breum \u00a0
63,613 \u00a0
-
6,614 \u00a0
-
70,227 \u00a0
Stephan Engels \u00a0
23,000 \u00a0
-
8,932 \u00a0
-
31,932 \u00a0
Johanna Norberg \u00a0
20,692 \u00a0
-
2,688 \u00a0
-
23,380 \u00a0
Dorthe Tolborg \u00a0
5,000 \u00a0
-
-
-
5,000 \u00a0
Frans Woelders \u00a0
5,000 \u00a0
-
7,841 \u00a0
-
12,841 \u00a0
Total \u00a0
156,866 \u00a0
-
41,404 \u00a0
-
198,270 \u00a0
Danske Bank discloses all additions, disposals and total holdings of members of the Board of Directors and the Executive Leadership Team and \u00a0
their immediate family. For any members of the Board of Directors or the Executive Leadership Team who were appointed during the financial \u00a0
year, shares held prior to their appointment are included in additions. \u00a0
The total holdings of conditional shares of the members of the Executive Leadership Team is disclosed in note G35. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2418": { "value": "
G37. Group holdings and undertakings \u00a0
This note provides information on subsidiaries. \u00a0
Accounting policy \u00a0
The financial statements consolidate Danske Bank A/S and group undertakings in which the Group has control over financial and \u00a0
operating policy decisions. Control is said to exist if Danske Bank A/S, directly or indirectly, is exposed, or has rights, to variable returns \u00a0
from the involvement with the entity and has the ability to affect these returns through the power over the entity. Power exists if Danske \u00a0
Bank A/S, directly or indirectly, holds more than half of the voting rights in an undertaking or otherwise has power to control \u00a0
management and operating policy decisions. Operating policy control may be exercised through agreements about the undertaking\u2019s \u00a0
activities. In the rare situations where potential voting rights exist, these are taken into account if Danske Bank has the practical ability to \u00a0
exercise these rights. \u00a0
When assessing whether to consolidate investment funds, the Group reviews all facts and circumstances to determine whether the \u00a0
Group, as fund manager, is acting as agent or principal. The Group is deemed to be a principal, and the Group controls and consolidates a \u00a0
fund when it acts as fund manager and cannot be removed without cause (i.e. when kick-out rights are weak), has variable returns \u00a0
through significant holdings, and is able to influence the returns of the funds by exercising its power. Holdings where all returns belong \u00a0
to customers (pooled schemes and investment contracts) are not considered as exposure to variable returns, whereas holdings where \u00a0
the majority of the returns belong to customers (holdings related to insurance contracts) are considered only limited exposure to \u00a0
variable returns. \u00a0
The consolidated financial statements are prepared by consolidating items of the same nature and eliminating intra-group transactions, \u00a0
balances and trading profits and losses. \u00a0
Undertakings acquired are included in the financial statements at the time of acquisition. The net assets of such undertakings (assets, \u00a0
including identifiable intangible assets, less liabilities and contingent liabilities) are measured at fair value at the date of acquisition \u00a0
according to the acquisition method \u00a0
If the cost of acquisition (until 1 January 2010 including direct transaction costs) exceeds the fair value of the net assets acquired, the \u00a0
excess amount is recognised as goodwill. Goodwill is recognised in the functional currency of the undertaking acquired. The portion of \u00a0
the acquisition that is attributable to non-controlling interests does not include goodwill. \u00a0
Divested undertakings are included in the financial statements until the transfer date. Changes in the ownership share in a subsidiary \u00a0
that do not result in loss of control are accounted for as equity transactions. This implies that the carrying amounts of the controlling and \u00a0
non-controlling interests are adjusted to reflect the changes in the relative interest in the subsidiary, and any difference between the fair \u00a0
value of the consideration paid/received and the adjustment made to non-controlling interests is attributed to the shareholders of \u00a0
Danske Bank A/S. If changes in the ownership share in a subsidiary result in the loss of control, any investment retained in the former \u00a0
subsidiary is recognised at fair value, and amounts recognised under Other comprehensive income are reclassified to the income \u00a0
statement or transferred directly to retained earnings if so required by other IFRS Accounting Standards. The difference between the fair \u00a0
value of the consideration received plus any investment retained in the former subsidiary and the carrying amount of the net assets in \u00a0
the subsidiary less the carrying amounts of any non-controlling interests is recognised in the income statement \u00a0
Accounting policy \u00a0
Held-for-sale group undertakings \u00a0
Companies taken over by the Group under non-performing loan agreements and actively marketed for sale and expected to be sold \u00a0
within 12 months of classification are recognised as held-for-sale. Assets and liabilities in such companies are presented under Assets \u00a0
held for sale and Liabilities in disposal groups held for sale. The assets are recognised at the lower of cost and fair value less expected \u00a0
costs to sell. \u00a0
a) Further explanation \u00a0
All credit institutions and insurance companies supervised by national FSAs are subject to local statutory capital requirements. These \u00a0
requirements restrict intra-group facilities and dividend payouts. \u00a0
Danica has an obligation to allocate part of the margin by which Danica\u2019s equity exceeds the statutory solvency requirement to certain \u00a0
policyholders who were previously policyholders of Statsanstalten for Livsforsikring (now part of Danica). This applies only if the margin \u00a0
exceeds the margin in Statsanstalten for Livsforsikring before the privatisation in 1990 and relates to any excess included in the shareholders\u2019 \u00a0
equity or paid out as dividend. Such special allotments are expensed and recognised under Net insurance benefits. \u00a0
Restrictions impacting the Group\u2019s ability to use assets are disclosed in note G31 and include, among others, assets pledged as collateral under \u00a0
repo transactions funded by covered bonds and assets held by insurance subsidiaries that are primarily held to satisfy obligations to \u00a0
policyholders\u2019 savings. \u00a0
The Group has established a number of investment funds in which the Group acts as fund manager. The Group has consolidated assets under \u00a0
management of DKK 4,609 million (2023: DKK 6,357 million), as the Group is deemed to be acting as principal rather than agent in its role as \u00a0
fund manager and because the Group is the sole investor, owning 100% of the investment funds. The investments are held to satisfy \u00a0
obligations towards insurance policyholders and are recognised under Assets under insurance contracts. \u00a0
The Group does not have consolidated structured entities in the form of securitisation vehicles or asset-backed financing vehicles. \u00a0
(b) Acquisition of subsidiary undertakings \u00a0
On 1 January 2025, Danske Bank acquired the right to the management of the billion-kroner funds Dansk V\u00e6kstkapital I, Dansk V\u00e6kstkapital II \u00a0
and Dansk V\u00e6kstkapital III, as well as potential future Dansk V\u00e6kstkapital funds from the state-owned Export and Investment Fund of Denmark \u00a0
(EIFO) for a purchase consideration of DKK 21 million. The financial effects of this transaction have not been recognised at 31 December 2024. \u00a0
The operating result, assets and liabilities of the acquisition will be consolidated from 1 January 2025. \u00a0
Goodwill comprises DKK 17 million and is attributable to the workforce and an increase in market share of assets under management. None of \u00a0
the goodwill is expected to be deductible for tax purposes. \u00a0
The Group did not make any acquisitions of undertakings in 2024 or 2023. \u00a0
G37. Group holdings and undertakings - continued \u00a0
The list above includes significant active subsidiary operations only. \u00a0
The Group\u00b4s ownership share of the other subsidiaries is unchanged from 2023 to 2024. The financial information above is extracted from the \u00a0
companies\u00b4 most recent annual reports prior to 7 February 2025. \u00a0
(c) List of significant subsidiaries \u00a0
Shareholders' \u00a0
equity \u00a0
Share capital \u00a0
Net profit \u00a0
Share capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Danske Bank A/S, Copenhagen \u00a0
DKK \u00a0
8,621,846 \u00a0
23,629 \u00a0
175,687 \u00a0
Credit institutions \u00a0
Danske Hypotek AB (publ), Stockholm \u00a0
SEK \u00a0
50,000 \u00a0
362 \u00a0
5,043 \u00a0
100 \u00a0
Danske Mortgage Bank Plc, Helsinki \u00a0
EUR \u00a0
70,000 \u00a0
207 \u00a0
2,737 \u00a0
100 \u00a0
Northern Bank Limited, Belfast \u00a0
GBP \u00a0
218,170 \u00a0
1,409 \u00a0
6,316 \u00a0
100 \u00a0
Realkredit Danmark A/S, Copenhagen \u00a0
DKK \u00a0
630,000 \u00a0
4,424 \u00a0
54,642 \u00a0
100 \u00a0
Insurance operations \u00a0
Danica Pension, Livsforsikringsaktieselskab, Copenhagen \u00a0
DKK \u00a0
1,101,000 \u00a0
1,279 \u00a0
20,435 \u00a0
100 \u00a0
Investment and real estate operations etc. \u00a0
Danica Ejendomme P/S, Copenhagen \u00a0
DKK \u00a0
4,410,000 \u00a0
1,718 \u00a0
36,456 \u00a0
100 \u00a0
Danica Kapitalforvaltning K/S \u00a0
DKK \u00a0
10,000 \u00a0
597 \u00a0
607 \u00a0
100 \u00a0
Danske Invest Asset Management AS, Trondheim \u00a0
NOK \u00a0
6,000 \u00a0
18 \u00a0
49 \u00a0
100 \u00a0
Danske Invest Management A/S, Copenhagen \u00a0
DKK \u00a0
120,000 \u00a0
135 \u00a0
383 \u00a0
100 \u00a0
Danske Leasing A/S, Birker\u00f8d \u00a0
DKK \u00a0
10,000 \u00a0
458 \u00a0
2,317 \u00a0
100 \u00a0
Danske Markets Inc., New York \u00a0
USD \u00a0
2,000 \u00a0
21 \u00a0
380 \u00a0
100 \u00a0
Danske Private Equity A/S, Copenhagen \u00a0
DKK \u00a0
6,000 \u00a0
10 \u00a0
54 \u00a0
100 \u00a0
DDB Invest AB, Stockholm \u00a0
SEK \u00a0
100,000 \u00a0
5
153 \u00a0
100 \u00a0
home a/s, \u00c5byh\u00f8j \u00a0
DKK \u00a0
15,000 \u00a0
21 \u00a0
124 \u00a0
100 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2420": { "value": "
Accounting policy \u00a0
The financial statements consolidate Danske Bank A/S and group undertakings in which the Group has control over financial and \u00a0
operating policy decisions. Control is said to exist if Danske Bank A/S, directly or indirectly, is exposed, or has rights, to variable returns \u00a0
from the involvement with the entity and has the ability to affect these returns through the power over the entity. Power exists if Danske \u00a0
Bank A/S, directly or indirectly, holds more than half of the voting rights in an undertaking or otherwise has power to control \u00a0
management and operating policy decisions. Operating policy control may be exercised through agreements about the undertaking\u2019s \u00a0
activities. In the rare situations where potential voting rights exist, these are taken into account if Danske Bank has the practical ability to \u00a0
exercise these rights. \u00a0
When assessing whether to consolidate investment funds, the Group reviews all facts and circumstances to determine whether the \u00a0
Group, as fund manager, is acting as agent or principal. The Group is deemed to be a principal, and the Group controls and consolidates a \u00a0
fund when it acts as fund manager and cannot be removed without cause (i.e. when kick-out rights are weak), has variable returns \u00a0
through significant holdings, and is able to influence the returns of the funds by exercising its power. Holdings where all returns belong \u00a0
to customers (pooled schemes and investment contracts) are not considered as exposure to variable returns, whereas holdings where \u00a0
the majority of the returns belong to customers (holdings related to insurance contracts) are considered only limited exposure to \u00a0
variable returns. \u00a0
The consolidated financial statements are prepared by consolidating items of the same nature and eliminating intra-group transactions, \u00a0
balances and trading profits and losses. \u00a0
Undertakings acquired are included in the financial statements at the time of acquisition. The net assets of such undertakings (assets, \u00a0
including identifiable intangible assets, less liabilities and contingent liabilities) are measured at fair value at the date of acquisition \u00a0
according to the acquisition method \u00a0
If the cost of acquisition (until 1 January 2010 including direct transaction costs) exceeds the fair value of the net assets acquired, the \u00a0
excess amount is recognised as goodwill. Goodwill is recognised in the functional currency of the undertaking acquired. The portion of \u00a0
the acquisition that is attributable to non-controlling interests does not include goodwill. \u00a0
Divested undertakings are included in the financial statements until the transfer date. Changes in the ownership share in a subsidiary \u00a0
that do not result in loss of control are accounted for as equity transactions. This implies that the carrying amounts of the controlling and \u00a0
non-controlling interests are adjusted to reflect the changes in the relative interest in the subsidiary, and any difference between the fair \u00a0
value of the consideration paid/received and the adjustment made to non-controlling interests is attributed to the shareholders of \u00a0
Danske Bank A/S. If changes in the ownership share in a subsidiary result in the loss of control, any investment retained in the former \u00a0
subsidiary is recognised at fair value, and amounts recognised under Other comprehensive income are reclassified to the income \u00a0
statement or transferred directly to retained earnings if so required by other IFRS Accounting Standards. The difference between the fair \u00a0
value of the consideration received plus any investment retained in the former subsidiary and the carrying amount of the net assets in \u00a0
the subsidiary less the carrying amounts of any non-controlling interests is recognised in the income statement \u00a0
Accounting policy \u00a0
Held-for-sale group undertakings \u00a0
Companies taken over by the Group under non-performing loan agreements and actively marketed for sale and expected to be sold \u00a0
within 12 months of classification are recognised as held-for-sale. Assets and liabilities in such companies are presented under Assets \u00a0
held for sale and Liabilities in disposal groups held for sale. The assets are recognised at the lower of cost and fair value less expected \u00a0
costs to sell. \u00a0
a) Further explanation \u00a0
All credit institutions and insurance companies supervised by national FSAs are subject to local statutory capital requirements. These \u00a0
requirements restrict intra-group facilities and dividend payouts. \u00a0
Danica has an obligation to allocate part of the margin by which Danica\u2019s equity exceeds the statutory solvency requirement to certain \u00a0
policyholders who were previously policyholders of Statsanstalten for Livsforsikring (now part of Danica). This applies only if the margin \u00a0
exceeds the margin in Statsanstalten for Livsforsikring before the privatisation in 1990 and relates to any excess included in the shareholders\u2019 \u00a0
equity or paid out as dividend. Such special allotments are expensed and recognised under Net insurance benefits. \u00a0
Restrictions impacting the Group\u2019s ability to use assets are disclosed in note G31 and include, among others, assets pledged as collateral under \u00a0
repo transactions funded by covered bonds and assets held by insurance subsidiaries that are primarily held to satisfy obligations to \u00a0
policyholders\u2019 savings. \u00a0
The Group has established a number of investment funds in which the Group acts as fund manager. The Group has consolidated assets under \u00a0
management of DKK 4,609 million (2023: DKK 6,357 million), as the Group is deemed to be acting as principal rather than agent in its role as \u00a0
fund manager and because the Group is the sole investor, owning 100% of the investment funds. The investments are held to satisfy \u00a0
obligations towards insurance policyholders and are recognised under Assets under insurance contracts. \u00a0
The Group does not have consolidated structured entities in the form of securitisation vehicles or asset-backed financing vehicles. \u00a0
(b) Acquisition of subsidiary undertakings \u00a0
On 1 January 2025, Danske Bank acquired the right to the management of the billion-kroner funds Dansk V\u00e6kstkapital I, Dansk V\u00e6kstkapital II \u00a0
and Dansk V\u00e6kstkapital III, as well as potential future Dansk V\u00e6kstkapital funds from the state-owned Export and Investment Fund of Denmark \u00a0
(EIFO) for a purchase consideration of DKK 21 million. The financial effects of this transaction have not been recognised at 31 December 2024. \u00a0
The operating result, assets and liabilities of the acquisition will be consolidated from 1 January 2025. \u00a0
Goodwill comprises DKK 17 million and is attributable to the workforce and an increase in market share of assets under management. None of \u00a0
the goodwill is expected to be deductible for tax purposes. \u00a0
The Group did not make any acquisitions of undertakings in 2024 or 2023. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2422": { "value": "
The financial statements consolidate Danske Bank A/S and group undertakings in which the Group has control over financial and \u00a0
operating policy decisions. Control is said to exist if Danske Bank A/S, directly or indirectly, is exposed, or has rights, to variable returns \u00a0
from the involvement with the entity and has the ability to affect these returns through the power over the entity. Power exists if Danske \u00a0
Bank A/S, directly or indirectly, holds more than half of the voting rights in an undertaking or otherwise has power to control \u00a0
management and operating policy decisions. Operating policy control may be exercised through agreements about the undertaking\u2019s \u00a0
activities. In the rare situations where potential voting rights exist, these are taken into account if Danske Bank has the practical ability to \u00a0
exercise these rights. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2430": { "value": "
The Group\u00b4s ownership share of the other subsidiaries is unchanged from 2023 to 2024. The financial information above is extracted from the \u00a0
companies\u00b4 most recent annual reports prior to 7 February 2025. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2429": { "value": "
(c) List of significant subsidiaries \u00a0
Shareholders' \u00a0
equity \u00a0
Share capital \u00a0
Net profit \u00a0
Share capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Danske Bank A/S, Copenhagen \u00a0
DKK \u00a0
8,621,846 \u00a0
23,629 \u00a0
175,687 \u00a0
Credit institutions \u00a0
Danske Hypotek AB (publ), Stockholm \u00a0
SEK \u00a0
50,000 \u00a0
362 \u00a0
5,043 \u00a0
100 \u00a0
Danske Mortgage Bank Plc, Helsinki \u00a0
EUR \u00a0
70,000 \u00a0
207 \u00a0
2,737 \u00a0
100 \u00a0
Northern Bank Limited, Belfast \u00a0
GBP \u00a0
218,170 \u00a0
1,409 \u00a0
6,316 \u00a0
100 \u00a0
Realkredit Danmark A/S, Copenhagen \u00a0
DKK \u00a0
630,000 \u00a0
4,424 \u00a0
54,642 \u00a0
100 \u00a0
Insurance operations \u00a0
Danica Pension, Livsforsikringsaktieselskab, Copenhagen \u00a0
DKK \u00a0
1,101,000 \u00a0
1,279 \u00a0
20,435 \u00a0
100 \u00a0
Investment and real estate operations etc. \u00a0
Danica Ejendomme P/S, Copenhagen \u00a0
DKK \u00a0
4,410,000 \u00a0
1,718 \u00a0
36,456 \u00a0
100 \u00a0
Danica Kapitalforvaltning K/S \u00a0
DKK \u00a0
10,000 \u00a0
597 \u00a0
607 \u00a0
100 \u00a0
Danske Invest Asset Management AS, Trondheim \u00a0
NOK \u00a0
6,000 \u00a0
18 \u00a0
49 \u00a0
100 \u00a0
Danske Invest Management A/S, Copenhagen \u00a0
DKK \u00a0
120,000 \u00a0
135 \u00a0
383 \u00a0
100 \u00a0
Danske Leasing A/S, Birker\u00f8d \u00a0
DKK \u00a0
10,000 \u00a0
458 \u00a0
2,317 \u00a0
100 \u00a0
Danske Markets Inc., New York \u00a0
USD \u00a0
2,000 \u00a0
21 \u00a0
380 \u00a0
100 \u00a0
Danske Private Equity A/S, Copenhagen \u00a0
DKK \u00a0
6,000 \u00a0
10 \u00a0
54 \u00a0
100 \u00a0
DDB Invest AB, Stockholm \u00a0
SEK \u00a0
100,000 \u00a0
5
153 \u00a0
100 \u00a0
home a/s, \u00c5byh\u00f8j \u00a0
DKK \u00a0
15,000 \u00a0
21 \u00a0
124 \u00a0
100 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2431": { "value": "
G38. Interests in associates and joint arrangements \u00a0
This note provides information about the Group\u2019s interests in associates and joint arrangements. \u00a0
Accounting policy \u00a0
Joint ventures and associates are entities other than group undertakings in which the Group has holdings and joint control with one or \u00a0
more parties or significant but not controlling influence, respectively. The Group generally classifies entities as joint ventures/associates \u00a0
if Danske Bank A/S, directly or indirectly, holds 20-50% of the share capital and has influence over management and operating policy \u00a0
decisions. Holdings in joint ventures and associates are recognised at cost at the date of acquisition and are subsequently measured \u00a0
according to the equity method. The proportionate share of the net profit or loss of the individual entity is included under Income from \u00a0
holdings in associates. The share is calculated on the basis of data from financial statements with balance sheet dates no earlier than \u00a0
three months before the Group\u2019s balance sheet date. If objective evidence of impairment exists, the investment is recognised at the \u00a0
lower of carrying amount and the present value of future cash flows. \u00a0
The proportionate share of the profit or loss on transactions between associates/joint ventures and group undertakings is eliminated. \u00a0
Ownership shares held by the Group\u2019s insurance business are treated as held by a venture capital organisation and are measured at \u00a0
fair value. \u00a0
List of significant associates \u00a0
Share \u00a0
Shareholder \u00a0
Share \u00a0
capital \u00a0
Net profit \u00a0
s' equity \u00a0
capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Vipps MobilePay AS, Oslo \u00a0
NOK \u00a0
26,381 \u00a0
-578 \u00a0
1,920 \u00a0
28 \u00a0
The financial information above is extracted from the most recent annual reports prior to 7 February 2025. \u00a0
The total carrying amount of holdings in associates amounted to DKK 396 million (2023: DKK 612 million) and is presented under Other assets \u00a0
in note G24. The list above includes significant associates held at end 2024. \u00a0
The Group does not have any other significant holdings in joint ventures or joint operations. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2432": { "value": "
G38. Interests in associates and joint arrangements \u00a0
This note provides information about the Group\u2019s interests in associates and joint arrangements. \u00a0
Accounting policy \u00a0
Joint ventures and associates are entities other than group undertakings in which the Group has holdings and joint control with one or \u00a0
more parties or significant but not controlling influence, respectively. The Group generally classifies entities as joint ventures/associates \u00a0
if Danske Bank A/S, directly or indirectly, holds 20-50% of the share capital and has influence over management and operating policy \u00a0
decisions. Holdings in joint ventures and associates are recognised at cost at the date of acquisition and are subsequently measured \u00a0
according to the equity method. The proportionate share of the net profit or loss of the individual entity is included under Income from \u00a0
holdings in associates. The share is calculated on the basis of data from financial statements with balance sheet dates no earlier than \u00a0
three months before the Group\u2019s balance sheet date. If objective evidence of impairment exists, the investment is recognised at the \u00a0
lower of carrying amount and the present value of future cash flows. \u00a0
The proportionate share of the profit or loss on transactions between associates/joint ventures and group undertakings is eliminated. \u00a0
Ownership shares held by the Group\u2019s insurance business are treated as held by a venture capital organisation and are measured at \u00a0
fair value. \u00a0
List of significant associates \u00a0
Share \u00a0
Shareholder \u00a0
Share \u00a0
capital \u00a0
Net profit \u00a0
s' equity \u00a0
capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Vipps MobilePay AS, Oslo \u00a0
NOK \u00a0
26,381 \u00a0
-578 \u00a0
1,920 \u00a0
28 \u00a0
The financial information above is extracted from the most recent annual reports prior to 7 February 2025. \u00a0
The total carrying amount of holdings in associates amounted to DKK 396 million (2023: DKK 612 million) and is presented under Other assets \u00a0
in note G24. The list above includes significant associates held at end 2024. \u00a0
The Group does not have any other significant holdings in joint ventures or joint operations. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2433": { "value": "
G38. Interests in associates and joint arrangements \u00a0
This note provides information about the Group\u2019s interests in associates and joint arrangements. \u00a0
Accounting policy \u00a0
Joint ventures and associates are entities other than group undertakings in which the Group has holdings and joint control with one or \u00a0
more parties or significant but not controlling influence, respectively. The Group generally classifies entities as joint ventures/associates \u00a0
if Danske Bank A/S, directly or indirectly, holds 20-50% of the share capital and has influence over management and operating policy \u00a0
decisions. Holdings in joint ventures and associates are recognised at cost at the date of acquisition and are subsequently measured \u00a0
according to the equity method. The proportionate share of the net profit or loss of the individual entity is included under Income from \u00a0
holdings in associates. The share is calculated on the basis of data from financial statements with balance sheet dates no earlier than \u00a0
three months before the Group\u2019s balance sheet date. If objective evidence of impairment exists, the investment is recognised at the \u00a0
lower of carrying amount and the present value of future cash flows. \u00a0
The proportionate share of the profit or loss on transactions between associates/joint ventures and group undertakings is eliminated. \u00a0
Ownership shares held by the Group\u2019s insurance business are treated as held by a venture capital organisation and are measured at \u00a0
fair value. \u00a0
List of significant associates \u00a0
Share \u00a0
Shareholder \u00a0
Share \u00a0
capital \u00a0
Net profit \u00a0
s' equity \u00a0
capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Vipps MobilePay AS, Oslo \u00a0
NOK \u00a0
26,381 \u00a0
-578 \u00a0
1,920 \u00a0
28 \u00a0
The financial information above is extracted from the most recent annual reports prior to 7 February 2025. \u00a0
The total carrying amount of holdings in associates amounted to DKK 396 million (2023: DKK 612 million) and is presented under Other assets \u00a0
in note G24. The list above includes significant associates held at end 2024. \u00a0
The Group does not have any other significant holdings in joint ventures or joint operations. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2434": { "value": "
G38. Interests in associates and joint arrangements \u00a0
This note provides information about the Group\u2019s interests in associates and joint arrangements. \u00a0
Accounting policy \u00a0
Joint ventures and associates are entities other than group undertakings in which the Group has holdings and joint control with one or \u00a0
more parties or significant but not controlling influence, respectively. The Group generally classifies entities as joint ventures/associates \u00a0
if Danske Bank A/S, directly or indirectly, holds 20-50% of the share capital and has influence over management and operating policy \u00a0
decisions. Holdings in joint ventures and associates are recognised at cost at the date of acquisition and are subsequently measured \u00a0
according to the equity method. The proportionate share of the net profit or loss of the individual entity is included under Income from \u00a0
holdings in associates. The share is calculated on the basis of data from financial statements with balance sheet dates no earlier than \u00a0
three months before the Group\u2019s balance sheet date. If objective evidence of impairment exists, the investment is recognised at the \u00a0
lower of carrying amount and the present value of future cash flows. \u00a0
The proportionate share of the profit or loss on transactions between associates/joint ventures and group undertakings is eliminated. \u00a0
Ownership shares held by the Group\u2019s insurance business are treated as held by a venture capital organisation and are measured at \u00a0
fair value. \u00a0
List of significant associates \u00a0
Share \u00a0
Shareholder \u00a0
Share \u00a0
capital \u00a0
Net profit \u00a0
s' equity \u00a0
capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Vipps MobilePay AS, Oslo \u00a0
NOK \u00a0
26,381 \u00a0
-578 \u00a0
1,920 \u00a0
28 \u00a0
The financial information above is extracted from the most recent annual reports prior to 7 February 2025. \u00a0
The total carrying amount of holdings in associates amounted to DKK 396 million (2023: DKK 612 million) and is presented under Other assets \u00a0
in note G24. The list above includes significant associates held at end 2024. \u00a0
The Group does not have any other significant holdings in joint ventures or joint operations. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2435": { "value": "
Accounting policy \u00a0
Joint ventures and associates are entities other than group undertakings in which the Group has holdings and joint control with one or \u00a0
more parties or significant but not controlling influence, respectively. The Group generally classifies entities as joint ventures/associates \u00a0
if Danske Bank A/S, directly or indirectly, holds 20-50% of the share capital and has influence over management and operating policy \u00a0
decisions. Holdings in joint ventures and associates are recognised at cost at the date of acquisition and are subsequently measured \u00a0
according to the equity method. The proportionate share of the net profit or loss of the individual entity is included under Income from \u00a0
holdings in associates. The share is calculated on the basis of data from financial statements with balance sheet dates no earlier than \u00a0
three months before the Group\u2019s balance sheet date. If objective evidence of impairment exists, the investment is recognised at the \u00a0
lower of carrying amount and the present value of future cash flows. \u00a0
The proportionate share of the profit or loss on transactions between associates/joint ventures and group undertakings is eliminated. \u00a0
Ownership shares held by the Group\u2019s insurance business are treated as held by a venture capital organisation and are measured at \u00a0
fair value. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2441": { "value": "
G40. Risk management notes \u00a0
The Danske Bank Group assumes risks to support the activities of the Group\u2019s customers, while ensuring stability of the Group\u2019s financial \u00a0
position to the benefit of a shareholders, society, customers and employees. The Group applies an enterprise risk management (ERM) \u00a0
framework approach that sets common standards for how the Group manages risk across all risk types and organisational entities. The \u00a0
framework defines the Group\u2019s risk taxonomy, risk roles and responsibilities, risk governance, approach to risk appetite, and risk culture. The \u00a0
framework is supported by policies approved by the Board of Directors. The risk taxonomy organises and visualises the most material risk \u00a0
types applicable to the Group and is intended to ensure adequate risk identification and ownership across the Group. \u00a0
Risk management \u00a0
The Group\u2019s risk management practices are organised in line with the principles of the three-lines-of-defence model. The three lines of defence \u00a0
segregate duties between 1) units that enter into business transactions with customers or otherwise expose the Group to risk (risk ownership), \u00a0
2) units in charge of risk oversight and challenge in respect of risk owners (risk oversight), and 3) Group Internal Audit (risk assurance). \u00a0
The first line of defence owns and manages the business activities and related risks. It consists of business units and support functions, which \u00a0
are responsible for establishing appropriate controls to ensure that risks are identified, assessed, managed and reported appropriately. Risks \u00a0
must be managed in line with delegated responsibilities and policies as set by the second line of defence and approved by the Board of \u00a0
Directors. \u00a0
The second line of defence consists of Group Risk Management and Group Compliance. These units set policies and the overall risk \u00a0
management. The second line of defence supports, challenges and is responsible for the risk oversight of the first line of defence, and operates \u00a0
independently of the first line of defence. The second line of defence has the authority to veto any decisions proposed by the first line of \u00a0
defence that fall outside the set risk appetite or are not aligned with agreed policies. \u00a0
The chief risk officer (CRO) as head of Group Risk Management and the chief compliance officer (CCO) as head of Group Compliance are \u00a0
responsible for the independent risk and compliance functions. The CRO and CCO are both members of the Executive Leadership Team (ELT). In \u00a0
cooperation with and under the responsibility of the chief executive officer (CEO), the CRO and CCO submit risk and compliance reports to the \u00a0
ELT and Board of Directors. \u00a0
Group Risk Management is organised in risk functions with group-wide risk type oversight responsibility. Furthermore, each business unit is \u00a0
assigned a separate CRO who has oversight responsibility across all risk types for their unit. \u00a0
Group Compliance is responsible for monitoring and assessing the Group\u2019s compliance with applicable laws, rules and regulations. Group \u00a0
Compliance has specific second-line responsibility for organising compliance training, providing independent advice, guidance and challenge, \u00a0
undertaking risk assessments and risk-based monitoring, and providing independent reporting to senior management and the Board of \u00a0
Directors on compliance risks and issues. Group Compliance also undertakes compliance oversight assessments to evaluate the adequacy and \u00a0
effectiveness of other risk management frameworks. \u00a0
The third line of defence consists of Group Internal Audit (GIA). GIA is an independent and objective assurance entity that assists the Board of \u00a0
Directors and the ELT in protecting the assets, reputation and sustainability of the Group by evaluating the effectiveness of risk management, \u00a0
controls and governance. GIA is headed by the chief audit executive (CAE) who reports directly to the Board of Directors. \u00a0
G40. Risk management notes - continued \u00a0
Risk governance \u00a0
The Board of Directors approves the Group\u2019s risk appetite, policies and instructions on the basis of recommendation of the ELT. In\u00a0addition the \u00a0
Board of Directors receives regular reports, oversees the main risks, and reviews the largest credit exposures. \u00a0
The ELT is responsible for the Group\u2019s day-to-day management. It supervises the Group\u2019s risk management practices, oversees developments \u00a0
in Group Compliance\u2019s methods, approves credit applications up to a defined limit, and ensures that bookkeeping and asset management are \u00a0
both sound and consistent with the Group\u2019s strategy and in compliance with applicable legislation. \u00a0
Risks arising from financial instruments \u00a0
The Group is exposed to the following risk types arising from financial instruments: \u00a0
\u2022
Credit risk: The risk of losses because debtors or counterparties fail to meet all or part of their payment obligations to the Group. \u00a0
\u2022
Market risk: The risk of losses because the fair value of the Group\u2019s assets, liabilities and off-balance-sheet items varies with changes in \u00a0
market conditions. \u00a0
\u2022
Liquidity risk: The risk that a lack of funding leads to excessive costs or prevents the Group from maintaining its business model, or from \u00a0
fulfilling its payment obligations. \u00a0
\u2022
Life insurance risk: The risk of losses due to changes in fair value of insurance assets and insurance liabilities and insurance risk at Danica. \u00a0
Danica is a wholly-owned subsidiary of Danske Bank A/S. As required by Danish law and the Danish Executive Order on the Contribution \u00a0
Principle, Danica has notified the Danish Financial Supervisory Authority (the Danish FSA) of its profit policy. The contribution principle and the \u00a0
profit policy mean that policyholders assume risks and receive the returns on assets allocated to them. Assets are allocated to policyholders to \u00a0
secure their guaranteed benefits. Market risk and other risks on assets and liabilities allocated to policyholders are therefore included in Life \u00a0
insurance risk. \u00a0
Other risks to the Group include non-financial risk (the risk of financial losses or gains, regulatory impact, reputational impact or customer \u00a0
impact resulting from inadequate or failed internal processes, people or systems or from external events, including legal and compliance risks) \u00a0
and cross-taxonomy risks (Conduct risk and Sustainability risk), which can impact all risk types in the Group\u2019s risk taxonomy. The \u00a0
Management\u2019s report and Risk Management 2024 provide a detailed description of Danske Bank Group\u2019s risk management practices. Risk \u00a0
Management 2024 is available at danskebank.com/reports. The publication is not covered by the statutory audit. \u00a0
The following pages provide detail on the risks arising from financial instruments and how they are managed. \u00a0
Total capital \u00a0
Capital risk is the risk of not having enough capital to cover all material risks arising from the Group\u2019s chosen business strategy. \u00a0
The Danske Bank Group (the Group) has licences to provide financial services and must therefore comply with the capital requirements of the \u00a0
Capital Requirements Regulation (CRR) and the Danish Financial Business Act. The Danish rules are based on the EU Capital Requirements \u00a0
Directive (CRD) and apply to both Danske Bank A/S (the Parent Company) and the Group. Similarly, the Group\u2019s financial subsidiaries in and \u00a0
outside Denmark must comply with local capital requirements. The regulatory requirements stipulate a minimum capital level of 8% of the total \u00a0
risk exposure amount (REA) under Pillar I (including risk exposure amounts for credit risk, counterparty credit risk, market risk and operational \u00a0
risk). In addition, financial institutions are required to calculate their solvency need under Pillar II to reflect all relevant risks. As stipulated in the \u00a0
CRD, a combined buffer requirement (CBR) applies to financial institutions in addition to the solvency need ratio. The Group\u2019s CBR consists of a \u00a0
systemic risk buffer, a countercyclical buffer, a capital conservation buffer and a SIFI buffer and must be funded with common equity tier 1 \u00a0
(CET1) capital. Because Danske Bank A/S is designated a systemically important financial institution (SIFI) in Denmark, the Group must meet a \u00a0
SIFI buffer requirement of 3%. \u00a0
The Group\u2019s total capital consists of tier 1 capital (share capital and additional tier 1 capital after deductions) and tier 2 capital (subordinated \u00a0
loan capital after deductions). \u00a0
The Group\u2019s CET1 capital is based on the carrying amount of shareholders\u2019 equity and adjusted with the following main deductions. \u00a0
\u2022
Adjustments to eligible capital instruments \u00a0
\u2022
Deferred tax assets that rely on future profitability \u00a0
\u2022
Defined benefit pension fund assets \u00a0
\u2022
Intangible assets of banking operations, including goodwill \u00a0
\u2022
Minimum loss coverage for non-performing exposures \u00a0
\u2022
Expected/proposed dividends \u00a0
\u2022
Prudent valuation \u00a0
\u2022
Prudential filters \u00a0
\u2022
Reversal of the effect of IFRS 9 (expected credit losses) implementation due to transitional rules \u00a0
\u2022
Statutory deductions for insurance subsidiaries \u00a0
The presentation of the Group\u2019s total capital in the statement of capital shows the difference between the carrying amount of shareholders\u2019 \u00a0
equity and CET1 capital. At the end of 2024, the Group\u2019s CET1 capital amounted to DKK 145.2 billion (2023: DKK 155.3 billion), and its CET1 \u00a0
capital ratio was 17.8% (2023: 18.8%) \u00a0
The Group\u2019s additional tier 1 capital and tier 2 capital may, subject to certain conditions, be included in total capital. The conditions are \u00a0
described in the CRR. Note G22 shows additional tier 1 capital and tier 2 capital. At the end of 2024, the Group\u2019s total capital was DKK 182.1 \u00a0
billion (2023: DKK 190.9 billion), and its total capital ratio was 22.4% (2023: 23.1%). The Group\u2019s tier 1 capital was DKK 155.6 billion (2023: DKK \u00a0
170.1 billion), and its tier 1 capital ratio was 19.1% (2023: 20.5%). \u00a0
Internal Capital Adequacy Assessment 2024 provides a description of the Group\u2019s solvency need. \u00a0
The target for the CET1 capital ratio was kept at above 16% and ensures a sufficiently prudent buffer in relation to the capital requirement. This \u00a0
implies a capital target buffer of at least 1.4% in relation to the fully phased-in CET1 capital requirement. \u00a0
The Group aspires to improve its credit ratings, which are important for its access to liquidity and for the pricing of its long-term funding. The \u00a0
Group therefore includes rating targets in its capital considerations. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2445": { "value": "
G40. Risk management notes - continued \u00a0
Credit risk \u00a0
The Group offers loans, credits, guarantees and other products as part of its business model and thus takes on credit risk. \u00a0
Credit risk is the risk of losses because debtors or counterparties fail to meet all or part of their payment obligations to the Group. \u00a0
In accordance with the Group\u2019s Credit Policy, the Group carefully assesses the financial situation of customers to ensure that loans granted are \u00a0
suited to their needs and financial capacity and that customers understand their financial obligations. \u00a0
In order to mitigate credit risk, the Group uses a number of measures, including collateral, guarantees and covenants. \u00a0
Further information on the Group\u2019s risk management practices related to credit risk can be found in the report Risk Management 2024. \u00a0
Sustainability risk \u00a0
The Group may be exposed to sustainability drivers. Credit risk is deemed to be the risk type most materially affected by sustainability drivers. \u00a0
Sustainability and ESG considerations are integrated into the Group\u2019s lending practices. \u00a0
Sustainability and credit risk \u00a0
Sustainability risks are identified, assessed and monitored at the portfolio level as part of the annual sector reviews, which include an in-depth \u00a0
assessment of sub-sectors and the customers with the largest exposure.\u00a0This enables the Group to map the most material sustainability risks \u00a0
facing the individual portfolios, monitor aggregate risk levels on an ongoing basis, and identify additional Credit Risk Policy requirements. When \u00a0
deemed necessary, the sustainability risk findings are integrated into the Group\u2019s credit risk tolerance to allow for portfolio management. \u00a0
Relationship managers use a digital system to identify and assess each customer\u2019s sustainability risk level through a set of sector-specific ESG \u00a0
questions for both new and existing business customers. The customer-level sustainability risk assessments serve as input factors in the \u00a0
overall credit decision process and enable the Group to monitor the overall sustainability risk level. All counterparts with a total exposure \u00a0
exceeding DKK 7 million are in scope for an assessment. The scope of analysis is adjusted to capture the size and complexity of the \u00a0
counterparty concerned, with higher risk and larger exposure requiring a more detailed analysis. This requirement covers corporate \u00a0
counterparties in all the Group\u2019s business units, i.e. retail customers, as well as mid- and large corporates. On the back of the results, \u00a0
relationship managers are required to engage with customers with a significant exposure and a high level of identified risks to agree on a \u00a0
future action plan to mitigate these risks. \u00a0
In 2024, around 90% of the Group\u2019s total business exposure in scope was assessed for sustainability risk. The Group implemented a more in- \u00a0
depth analysis of drivers of customers\u2019 ESG risk levels. These bottom-up customer assessments will increasingly be tied to the Group level top- \u00a0
down portfolio risk management efforts. This will ensure a consistent feedback loop between strategic and customer considerations in the \u00a0
Group\u2019s sustainability risk management. \u00a0
Climate risk management \u00a0
Climate risk is identified as the predominant ESG-related factor influencing the Group's credit risk, and risk practices are being enhanced in \u00a0
accordance with regulatory and industry developments. \u00a0
Climate risk is primarily categorized into transition risks, associated with moving towards a low-carbon economy, and physical risks stemming \u00a0
from projected climate changes, including both long-term shifts (chronic changes) and event-driven changes (acute changes) to weather \u00a0
patterns. Both climate-related risks will affect credit risk in the medium and long-term. To address these risks, the Group is actively improving \u00a0
its climate data collection to refine the long-term view of climate-related risks across sectors. \u00a0
At the portfolio level, the Group\u2019s exposure to sectors that face high climate transition and physical risks is outlined in the Pillar III disclosures, \u00a0
e.g. including the disclosure of the energy efficiency of collateral. \u00a0
On the basis of the latest Intergovernmental Panel on Climate Change (IPCC) report on Europe, the Group has identified flooding risk (river and \u00a0
coastal flooding) as the most important physical hazard applicable to the portfolio. The current mapping of exposures subject to flooding risk \u00a0
focuses on residential and commercial property and forms part of the Pillar III disclosures. \u00a0
In accordance with Pillar III transition risk disclosure requirements, the Group reports its financed emissions and the energy efficiency of \u00a0
collateral. The Group has taken into consideration the financed emissions of the sector portfolios identified as climate change contributors. It \u00a0
has been identified that the majority of emissions are attributable to only a few sectors, specifically agriculture, shipping, oil and gas. The Group \u00a0
actively monitors and manages these sectors at both the customer and portfolio levels. For instance, this is evidenced by the decline in the oil \u00a0
and gas portfolio in recent years. \u00a0
The Group performs quantitative climate scenario analyses, including bottom-up climate stress tests to assess the effects of both physical and \u00a0
transition climate-related risks over short-, medium- and long-term horizons. Stress tests related to physical risks focus on collateral-related \u00a0
exposures based on expected loss calculations related to river and coastal flooding. In relation to transition risks, the Group has analysed \u00a0
scenarios for carbon taxes as a key driver for this transition in different sectors. Special focus on transition-risk scenario analyses is given to \u00a0
the Danish agricultural sector, where the introduction of a carbon tax is planned by the Danish government by 2030. For the Danish agricultural \u00a0
sector, results of the stress testing analysis are directly used in the impairment post-model-adjustment process. Moreover, the Group \u00a0
performs detailed bottom-up climate analyses on the commercial real estate sector, which constitutes a large part of the total Group\u2019s \u00a0
exposure, with a particular focus on the EU\u2019s Energy Performance of Buildings Directive. \u00a0
Customer transition risk assessments \u00a0
Managing climate transition risks takes place at both portfolio and customer levels.\u00a0At the portfolio level, the Group sets long-term targets for \u00a0
sectors with high financed emissions, for instance oil & gas, as outlined in the Group\u2019s CSRD reporting. Climate risks are also taken into \u00a0
consideration when the Group determines its risk tolerance process for high-risk segments to further manage the portfolios. \u00a0
The Group has developed a methodology to assess transition risks at the customer level to gain a more granular overview of transition risks in \u00a0
relevant high-emitting sectors. The methodology considers the customers\u2019 current performance as well as their short-, medium-, and long- \u00a0
term ambitions and plans to meet their decarbonisation strategy and targets. In addition, the assessments include an evaluation of the \u00a0
customers\u2019 risk of not executing on their strategies because of external factors that affect their ability to transition, i.e. technology and \u00a0
government support factors. \u00a0
Based on the alignment assessment, technology and government factors, transition risk assessment scores are divided into four categories. \u00a0
The transition risk assessments contribute to the overall credit evaluation of customers by comparing the individual portfolio\u2019s transition risk \u00a0
to the estimated average credit ratings within each category. \u00a0
The Group focuses on financially weak laggards in the transition process as they carry heightened impairment risk. For these customers, the \u00a0
Group has identified mitigating actions, which include collaborating to develop a transition plan that ensures alignment with established \u00a0
standards. Financially weak transition laggards represent approximately 10% of the assessed exposure and will be monitored on an ongoing \u00a0
basis. \u00a0
Credit risk - continued \u00a0
The Group\u2019s view is that climate transition risk is concentrated to a few segments and portfolios which are of generally of good credit quality \u00a0
and for which we have also set climate targets. The most financially material risks from climate change are well addressed in the existing credit \u00a0
risk management processes. Transition risks are managed through risk tolerances, strategic targets, or management overlays adjusting for \u00a0
climate related risks. Initial climate risk insights have concluded that the impacts either manifest over a longer time period than loan \u00a0
maturities, or that transition risks are concentrated in sectors where the downside risks are already addressed in the Group\u2019s existing \u00a0
impairments/ post-model adjustments and capital considerations. \u00a0
Credit exposure \u00a0
Credit exposure consists of balance sheet items and off-balance-sheet items that carry credit risk. Most of the exposure derives from lending \u00a0
activities in the form of secured and unsecured loans. Securities positions taken by the Group\u2019s trading and investment units also entail credit \u00a0
risk and are presented as credit exposure from trading and investment securities as well as derivatives and loans at the Group\u2019s trading units. \u00a0
The overall management of credit risk thus covers credit risk from direct lending activities, counterparty credit risk on derivatives and loans at \u00a0
the Group\u2019s trading units and credit risk from securities positions. \u00a0
Breakdown of credit exposure \u00a0
Trading and \u00a0
(DKK billions) \u00a0
Counterparty \u00a0
investment Customer-funded \u00a0
31 December 2024 \u00a0
Total Lending\u00a0activities \u00a0
credit risk \u00a0
securities \u00a0
investments \u00a0
Balance sheet items \u00a0
Demand deposits with central banks \u00a0
100.6 \u00a0
100.6 \u00a0
-
-
-
Due from credit institutions and central banks \u00a0
143.6 \u00a0
80.5 \u00a0
63.0 \u00a0
-
-
Trading portfolio assets \u00a0
531.8 \u00a0
-
261.0 \u00a0
270.8 \u00a0
-
Investment securities \u00a0
269.1 \u00a0
-
-
269.1 \u00a0
-
Loans at amortised cost \u00a0
921.9 \u00a0
921.9 \u00a0
-
-
-
Loans at fair value \u00a0
1,074.8 \u00a0
755.2 \u00a0
319.6 \u00a0
-
-
Assets under pooled schemes and investment contracts \u00a0
76.2 \u00a0
-
-
-
76.2 \u00a0
Insurance assets \u00a0
548.9 \u00a0
-
-
-
548.9 \u00a0
Assets held for sale \u00a0
-
-
-
-
-
Off-balance-sheet items \u00a0
Guarantees \u00a0
96.4 \u00a0
96.4 \u00a0
-
-
-
Loan commitments shorter than 1 year \u00a0
191.0 \u00a0
191.0 \u00a0
-
-
-
Loan commitments longer than 1 year \u00a0
244.4 \u00a0
244.4 \u00a0
-
-
-
Other unutilised commitments \u00a0
16.7 \u00a0
-
-
-
16.7 \u00a0
Total \u00a0
4,215.3 \u00a0
2,389.9 \u00a0
643.7 \u00a0
539.9 \u00a0
641.7 \u00a0
Credit risk \u2013 continued \u00a0
Trading and \u00a0
(DKK billions) \u00a0
Counterparty \u00a0
investment Customer-funded \u00a0
31 December 2023* \u00a0
Total Lending\u00a0activities \u00a0
credit risk \u00a0
securities \u00a0
investments \u00a0
Balance sheet items \u00a0
Demand deposits with central banks \u00a0
252.7 \u00a0
252.7 \u00a0
-
-
-
Due from credit institutions and central banks \u00a0
114.8 \u00a0
21.8 \u00a0
93.0 \u00a0
-
-
Trading portfolio assets** \u00a0
503.5 \u00a0
-
307.1 \u00a0
196.5 \u00a0
-
Investment securities \u00a0
283.9 \u00a0
-
-
283.9 \u00a0
-
Loans at amortised cost** \u00a0
921.6 \u00a0
921.6 \u00a0
-
-
-
Loans at fair value \u00a0
928.2 \u00a0
753.3 \u00a0
175.0 \u00a0
-
-
Assets under pooled schemes and investment contracts \u00a0
70.9 \u00a0
-
-
-
70.9 \u00a0
Insurance assets \u00a0
496.0 \u00a0
-
-
-
496.0 \u00a0
Assets held for sale \u00a0
110.4 \u00a0
110.4 \u00a0
-
-
-
Off-balance-sheet items \u00a0
Guarantees \u00a0
75.9 \u00a0
75.9 \u00a0
-
-
-
Loan commitments shorter than 1 year \u00a0
197.0 \u00a0
197.0 \u00a0
-
-
-
Loan commitments longer than 1 year \u00a0
220.3 \u00a0
220.3 \u00a0
-
-
-
Other unutilised commitments \u00a0
16.7 \u00a0
-
-
0.1 \u00a0
16.6 \u00a0
Total \u00a0
4,192.1 \u00a0
2,553.0 \u00a0
575.0 \u00a0
480.5 \u00a0
583.6 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. Credit exposure as at 31 December 2023 previously reported under Non-core \u00a0
has been reclassified, and comparatives have been restated to reflect this change. \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
The Group\u2019s exposure to the risk on some balance sheet items is limited. This is the case for assets under customer-funded investment pools, \u00a0
investment contracts and insurance contracts. The risk on assets under pooled schemes and investment contracts is assumed solely by the \u00a0
customers, while the risk on insurance assets is assumed primarily by the customers. The section on life insurance risk describes the Group\u2019s \u00a0
credit risk on insurance contracts. \u00a0
In addition to credit exposure from lending activities, Danske Bank had made uncommitted loan offers and granted uncommitted lines of credit \u00a0
of DKK 193 billion at 31 December 2024 (31 December 2023: DKK 232 billion). These items are included in the calculation of the total risk \u00a0
exposure amount in accordance with the Capital Requirements Directive. \u00a0
Credit exposure from lending activities \u00a0
Credit exposure from lending activities in the Group\u2019s banking business includes loans, amounts due from credit institutions and central banks, \u00a0
guarantees and irrevocable loan commitments. The exposure is measured net of expected credit losses and includes repo loans at amortised \u00a0
cost. For reporting purposes, all collateral values are net of haircuts and capped at the exposure amount. \u00a0
The Group\u2019s definition of default for accounting aligns with the regulatory purposes. All exposures in stage 3 are considered default. This \u00a0
includes all non-performing loans. A small amount of credit exposure in stage 3 can be found outside default. This is due to impairment staging \u00a0
being updated monthly (after each month-end), whereas default is updated daily. For the same reason, some credit exposure in default is \u00a0
outside stage 3. The stage 3 coverage ratio is 73% (31 December 2023: 75%). \u00a0
For further details about the Group\u2019s credit risk management and the use of information on expected credit losses for risk management \u00a0
purposes, see Risk Management 2024. \u00a0
Classification of customers \u00a0
The main objectives of risk classification are to rank the Group\u2019s customers according to risk and to estimate each customer\u2019s probability of \u00a0
default (PD). As part of the credit process, the Group classifies customers according to risk and updates their classifications upon receipt of \u00a0
new information. Risk classification comprises rating and credit scoring of customers. While all large customers are rated, the Group uses fully \u00a0
automated and statistically-based scoring models for small customers such as personal customers and small businesses. Credit scores are \u00a0
updated monthly in a process subject to automated controls. \u00a0
The Group has developed a number of classification models to assess customer PD and to classify customers in various segments. \u00a0
In its credit risk management, the Group uses point in time (PIT) PD estimates for risk classification. These PIT PD estimates express a \u00a0
customer\u2019s probability of default within the next 12 months in the current economic situation. The Group\u2019s classification scale consists of 11 \u00a0
main rating categories with fixed PD bands. During a downturn, a customer\u2019s PIT PD may increase, and the customer may migrate to a lower \u00a0
rating category. The effect from a downturn is thus larger when PIT PD is used than if the classification were based on through-the-cycle (TTC) \u00a0
PD, which the Group uses to calculate the risk exposure amount for credit risk. \u00a0
The classification of facilities between stage 1 and 2 for the purpose of calculating expected credit losses under IFRS 9 depends on whether the \u00a0
credit risk has increased significantly since initial recognition. The assessment of whether the credit risk has increased significantly since initial \u00a0
recognition is performed by considering the change in the risk of default occurring over the remaining life of the individual facility and \u00a0
incorporating forward-looking information. A facility is transferred from stage 1 to stage 2 on the basis of observed increases in the probability \u00a0
of default: \u00a0
\u2022
For facilities originated below 1% in PD: an increase in the facility\u2019s 12-month PD of at least 0.5 of a percentage point since initial \u00a0
recognition and a doubling in the facility\u2019s lifetime PD since origination. \u00a0
\u2022
For facilities originated above 1% in PD: an increase in the facility\u2019s 12-month PD of 2 percentage points since origination or a doubling of \u00a0
the facility\u2019s lifetime PD since origination. \u00a0
In addition, facilities that are more than 30 days past due are moved to stage 2. 30 days past due is considered a backstop. Finally, customers \u00a0
subject to forbearance measures are placed in stage 2 if the Group, in the most likely outcome, expects no loss or the customers are in the two- \u00a0
year probation period for performing forborne exposures. \u00a0
A facility is transferred from stage 2 to stage 3 when it becomes credit-impaired. A facility becomes credit-impaired when one or more events \u00a0
that have a detrimental impact on the estimated future cash flows have occurred. This includes observable data about (a) significant financial \u00a0
difficulty of the issuer or the borrower; (b) a breach of contract, such as a default or past due event; (c) the borrower, for financial or contractual \u00a0
reasons relating to the borrower\u2019s financial difficulty, having been granted a concession that would not otherwise have been considered; (d) it is \u00a0
becoming probable that the borrower will enter into bankruptcy or other financial restructuring; and (e) the purchase or origination of a \u00a0
financial asset at a deep discount that reflects the incurred credit loss. It may not be possible to identify a single discrete event \u2013 instead, the \u00a0
combined effect of several events may cause a financial asset to become credit-impaired. Credit-impaired facilities are placed in rating \u00a0
category 10 or 11. For customers in rating category 10, the stage 3 classification applies only to customers where a loss is expected in the \u00a0
most likely scenario. For rating category 11 (default), all facilities are classified as stage 3 exposures. \u00a0
Exposures which are considered to be in default for regulatory purposes will always be categorised as stage 3 exposures under IFRS 9. This \u00a0
applies to 90-days-past-due considerations and unlikely-to-pay factors leading to regulatory default. \u00a0
Management applies judgement and recognises post-model adjustments to cover risks that are not reflected sufficiently in the Group\u2019s \u00a0
expected credit loss model. Besides increasing the expected credit losses, the post-model adjustments may lead to the transfer of part of \u00a0
the gross exposure covered by the post-model adjustments from stage 1 to stage 2 through targeted PD pushes to the current point in \u00a0
time estimates of PD (i.e. increases in the PD for the underlying customers in the selected portfolios covered by the post-model \u00a0
adjustments) to ensure consistency between the methods used for disclosing information about expected credit losses and exposures \u00a0
subject to significant increase in credit risk. While the distribution of customers between the Group\u2019s 11 rating categories is unchanged \u00a0
and reflects the current point-in-time estimate of the underlying customers\u2019 PDs, the PD pushes may lead to the transfer of gross \u00a0
exposures to stage 2 as the assessment of the increase in credit risk is performed by comparing the initial PD with the current PD (after the \u00a0
adjustment for the targeted PD pushes). \u00a0
Expected credit losses \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default (EAD) and \u00a0
the loss given default (LGD). For exposures in stage 1, 12- month expected credit losses are recognised, while lifetime expected credit losses \u00a0
are recognised for exposures in stage 2-3. For further information see note G15. \u00a0
Credit portfolio broken down by rating category \u00a0
The Group\u2019s definition of default for accounting aligns with the regulatory purposes. All exposures in stage 3 are considered default. As a result, \u00a0
all non-performing loans are considered default, and hence equal to the total of stage 3 exposures. \u00a0
Although Stage 3 and default (rating 11) are generally aligned, a small amount of credit exposure in stage 3 can be found outside default. This is \u00a0
due to impairment staging being updated monthly (after each month-end), whereas default is updated daily. For the same reason, some credit \u00a0
exposure in default is outside stage 3. \u00a0
For further details about the Group\u2019s credit risk management and the use of information on expected credit losses for risk management \u00a0
purposes, see Risk Management 2024. \u00a0
The following table breaks down the credit exposure by rating categories and stages. \u00a0
Credit risk \u2013 continued \u00a0
Credit exposure broken down by rating categories \u00a0
(DKK billions) \u00a0
PD level \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2024 \u00a0
Upper \u00a0
Lower \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
1
-
0.01 \u00a0
130.1 \u00a0
-
-
-
-
-
130.1 \u00a0
-
-
108.8 \u00a0
-
-
2
0.01 \u00a0
0.03 \u00a0
191.1 \u00a0
0.2 \u00a0
-
-
-
-
191.1 \u00a0
0.2 \u00a0
-
95.3 \u00a0
-
-
3
0.03 \u00a0
0.06 \u00a0
508.6 \u00a0
0.8 \u00a0
-
0.1 \u00a0
-
-
508.6 \u00a0
0.8 \u00a0
-
259.8 \u00a0
0.5 \u00a0
-
4
0.06 \u00a0
0.14 \u00a0
583.0 \u00a0
2.6 \u00a0
0.1 \u00a0
0.2 \u00a0
-
-
582.8 \u00a0
2.6 \u00a0
0.1 \u00a0
268.9 \u00a0
1.6 \u00a0
-
5
0.14 \u00a0
0.31 \u00a0
422.5 \u00a0
8.5 \u00a0
-
0.4 \u00a0
0.1 \u00a0
-
422.1 \u00a0
8.4 \u00a0
-
154.4 \u00a0
5.1 \u00a0
-
6
0.31 \u00a0
0.63 \u00a0
291.1 \u00a0
39.5 \u00a0
-
0.6 \u00a0
0.6 \u00a0
-
290.4 \u00a0
38.9 \u00a0
-
95.8 \u00a0
14.2 \u00a0
-
7
0.63 \u00a0
1.90 \u00a0
89.1 \u00a0
43.7 \u00a0
0.7 \u00a0
1.2 \u00a0
1.8 \u00a0
0.1 \u00a0
88.0 \u00a0
41.9 \u00a0
0.5 \u00a0
31.3 \u00a0
11.1 \u00a0
0.5 \u00a0
8
1.90 \u00a0
7.98 \u00a0
9.6 \u00a0
28.9 \u00a0
-
0.7 \u00a0
2.2 \u00a0
0.1 \u00a0
8.9 \u00a0
26.7 \u00a0
-
2.5 \u00a0
7.9 \u00a0
-
9
7.98 \u00a0
25.70 \u00a0
1.0 \u00a0
5.1 \u00a0
0.1 \u00a0
-
0.7 \u00a0
-
0.9 \u00a0
4.4 \u00a0
0.1 \u00a0
0.1 \u00a0
1.6 \u00a0
-
10 \u00a0
25.70 \u00a0
99.99 \u00a0
1.0 \u00a0
19.3 \u00a0
0.8 \u00a0
-
2.1 \u00a0
0.1 \u00a0
1.0 \u00a0
17.2 \u00a0
0.7 \u00a0
0.3 \u00a0
6.8 \u00a0
0.1 \u00a0
11 (default) \u00a0
100.00 \u00a0
100.00 \u00a0
0.3 \u00a0
1.5 \u00a0
30.7 \u00a0
0.1 \u00a0
0.1 \u00a0
8.8 \u00a0
0.2 \u00a0
1.4 \u00a0
22.0 \u00a0
-
0.1 \u00a0
3.1 \u00a0
Total \u00a0
2,227.3 \u00a0
150.0 \u00a0
32.5 \u00a0
3.2 \u00a0
7.6 \u00a0
9.1 \u00a0
2,224.1 \u00a0
142.4 \u00a0
23.5 \u00a0
1,017.3 \u00a0
49.0 \u00a0
3.8 \u00a0
PD level \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2023* \u00a0
Upper \u00a0
Lower \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
1
-
0.01 \u00a0
127.8 \u00a0
0.1 \u00a0
-
-
-
-
127.8 \u00a0
0.1 \u00a0
-
108.9 \u00a0
-
-
2
0.01 \u00a0
0.03 \u00a0
291.0 \u00a0
0.3 \u00a0
-
-
-
-
291.0 \u00a0
0.3 \u00a0
-
181.2 \u00a0
-
-
3
0.03 \u00a0
0.06 \u00a0
537.9 \u00a0
0.7 \u00a0
-
0.1 \u00a0
-
-
537.8 \u00a0
0.6 \u00a0
-
263.2 \u00a0
0.4 \u00a0
-
4
0.06 \u00a0
0.14 \u00a0
607.8 \u00a0
1.9 \u00a0
-
0.2 \u00a0
-
-
607.6 \u00a0
1.9 \u00a0
-
274.9 \u00a0
0.5 \u00a0
-
5
0.14 \u00a0
0.31 \u00a0
434.8 \u00a0
8.1 \u00a0
0.1 \u00a0
0.4 \u00a0
-
-
434.5 \u00a0
8.0 \u00a0
0.1 \u00a0
136.5 \u00a0
5.5 \u00a0
-
6
0.31 \u00a0
0.63 \u00a0
290.0 \u00a0
36.9 \u00a0
0.1 \u00a0
0.7 \u00a0
0.6 \u00a0
-
289.3 \u00a0
36.3 \u00a0
0.1 \u00a0
87.2 \u00a0
18.7 \u00a0
-
7
0.63 \u00a0
1.90 \u00a0
92.3 \u00a0
47.3 \u00a0
0.1 \u00a0
1.2 \u00a0
1.9 \u00a0
-
91.1 \u00a0
45.3 \u00a0
0.1 \u00a0
27.9 \u00a0
17.7 \u00a0
-
8
1.90 \u00a0
7.98 \u00a0
12.2 \u00a0
28.1 \u00a0
0.4 \u00a0
0.9 \u00a0
2.8 \u00a0
-
11.3 \u00a0
25.2 \u00a0
0.4 \u00a0
1.7 \u00a0
6.3 \u00a0
0.2 \u00a0
9
7.98 \u00a0
25.70 \u00a0
1.0 \u00a0
4.8 \u00a0
-
-
1.0 \u00a0
-
1.0 \u00a0
3.8 \u00a0
-
0.2 \u00a0
1.0 \u00a0
-
10 \u00a0
25.70 \u00a0
99.99 \u00a0
0.6 \u00a0
14.8 \u00a0
1.3 \u00a0
-
1.0 \u00a0
0.5 \u00a0
0.6 \u00a0
13.8 \u00a0
0.8 \u00a0
0.2 \u00a0
3.7 \u00a0
0.5 \u00a0
11 (default) \u00a0
100.00 \u00a0
100.00 \u00a0
0.6 \u00a0
1.5 \u00a0
30.7 \u00a0
-
-
8.6 \u00a0
0.6 \u00a0
1.5 \u00a0
22.1 \u00a0
0.4 \u00a0
0.2 \u00a0
2.2 \u00a0
Total \u00a0
2,396.2 \u00a0
144.2 \u00a0
32.7 \u00a0
3.6 \u00a0
7.5 \u00a0
9.1 \u00a0
2,392.6 \u00a0
136.7 \u00a0
23.6 \u00a0
1,082.3 \u00a0
54.1 \u00a0
3.0 \u00a0
*Comparative information has been restated as described in note G2(b). In addition, with effect from 1 January 2024, Non-core ceased to exist as a separate segment \u00a0
and became a new sub-segment of Group Functions. Credit exposure as at 31 December 2023 previously reported under Non-core has therefore \u00a0
been reclassified to Group Functions. \u00a0
Credit portfolio broken down by industry (NACE) and stages \u00a0
The following table breaks down credit exposure by industry. The industry segmentation is based on the classification principles of the \u00a0
Statistical Classification of Economic Activities in the European Community (NACE) standard that has been adapted to the Group\u2019s business risk \u00a0
approach used for the active management of the credit portfolio. \u00a0
Credit exposure broken down by industry \u00a0
represent the majority of the exposures in stage 3 within the Shipping, oil and gas industry at the end of December 2024. \u00a0
31 December 2024 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Public institutions \u00a0
190.2 \u00a0
1.4 \u00a0
0.2 \u00a0
-
-
-
190.2 \u00a0
1.4 \u00a0
0.2 \u00a0
188.6 \u00a0
-
-
Financials \u00a0
156.3 \u00a0
2.8 \u00a0
0.4 \u00a0
-
0.1 \u00a0
0.1 \u00a0
156.3 \u00a0
2.7 \u00a0
0.3 \u00a0
140.0 \u00a0
1.9 \u00a0
0.2 \u00a0
Agriculture \u00a0
51.6 \u00a0
5.2 \u00a0
1.6 \u00a0
0.3 \u00a0
0.7 \u00a0
0.5 \u00a0
51.2 \u00a0
4.5 \u00a0
1.1 \u00a0
11.8 \u00a0
1.2 \u00a0
-
Automotive \u00a0
25.5 \u00a0
5.1 \u00a0
0.3 \u00a0
-
0.3 \u00a0
0.1 \u00a0
25.5 \u00a0
4.8 \u00a0
0.1 \u00a0
18.9 \u00a0
2.7 \u00a0
-
Capital goods \u00a0
88.0 \u00a0
11.3 \u00a0
2.1 \u00a0
0.1 \u00a0
0.4 \u00a0
0.8 \u00a0
88.0 \u00a0
10.9 \u00a0
1.3 \u00a0
78.1 \u00a0
8.3 \u00a0
0.3 \u00a0
Commercial property* \u00a0
269.2 \u00a0
31.1 \u00a0
4.0 \u00a0
0.7 \u00a0
1.4 \u00a0
0.9 \u00a0
268.6 \u00a0
29.7 \u00a0
3.1 \u00a0
47.3 \u00a0
4.2 \u00a0
0.4 \u00a0
Construction and building materials \u00a0
43.1 \u00a0
8.0 \u00a0
1.8 \u00a0
0.4 \u00a0
1.1 \u00a0
0.9 \u00a0
42.8 \u00a0
6.9 \u00a0
1.0 \u00a0
31.1 \u00a0
3.2 \u00a0
0.4 \u00a0
Consumer goods \u00a0
78.5 \u00a0
8.2 \u00a0
1.2 \u00a0
-
0.5 \u00a0
0.4 \u00a0
78.5 \u00a0
7.7 \u00a0
0.7 \u00a0
61.7 \u00a0
5.9 \u00a0
0.1 \u00a0
Hotels, restaurants and leisure \u00a0
12.4 \u00a0
1.3 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
12.4 \u00a0
1.3 \u00a0
0.5 \u00a0
3.2 \u00a0
0.3 \u00a0
0.1 \u00a0
Metals and mining \u00a0
16.3 \u00a0
2.6 \u00a0
-
-
0.1 \u00a0
-
16.3 \u00a0
2.5 \u00a0
-
13.6 \u00a0
1.8 \u00a0
-
Other commercials \u00a0
2.1 \u00a0
0.3 \u00a0
1.0 \u00a0
0.1 \u00a0
-
0.1 \u00a0
2.0 \u00a0
0.3 \u00a0
0.9 \u00a0
-
-
0.6 \u00a0
Pharma and medical devices \u00a0
56.1 \u00a0
1.4 \u00a0
-
-
0.1 \u00a0
-
56.0 \u00a0
1.3 \u00a0
-
52.9 \u00a0
1.1 \u00a0
-
Private housing co-ops and non-profit associations \u00a0
200.3 \u00a0
3.3 \u00a0
0.5 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
200.3 \u00a0
3.2 \u00a0
0.4 \u00a0
26.8 \u00a0
0.5 \u00a0
0.1 \u00a0
Pulp, paper and chemicals \u00a0
44.9 \u00a0
3.4 \u00a0
0.7 \u00a0
-
0.2 \u00a0
0.2 \u00a0
44.8 \u00a0
3.2 \u00a0
0.5 \u00a0
33.8 \u00a0
2.1 \u00a0
0.1 \u00a0
Retailing \u00a0
26.4 \u00a0
4.9 \u00a0
1.9 \u00a0
0.1 \u00a0
0.4 \u00a0
0.6 \u00a0
26.3 \u00a0
4.5 \u00a0
1.3 \u00a0
16.4 \u00a0
3.4 \u00a0
0.6 \u00a0
Services \u00a0
75.6 \u00a0
4.9 \u00a0
1.2 \u00a0
0.2 \u00a0
0.5 \u00a0
0.4 \u00a0
75.4 \u00a0
4.4 \u00a0
0.8 \u00a0
63.4 \u00a0
2.7 \u00a0
0.4 \u00a0
Shipping, oil and gas \u00a0
37.5 \u00a0
5.6 \u00a0
1.5 \u00a0
-
0.1 \u00a0
0.2 \u00a0
37.5 \u00a0
5.6 \u00a0
1.4 \u00a0
21.5 \u00a0
0.4 \u00a0
0.2 \u00a0
Social services \u00a0
26.5 \u00a0
2.7 \u00a0
0.3 \u00a0
-
0.1 \u00a0
0.1 \u00a0
26.5 \u00a0
2.6 \u00a0
0.2 \u00a0
10.0 \u00a0
2.1 \u00a0
-
Telecom and media \u00a0
23.8 \u00a0
1.3 \u00a0
1.3 \u00a0
-
0.1 \u00a0
0.7 \u00a0
23.8 \u00a0
1.2 \u00a0
0.6 \u00a0
18.2 \u00a0
1.1 \u00a0
0.1 \u00a0
Transportation \u00a0
22.6 \u00a0
2.1 \u00a0
1.2 \u00a0
-
0.1 \u00a0
0.3 \u00a0
22.6 \u00a0
2.0 \u00a0
0.9 \u00a0
14.6 \u00a0
0.7 \u00a0
-
Utilities and infrastructure \u00a0
90.3 \u00a0
0.3 \u00a0
-
-
-
-
90.3 \u00a0
0.3 \u00a0
-
67.2 \u00a0
0.2 \u00a0
-
Personal customers \u00a0
689.9 \u00a0
42.7 \u00a0
10.6 \u00a0
1.0 \u00a0
1.3 \u00a0
2.6 \u00a0
688.8 \u00a0
41.3 \u00a0
8.0 \u00a0
98.1 \u00a0
5.1 \u00a0
-
Total \u00a0
2,227.3 \u00a0
150.0 \u00a0
32.5 \u00a0
3.2 \u00a0
7.6 \u00a0
9.1 \u00a0
2,224.1 \u00a0
142.4 \u00a0
23.5 \u00a0
1,017.3 \u00a0
49.0 \u00a0
3.8 \u00a0
* As at 31 December 2024, DKK 148 billion of the net exposure in Commercial property is towards residential assets. \u00a0
Credit risk \u2013 continued \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2023* \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Public institutions \u00a0
298.6 \u00a0
1.0 \u00a0
0.3 \u00a0
-
-
-
298.6 \u00a0
1.0 \u00a0
0.3 \u00a0
295.9 \u00a0
-
-
Financials \u00a0
152.9 \u00a0
3.4 \u00a0
0.4 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
152.9 \u00a0
3.3 \u00a0
0.2 \u00a0
134.7 \u00a0
2.7 \u00a0
0.2 \u00a0
Agriculture \u00a0
54.8 \u00a0
4.6 \u00a0
2.2 \u00a0
0.3 \u00a0
0.7 \u00a0
0.6 \u00a0
54.5 \u00a0
3.9 \u00a0
1.7 \u00a0
13.1 \u00a0
0.9 \u00a0
-
Automotive \u00a0
24.9 \u00a0
2.5 \u00a0
0.3 \u00a0
-
0.1 \u00a0
0.1 \u00a0
24.9 \u00a0
2.4 \u00a0
0.1 \u00a0
19.9 \u00a0
1.1 \u00a0
-
Capital goods \u00a0
82.7 \u00a0
13.3 \u00a0
1.2 \u00a0
0.1 \u00a0
0.3 \u00a0
0.5 \u00a0
82.6 \u00a0
13.0 \u00a0
0.7 \u00a0
74.3 \u00a0
10.9 \u00a0
0.3 \u00a0
Commercial property** \u00a0
258.0 \u00a0
32.4 \u00a0
4.7 \u00a0
0.8 \u00a0
1.8 \u00a0
0.9 \u00a0
257.3 \u00a0
30.6 \u00a0
3.8 \u00a0
28.8 \u00a0
4.7 \u00a0
0.4 \u00a0
Construction and building materials \u00a0
42.8 \u00a0
6.5 \u00a0
2.1 \u00a0
0.3 \u00a0
1.0 \u00a0
0.9 \u00a0
42.5 \u00a0
5.6 \u00a0
1.2 \u00a0
30.3 \u00a0
2.8 \u00a0
0.5 \u00a0
Consumer goods \u00a0
67.5 \u00a0
8.3 \u00a0
1.3 \u00a0
0.1 \u00a0
0.4 \u00a0
0.5 \u00a0
67.4 \u00a0
7.8 \u00a0
0.9 \u00a0
53.5 \u00a0
5.6 \u00a0
0.2 \u00a0
Hotels, restaurants and leisure \u00a0
12.7 \u00a0
1.8 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
12.7 \u00a0
1.8 \u00a0
0.5 \u00a0
3.0 \u00a0
0.5 \u00a0
0.1 \u00a0
Metals and mining \u00a0
14.6 \u00a0
1.2 \u00a0
-
-
-
-
14.6 \u00a0
1.2 \u00a0
-
12.6 \u00a0
0.9 \u00a0
-
Other commercials \u00a0
11.6 \u00a0
0.3 \u00a0
0.3 \u00a0
0.1 \u00a0
-
0.1 \u00a0
11.5 \u00a0
0.3 \u00a0
0.2 \u00a0
7.9 \u00a0
0.1 \u00a0
-
Pharma and medical devices \u00a0
44.1 \u00a0
2.9 \u00a0
-
-
-
-
44.0 \u00a0
2.9 \u00a0
-
40.6 \u00a0
2.5 \u00a0
-
Private housing co-ops and non-profit associations \u00a0
191.1 \u00a0
4.5 \u00a0
0.6 \u00a0
0.1 \u00a0
0.3 \u00a0
0.2 \u00a0
191.1 \u00a0
4.2 \u00a0
0.5 \u00a0
22.6 \u00a0
1.0 \u00a0
0.1 \u00a0
Pulp, paper and chemicals \u00a0
40.7 \u00a0
3.7 \u00a0
0.9 \u00a0
-
0.1 \u00a0
0.2 \u00a0
40.7 \u00a0
3.6 \u00a0
0.7 \u00a0
29.4 \u00a0
2.6 \u00a0
0.3 \u00a0
Retailing \u00a0
27.7 \u00a0
5.2 \u00a0
1.9 \u00a0
0.1 \u00a0
0.3 \u00a0
0.7 \u00a0
27.6 \u00a0
4.9 \u00a0
1.2 \u00a0
17.6 \u00a0
3.8 \u00a0
0.5 \u00a0
Services \u00a0
63.4 \u00a0
7.6 \u00a0
1.0 \u00a0
0.2 \u00a0
0.3 \u00a0
0.4 \u00a0
63.2 \u00a0
7.3 \u00a0
0.6 \u00a0
51.3 \u00a0
5.9 \u00a0
0.3 \u00a0
Shipping, oil and gas \u00a0
36.3 \u00a0
1.9 \u00a0
2.4 \u00a0
-
0.1 \u00a0
0.4 \u00a0
36.3 \u00a0
1.9 \u00a0
2.0 \u00a0
20.4 \u00a0
0.6 \u00a0
-
Social services \u00a0
29.5 \u00a0
1.3 \u00a0
0.3 \u00a0
-
0.1 \u00a0
0.1 \u00a0
29.4 \u00a0
1.2 \u00a0
0.2 \u00a0
13.0 \u00a0
0.7 \u00a0
-
Telecom and media \u00a0
23.7 \u00a0
0.8 \u00a0
1.7 \u00a0
-
0.1 \u00a0
0.7 \u00a0
23.7 \u00a0
0.7 \u00a0
0.9 \u00a0
18.4 \u00a0
0.6 \u00a0
-
Transportation \u00a0
15.6 \u00a0
2.1 \u00a0
0.4 \u00a0
-
0.1 \u00a0
0.1 \u00a0
15.6 \u00a0
2.0 \u00a0
0.3 \u00a0
7.2 \u00a0
0.7 \u00a0
-
Utilities and infrastructure \u00a0
84.0 \u00a0
1.3 \u00a0
-
-
-
-
84.0 \u00a0
1.3 \u00a0
-
62.2 \u00a0
1.2 \u00a0
-
Personal customers \u00a0
819.0 \u00a0
37.7 \u00a0
10.2 \u00a0
1.4 \u00a0
1.6 \u00a0
2.5 \u00a0
817.5 \u00a0
36.1 \u00a0
7.7 \u00a0
125.5 \u00a0
4.2 \u00a0
-
Total \u00a0
2,396.2 \u00a0
144.2 \u00a0
32.7 \u00a0
3.6 \u00a0
7.5 \u00a0
9.1 \u00a0
2,392.6 \u00a0
136.7 \u00a0
23.6 \u00a0
1,082.3 \u00a0
54.1 \u00a0
3.0 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. Credit exposure as at 31 December 2023 previously reported under Non-core \u00a0
has been reclassified, and comparatives under Lending activities have been restated to reflect this change. There is no change to total Credit exposure as at 31 \u00a0
December 2024. \u00a0
**As at 31 December 2024, DKK 148 billion of the net exposure in Commercial property is towards residential assets \u00a0
.
Credit risk \u2013 continued \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is obtaining \u00a0
collateral. The table showing collateral by type (after haircut) is included. The mitigating effect from collateral at the \u00a0
end of December 2024 can be found as the difference between the columns \u2018Net exposure\u2019 and \u2018Net exposure, ex collateral\u2019 and amounted to \u00a0
DKK 1,319.9 billion at 31 December 2024 (31 December 2023: DKK 1,413.5 billion). \u00a0
Credit exposure by business unit \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2024 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Personal Customers \u00a0
Personal Customers Denmark \u00a0
431.1 \u00a0
23.2 \u00a0
7.1 \u00a0
0.7 \u00a0
0.9 \u00a0
1.4 \u00a0
430.3 \u00a0
22.3 \u00a0
5.7 \u00a0
57.5 \u00a0
2.1 \u00a0
0.4 \u00a0
Personal Customers Sweden \u00a0
95.2 \u00a0
4.0 \u00a0
0.5 \u00a0
0.1 \u00a0
0.2 \u00a0
0.1 \u00a0
95.2 \u00a0
3.8 \u00a0
0.4 \u00a0
27.9 \u00a0
0.9 \u00a0
-
Personal Customers Finland \u00a0
72.5 \u00a0
8.8 \u00a0
1.9 \u00a0
0.1 \u00a0
0.2 \u00a0
0.6 \u00a0
72.4 \u00a0
8.6 \u00a0
1.3 \u00a0
4.2 \u00a0
0.6 \u00a0
-
Personal Customers Norway \u00a0
0.5 \u00a0
0.2 \u00a0
0.3 \u00a0
-
-
0.1 \u00a0
0.5 \u00a0
0.2 \u00a0
0.2 \u00a0
0.1 \u00a0
-
-
Global Private Banking \u00a0
71.8 \u00a0
3.5 \u00a0
0.9 \u00a0
-
0.1 \u00a0
0.2 \u00a0
71.7 \u00a0
3.3 \u00a0
0.7 \u00a0
12.3 \u00a0
0.5 \u00a0
0.1 \u00a0
Personal Customers Other \u00a0
0.2 \u00a0
-
-
-
-
-
0.2 \u00a0
-
-
0.2 \u00a0
-
-
Total Personal Customers \u00a0
671.2 \u00a0
39.6 \u00a0
10.7 \u00a0
1.0 \u00a0
1.3 \u00a0
2.4 \u00a0
670.3 \u00a0
38.3 \u00a0
8.3 \u00a0
102.2 \u00a0
4.1 \u00a0
0.4 \u00a0
Business Customers \u00a0
Asset Finance \u00a0
49.1 \u00a0
10.4 \u00a0
2.7 \u00a0
0.1 \u00a0
0.4 \u00a0
0.7 \u00a0
49.0 \u00a0
10.0 \u00a0
2.0 \u00a0
17.8 \u00a0
2.1 \u00a0
0.2 \u00a0
Business Customers \u00a0
318.0 \u00a0
38.5 \u00a0
10.8 \u00a0
1.1 \u00a0
3.4 \u00a0
3.8 \u00a0
316.9 \u00a0
35.1 \u00a0
7.0 \u00a0
105.7 \u00a0
13.7 \u00a0
1.0 \u00a0
Commercial Real Estate \u00a0
326.1 \u00a0
22.2 \u00a0
0.7 \u00a0
0.4 \u00a0
0.7 \u00a0
0.1 \u00a0
325.7 \u00a0
21.6 \u00a0
0.6 \u00a0
60.8 \u00a0
2.5 \u00a0
-
Business Customers Other \u00a0
0.4 \u00a0
-
-
-
-
-
0.4 \u00a0
-
-
0.4 \u00a0
-
-
Total Business Customers \u00a0
693.6 \u00a0
71.1 \u00a0
14.2 \u00a0
1.6 \u00a0
4.5 \u00a0
4.7 \u00a0
692.0 \u00a0
66.7 \u00a0
9.5 \u00a0
184.7 \u00a0
18.4 \u00a0
1.2 \u00a0
Large Corporates & Institutions \u00a0
649.9 \u00a0
35.7 \u00a0
6.1 \u00a0
0.4 \u00a0
1.7 \u00a0
1.5 \u00a0
649.5 \u00a0
34.0 \u00a0
4.5 \u00a0
572.0 \u00a0
26.1 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
100.9 \u00a0
3.4 \u00a0
1.5 \u00a0
0.3 \u00a0
0.1 \u00a0
0.5 \u00a0
100.7 \u00a0
3.3 \u00a0
1.0 \u00a0
49.2 \u00a0
0.4 \u00a0
-
Group Functions \u00a0
111.7 \u00a0
0.1 \u00a0
-
-
-
-
111.7 \u00a0
0.1 \u00a0
-
109.2 \u00a0
0.1 \u00a0
-
Total \u00a0
2,227.3 \u00a0
150.0 \u00a0
32.5 \u00a0
3.2 \u00a0
7.6 \u00a0
9.1 \u00a0
2,224.1 \u00a0
142.4 \u00a0
23.5 \u00a0
1,017.3 \u00a0
49.0 \u00a0
3.8 \u00a0
Credit risk \u2013 continued \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2023* \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Stage 1 \u00a0
Stage 2 \u00a0
Stage 3 \u00a0
Personal Customers** \u00a0
Personal Customers Denmark \u00a0
424.0 \u00a0
18.6 \u00a0
6.2 \u00a0
1.0 \u00a0
0.9 \u00a0
1.3 \u00a0
423.0 \u00a0
17.7 \u00a0
4.9 \u00a0
49.4 \u00a0
1.8 \u00a0
-
Personal Customers Sweden \u00a0
101.8 \u00a0
2.9 \u00a0
0.3 \u00a0
0.1 \u00a0
0.2 \u00a0
0.1 \u00a0
101.7 \u00a0
2.7 \u00a0
0.3 \u00a0
32.1 \u00a0
0.4 \u00a0
-
Personal Customers Finland \u00a0
76.9 \u00a0
5.6 \u00a0
1.9 \u00a0
0.2 \u00a0
0.2 \u00a0
0.6 \u00a0
76.7 \u00a0
5.4 \u00a0
1.3 \u00a0
4.2 \u00a0
0.2 \u00a0
-
Personal Customers Norway \u00a0
125.9 \u00a0
4.3 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
125.8 \u00a0
4.2 \u00a0
0.4 \u00a0
30.1 \u00a0
0.7 \u00a0
-
Global Private Banking \u00a0
76.5 \u00a0
3.1 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
76.4 \u00a0
3.0 \u00a0
0.5 \u00a0
16.2 \u00a0
1.0 \u00a0
-
Personal Customers Other \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Total Personal Customers \u00a0
805.0 \u00a0
34.6 \u00a0
9.6 \u00a0
1.3 \u00a0
1.6 \u00a0
2.4 \u00a0
803.7 \u00a0
33.0 \u00a0
7.3 \u00a0
132.1 \u00a0
4.1 \u00a0
-
Business Customers \u00a0
Asset Finance \u00a0
52.7 \u00a0
9.4 \u00a0
1.4 \u00a0
0.1 \u00a0
0.5 \u00a0
0.5 \u00a0
52.6 \u00a0
8.8 \u00a0
0.9 \u00a0
19.5 \u00a0
1.6 \u00a0
-
Business Customers \u00a0
309.6 \u00a0
36.8 \u00a0
10.4 \u00a0
1.1 \u00a0
3.0 \u00a0
3.7 \u00a0
308.5 \u00a0
33.8 \u00a0
6.7 \u00a0
93.3 \u00a0
13.8 \u00a0
0.6 \u00a0
Commercial Real Esate \u00a0
308.0 \u00a0
24.9 \u00a0
2.3 \u00a0
0.4 \u00a0
1.1 \u00a0
0.3 \u00a0
307.6 \u00a0
23.8 \u00a0
2.0 \u00a0
44.8 \u00a0
3.9 \u00a0
0.1 \u00a0
Business Customers Other \u00a0
0.4 \u00a0
-
0.1 \u00a0
-
-
-
0.4 \u00a0
-
0.1 \u00a0
0.4 \u00a0
-
-
Total Business Customers \u00a0
670.6 \u00a0
71.1 \u00a0
14.2 \u00a0
1.6 \u00a0
4.7 \u00a0
4.5 \u00a0
669.0 \u00a0
66.4 \u00a0
9.7 \u00a0
158.0 \u00a0
19.3 \u00a0
0.6 \u00a0
Large Corporates & Institutions \u00a0
598.8 \u00a0
33.8 \u00a0
6.9 \u00a0
0.4 \u00a0
1.1 \u00a0
1.8 \u00a0
598.5 \u00a0
32.7 \u00a0
5.1 \u00a0
514.5 \u00a0
29.8 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
89.4 \u00a0
4.7 \u00a0
1.9 \u00a0
0.3 \u00a0
0.1 \u00a0
0.4 \u00a0
89.1 \u00a0
4.6 \u00a0
1.5 \u00a0
48.1 \u00a0
0.8 \u00a0
0.2 \u00a0
Group Functions \u00a0
232.3 \u00a0
0.1 \u00a0
-
-
-
-
232.3 \u00a0
0.1 \u00a0
-
229.7 \u00a0
-
-
Total \u00a0
2,396.2 \u00a0
144.2 \u00a0
32.7 \u00a0
3.6 \u00a0
7.5 \u00a0
9.1 \u00a0
2,392.6 \u00a0
136.7 \u00a0
23.6 \u00a0
1,082.3 \u00a0
54.1 \u00a0
3.0 \u00a0
* Comparative information has been restated as described in note G2(b). In addition, with effect from 1 January 2024, Non-core ceased to exist as a separate \u00a0
segment and became a new sub-segment of Group Functions. Credit exposure as at 31 December 2023 previously reported under Non-core has therefore been \u00a0
reclassified to Group Functions. \u00a0
** Personal Customers Sweden, Personal Customers Finland and Personal Customers Norway are new sub-segments in Personal Customers in 2024. Comparatives \u00a0
have been reclassified. There is no change to total credit exposure for Personal Customers as at 31 December 2023. \u00a0
Credit risk \u2013 continued \u00a0
Concentration risk \u00a0
The Group has implemented a set of frameworks to manage the concentration risk to which the Group is exposed. These frameworks cover \u00a0
single-name concentrations, industry concentrations and geographical concentrations. \u00a0
Industry concentrations \u00a0
The Group manages industry concentrations as part of its credit risk tolerance framework by setting exposure limits on select ed industries. \u00a0
For commercial property, this also includes reducing the number of low-quality customers to ensure creditworthiness within the concentration \u00a0
limits. The industry concentrations are updated on an ongoing basis and at least once a year. The Group accepts the risks on material \u00a0
concentrations in accordance with the industry-specific guidelines that outline the use of credit policies within the industry. For personal \u00a0
customers, the Group also manages key concentrations in relation to high loan-to-value (LTV) ratios and short-term interest loans, for example. \u00a0
Geographical concentrations \u00a0
Credit reporting includes a breakdown by country. For selected countries, exposures to sovereigns, financial institutions and counterparties in \u00a0
derivatives trading are managed within country limits. \u00a0
Single-name concentrations and large exposures \u00a0
Limits are set on credit risk exposures to single names, thus protecting the Group from excessive losses resulting from the default of a single \u00a0
customer group. \u00a0
The limits on large exposures are defined within the large exposure restrictions of article 391 of the Capital Requirements Regulation (EU) No \u00a0
575/2013 (CRR): \u00a0
\u2022
an absolute limit on the largest single aggregate exposure. \u00a0
\u2022
the sum of the 20 largest exposures. \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is obtaining \u00a0
collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to ensure it \u00a0
reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus ensuring that the \u00a0
Group complies with regulatory requirements. \u00a0
The validity of the internal and external inputs on which the valuation models depend is assessed regularly and the performance of the models \u00a0
themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that need to be addressed. \u00a0
The market value of collateral is subject to a haircut to reflect the fact that the Group may not be able to obtain the estimated market value \u00a0
upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility during the \u00a0
sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory purposes, the Group \u00a0
also applies more conservative haircuts in order to capture the risk of an economic downturn. \u00a0
Credit risk \u2013 continued \u00a0
Types of collateral \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Functions \u00a0
Total \u00a0
31 December 2024 \u00a0
Real property \u00a0
583.2 \u00a0
441.4 \u00a0
36.3 \u00a0
48.8 \u00a0
-
1,109.7 \u00a0
- Personal \u00a0
575.6 \u00a0
1.0 \u00a0
-
30.8 \u00a0
-
607.4 \u00a0
- Commercial \u00a0
5.8 \u00a0
408.4 \u00a0
34.7 \u00a0
15.0 \u00a0
-
463.9 \u00a0
- Agricultural \u00a0
1.9 \u00a0
31.9 \u00a0
1.5 \u00a0
3.0 \u00a0
-
38.5 \u00a0
Bank accounts \u00a0
-
-
-
-
-
-
Custody account and securities \u00a0
6.4 \u00a0
4.1 \u00a0
6.3 \u00a0
-
-
16.8 \u00a0
Vehicles \u00a0
1.9 \u00a0
22.8 \u00a0
-
-
-
24.6 \u00a0
Equipment \u00a0
-
15.1 \u00a0
3.3 \u00a0
3.5 \u00a0
-
21.9 \u00a0
Vessels \u00a0
-
1.5 \u00a0
21.0 \u00a0
-
-
22.5 \u00a0
Guarantees \u00a0
17.7 \u00a0
48.3 \u00a0
16.4 \u00a0
1.3 \u00a0
-
83.6 \u00a0
Amounts due \u00a0
-
3.1 \u00a0
0.5 \u00a0
0.3 \u00a0
-
4.0 \u00a0
Other assets \u00a0
0.1 \u00a0
28.4 \u00a0
4.0 \u00a0
1.6 \u00a0
2.4 \u00a0
36.6 \u00a0
Total collateral \u00a0
609.4 \u00a0
564.7 \u00a0
87.8 \u00a0
55.5 \u00a0
2.5 \u00a0
1,319.9 \u00a0
Total unsecured credit exposure \u00a0
107.5 \u00a0
203.5 \u00a0
600.2 \u00a0
49.5 \u00a0
960.8 \u00a0
Unsecured portion of credit exposure (%) \u00a0
15.0% \u00a0
26.5% \u00a0
87.2% \u00a0
47.2% \u00a0
-
42.1% \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Functions \u00a0
Total \u00a0
31 December 2023 \u00a0
Real property \u00a0
696.2 \u00a0
489.9 \u00a0
42.6 \u00a0
40.3 \u00a0
0.1 \u00a0
1,269.1 \u00a0
- Personal \u00a0
687.3 \u00a0
1.5 \u00a0
-
26.6 \u00a0
0.1 \u00a0
715.6 \u00a0
- Commercial \u00a0
6.8 \u00a0
452.4 \u00a0
40.7 \u00a0
11.4 \u00a0
-
511.4 \u00a0
- Agricultural \u00a0
2.0 \u00a0
36.0 \u00a0
1.9 \u00a0
2.2 \u00a0
-
42.1 \u00a0
Bank accounts \u00a0
0.2 \u00a0
0.4 \u00a0
-
-
-
0.6 \u00a0
Custody account and securities \u00a0
3.6 \u00a0
4.1 \u00a0
10.2 \u00a0
-
-
17.9 \u00a0
Vehicles \u00a0
2.0 \u00a0
19.7 \u00a0
3.2 \u00a0
-
-
24.9 \u00a0
Equipment \u00a0
-
12.2 \u00a0
3.4 \u00a0
2.5 \u00a0
-
18.1 \u00a0
Vessels \u00a0
-
1.1 \u00a0
18.1 \u00a0
-
-
19.2 \u00a0
Guarantees \u00a0
6.2 \u00a0
3.6 \u00a0
12.1 \u00a0
1.9 \u00a0
-
23.8 \u00a0
Amounts due \u00a0
0.1 \u00a0
2.3 \u00a0
0.8 \u00a0
0.2 \u00a0
-
3.3 \u00a0
Other assets \u00a0
0.1 \u00a0
29.2 \u00a0
3.5 \u00a0
1.4 \u00a0
2.5 \u00a0
36.7 \u00a0
Total collateral \u00a0
708.3 \u00a0
562.5 \u00a0
94.0 \u00a0
46.2 \u00a0
2.6 \u00a0
1,413.6 \u00a0
Total unsecured credit exposure \u00a0
135.7 \u00a0
182.7 \u00a0
539.3 \u00a0
49.0 \u00a0
-
906.7 \u00a0
Unsecured portion of credit exposure (%) \u00a0
16.1% \u00a0
24.5% \u00a0
85.2% \u00a0
51.4% \u00a0
-
39.1% \u00a0
Credit risk \u2013 continued \u00a0
Past due amounts (excluding loans in rating category 10 and 11) \u00a0
Past due amounts \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Northern \u00a0
Group \u00a0
Total past due\u00a0Total due under \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions \u00a0
amount \u00a0
loans \u00a0
31 December 2024 \u00a0
6-30 days \u00a0
11 \u00a0
7
-
1
-
19 \u00a0
910 \u00a0
31-60 days \u00a0
2
13 \u00a0
-
2
-
17 \u00a0
349 \u00a0
> 60 days \u00a0
5
3
-
-
-
9
1,092 \u00a0
Total past due amounts \u00a0
18 \u00a0
24 \u00a0
-
3
-
45 \u00a0
Total due under loans \u00a0
1,195 \u00a0
1,094 \u00a0
1
61 \u00a0
-
2,351 \u00a0
31 December 2023 \u00a0
6-30 days \u00a0
43 \u00a0
39 \u00a0
14 \u00a0
2
-
98 \u00a0
1,592 \u00a0
31-60 days \u00a0
23 \u00a0
17 \u00a0
3
2
-
44 \u00a0
588 \u00a0
> 60 days \u00a0
34 \u00a0
12 \u00a0
-
5
-
52 \u00a0
454 \u00a0
Total past due amounts \u00a0
100 \u00a0
68 \u00a0
17 \u00a0
8
-
194 \u00a0
Total due under loans \u00a0
1,640 \u00a0
887 \u00a0
17 \u00a0
89 \u00a0
1
2,634 \u00a0
For the past due amounts, the average unsecured portion of the claims recorded was 21.6% at the end of 2024 (2023: 23.6%). Real property \u00a0
accounted for 78.6% of collateral provided (2023: 59.7%). \u00a0
Forbearance practices and repossessed assets \u00a0
The Group adopts forbearance plans to assist customers in financial difficulty. Concessions granted to customers include interest-reduction \u00a0
schedules, interest-only schedules, temporary payment holidays, term extensions, cancellation of outstanding fees, waiver of covenant \u00a0
enforcement and debt forgiveness. Forbearance plans must comply with the Group\u2019s Credit Policy. They are used as an instrument to retain \u00a0
long-term business relationships during economic downturns if there is a realistic possibility that the customer will be able to meet its \u00a0
obligations again, or are used for minimising losses in the event of default. \u00a0
If it proves impossible to improve the customer\u2019s financial situation by forbearance measures, the Group will consider whether to subject the \u00a0
customer\u2019s assets to a forced sale or whether the assets could be realised later at higher net proceeds. At the end of 2024, the Group had \u00a0
recognised properties taken over in Denmark at a carrying amount of DKK 13 million (2023: DKK 17 million), and there were no properties taken \u00a0
over in other countries (2023: DKK 0 million). The properties are held for sale and included under Assets held for sale in the balance sheet. \u00a0
The Group applies the European Banking Authority\u2019s (the EBA\u2019s) definition of loans subject to forbearance measures. The EBA definition states \u00a0
that a probation period of a minimum of two years must pass from the date when forborne exposures are considered to be performing again. \u00a0
Forbearance measures lead to changes in staging for impairment purposes, and impairments relating to forborne exposures are handled \u00a0
according to the principles described in note G15. \u00a0
Exposures subject to forbearance measures \u00a0
(DKK millions) \u00a0
31 December 2024\u00a031 December 2023 \u00a0
Stage 1 \u00a0
256 \u00a0
297 \u00a0
Stage 2 \u00a0
7,629 \u00a0
5,279 \u00a0
Stage 3 \u00a0
6,966 \u00a0
7,023 \u00a0
Total \u00a0
14,851 \u00a0
12,598 \u00a0
Credit risk \u2013 continued \u00a0
Expected credit losses (allowance account) \u00a0
The expected credit loss is calculated for all individual facilities as a function of the probability of default (PD), the exposure at default (EAD) and \u00a0
the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal models in order to \u00a0
ensure alignment of models across the Group. New models and calculations have been developed especially for IFRS 9 purposes, including \u00a0
models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairments are allocated to individual exposures. For \u00a0
significant stage 3 exposures, the Group determines the expected credit losses individually. \u00a0
Allowance account broken down by stage \u00a0
(DKK millions) \u00a0
Stage 1* \u00a0
Stage 2* \u00a0
Stage 3* \u00a0
Total* \u00a0
ECL allowance account as at 1 January 2023 \u00a0
3,273 \u00a0
8,082 \u00a0
8,290 \u00a0
19,645 \u00a0
Transferred to stage 1 during the period \u00a0
2,406 \u00a0
-2,274 \u00a0
-132 \u00a0
-
Transferred to stage 2 during the period \u00a0
-211 \u00a0
668 \u00a0
-457 \u00a0
-
Transferred to stage 3 during the period \u00a0
-22 \u00a0
-505 \u00a0
527 \u00a0
-
ECL on new assets \u00a0
601 \u00a0
1,249 \u00a0
607 \u00a0
2,457 \u00a0
ECL on assets derecognised \u00a0
-513 \u00a0
-1,142 \u00a0
-940 \u00a0
-2,595 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,923 \u00a0
1,393 \u00a0
1,544 \u00a0
1,014 \u00a0
Write-offs debited to the allowance account \u00a0
-5 \u00a0
-
-364 \u00a0
-370 \u00a0
Foreign exchange adjustments \u00a0
-18 \u00a0
23 \u00a0
-26 \u00a0
-22 \u00a0
Other changes \u00a0
5
-7 \u00a0
12 \u00a0
10 \u00a0
ECL allowance account as at 31 December 2023 \u00a0
3,592 \u00a0
7,486 \u00a0
9,062 \u00a0
20,140 \u00a0
Transferred to stage 1 during the period \u00a0
1,197 \u00a0
-1,063 \u00a0
-134 \u00a0
-
Transferred to stage 2 during the period \u00a0
-317 \u00a0
629 \u00a0
-312 \u00a0
-
Transferred to stage 3 during the period \u00a0
-28 \u00a0
-414 \u00a0
443 \u00a0
-
ECL on new assets \u00a0
561 \u00a0
1,540 \u00a0
1,106 \u00a0
3,207 \u00a0
ECL on assets derecognised \u00a0
-557 \u00a0
-1,495 \u00a0
-848 \u00a0
-2,900 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,106 \u00a0
1,024 \u00a0
132 \u00a0
49 \u00a0
Write-offs debited to the allowance account \u00a0
-9 \u00a0
-
-358 \u00a0
-367 \u00a0
Foreign exchange adjustments \u00a0
-24 \u00a0
-85 \u00a0
-31 \u00a0
-140 \u00a0
Other changes \u00a0
-82 \u00a0
-5 \u00a0
-2 \u00a0
-89 \u00a0
ECL allowance account as at 31 December 2024 \u00a0
3,226 \u00a0
7,617 \u00a0
9,058 \u00a0
19,901 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. The allowance account in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
The stage 3 allowance account includes DKK 1.9 billion (2023: DKK 1.9 billion) relating to originated credit impaired financial assets. Originated \u00a0
credit impaired financial assets are granted as part of restructuring non-performing loan exposures, and are otherwise outside the Group\u2019s \u00a0
credit policy. The Group has not acquired any credit impaired financial assets. \u00a0
Expected credit losses (allowance account) broken down by segment \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Northern \u00a0
Group \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions* \u00a0
Total* \u00a0
ECL allowance account as at 1 January 2023 \u00a0
5,427 \u00a0
10,235 \u00a0
3,050 \u00a0
863 \u00a0
70 \u00a0
19,645 \u00a0
ECL on new assets \u00a0
483 \u00a0
1,544 \u00a0
351 \u00a0
84 \u00a0
-4 \u00a0
2,457 \u00a0
ECL on assets derecognised \u00a0
-673 \u00a0
-1,825 \u00a0
-43 \u00a0
-44 \u00a0
-9 \u00a0
-2,595 \u00a0
Impact on remeasurement of ECL (incl. change in models) \u00a0
265 \u00a0
874 \u00a0
16 \u00a0
-115 \u00a0
-26 \u00a0
1,014 \u00a0
Write-offs debited to allowance account \u00a0
-172 \u00a0
-150 \u00a0
-32 \u00a0
-15 \u00a0
-
-370 \u00a0
Foreign currency translation \u00a0
-8 \u00a0
5
-39 \u00a0
21 \u00a0
-1 \u00a0
-22 \u00a0
Other changes \u00a0
-16 \u00a0
22 \u00a0
7
-
-3 \u00a0
10 \u00a0
ECL allowance account as at 31 December 2023 \u00a0
5,306 \u00a0
10,705 \u00a0
3,308 \u00a0
794 \u00a0
27 \u00a0
20,140 \u00a0
ECL on new assets \u00a0
407 \u00a0
1,897 \u00a0
767 \u00a0
138 \u00a0
-1 \u00a0
3,207 \u00a0
ECL on assets derecognised \u00a0
-779 \u00a0
-2,013 \u00a0
-59 \u00a0
-47 \u00a0
-3 \u00a0
-2,900 \u00a0
Impact on remeasurement of ECL (incl. change in models) \u00a0
-10 \u00a0
484 \u00a0
-303 \u00a0
-124 \u00a0
2
49 \u00a0
Write-offs debited to allowance account \u00a0
-134 \u00a0
-179 \u00a0
-40 \u00a0
-14 \u00a0
-
-367 \u00a0
Foreign currency translation \u00a0
-30 \u00a0
-140 \u00a0
-8 \u00a0
39 \u00a0
-1 \u00a0
-140 \u00a0
Other changes \u00a0
-87 \u00a0
-2 \u00a0
1
-
-1 \u00a0
-89 \u00a0
ECL allowance account as at 31 December 2024 \u00a0
4,674 \u00a0
10,752 \u00a0
3,666 \u00a0
785 \u00a0
22 \u00a0
19,901 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. The allowance account in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
The method used for calculating expected credit losses is described in note G15. \u00a0
Credit risk \u2013 continued \u00a0
Gross credit exposure \u00a0
(DKK millions) \u00a0
Stage 1* \u00a0
Stage 2* \u00a0
Stage 3* \u00a0
Total* \u00a0
Gross carrying amount at 1 January 2023 \u00a0
2,326,685 \u00a0
176,034 \u00a0
32,226 \u00a0
2,534,946 \u00a0
Transferred to stage 1 \u00a0
48,832 \u00a0
-47,483 \u00a0
-1,348 \u00a0
-
Transferred to stage 2 \u00a0
-45,901 \u00a0
48,605 \u00a0
-2,704 \u00a0
-
Transferred to stage 3 \u00a0
-4,232 \u00a0
-4,443 \u00a0
8,676 \u00a0
-
New assets \u00a0
558,858 \u00a0
28,512 \u00a0
6,420 \u00a0
593,790 \u00a0
Assets derecognised \u00a0
-521,736 \u00a0
-49,712 \u00a0
-9,712 \u00a0
-581,160 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-4 \u00a0
-
-303 \u00a0
-308 \u00a0
Other changes \u00a0
33,740 \u00a0
-7,289 \u00a0
-568 \u00a0
25,883 \u00a0
As at 31 December 2023 \u00a0
2,396,241 \u00a0
144,224 \u00a0
32,686 \u00a0
2,573,152 \u00a0
Transferred to stage 1 \u00a0
25,322 \u00a0
-24,186 \u00a0
-1,135 \u00a0
-
Transferred to stage 2 \u00a0
-43,661 \u00a0
45,892 \u00a0
-2,231 \u00a0
-
Transferred to stage 3 \u00a0
-4,617 \u00a0
-3,367 \u00a0
7,984 \u00a0
-
New assets \u00a0
705,655 \u00a0
43,091 \u00a0
7,115 \u00a0
755,860 \u00a0
Assets derecognised \u00a0
-626,362 \u00a0
-49,682 \u00a0
-11,171 \u00a0
-687,215 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-11 \u00a0
-
-7 \u00a0
-18 \u00a0
Other changes \u00a0
-225,247 \u00a0
-5,970 \u00a0
-722 \u00a0
-231,939 \u00a0
As at 31 December 2024 \u00a0
2,227,319 \u00a0
150,003 \u00a0
32,518 \u00a0
2,409,840 \u00a0
* With effect from 1 January 2024, Non-core ceased to exist as a separate segment. Credit exposure in 2023 previously reported under Non-core has been \u00a0
reclassified, and comparatives have been restated to reflect this change. \u00a0
In the table above, \u2018Changes due to modifications that did not result in derecognition\u2019 includes partial forgiveness of debt assessed to be \u00a0
uncollectible. The modification loss is recognised within the income statement as part of Loan impairment charges. The contractual amount of \u00a0
loans written off in 2024 and for which the Group retains the right to enforce its claims amounted to DKK 826 million (2023: DKK 1,873 million) \u00a0
Allowance account broken down by balance sheet item \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
Due from credit institutions and central banks \u00a0
15 \u00a0
15 \u00a0
Loans at amortised cost \u00a0
13,672 \u00a0
13,959 \u00a0
Loan commitments and guarantees \u00a0
3,245 \u00a0
3,161 \u00a0
ECL Impairment, Total \u00a0
16,932 \u00a0
17,134 \u00a0
Fair value credit risk adjustment on loans at fair value \u00a0
2,968 \u00a0
3,005 \u00a0
Total \u00a0
19,901 \u00a0
20,140 \u00a0
Forward-looking information \u00a0
The incorporation of forward-looking information reflects the expectations of the Group\u2019s senior management and involves both \u00a0
macroeconomic scenarios (base case, upside and downside scenarios), including an assessment of the probability for each scenario, and post- \u00a0
model adjustments. The purpose of using multiple scenarios is to model the non-linear impact of assumptions about macroeconomic factors \u00a0
on the expected credit losses. Post-model adjustments are used to capture specific risks which are not fully covered by the macroeconomic \u00a0
scenarios, as well as the process related risk, which could lead to an underestimation of the expected credit losses. \u00a0
Macroeconomic scenarios \u00a0
The forward-looking information is based on a three-year forecast period converging to steady state in year seven. That is, after the forecast \u00a0
period, the macroeconomic scenarios revert slowly towards a steady state. \u00a0
The applied scenarios that drive the expected credit loss calculation in the fourth quarter of 2024 have been updated with the latest \u00a0
macroeconomic data. Compared to the end of 2023, the base case and upside scenarios have been revised to reflect expectations of \u00a0
decreasing interest rates, improved house prices and improved growth momentum. \u00a0
The base case is an extension of the Group\u2019s official view of the Nordic economies (the Nordic Outlook report). At 31 December 2024, the base \u00a0
case scenario reflects a soft landing with economic growth moving toward normalised levels. Inflation is coming down quickly, and fairly rapid \u00a0
interest cuts are consequently expected. The Nordic property markets have generally recovered, and price increases are expected, as \u00a0
consumers regain purchasing power. \u00a0
The upside scenario represents a slightly better outlook than the base case scenario across the macroeconomic parameters. In this scenario, it \u00a0
is predominantly the European businesses\u2019 profit margins and not prices that absorb the adjustment to higher wage costs and inflation returns \u00a0
more sustainably to target than in the base case. Central banks no longer hesitate to cut interest rates and all Nordic central banks loosen \u00a0
policies a bit quicker than in the base case. This boosts consumer sentiment, increasing private consumption and strengthening the housing \u00a0
market. \u00a0
The downside scenario is a severe recession with high interest rates scenario (reflecting a stagflation scenario) applied in the Group\u2019s ICAAP \u00a0
processes, which is similar in nature to regulatory stress tests. The severe recession scenario reflects negative growth, increasing interest \u00a0
rates, and falling property prices for a longer period. The use of the downside scenario was introduced to better capture the elevated risk from \u00a0
high interest rates and high inflation. A trigger of the economic setback could be continued macroeconomic worsening and challenges linked to \u00a0
high business costs while inflation remain elevated. This adversely impacts the labour market, results in higher and more persistent \u00a0
unemployment. This would lead to a severe slowdown in the economies in which the Group is represented. \u00a0
The scenario weighting is unchanged from 2024. The weight on the base case scenario is 60% (60% in 2023), the upside scenario is weighted \u00a0
20% (20% in 2023), and the downside scenario is weighted 20% (20% in 2023). \u00a0
The main macroeconomic parameters in the base case, upside and downside scenario entering into the ECL calculation for the forecast \u00a0
horizon across the Group\u2019s Nordic markets are included below. \u00a0
Credit risk \u2013 continued \u00a0
Macroeconomic scenarios \u00a0
31 December 2024 \u00a0
Base-case \u00a0
Downside \u00a0
Upside \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
Denmark \u00a0
GDP \u00a0
2.5 \u00a0
2.3 \u00a0
1.9 \u00a0
-2.0 \u00a0
-
-
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
Unemployment \u00a0
3.1 \u00a0
3.1 \u00a0
3.2 \u00a0
7.4 \u00a0
7.8 \u00a0
7.8 \u00a0
3.1 \u00a0
3.0 \u00a0
3.1 \u00a0
Inflation \u00a0
1.8 \u00a0
1.7 \u00a0
1.8 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
1.3 \u00a0
1.6 \u00a0
1.7 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
4.0 \u00a0
2.5 \u00a0
-11.0 \u00a0
-6.0 \u00a0
-6.0 \u00a0
7.0 \u00a0
6.0 \u00a0
2.5 \u00a0
Interest rate - 3 month \u00a0
1.5 \u00a0
1.5 \u00a0
1.5 \u00a0
5.0 \u00a0
3.0 \u00a0
3.0 \u00a0
1.2 \u00a0
1.2 \u00a0
1.2 \u00a0
Sweden \u00a0
GDP \u00a0
2.5 \u00a0
2.2 \u00a0
1.8 \u00a0
-3.4 \u00a0
-1.0 \u00a0
-1.0 \u00a0
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
Unemployment \u00a0
8.2 \u00a0
7.7 \u00a0
7.4 \u00a0
10.7 \u00a0
11.1 \u00a0
11.1 \u00a0
8.2 \u00a0
7.6 \u00a0
7.3 \u00a0
Inflation \u00a0
1.7 \u00a0
1.2 \u00a0
1.5 \u00a0
3.9 \u00a0
2.9 \u00a0
2.9 \u00a0
1.2 \u00a0
1.0 \u00a0
1.4 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
5.0 \u00a0
3.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
7.0 \u00a0
7.0 \u00a0
3.0 \u00a0
Interest rate - 3 month \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
5.7 \u00a0
3.7 \u00a0
3.7 \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
Norway \u00a0
GDP \u00a0
1.9 \u00a0
1.7 \u00a0
1.8 \u00a0
-1.1 \u00a0
0.6 \u00a0
0.6 \u00a0
2.1 \u00a0
1.9 \u00a0
1.8 \u00a0
Unemployment \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
6.4 \u00a0
6.5 \u00a0
6.5 \u00a0
2.4 \u00a0
2.3 \u00a0
2.3 \u00a0
Inflation \u00a0
2.2 \u00a0
2.0 \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
5.0 \u00a0
4.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
7.0 \u00a0
7.0 \u00a0
4.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.8 \u00a0
2.8 \u00a0
6.3 \u00a0
4.3 \u00a0
4.3 \u00a0
3.5 \u00a0
2.6 \u00a0
2.6 \u00a0
Finland* \u00a0
GDP \u00a0
1.8 \u00a0
1.6 \u00a0
1.5 \u00a0
-2.0 \u00a0
-0.3 \u00a0
-0.3 \u00a0
2.0 \u00a0
2.0 \u00a0
1.5 \u00a0
Unemployment \u00a0
8.1 \u00a0
7.3 \u00a0
6.5 \u00a0
11.9 \u00a0
11.9 \u00a0
11.9 \u00a0
8.1 \u00a0
7.2 \u00a0
6.4 \u00a0
Inflation \u00a0
1.2 \u00a0
1.8 \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
0.8 \u00a0
1.6 \u00a0
1.9 \u00a0
Property prices - Residential \u00a0
4.0 \u00a0
3.0 \u00a0
2.5 \u00a0
-7.0 \u00a0
-5.0 \u00a0
-5.0 \u00a0
6.0 \u00a0
5.0 \u00a0
2.5 \u00a0
Interest rate - 3 month \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
5.1 \u00a0
3.1 \u00a0
3.1 \u00a0
1.3 \u00a0
1.3 \u00a0
1.3 \u00a0
Credit risk \u2013 continued \u00a0
At 31 December 2023, the following base case, downside and upside scenarios were used: \u00a0
31 December 2023 \u00a0
Base-case \u00a0
Downside \u00a0
Upside \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
2024 \u00a0
2025 \u00a0
2026 \u00a0
Denmark \u00a0
GDP \u00a0
1.0 \u00a0
1.6 \u00a0
1.6 \u00a0
-3.4 \u00a0
-2.0 \u00a0
-
2.5 \u00a0
1.8 \u00a0
0.4 \u00a0
Unemployment \u00a0
3.1 \u00a0
3.3 \u00a0
3.4 \u00a0
6.3 \u00a0
7.5 \u00a0
7.9 \u00a0
2.7 \u00a0
2.6 \u00a0
3.2 \u00a0
Inflation \u00a0
2.0 \u00a0
1.9 \u00a0
1.8 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.4 \u00a0
2.5 \u00a0
1.4 \u00a0
Property prices - Residential \u00a0
1.5 \u00a0
2.0 \u00a0
2.1 \u00a0
-19.7 \u00a0
-11.0 \u00a0
-6.0 \u00a0
3.5 \u00a0
3.0 \u00a0
2.1 \u00a0
Interest rate - 3 month \u00a0
3.1 \u00a0
2.3 \u00a0
2.0 \u00a0
5.4 \u00a0
6.4 \u00a0
3.9 \u00a0
4.3 \u00a0
3.5 \u00a0
2.5 \u00a0
Sweden \u00a0
GDP \u00a0
1.2 \u00a0
1.8 \u00a0
2.4 \u00a0
-3.5 \u00a0
-3.4 \u00a0
-1.0 \u00a0
2.6 \u00a0
2.1 \u00a0
1.3 \u00a0
Unemployment \u00a0
8.2 \u00a0
8.0 \u00a0
7.9 \u00a0
9.4 \u00a0
10.3 \u00a0
10.7 \u00a0
7.9 \u00a0
7.5 \u00a0
7.7 \u00a0
Inflation \u00a0
1.9 \u00a0
1.3 \u00a0
1.6 \u00a0
4.9 \u00a0
3.9 \u00a0
2.9 \u00a0
2.0 \u00a0
1.6 \u00a0
1.5 \u00a0
Property prices - Residential \u00a0
-1.0 \u00a0
4.0 \u00a0
5.0 \u00a0
-22.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
1.0 \u00a0
5.0 \u00a0
5.0 \u00a0
Interest rate - 3 month \u00a0
3.4 \u00a0
2.3 \u00a0
2.0 \u00a0
5.7 \u00a0
5.7 \u00a0
3.7 \u00a0
4.6 \u00a0
3.6 \u00a0
2.6 \u00a0
Norway \u00a0
GDP \u00a0
1.1 \u00a0
2.1 \u00a0
1.5 \u00a0
-2.7 \u00a0
-1.1 \u00a0
0.6 \u00a0
2.5 \u00a0
2.4 \u00a0
0.4 \u00a0
Unemployment \u00a0
2.3 \u00a0
2.5 \u00a0
2.5 \u00a0
5.5 \u00a0
6.4 \u00a0
6.5 \u00a0
2.0 \u00a0
2.0 \u00a0
2.3 \u00a0
Inflation \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
4.5 \u00a0
3.0 \u00a0
2.0 \u00a0
3.2 \u00a0
2.3 \u00a0
1.8 \u00a0
Property prices - Residential \u00a0
-1.0 \u00a0
5.0 \u00a0
4.0 \u00a0
-19.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-
6.0 \u00a0
4.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.9 \u00a0
2.5 \u00a0
6.3 \u00a0
6.3 \u00a0
4.3 \u00a0
5.0 \u00a0
4.0 \u00a0
3.0 \u00a0
Finland* \u00a0
GDP \u00a0
0.3 \u00a0
1.9 \u00a0
1.3 \u00a0
-2.4 \u00a0
-2.0 \u00a0
-0.3 \u00a0
1.3 \u00a0
2.2 \u00a0
0.4 \u00a0
Unemployment \u00a0
7.8 \u00a0
7.2 \u00a0
6.5 \u00a0
9.9 \u00a0
10.9 \u00a0
10.9 \u00a0
7.6 \u00a0
6.9 \u00a0
6.4 \u00a0
Inflation \u00a0
1.9 \u00a0
1.5 \u00a0
2.0 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
2.2 \u00a0
1.8 \u00a0
1.7 \u00a0
Property prices - Residential \u00a0
2.0 \u00a0
3.0 \u00a0
2.0 \u00a0
-14.2 \u00a0
-7.0 \u00a0
-5.0 \u00a0
3.0 \u00a0
4.0 \u00a0
2.0 \u00a0
Interest rate - 3 month \u00a0
3.1 \u00a0
2.3 \u00a0
2.0 \u00a0
5.1 \u00a0
5.1 \u00a0
3.1 \u00a0
4.3 \u00a0
3.5 \u00a0
2.5 \u00a0
* Macroeconomic parameters for Finland have been corrected as at 31 December 2023. \u00a0
Credit risk \u2013 continued \u00a0
The base case scenario enters with a probability of 60% (31 December 2023: 60%), the upside scenario with a probability of 20% (31 December \u00a0
2023: 20%) and the downside scenario with a probability of 20% (31 December 2023: 20%). On the basis of these assessments, the allowance \u00a0
account as at 31 December 2024 amounted to DKK 19.9 billion (31 December 2023: 20.1 billion). If the base case scenario was assigned a \u00a0
probability of 100%, the allowance account would decrease DKK 2.5 billion (31 December 2023: 2.0 billion). Compared to the base case \u00a0
scenario, the allowance account would increase DKK 12.9 billion (31 December 2023: 10.2 billion), if the downside scenario was assigned a \u00a0
probability of 100%. The increase reflects primarily the transfer of exposures from stage 1 to stage 2 and increased expected credit losses \u00a0
within stage 2. If instead the upside scenario was assigned a probability of 100%, the allowance account would decrease by DKK 0.2 billion (31 \u00a0
December 2023: 0.2 billion) compared to the base case scenario. It should be noted that the expected credit losses in the individual scenarios \u00a0
(i.e. without the weighting) do not represent forecasts of expected credit losses (ECL). \u00a0
Post-model adjustments \u00a0
Management applies judgement when determining the need for post-model adjustments. At 31 December 2024, the post-model adjustments \u00a0
amounted to DKK 5.9 billion (31 December 2023: 6.7 billion). The post-model adjustments primarily relate to the following types of risks: \u00a0
\u2022
specific macroeconomic risks on certain industries not fully captured by the expected credit loss model, for instance the agriculture \u00a0
industry. For such industries, supplementary calculations are made to ensure sufficient impairment coverage. This also includes post- \u00a0
model adjustments relating to effects from climate risk or the macroeconomic uncertainty. \u00a0
\u2022
non-linear downside risk, for instance on the property market in Copenhagen and other high growth areas for which the macroeconomic \u00a0
forecasts used in the models are based on the property market as a whole. \u00a0
\u2022
portfolios where the credit risk assessment process has identified an underestimation of the expected credit losses. \u00a0
Following the significant impact on the expected credit losses from post-model adjustments, the following table provides more information \u00a0
about the adjustments. \u00a0
Post-model adjustments by industries \u00a0
(DKK billions) \u00a0
31 December 2024 \u00a0
31 December 2023 \u00a0
Agriculture \u00a0
0.9 \u00a0
0.8 \u00a0
Commercial Property \u00a0
1.6 \u00a0
1.9 \u00a0
Construction and building materials \u00a0
1.0 \u00a0
1.0 \u00a0
Personal customers (including other retail exposures) \u00a0
1.0 \u00a0
1.6 \u00a0
Others* \u00a0
1.4 \u00a0
1.4 \u00a0
Total \u00a0
5.9 \u00a0
6.7 \u00a0
* No individual industry included in Others exceeds DKK 0.3 billion at 31 December 2024 (2023: DKK 0.2 billion). \u00a0
The total balance of post-model adjustments has been reduced compared to the end of 2023. The post-model adjustment related to personal \u00a0
customers has decreased due to the improved macroeconomic outlook. The post model adjustments for Commercial Real estate have also \u00a0
been slightly reduced due to the positive effects of lower inflation and interest rates. Meanwhile, the existing post-model adjustment for \u00a0
agriculture has been increased to a limited extent to account for the potential impact of the green tripartite agreement, which introduces new \u00a0
CO2 taxation models for agriculture in Denmark. \u00a0
The Group continues to maintain significant post-model adjustments due to the current macroeconomic and geopolitical uncertainties. These \u00a0
are characterised by the risk of a declining growth environment, labour shortages, higher interest rates and supply chain disruption and volatile \u00a0
prices, all of which present new challenges that may affect economic and business activity. The post-model adjustments span across \u00a0
industries sensitive to price rises on energy and commodities, as well as industries vulnerable to business cycles, higher interest rates and \u00a0
refinancing risks. These have been assessed for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group\u2019s \u00a0
portfolios. \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities \u00a0
Exposure to counterparty credit risk and credit exposure from trading and investment securities \u00a0
(DKK billions) \u00a0
2024 \u00a0
2023* \u00a0
Counterparty credit risk \u00a0
Derivatives with positive fair value \u00a0
261.0 \u00a0
307.1 \u00a0
Reverse transactions and other loans at fair value** \u00a0
382.6 \u00a0
267.9 \u00a0
Credit exposure from other trading and investment securities \u00a0
Bonds \u00a0
446.6 \u00a0
461.0 \u00a0
Shares \u00a0
93.3 \u00a0
19.4 \u00a0
Other unutilised commitments*** \u00a0
-
0.1 \u00a0
Total \u00a0
1,183.6 \u00a0
1,055.5 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** Reverse transactions and other loans at fair value included as counterparty credit risk are loans at the trading units of Large Corporates & Institutions. These \u00a0
loans consist of reverse transactions of DKK 381.6 billion (31 December 2023: DKK 267.4 billion), of which DKK 62.0 billion relates to credit institutions and central \u00a0
banks (31 December 2023: DKK 92.4 billion), and other primarily short-term loans of DKK 1.0 billion (31 December 2023: DKK 0.6 billion), of which DKK 1.0 billion (31 \u00a0
December 2023: DKK 0.6 billion) relates to credit institutions and central banks. \u00a0
*** Other unutilised commitments comprise private equity investment commitments and other obligations. \u00a0
Counterparty credit risk (derivatives) \u00a0
Counterparty credit risk is the risk that the counterparty to a transaction defaults before the final settlement of the transaction\u2019s cash flows. It \u00a0
is a combination of credit risk (a deterioration in the creditworthiness of a counterparty) and market risk (the potential value of derivatives \u00a0
contracts). \u00a0
Derivatives are subject to credit risk. Positive and negative fair values of derivatives with the same counterparty are offset in the balance sheet \u00a0
if certain conditions are fulfilled. \u00a0
Danske Bank Group takes on counterparty credit risk when it enters into over-the-counter (OTC) derivatives, securities financing transactions \u00a0
(SFTs), and/or exchange-traded derivatives (ETDs). \u00a0
The Group mitigates counterparty credit risk through pre-deal controls, post-deal monitoring, clearing, close-out netting agreements and \u00a0
collateral agreements. Those agreements include rights to additional set-off in the event of default by a counterparty, they reduce the \u00a0
exposure further, but they do not qualify for offsetting under IFRS Accounting Standards. The net current exposure to derivatives with positive \u00a0
market value after offsetting under master netting agreements amounted to DKK 102.8 billion (2023: DKK 89.5 billion) (see note G32). The \u00a0
exposure is broken down by rating category in the following table. \u00a0
Net current exposure broken down by category \u00a0
(DKK millions) \u00a0
2024 \u00a0
2023 \u00a0
1
13,661 \u00a0
14,293 \u00a0
2
14,101 \u00a0
16,110 \u00a0
3
58,728 \u00a0
43,279 \u00a0
4
11,654 \u00a0
11,946 \u00a0
5
2,986 \u00a0
2,309 \u00a0
6
1,128 \u00a0
921 \u00a0
7
266 \u00a0
463 \u00a0
8
83 \u00a0
86 \u00a0
9
3
1
10 \u00a0
144 \u00a0
24 \u00a0
11 \u00a0
7
18 \u00a0
Total \u00a0
102,761 \u00a0
89,450 \u00a0
The Group uses a range of measures to capture counterparty credit risk, including current exposure, potential future exposure (PFE) and \u00a0
exposure at default (EAD). Current exposure is a simple measure of counterparty credit risk exposure that takes into account only current \u00a0
mark-to-market values and collateral. \u00a0
Customer-level counterparty risk is managed by means of PFE lines on a set of maturity buckets. It is measured at the 97.5% percentile for a \u00a0
set of future time horizons. PFE lines are approved by the relevant credit unit and all transactions are assumed to be held to contractual \u00a0
maturity. The Group carries out daily counterparty credit risk measurement and monitoring as well as intraday line utilisation monitoring. \u00a0
The Danish FSA approved the Group\u2019s simulation model for calculating the regulatory capital requirement for counterparty credit risk in 2015. \u00a0
More advanced measures such as EAD, which is a regulatory measure, express potential future losses and are based on internal models for \u00a0
future scenarios of market data. EAD figures are provided in the Additional Pillar III Disclosures (accessible at danskebank.com/investor- \u00a0
relations). \u00a0
An overview of counterparty credit risk exposures (at counterparty and portfolio levels) is reported to the Executive Leadership Team and other \u00a0
senior management on a monthly basis. The Group uses a simulation-based model to calculate counterparty credit risk exposure for the \u00a0
majority of its portfolio. \u00a0
The Group makes fair value adjustments to cover the counterparty credit risk on derivatives with positive fair value (CVA) that are recognised in \u00a0
the financial statements. For more information, see note G33. \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities - continued \u00a0
Bond portfolio \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2024 \u00a0
Held-for-trading (FVPL) \u00a0
110,999 \u00a0
2,781 \u00a0
40,106 \u00a0
12,283 \u00a0
5,347 \u00a0
6,500 \u00a0
178,017 \u00a0
Managed at fair value (FVPL) \u00a0
5,728 \u00a0
161 \u00a0
20,527 \u00a0
1,500 \u00a0
195 \u00a0
-
28,112 \u00a0
Held to collect and sell (FVOCI) \u00a0
20,364 \u00a0
3,371 \u00a0
53,504 \u00a0
2,270 \u00a0
23,316 \u00a0
1,948 \u00a0
104,773 \u00a0
Held to collect (AMC) \u00a0
38,034 \u00a0
6,946 \u00a0
86,736 \u00a0
3,036 \u00a0
813 \u00a0
150 \u00a0
135,714 \u00a0
Total \u00a0
175,125 \u00a0
13,259 \u00a0
200,873 \u00a0
19,089 \u00a0
29,672 \u00a0
8,597 \u00a0
446,616 \u00a0
31 December 2023 \u00a0
Held-for-trading (FVPL) \u00a0
117,986 \u00a0
1,179 \u00a0
29,084 \u00a0
20,862 \u00a0
3,272 \u00a0
5,179 \u00a0
177,563 \u00a0
Managed at fair value (FVPL) \u00a0
1,845 \u00a0
291 \u00a0
17,069 \u00a0
1,307 \u00a0
286 \u00a0
-
20,798 \u00a0
Held to collect and sell (FVOCI) \u00a0
23,669 \u00a0
2,905 \u00a0
49,470 \u00a0
4,776 \u00a0
25,077 \u00a0
1,330 \u00a0
107,226 \u00a0
Held to collect (AMC) \u00a0
47,892 \u00a0
8,551 \u00a0
92,699 \u00a0
5,093 \u00a0
1,013 \u00a0
150 \u00a0
155,398 \u00a0
Total \u00a0
191,392 \u00a0
12,926 \u00a0
188,321 \u00a0
32,038 \u00a0
29,648 \u00a0
6,659 \u00a0
460,984 \u00a0
At 31 December 2024, the Group had an additional bond portfolio, including bond-based unit trust certificates, worth DKK 211,477 million (31 \u00a0
December 2023: DKK 214,073 million) recognised as insurance assets and thus not included in the table above. The section on Life insurance \u00a0
risk provides more information. For bonds classified as hold-to-collect, amortised cost exceeded fair value as at 31 December 2024 and 31 \u00a0
December 2023, see note G33 for more information. \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities - continued \u00a0
Bond portfolio broken down by geographical area \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2024 \u00a0
Denmark \u00a0
33,976 \u00a0
-
200,873 \u00a0
-
-
980 \u00a0
235,829 \u00a0
Sweden \u00a0
22,376 \u00a0
-
-
19,089 \u00a0
-
1,706 \u00a0
43,172 \u00a0
UK \u00a0
18,286 \u00a0
306 \u00a0
-
-
3,966 \u00a0
1,155 \u00a0
23,712 \u00a0
Norway \u00a0
4,945 \u00a0
-
-
-
23,896 \u00a0
2,675 \u00a0
31,517 \u00a0
USA \u00a0
16,642 \u00a0
1,856 \u00a0
-
-
-
41 \u00a0
18,539 \u00a0
Spain \u00a0
1,114 \u00a0
-
-
-
1
-
1,114 \u00a0
France \u00a0
11,794 \u00a0
178 \u00a0
-
-
264 \u00a0
270 \u00a0
12,506 \u00a0
Luxembourg \u00a0
-
4,957 \u00a0
-
-
-
100 \u00a0
5,057 \u00a0
Finland \u00a0
8,222 \u00a0
2,980 \u00a0
-
-
1,128 \u00a0
725 \u00a0
13,055 \u00a0
Ireland \u00a0
827 \u00a0
-
-
-
-
85 \u00a0
912 \u00a0
Italy \u00a0
5,013 \u00a0
-
-
-
-
3
5,016 \u00a0
Portugal \u00a0
1
-
-
-
-
-
1
Austria \u00a0
3,052 \u00a0
-
-
-
-
115 \u00a0
3,167 \u00a0
Netherlands \u00a0
2,310 \u00a0
-
-
-
4
458 \u00a0
2,772 \u00a0
Germany \u00a0
46,066 \u00a0
149 \u00a0
-
-
208 \u00a0
92 \u00a0
46,515 \u00a0
Belgium \u00a0
503 \u00a0
2,141 \u00a0
-
-
-
-
2,643 \u00a0
Other \u00a0
-
693 \u00a0
-
-
204 \u00a0
191 \u00a0
1,088 \u00a0
Total \u00a0
175,125 \u00a0
13,259 \u00a0
200,873 \u00a0
19,089 \u00a0
29,672 \u00a0
8,597 \u00a0
446,616 \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2023 \u00a0
Denmark \u00a0
28,754 \u00a0
-
188,321 \u00a0
-
-
870 \u00a0
217,945 \u00a0
Sweden \u00a0
61,267 \u00a0
-
-
32,038 \u00a0
-
1,362 \u00a0
94,667 \u00a0
UK \u00a0
11,141 \u00a0
291 \u00a0
-
-
3,518 \u00a0
1,009 \u00a0
15,959 \u00a0
Norway \u00a0
6,049 \u00a0
-
-
-
23,902 \u00a0
1,358 \u00a0
31,309 \u00a0
USA \u00a0
15,529 \u00a0
3,274 \u00a0
-
-
-
7
18,810 \u00a0
Spain \u00a0
1,243 \u00a0
-
-
-
1
-
1,244 \u00a0
France \u00a0
4,703 \u00a0
19 \u00a0
-
-
237 \u00a0
116 \u00a0
5,075 \u00a0
Luxembourg \u00a0
-
5,205 \u00a0
-
-
-
123 \u00a0
5,328 \u00a0
Finland \u00a0
10,224 \u00a0
2,954 \u00a0
-
-
1,089 \u00a0
909 \u00a0
15,176 \u00a0
Ireland \u00a0
550 \u00a0
-
-
-
-
94 \u00a0
643 \u00a0
Italy \u00a0
1,413 \u00a0
-
-
-
-
5
1,418 \u00a0
Portugal \u00a0
3
-
-
-
-
-
3
Austria \u00a0
4,513 \u00a0
-
-
-
66 \u00a0
113 \u00a0
4,691 \u00a0
Netherlands \u00a0
3,349 \u00a0
1
-
-
17 \u00a0
510 \u00a0
3,877 \u00a0
Germany \u00a0
42,152 \u00a0
-
-
-
216 \u00a0
96 \u00a0
42,465 \u00a0
Belgium \u00a0
503 \u00a0
442 \u00a0
-
-
1
-
946 \u00a0
Other \u00a0
-
740 \u00a0
-
-
602 \u00a0
87 \u00a0
1,429 \u00a0
Total \u00a0
191,392 \u00a0
12,926 \u00a0
188,321 \u00a0
32,038 \u00a0
29,648 \u00a0
6,659 \u00a0
460,984 \u00a0
Counterparty credit risk and credit exposure from trading \u00a0
and investment securities - continued \u00a0
Bond portfolio broken down by external ratings \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2024 \u00a0
AAA \u00a0
104,688 \u00a0
10,949 \u00a0
200,792 \u00a0
19,070 \u00a0
28,964 \u00a0
2,405 \u00a0
366,868 \u00a0
AA+ \u00a0
26,449 \u00a0
2,289 \u00a0
-
-
7
23 \u00a0
28,768 \u00a0
AA \u00a0
16,117 \u00a0
-
-
19 \u00a0
701 \u00a0
1,146 \u00a0
17,983 \u00a0
AA- \u00a0
21,265 \u00a0
20 \u00a0
-
-
-
74 \u00a0
21,359 \u00a0
A+ \u00a0
-
-
-
-
-
423 \u00a0
423 \u00a0
A
941 \u00a0
-
81 \u00a0
-
-
785 \u00a0
1,807 \u00a0
A- \u00a0
1
-
-
-
-
317 \u00a0
318 \u00a0
BBB+ \u00a0
173 \u00a0
-
-
-
-
1,027 \u00a0
1,199 \u00a0
BBB \u00a0
3,612 \u00a0
-
-
-
-
1,169 \u00a0
4,781 \u00a0
BBB- \u00a0
1,879 \u00a0
-
-
-
-
644 \u00a0
2,523 \u00a0
BB+ \u00a0
-
-
-
-
-
164 \u00a0
164 \u00a0
BB \u00a0
-
-
-
-
-
234 \u00a0
234 \u00a0
BB- \u00a0
-
-
-
-
-
70 \u00a0
70 \u00a0
Sub. \"investment-grade\" or unrated \u00a0
-
-
-
-
-
118 \u00a0
118 \u00a0
Total \u00a0
175,125 \u00a0
13,259 \u00a0
200,873 \u00a0
19,089 \u00a0
29,672 \u00a0
8,597 \u00a0
446,616 \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern- \u00a0
government \u00a0
mortgage \u00a0
covered \u00a0
covered \u00a0
Corporate \u00a0
(DKK millions) \u00a0
ment bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
bonds \u00a0
Total \u00a0
31 December 2023 \u00a0
AAA \u00a0
137,601 \u00a0
12,461 \u00a0
187,903 \u00a0
32,017 \u00a0
28,925 \u00a0
1,623 \u00a0
400,530 \u00a0
AA+ \u00a0
27,061 \u00a0
442 \u00a0
-
-
28 \u00a0
2
27,533 \u00a0
AA \u00a0
8,556 \u00a0
-
-
21 \u00a0
692 \u00a0
965 \u00a0
10,234 \u00a0
AA- \u00a0
15,515 \u00a0
23 \u00a0
-
-
-
117 \u00a0
15,654 \u00a0
A+ \u00a0
-
-
-
-
-
266 \u00a0
266 \u00a0
A
1,132 \u00a0
-
418 \u00a0
-
4
984 \u00a0
2,538 \u00a0
A- \u00a0
3
-
-
-
-
196 \u00a0
199 \u00a0
BBB+ \u00a0
111 \u00a0
-
-
-
-
505 \u00a0
617 \u00a0
BBB \u00a0
377 \u00a0
-
-
-
-
987 \u00a0
1,364 \u00a0
BBB- \u00a0
1,036 \u00a0
-
-
-
-
596 \u00a0
1,632 \u00a0
BB+ \u00a0
-
-
-
-
-
97 \u00a0
97 \u00a0
BB \u00a0
-
-
-
-
-
187 \u00a0
187 \u00a0
BB- \u00a0
-
-
-
-
-
36 \u00a0
36 \u00a0
Sub. \"investment-grade\" or unrated \u00a0
-
-
-
-
-
97 \u00a0
97 \u00a0
Total \u00a0
191,392 \u00a0
12,926 \u00a0
188,321 \u00a0
32,038 \u00a0
29,648 \u00a0
6,659 \u00a0
460,984 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2493": { "value": "
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is obtaining \u00a0
collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to ensure it \u00a0
reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus ensuring that the \u00a0
Group complies with regulatory requirements. \u00a0
The validity of the internal and external inputs on which the valuation models depend is assessed regularly and the performance of the models \u00a0
themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that need to be addressed. \u00a0
The market value of collateral is subject to a haircut to reflect the fact that the Group may not be able to obtain the estimated market value \u00a0
upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility during the \u00a0
sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory purposes, the Group \u00a0
also applies more conservative haircuts in order to capture the risk of an economic downturn. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2562": { "value": "
Market risk \u00a0
Market risk \u00a0
Market risk is defined as the risk of losses arising from adverse movements in market prices affecting on-balance-sheet and off-balance-sheet \u00a0
positions. The Group\u2019s market risk management is intended to ensure proper oversight of all market risks, including both trading-related \u00a0
market risk and non-trading-related market risk as well as market risk in relation to fair value adjustments. The market risk framework is \u00a0
designed to systematically identify, assess, monitor, control and report on market risk. \u00a0
The Market Risk Policy set by the Board of Directors lays out the overall framework for market risk management and identifies the boundaries, \u00a0
which define the Group\u2019s market risk profile and business strategy. The Market Risk Policy also defines the overall limits for various market risk \u00a0
factors and additional boundaries within which trading activities are performed. \u00a0
Market risks are managed by Large Corporates & Institutions (LC&I), Group Treasury and Group Finance (the first line of defence) through \u00a0
implementation of the Market Risk Policy into standard operating procedures and the control environment. Interest rate risks in relation to \u00a0
other business units are transferred to and managed by Group Treasury. The units own, identify, and manage the market risks and perform \u00a0
operational and managerial controls in the day-to-day risk management. \u00a0
LC&I manages the market risk (such as interest rate risk, equity market risk and foreign exchange risk) associated with the Group\u2019s trading \u00a0
activities in the financial markets. Group Treasury manages the interest rate risk, credit spread risk and structural foreign exchange risk \u00a0
associated with the assets and liabilities of the non-trading portfolio. The Market & Counterparty Credit Risk Committee gains assurance that \u00a0
both risk-taking and the framework are prudent in relation to trading activities. The Group Asset & Liability Committee (Group ALCO) ensures \u00a0
that balance-sheet risks are aligned with the Group\u2019s tolerances and facilitates a coordinated approach to asset and liability management. \u00a0
In the day-to-day management of activities, Group Risk Management (the second line of defence) owns the market risk framework and is in \u00a0
charge of market risk oversight and control of the units in the first line of defence. It also maintains the limit framework and monitors \u00a0
adherence to limits. Oversight and control processes at Market & Liquidity Risk encompass current and emerging risk monitoring, limit control, \u00a0
portfolio analysis, stress testing, reporting to senior management and challenging the risk management practices performed by the units in \u00a0
the first line of defence. Group Finance is accountable for the independent price verification (IPV) framework, prudent valuation, and profit and \u00a0
loss (P/L) control. Also, the Group has set a risk tolerance for its trading portfolio covering trading-related market risk and xVA-related market \u00a0
risk that determines how much the Group is prepared to lose on its exposure over a period of one year in a severely stressed market \u00a0
environment. \u00a0
Trading-related market risk at Large Corporates & Institutions \u00a0
The strategic focus is to provide global fixed income, currency, and capital market products to institutional and corporate customers in the \u00a0
Nordic countries and to offer local Nordic products to global customers. Principal risk-taking takes place mainly in fixed income products. The \u00a0
Group\u2019s business activities involve a natural flow of various currencies. These are primarily currencies related to the Group\u2019s domestic markets \u00a0
in the Nordic region. The Group provides liquidity and engages in market-making in equity-related assets. The Group\u2019s equity market risk and \u00a0
exposure to currencies are limited as compared with the market risk derived from interest rates. The exposure to commodity market risk is \u00a0
insignificant. \u00a0
The table below shows the Value at Risk (VaR) for the trading-related activities at LC&I. VaR is a quantitative measure that shows, with a certain \u00a0
probability, the maximum potential loss that the Group may suffer within a specified holding period. In general, a VaR model estimates a \u00a0
portfolio\u2019s aggregate market risk by incorporating a range of risk factors and assets. All figures are calculated daily using full revaluations. \u00a0
Value at Risk for trading-related activities at LC&I \u00a0
2024 \u00a0
2023 \u00a0
(DKK millions) \u00a0
Average \u00a0
End of year \u00a0
Average \u00a0
End of year \u00a0
Bond spread risk \u00a0
14 \u00a0
14 \u00a0
22 \u00a0
20 \u00a0
Interest rate risk \u00a0
32 \u00a0
28 \u00a0
49 \u00a0
45 \u00a0
Foreign exchange risk \u00a0
5
6
5
8
Equity risk \u00a0
3
2
4
5
Diversification effects \u00a0
-19 \u00a0
-25 \u00a0
-31 \u00a0
-29 \u00a0
Total VaR \u00a0
35 \u00a0
25 \u00a0
49 \u00a0
49 \u00a0
VaR is calculated at a confidence level of 95% for a 1-day horizon. \u00a0
Market risk in relation to fair value adjustments \u00a0
The Group\u2019s fair value accounting includes various valuation adjustments (referred to as xVA) inherent in the Group\u2019s derivatives portfolio \u2013 \u00a0
specifically credit value adjustments (CVA), funding value adjustments (FVA) and collateral value adjustments (ColVA). The Group applies a \u00a0
market-implied approach that is in line with industry best practice. Hence, these valuation adjustments are sensitive to market risks that \u00a0
materialise due to changes in interest rates, funding spreads and credit spreads. These market risks can give rise to volatility in the fair value \u00a0
adjustments. \u00a0
Credit, funding and collateral valuation adjustments are substantial because of the size and nature of the Group\u2019s derivatives portfolio, and the \u00a0
associated market risks are similarly of a considerable size. The strategy is therefore to hedge large parts of the market risks, while the default \u00a0
risks are capitalised in accordance with regulation. When managing xVA, the Group focuses on managing economic risk rather than regulatory \u00a0
capital. This means that the Group also manages market risks originating from counterparties outside the scope of the CVA risk charge. \u00a0
The Group manages all xVAs of the derivatives trading books centrally according to a clearly defined hedging strategy for each risk type \u00a0
associated with the xVA portfolio. The credit spread risk of CVA is significantly hedged using credit default swaps (CDS) based on liquid indices \u00a0
or selected single-name CDS contracts. Funding spread risk is a key risk factor for xVA and is managed collectively with credit spread risk. \u00a0
Overall, foreign exchange risks and interest rate risks from the xVA positions are almost fully hedged, with a very limited residual P/L effect. \u00a0
In addition to the fair value adjustment, further adjustments are made to ensure that prices are not only fair but also prudent. The applied \u00a0
methodology and the adjustments based on the methodology ensure that positions can be exited at a given price at a confidence level of 90%. \u00a0
Adjustments are made for multiple sources of uncertainty such as market price uncertainty, close-out costs, model risk, unearned credit \u00a0
spreads, concentrated positions, future administrative expenses, and operational risk. Whenever possible, the calculation of the adjustments \u00a0
is based entirely on market data, but when such data is insufficient, individual input may be based on expert opinions. When market data is \u00a0
unavailable in their entirety, the application of methodologies such as the costs of hedging and generic haircuts will ensure prudence in prices \u00a0
as well as compliance with regulatory standards. \u00a0
Market risk - continued \u00a0
Market risk in relation to the non-trading portfolio \u00a0
The Group\u2019s exposure to market risk in the non-trading portfolio originates mainly from interest rate risk in the banking book (IRRBB), credit \u00a0
spread risk in the banking book (CSRBB) and, to a far lesser extent, from the equity risk associated with a small portfolio of equity investments. \u00a0
Furthermore, the Group is exposed to market risk arising from the hedge of structural foreign exchange risk \u00a0
Interest rate risk in the banking book (IRRBB) \u00a0
Interest rate risk in the banking book (IRRBB) derives from providing the Group\u2019s core banking customers with conventional banking products \u00a0
and from the Group\u2019s funding and liquidity management activities at Group Treasury. IRRBB arises from adverse movements in interest rates, \u00a0
and in turn they change the underlying value of the Group\u2019s assets, liabilities, and off-balance sheet items and its economic value. \u00a0
The level of IRRBB is monitored using several risk measures, such as prescribed regulatory metrics, the risk tolerances set by the Board of \u00a0
Directors and, other risk measures that are considered appropriate. The table below shows the Group\u2019s total interest rate sensitivity in the non- \u00a0
trading book (economic value-based measure) measured as the change in the net present value of assets, liabilities, and off-balance sheet \u00a0
items in the non-trading book subject to a parallel interest rate curve shift of +100bp and -100bp. \u00a0
The sensitivity to falling interest rates changed from a loss of DKK 0.1 billion at the end of 2023 to a gain of DKK 0.7 billion in 2024, while the \u00a0
sensitivity to rising interest rates changed from a gain of DKK 0.02 billion at the end of 2023 to a loss of DKK 0.5 billion at the end of 2024. \u00a0
Interest rate risk in the banking book \u00a0
2024 \u00a0
2023 \u00a0
At last business day (DKK millions) \u00a0
+100bp \u00a0
-100bp \u00a0
+100bp \u00a0
-100bp \u00a0
Total \u00a0
-536 \u00a0
722 \u00a0
21 \u00a0
-105 \u00a0
The net interest income (NII) risk metric is used for measuring the change in net interest income over a forecast horizon of 12 months in a \u00a0
number of different scenarios. A constant balance-sheet approach is used for creating a base scenario over the 12-month time horizon. \u00a0
Assuming a parallel downward yield curve shift of 1%, the Group\u2019s NII would be DKK 2.2 billion lower than the base scenario calculation at the \u00a0
end of December 2024 (end of December 2023: DKK 1.8 billion). \u00a0
The change in both the economic value (EV) IRRBB measure and the NII sensitivity was affected mainly by rising interest rate volatility in the \u00a0
markets. \u00a0
Credit spread risk in the banking book \u00a0
Credit spread risk in the banking book (CSRBB)\u00a0derives from bond positions related primarily to the Group\u2019s funding and liquidity management \u00a0
activities at Group Treasury. As the second line of defence, Market and Liquidity Risk monitors adherence to limits. \u00a0
On the basis of a 10-day 99% VaR measure, the Group\u2019s CSRBB was DKK 103 million at the end of December 2024, slightly down from \u00a0
DKK 134 million at the end of 2023. \u00a0
Structural foreign exchange risk \u00a0
Structural foreign exchange risk arises as the Group\u2019s CET1 capital is denominated in its domestic currency, DKK, while some of its assets and \u00a0
liabilities are denominated in foreign currencies. Although a fully matched foreign currency position will protect Danske Bank against losses \u00a0
from movements in exchange rates, the Group\u2019s CET1 capital ratio will fall if the domestic currency depreciates because of the imbalance \u00a0
between the CET1 capital in a particular foreign currency and the CET1 capital required to support the risk exposure amount (REA) \u00a0
denominated in that same currency. \u00a0
The Group\u2019s objective is to manage structural foreign exchange risk to reduce the potential effect of fluctuations in exchange rates on the CET1 \u00a0
capital ratio in a manner that avoids income statement volatility, while at the same time acknowledging potential increased volatility in other \u00a0
comprehensive income. The Group pursues a strategy of hedging the foreign exchange sensitivity of the CET1 capital ratio stemming from the \u00a0
allocated capital that reflects credit and operational risk REAs in the three most significant balance sheet currencies (NOK, SEK and EUR). By \u00a0
nature, structural foreign exchange (hedge) positions are long-term and non-trading positions, and they also remain relatively stable over time. \u00a0
Regulatory capital for market risk \u00a0
The minimum capital requirement for market risk is measured based on positions in the trading book. \u00a0
The Group mainly uses the internal model approach (IMA) to measure the risk exposure amount (REA) used for determining the minimum \u00a0
capital requirement for market risk in the trading book. The IMA comprises the VaR capital charge, the Stressed Value-at-Risk (SVaR) capital \u00a0
charge and the incremental risk charge (IRC). The Group uses the internal VaR model to calculate the VaR and SVaR capital charges, whereas \u00a0
the IRC is calculated on the basis of the incremental risk model. No diversification effects between capital charges are considered. \u00a0
The REA for the Group\u2019s minor exposures to commodity risk and collective investment undertakings is calculated according to the \u00a0
standardised approach. \u00a0
The REA for CVA risk is measured mainly using the internal VaR model based on exposure calculations from the counterparty risk exposure \u00a0
model and allocated CDS spread hedges. The risk exposure amount for CVA risk from the Group\u2019s minor exposures to transactions not included \u00a0
in the counterparty credit risk exposure model is calculated according to the standardised approach. \u00a0
Life Insurance risk \u00a0
The Danske Bank Group\u2019s life insurance risk consists of risks originating from its ownership of Danica. This includes pension-related market \u00a0
risk and insurance risk. In addition, the operations of Danica are exposed to non-financial risk as well as sustainability and conduct risk. The \u00a0
Group runs its life insurance operations with the aim of providing best-in-class services to customers, while at the same time maintaining a \u00a0
predictable risk profile. The Group is also subject to internal pension risk through its defined benefit plans established for current and former \u00a0
employees. \u00a0
Danske Bank\u2019s financial results are affected by Danica\u2019s financial position. Earnings from Danica consist mainly of the risk allowance from with- \u00a0
profits policies, earnings from unit-linked products and from health and accident products, and the investment return on Danica\u2019s equity \u00a0
capital. \u00a0
The life insurance risk framework is governed by Danica\u2019s Board of Directors. On a daily basis, Danica\u2019s risk management function monitors \u00a0
both the risk and the asset-liability management (ALM) limits set by the Board of Directors, including limits set for excess own funds over \u00a0
solvency capital requirement, for the solvency coverage ratio and for the own funds loss exposure in a risk scenario defined by Danica \u2019s Board \u00a0
of Directors. The risk management function also follows up on investment limits and calculates key risk figures and sensitivities for ALM and \u00a0
solvency purposes. \u00a0
Operating under Solvency II regulations, Danica provides pensions as well as life and health insurance products in Denmark. As part of its \u00a0
product offerings, Danica provides benefits and life annuities on retirement, insurance against death, disability and accident. Danica no longer \u00a0
writes new business on guaranteed benefits and annuities but have large portfolio on existing customers in these products. This exposes \u00a0
Danica to insurance risks (such as longevity and disability risks) and to pension-related market risk. \u00a0
Pension-related market risk \u00a0
Pension-related market risk involves the risk of losses because of changes in the fair value of Danica\u2019s assets and liabilities since assets and \u00a0
liabilities are not fully exposed to the same types of market risk. Pension-related market risk primarily covers changing market conditions, such \u00a0
as changes in interest rates, equity prices, property values, exchange rates and credit spreads. Pension-related market risk also includes: \u00a0
\u2022
volatility risk, which relates primarily to the value of equity options and swaptions, but also assets with embedded options like Danish \u00a0
callable mortgage bonds, \u00a0
\u2022
inflation risk, which relates mainly to the indexation of benefits for part of Danica\u2019s health and accident products, \u00a0
\u2022
liquidity risk, which is the risk of losses because Danica may be forced to sell investment assets to meet liquidity needs, \u00a0
\u2022
counterparty credit risk, which is the risk of losses because counterparties default on their obligations, \u00a0
\u2022
concentration risk, which is the risk of losses as a result of high exposure to a few asset classes, industries, issuers, etc. \u00a0
Pension-related market risk may lead to financial losses for Danica, either as losses of investment assets or as the technical provisions \u00a0
increases. \u00a0
Danica has three sources of pension-related market risk: \u00a0
\u2022
with-profits products (conventional, average-rate products), \u00a0
\u2022
unit-linked products (to which customers may have attached an investment guarantee), \u00a0
\u2022
investments relating to assets allocated to the shareholders\u2019 equity of Danica and other products with direct equity exposure. \u00a0
The amount of pension-related market risk differs for the various products in Danica\u2019s product range, but the most significant pension-related \u00a0
market risk is the market risk related to its with-profit products. \u00a0
The with-profit products offer guaranteed benefits based on a technical rate of interest and are called Danica Traditionel. The portfolio of with- \u00a0
profit products is closed for new business, which means that it is in run-off. \u00a0
The products offer policyholders an annuity or a lump sum consisting of a guaranteed minimum amount in nominal terms. Customers are \u00a0
divided into homogeneous interest rate groups on basis of the technical rates, and each group has its own investment strategy and asset \u00a0
allocation. In each interest rate group, customers participate in a collective investment pool that covers a range of different assets (such as \u00a0
equities, real estate, alternative investments and fixed income products). \u00a0
The policyholders earn interest at a rate set at the discretion of Danica and subject to change at any time. \u00a0
The difference between the actual (set) interest rate and the return on the policyholders\u2019 (collective) assets is allocated to collective buffer \u00a0
accounts owned by the customers. The balances of these buffer accounts are gradually transferred to the individual customer accounts in \u00a0
subsequent years by means of a bonus allocation mechanism. This means that high investment returns may lead to higher benefits than those \u00a0
guaranteed. \u00a0
The mark-to-market value of the guaranteed benefits depends on the level of the discount curve, which is defined under Solvency II and based \u00a0
primarily on EUR swap rates plus the Volatility Adjustment spread, which is based on the yields on Danish mortgage, credit and government \u00a0
bonds. The level of the long end of the discount curve, for which no reliable market data is available, is determined by the European Insurance \u00a0
and Occupational Pensions Authority (EIOPA). \u00a0
For the portfolio of with-profit products Danica will have to cover the shortfall if the value of the assets falls below the value of the liabilities. \u00a0
This will be the case if, for example, investment returns become sufficiently negative (reducing the asset values) or if the level of the discount \u00a0
curve, other things being equal, falls (increasing the value of the liabilities). Hence, the market risk on investments is carried by the customers \u00a0
to the extent that the negative returns can be covered by the collective buffer accounts. Once the buffer accounts have been depleted, \u00a0
negative investment returns on customer savings will force Danica to step in with funds to ensure that it is possible to provide the benefits \u00a0
guaranteed to the policyholders. In that case, Danske Bank A/S will incur a loss in the form of a decrease in equity holdings in Danica. \u00a0
Furthermore, Danica can book the annual risk allowance fee income for each of the individual interest rate groups only if the collective bonus \u00a0
potential for the interest rate group is sufficient to cover the risk allowance. \u00a0
Managing the with-profits product thus involves a combination of managing risks on behalf of the policyholders and managing \u00a0
Danica\u2019s risk of having to cover losses. For more information about the management of these risks, see Danica\u2019s \u00a0
Annual Report 2024. \u00a0
The pension-related market risk associated with unit-linked products is primarily carried by the policyholders, particularly in respect of \u00a0
contracts without an investment guarantee. \u00a0
In unit-linked products, policyholders receive the actual return on the investments rather than a fixed interest rate return. However, some of \u00a0
the unit-linked products give the policyholders the option to have their benefits guaranteed. \u00a0
Danica\u2019s main savings product \u2013 and the product recommended to most customers \u2013 is called Danica Balance. Danica Balance is primarily a \u00a0
life-cycle product, meaning that the asset allocation between different risk categories (bonds or equities, for example) for each customer is \u00a0
adjusted gradually as the customer approaches retirement. \u00a0
For unit-linked products with financial guarantees, Danica hedges the market risk related to the guarantees and also manages risk by adjusting \u00a0
the investment allocation during the period leading up to retirement. The investment allocation is adjusted according to the guaranteed \u00a0
amount, the investment horizon etc. However, if a guarantee is attached to the individual policy, Danica bears the risk in relation to the \u00a0
guarantee. \u00a0
The pension-related market risk associated with assets allocated to shareholders\u2019 equity and other products concerns the following: \u00a0
\u2022
Assets in which the shareholders\u2019 equity of Danica is invested, i.e. investment returns have a full effect on Danica profits. \u00a0
\u2022
The investment results for Danica\u2019s health and accident products. \u00a0
\u2022
Assets for some life insurance products with investment guarantees. This means, that Danica bears the risk if the changes in the value of \u00a0
provisions for these products differ from the changes in the value of the corresponding assets. The provisions are the net present value of \u00a0
expected future pay-outs and are exposed to movements in the discount curve, which is defined under Solvency II. The corresponding \u00a0
assets may be exposed to changes in interest rates and to changes in the values of equities and property. \u00a0
Danica has separate investment strategies for assets allocated to its equity, to health and accident products, and to life insurance products \u00a0
with investment guarantees. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2566": { "value": "
Liquidity risk \u00a0
Liquidity risk is the risk that a lack of funding leads to excessive costs or prevents the Group from maintaining its business model or fulfilling its \u00a0
payment obligations. \u00a0
Accepting and managing liquidity risk is an integral part of the Group\u2019s business strategy. Realkredit Danmark and Danica manage their own \u00a0
liquidity risks. At Realkredit Danmark, the financing of mortgage loans through the issuance of listed mortgage bonds with matching conditions \u00a0
has eliminated liquidity risk in all material respects. Danica\u2019s balance sheet includes assets and long-term life insurance liabilities. A large part \u00a0
of Danica\u2019s assets are readily marketable securities. Both companies are subject to statutory limits on their exposures to Danske Bank A/S. For \u00a0
liquidity management purposes, the term \u201cGroup\u201d (the Danske Bank Group) does not include Danica because it is not a credit institution. \u00a0
Realkredit Danmark is included in the prudential consolidation of the Group and recognised in Group aggregates, unless explicitly stated \u00a0
otherwise. \u00a0
Liquidity risk management \u00a0
The Board of Directors sets the overall principles and standards for managing liquidity and funding across the Group in the Group\u2019s Liquidity \u00a0
Policy. It defines the overall liquidity risk profile and outlines the supporting principles and related governance, including for the funding plan, \u00a0
internal allocation of liquidity costs, monitoring and reporting, the Internal Liquidity Adequacy Assessment Process (ILAAP), and the \u00a0
contingency plan for funding and liquidity. Managing the Group\u2019s liquidity in line with the set risk profile must not compromise the adherence to \u00a0
the Group\u2019s ESG principles, as outlined in the Code of Conduct Policy and other policies outlining key ESG principles and must consider \u00a0
vulnerabilities to potential future ESG events. However, currently the Group assesses the overall liquidity risk impact of ESG event as low. The \u00a0
Liquidity Policy also includes guidelines and limits to ensure that liquidity and funding risks are adequately captured, managed, and mitigated. \u00a0
At Group level, day-to-day liquidity management is based on the monitoring and management of short- and long-term liquidity risks. Liquidity \u00a0
triggers make up a vital part of day-to-day liquidity management because they are used as early warnings of a potential liquidity crisis. The \u00a0
triggers are monitored by various functions across the Group, depending on the type of trigger. Liquidity management is organised to fulfill two \u00a0
pivotal objectives \u2013 sufficient distance to non-viability and limited market reliance. The framework applied to achieve these objectives is \u00a0
described in the following sections, although it is not limited to that framework. \u00a0
Short-term liquidity and distance to non-viability \u00a0
The principal aim of the Group\u2019s short-term risk management is to ensure that the liquidity reserve is sufficient to absorb the net effects of \u00a0
known future receipts and payments from current transactions. Cash and bond holdings eligible for repo agreements with central banks are \u00a0
considered liquid assets. Potential and expected outflows are monitored on an ongoing basis using different tools, notably the liquidity \u00a0
coverage ratio (LCR). \u00a0
The LCR requirement stipulates that financial institutions must have a liquidity reserve in excess of projected net outflows during a severe \u00a0
stress scenario lasting 30 days. By executive order, Danish SIFIs are also subject to currency-specific liquidity requirements. The requirements \u00a0
apply individually and only for currencies that are significant to the individual bank. For Danske Bank, these currencies are USD and EUR. \u00a0
Additionally, Danske Bank has set internal limits on the LCRs for SEK and NOK. \u00a0
The Group maintained a prudent liquidity position throughout 2024. The LCRs of Danske Bank A/S and the Group decreased from 154% and \u00a0
170% at the end of 2023 to 148% and 167% at the end of 2024, respectively. The sale of the personal customer business in Norway reduced \u00a0
the loan portfolio, impacting the LCR positively, as did an increase in overall deposit volume. Additional liquidity was allocated to the equity \u00a0
finance business. This, coupled with a change in collateral composition, decreased the LCR and the liquidity surplus. \u00a0
The LCR regulation effectively determines the minimum size of the liquidity reserve and imposes requirements on its composition. \u00a0
Consequently, Danske Bank\u2019s liquidity reserve mostly consists of liquid assets available in a stressed situation. Assets received as collateral \u00a0
are included in the reserve, while assets used as collateral \u2013 or otherwise encumbered - are excluded. The table below shows the value of the \u00a0
Group\u2019s LCR liquidity reserve after the application of the statutory haircuts which may differ from the ones available in the market and the ones \u00a0
used for internal liquidity stress testing. Most of the Group\u2019s bond holdings are highly liquid, because they are repo eligible with central banks \u00a0
and in money markets. Central bank eligibility is vital for intra-day liquidity management and overnight liquidity facilities as a backstop during \u00a0
severe market stress. \u00a0
Liquidity reserve (Group) - LCR definition \u00a0
(DKK billions after haircut) \u00a0
2024 \u00a0
2023 \u00a0
Total high-quality liquid assets \u00a0
560 \u00a0
615 \u00a0
Level 1a assets \u00a0
Central bank reserves \u00a0
127 \u00a0
260 \u00a0
Central government debt \u00a0
103 \u00a0
79 \u00a0
Other level 1a assets \u00a0
31 \u00a0
22 \u00a0
Level 1b assets \u00a0
Extremely high-quality covered bonds \u00a0
273 \u00a0
230 \u00a0
Level 2a assets \u00a0
High-quality covered bonds \u00a0
24 \u00a0
18 \u00a0
Other level 2a assets \u00a0
2
6
Level 2b assets \u00a0
0.4 \u00a0
0.1 \u00a0
Funding and market reliance \u00a0
The Group monitors its funding mix to ensure that it is well-diversified in terms of funding sources, maturities and currencies, as a diverse \u00a0
range of funding sources provides protection against market disruptions. With its large market share in Denmark, the Group has a net deposit \u00a0
surplus in DKK (deposits exceed lending). The same is true, though to a lesser degree for NOK, USD and GBP, while the opposite is the case for \u00a0
EUR and SEK. The net deposit surplus in Danish kroner is a valuable, stable funding source for the Group. \u00a0
Retail deposits are a very important and stable funding source for the Group. Retail customers do not tend to make withdrawals based on \u00a0
short-term considerations, and most retail deposits are covered by a deposit guarantee scheme, which eliminates depositors direct credit \u00a0
exposure to the bank. \u00a0
Additionally, managing reliance on wholesale deposits and market funding is a key concern for the Group. Such funding may be unstable, \u00a0
especially in the event of general market unrest or issues specific to Danske Bank. Large funding needs covered by market funding can make \u00a0
the Group vulnerable to investor sentiments, market stress and market dysfunctionalities. The size and maturity profile of wholesale funding \u00a0
must therefore be prudent. \u00a0
Sensitivity analysis is also used to assess the Group\u2019s ability to withstand liquidity outflows related to changes in different balance sheet items, \u00a0
including when capital markets are inaccessible, i.e. market reliance. \u00a0
Liquidity risk - continued \u00a0
The net stable funding ratio (NSFR) requires that banks maintain a stable funding profile in relation to the composition of their assets. The NSFR \u00a0
limits overreliance on short-term wholesale funding, promoting funding stability. Stable funding sources include, among other things, own \u00a0
capital, debt issues or deposits with a maturity of over a year. The amount of required stable funding is determined by assigning different \u00a0
weights to assets based on type and maturity. \u00a0
In 2024, financial markets worked well, and banks were able to access the funding markets with spread in general tightening except for \u00a0
covered bonds. The NSFRs of Danske Bank A/S and the Group decreased from 118% and 126% at the end of 2023 to 108% and 118% at the \u00a0
end of 2024, respectively. The sale of the personal customer business in Norway reduced the loan portfolio, thereby reducing required stable \u00a0
funding. The sale also led to a reduction in outstanding long-term debt and a change in the composition of the overall deposit portfolio, \u00a0
reducing available stable funding. An increase in the amount of liquidity allocated to equity finance positions increased the required stable \u00a0
funding. Lastly, derivatives and a changed collateral composition increased the required stable funding. \u00a0
The following tables break down funding sources by type and currency. It does not include mortgage bonds issued by Realkredit Danmark. \u00a0
Funding sources by type of liability (%) \u00a0
2024 \u00a0
2023 \u00a0
Central banks/credit institutions \u00a0
13 \u00a0
14 \u00a0
Repo transactions \u00a0
-11 \u00a0
-4 \u00a0
Short-term bonds \u00a0
3
2
Long-term bonds \u00a0
10 \u00a0
9
Other covered bonds \u00a0
8
9
Deposits (business) \u00a0
30 \u00a0
27 \u00a0
Deposits (personal) \u00a0
34 \u00a0
32 \u00a0
Subordinated debt \u00a0
2
2
Shareholders' equity \u00a0
11 \u00a0
10 \u00a0
Total \u00a0
100 \u00a0
100 \u00a0
Funding sources by currency (%) \u00a0
2024 \u00a0
2023 \u00a0
DKK \u00a0
34 \u00a0
33 \u00a0
EUR \u00a0
27 \u00a0
26 \u00a0
USD \u00a0
13 \u00a0
10 \u00a0
SEK \u00a0
12 \u00a0
13 \u00a0
NOK \u00a0
6
9
GBP \u00a0
9
8
Other \u00a0
-1 \u00a0
1
Total \u00a0
100 \u00a0
100 \u00a0
Stress tests \u00a0
Stress tests are a core element of managing liquidity risk. Stress tests are carried out monthly for the Group to measure the stressed liquidity \u00a0
survival horizon and to detect signs of possible vulnerabilities to different adverse events. The stressed liquidity survival horizon is defined as \u00a0
the period during which the liquidity reserve remains positive in a stress scenario. The stress tests estimate liquidity risk in various scenarios, \u00a0
including three standard scenarios: a scenario specific to the Group, a general market crisis scenario and a combination of the two. \u00a0
All stress tests assume that the Group does not reduce its lending activities. This means that existing lending activities are maintained and \u00a0
require funding. The availability of funding varies depending on the scenario and the type of funding source. The assessment of funding \u00a0
stability is based on the maturity structure for debt and behavioural data for deposits. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact2591": { "value": "
Earnings per share (DKK) \u00a0
Net profit for the year divided by the average number of shares outstanding during the year. Net \u00a0
profit is stated after the deduction of interest on equity-accounted additional tier 1 capital. \u00a0
Diluted earnings per share (DKK) \u00a0
Net profit for the year divided by the average number of shares outstanding during the year, \u00a0
including the dilutive effect of share options and conditional shares granted as share-based \u00a0
payments. Net profit is stated after the deduction of interest on equity-accounted additional tier 1 \u00a0
capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1096": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1097": { "value": "Banking businessG3. Business segments \u00a0(a) Business model and business segmentation \u00a0Danske Bank is a Nordic bank with bridges to the rest of the world offering customers a wide range of services in the fields of banking, \u00a0mortgage finance, insurance, pension, real-estate brokerage, asset management and trading in fixed income products, foreign exchange and \u00a0equities. The Group consists of a number of business units and support functions. The business units are segmented according to customers, \u00a0products and services characteristics. \u00a0The Group has five business units and a Group Functions unit, which constitute the Group\u2019s reportable segments under IFRS 8. \u00a0Personal Customers serves personal customers and Private Banking customers in Denmark, Sweden, Norway and Finland. The personal \u00a0customer business in Norway was sold during the fourth quarter of 2024. \u00a0Business Customers serves small and medium-sized business customers across all markets, and includes the Group\u2019s Asset Finance \u00a0operations. \u00a0Large Corporates & Institutions serves large corporates and institutional customers across all Nordic markets. \u00a0Danica specialises in pension schemes, life insurance policies and health insurance policies in Denmark. \u00a0Northern Ireland serves personal, business and corporate in Northern Ireland. \u00a0Group Functions encompasses Group Treasury, Group support functions, Non-core and eliminations, including the elimination of returns on \u00a0own shares (that are held for trading) and issues. Group Treasury is responsible for the Group\u2019s liquidity management and funding. \u00a0Accounting policy \u00a0Segment reporting and the financial highlights are based on the information provided to management. Segment reporting and the \u00a0financial highlights are fully aligned with the IFRS financial statements, and is presented as a condensed version of the IFRS reporting. \u00a0Internal income and expenses are allocated to the individual segments on an arm\u2019s-length basis. Expenses incurred centrally, including \u00a0expenses incurred by support, administrative and back-office functions, are charged to the business units according to consumption \u00a0and activity. Funding costs for lending and deposit activities (FTP) are allocated on the basis of a maturity analysis of loans and deposits, \u00a0interbank rates and funding spreads, and depend on market trends. \u00a0Segment assets and liabilities are assets and liabilities that are used for maintaining the operating activities of a segment or have come \u00a0into existence as a result of such activities and which are either directly attributable or may be reasonably allocated to a segment. A \u00a0calculated share of shareholders\u2019 equity is allocated to each segment. Other assets and liabilities are recognised under Group Functions. \u00a0Capital (shareholders\u2019 equity) is allocated to the business units based on the Group\u2019s capital allocation framework, with goodwill \u00a0allocated directly to the relevant business units. The framework is based on a regulatory approach and is calibrated to the Group\u2019s CET1 \u00a0capital ratio target. Therefore, the capital consumption of the individual business units is closely aligned with the Group\u2019s total capital \u00a0consumption. However, for the Danica and Northern Ireland business units, the capital allocated equals the legal entity\u2019s capital. \u00a0Changes in financial highlights and segment reporting \u00a0With effect from 1 January 2024, the Group implemented the following changes to the Financial highlights in order to align with the IFRS \u00a0financial statements: \u00a0\u2022 Non-core has ceased to exist as a separate segment, and is now a sub-segment of Group Functions. Therefore income, expenses, assets and \u00a0liabilities in the former Non-core segment have been reclassified to the relevant lines within Group Functions. \u00a0\u2022 The presentation in the Financial Highlights\u2019 balance sheet of loans and deposits that are reported in the IFRS Balance sheet as Assets held for \u00a0sale and Liabilities in disposal groups held for sale has been changed to be presented within Other assets and Other liabilities respectively. \u00a0\u2022 Minor adjustments to Net interest income, Net fee income, Net trading income and Other income to align with IFRS reporting. The change in \u00a0presentation of fixed margin on customer transactions in foreign currencies described in note G2(a) has also been applied to the Financial \u00a0highlights, and reclassifies an amount of DKK 1,049 million from Net trading income to Fee income for 2023. \u00a0
G3. Business segments \u2013 continued \u00a0
In the tables below, Net income from insurance business is equivalent to Net insurance result in the IFRS financial statements, and Other \u00a0
income is equivalent to Total other income in the IFRS financial statements. \u00a0
Business segments 2024 \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Danica \u00a0
Functions Eliminations \u00a0
Total \u00a0
Net interest income \u00a0
14,042 \u00a0
11,434 \u00a0
7,164 \u00a0
-
3,025 \u00a0
1,227 \u00a0
-195 \u00a0
36,697 \u00a0
Net fee income \u00a0
4,764 \u00a0
2,303 \u00a0
7,645 \u00a0
-
320 \u00a0
-345 \u00a0
224 \u00a0
14,912 \u00a0
Net trading income \u00a0
134 \u00a0
31 \u00a0
2,365 \u00a0
-
154 \u00a0
-2,145 \u00a0
2,129 \u00a0
2,668 \u00a0
Net income from insurance business \u00a0
-
-
-
1,387 \u00a0
-
-
-
1,387 \u00a0
Other income \u00a0
114 \u00a0
639 \u00a0
191 \u00a0
-
12 \u00a0
2,442 \u00a0
-2,659 \u00a0
741 \u00a0
Total income \u00a0
19,054 \u00a0
14,408 \u00a0
17,365 \u00a0
1,387 \u00a0
3,511 \u00a0
1,180 \u00a0
-501 \u00a0
56,405 \u00a0
Operating expenses \u00a0
9,774 \u00a0
5,501 \u00a0
7,460 \u00a0
-
1,580 \u00a0
3,995 \u00a0
-2,575 \u00a0
25,736 \u00a0
of which resolution fund, bank tax etc. \u00a0
150 \u00a0
226 \u00a0
459 \u00a0
-
-
71 \u00a0
-
906 \u00a0
Profit before loan impairment charges \u00a0
9,280 \u00a0
8,907 \u00a0
9,905 \u00a0
1,387 \u00a0
1,931 \u00a0
-2,815 \u00a0
2,074 \u00a0
30,669 \u00a0
Loan impairment charges \u00a0
-440 \u00a0
218 \u00a0
-233 \u00a0
-
-86 \u00a0
-2 \u00a0
-
-543 \u00a0
Profit before tax \u00a0
9,720 \u00a0
8,690 \u00a0
10,138 \u00a0
1,387 \u00a0
2,017 \u00a0
-2,813 \u00a0
2,074 \u00a0
31,212 \u00a0
Loans, excluding reverse transactions \u00a0
655,785 \u00a0
655,646 \u00a0
303,376 \u00a0
-
63,266 \u00a0
16,567 \u00a0
-19,959 \u00a0
1,674,680 \u00a0
Other assets \u00a0
444,773 \u00a0
175,777 \u00a0
3,003,255 \u00a0
595,335 \u00a0
66,842 \u00a0
5,215,052 \u00a0
-7,459,671 \u00a0
2,041,362 \u00a0
Total assets \u00a0
1,100,559 \u00a0
831,423 \u00a0
3,306,631 \u00a0
595,335 \u00a0
130,108 \u00a0
5,231,618 \u00a0
-7,479,630 \u00a0
3,716,042 \u00a0
Deposits, excluding repo deposits \u00a0
383,544 \u00a0
251,446 \u00a0
355,760 \u00a0
-
108,504 \u00a0
9,780 \u00a0
-14,398 \u00a0
1,094,635 \u00a0
Other liabilities \u00a0
691,488 \u00a0
538,204 \u00a0
2,909,686 \u00a0
574,831 \u00a0
15,152 \u00a0
5,181,592 \u00a0
-7,465,233 \u00a0
2,445,720 \u00a0
Allocated capital \u00a0
25,527 \u00a0
41,774 \u00a0
41,185 \u00a0
20,503 \u00a0
6,451 \u00a0
40,246 \u00a0
-
175,687 \u00a0
Total liabilities and equity \u00a0
1,100,559 \u00a0
831,423 \u00a0
3,306,631 \u00a0
595,335 \u00a0
130,108 \u00a0
5,231,618 \u00a0
-7,479,630 \u00a0
3,716,042 \u00a0
Profit before tax as % p.a. of allocated capital \u00a0
(avg.) \u00a0
32.5 \u00a0
20.6 \u00a0
25.0 \u00a0
6.9 \u00a0
31.0 \u00a0
-6.6 \u00a0
-
17.8 \u00a0
Cost/income ratio (%) \u00a0
51.3 \u00a0
38.2 \u00a0
43.0 \u00a0
-
45.0 \u00a0
-
-
45.6 \u00a0
Full-time-equivalent staff, end of period \u00a0
3,806 \u00a0
1,731 \u00a0
2,127 \u00a0
940 \u00a0
1,261 \u00a0
10,050 \u00a0
-
19,916 \u00a0
Business segments 2023 \u00a0
Large \u00a0
Personal \u00a0
Business \u00a0
Corporates & \u00a0
Institutions* \u00a0
Northern \u00a0
Ireland \u00a0
Group \u00a0
(DKK millions) \u00a0
Customers* Customers* \u00a0
Danica \u00a0
Functions* \u00a0
Eliminations* \u00a0
Total* \u00a0
Net interest income \u00a0
14,166 \u00a0
11,684 \u00a0
6,935 \u00a0
-
2,549 \u00a0
-184 \u00a0
-178 \u00a0
34,972 \u00a0
Net fee income \u00a0
4,175 \u00a0
2,190 \u00a0
6,312 \u00a0
-
319 \u00a0
-283 \u00a0
191 \u00a0
12,904 \u00a0
Net trading income \u00a0
200 \u00a0
54 \u00a0
2,515 \u00a0
-
288 \u00a0
-425 \u00a0
-19 \u00a0
2,613 \u00a0
Net income from insurance business \u00a0
-
-
-
1,472 \u00a0
-
-
-
1,472 \u00a0
Other income \u00a0
-608 \u00a0
1,024 \u00a0
15 \u00a0
-
15 \u00a0
2,720 \u00a0
-2,705 \u00a0
460 \u00a0
Total income \u00a0
17,932 \u00a0
14,952 \u00a0
15,777 \u00a0
1,472 \u00a0
3,171 \u00a0
1,828 \u00a0
-2,712 \u00a0
52,422 \u00a0
Operating expenses \u00a0
9,460 \u00a0
5,255 \u00a0
7,397 \u00a0
-
1,368 \u00a0
4,632 \u00a0
-2,634 \u00a0
25,478 \u00a0
of which resolution fund, bank tax etc. \u00a0
169 \u00a0
255 \u00a0
492 \u00a0
-
-
72 \u00a0
-
989 \u00a0
Profit before loan impairment charges \u00a0
8,473 \u00a0
9,698 \u00a0
8,380 \u00a0
1,472 \u00a0
1,804 \u00a0
-2,804 \u00a0
-78 \u00a0
26,944 \u00a0
Loan impairment charges \u00a0
312 \u00a0
431 \u00a0
-367 \u00a0
-
-113 \u00a0
-1 \u00a0
-
262 \u00a0
Profit before tax \u00a0
8,160 \u00a0
9,267 \u00a0
8,747 \u00a0
1,472 \u00a0
1,917 \u00a0
-2,803 \u00a0
-78 \u00a0
26,682 \u00a0
Loans, excluding reverse transactions** \u00a0
660,431 \u00a0
644,735 \u00a0
309,904 \u00a0
-
57,846 \u00a0
27,810 \u00a0
-27,632 \u00a0
1,673,094 \u00a0
Other assets ** \u00a0
465,191 \u00a0
184,777 \u00a0
3,249,511 \u00a0
541,668 \u00a0
59,654 \u00a0
4,481,764 \u00a0
-6,926,366 \u00a0
2,056,198 \u00a0
Total assets** \u00a0
1,125,622 \u00a0
829,512 \u00a0
3,559,415 \u00a0
541,668 \u00a0
117,499 \u00a0
4,509,575 \u00a0
-6,953,998 \u00a0
3,729,292 \u00a0
Deposits, excluding repo deposits** \u00a0
377,419 \u00a0
257,076 \u00a0
356,840 \u00a0
-
97,396 \u00a0
5,300 \u00a0
-10,890 \u00a0
1,083,142 \u00a0
Other liabilities ** \u00a0
719,466 \u00a0
532,121 \u00a0
3,161,852 \u00a0
521,302 \u00a0
14,078 \u00a0
4,464,699 \u00a0
-6,943,107 \u00a0
2,470,411 \u00a0
Allocated capital \u00a0
28,737 \u00a0
40,315 \u00a0
40,722 \u00a0
20,366 \u00a0
6,025 \u00a0
39,575 \u00a0
-
175,739 \u00a0
Total liabilities and equity** \u00a0
1,125,622 \u00a0
829,512 \u00a0
3,559,415 \u00a0
541,668 \u00a0
117,499 \u00a0
4,509,575 \u00a0
-6,953,998 \u00a0
3,729,292 \u00a0
Profit before tax as % p.a. of allocated \u00a0
capital (avg.) \u00a0
27.8 \u00a0
23.4 \u00a0
21.7 \u00a0
7.5 \u00a0
28.4 \u00a0
-7.2 \u00a0
-
15.9 \u00a0
Cost/income ratio (%) \u00a0
52.8 \u00a0
35.1 \u00a0
46.9 \u00a0
-
43.1 \u00a0
-
-
48.6 \u00a0
Full-time-equivalent staff, end of period \u00a0
4,064 \u00a0
1,646 \u00a0
2,085 \u00a0
912 \u00a0
1,267 \u00a0
10,046 \u00a0
-
20,021 \u00a0
* Comparative information has been restated, as described in note G3(a). \u00a0
** Comparative information has been restated as described in note G2(b). \u00a0
G3. Business segments - continued \u00a0(b) Total income broken down by type of product \u00a0(DKK millions) \u00a02024 \u00a02023* \u00a0Corporate and commercial banking \u00a025,792 \u00a025,459 \u00a0Personal and private banking** \u00a020,705 \u00a019,439 \u00a0Trading \u00a04,641 \u00a04,628 \u00a0Asset management \u00a03,201 \u00a02,332 \u00a0Insurance \u00a01,387 \u00a01,472 \u00a0Other \u00a0679 \u00a0-909 \u00a0Total \u00a056,405 \u00a052,422 \u00a0* Comparative information has been restated, as described in note G3(a). \u00a0** Personal and private banking includes the previously reported Home finance and savings and Day-to-day banking. As described in note G2(a), income from \u00a0operating lease activities has been changed in 2024 to be presented on a net basis in Operating expenses, and is therefore no longer included in the table above. \u00a0Corporate and commercial banking comprises interest and fee income from corporate and commercial banking products and services. \u00a0Personal and private banking comprises interest and fee income from financing products, savings products and from retail banking (in the \u00a0form of personal loans, cards and deposits). Trading comprises income from fixed income and foreign exchange products and equities, \u00a0including brokerage. Asset management comprises income from the management of assets. Insurance comprises income at Danica from the \u00a0contracts issued by Danica. \u00a0Danske Bank Group does not have any single customer that generates 10% or more of the Group\u2019s total income. \u00a0(c) Geographical segmentation \u00a0The geographical segmentation of income from external customers is shown in compliance with IFRS Accounting Standards and does not \u00a0reflect the Group\u2019s management structure. The geographical segmentation below reflects the customer\u2019s country of residence, except trading \u00a0income, which is broken down by the country in which the activities are carried out. Management believes that the business segmentation \u00a0provides a more informative description of the Group\u2019s activities. \u00a0Total income from external customers, by geographical segmentation \u00a0(DKK millions) \u00a02024 \u00a02023* \u00a0Denmark \u00a033,154 \u00a030,497 \u00a0Sweden \u00a07,460 \u00a07,008 \u00a0Norway \u00a04,493 \u00a04,304 \u00a0Finland \u00a06,220 \u00a05,635 \u00a0UK \u00a03,936 \u00a03,541 \u00a0Other \u00a01,143 \u00a01,438 \u00a0Total \u00a056,405 \u00a052,422 \u00a0* Comparative information has been restated, as described in note G3(a). \u00a0", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1098": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1099": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1100": { "value": "A/S", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1101": { "value": "Danske Bank Group", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1102": { "value": "Danske Bank A/S", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1103": { "value": "Danske Bank A/S", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact1104": { "value": "Bernstorffsgade 40, DK-1577 K\u00f8benhavn V.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }