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"fact2172": { "value": "211000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2551": { "value": "8622000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "fact2552": { "value": "-3617000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "fact2553": { "value": "246000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:DKK" } }, "fact2554": { "value": "157040000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "fact2555": { "value": "12279000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "danskebank:ProposedDividendMember", "unit": "iso4217:DKK" } }, "fact2556": { "value": "174570000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2452": { "value": "8350000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:DKK" } }, "fact2453": { "value": "-2514000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:DKK" } }, "fact2454": { "value": "-43000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:DKK" } }, "fact2455": { "value": "156832000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:DKK" } }, "fact2456": { "value": "18537000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "danskebank:ProposedDividendMember", "unit": "iso4217:DKK" } }, "fact2315": { "value": "181162000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact1000": { "value": "
Statement of capital \u2013 Danske Bank Group \u00a0
Share buy-back programme \u00a0
On 10 February 2025, the Group initiated a share buy-back programme of DKK 5.0 billion, which ran until 30 January 2026. At the end \u00a0
of December 2025, the Group had acquired 17,765,560 shares for a total amount of DKK 4,549 million under the share buy-back \u00a0
programme based on trade date. This is in addition to 1,193,175 shares acquired in 2025 for a total of DKK 254 million under the \u00a0
previous share buy-back programme, which ran until 31 January 2025. \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
Number of shares outstanding \u00a0
31 December 2025
31 December 2024 \u00a0
Issued at 1 January \u00a0
862,184,621 \u00a0
862,184,621 \u00a0
Cancellation of own shares (share buy-back programme 2024) \u00a0
-27,189,496 \u00a0
-
Number of shares issued at 31 December \u00a0
834,995,125 \u00a0
862,184,621 \u00a0
Shares held in relation to Share buy-back programme \u00a0
17,765,560 \u00a0
25,996,321 \u00a0
Shares held in the Group's trading portfolio \u00a0
2,231,371 \u00a0
2,370,881 \u00a0
Shares outstanding at 31 December \u00a0
On 20 March 2025, the annual general meeting of Danske Bank A/S adopted the proposal to reduce Danske Bank\u2019s share capital by \u00a0
DKK 271,894,960 nominally by cancelling 27,189,496 shares from Danske Bank\u2019s holding of own shares. The reduction of the share \u00a0
capital has been carried out and registered on 24 April 2025. After the reduction, Danske Bank A/S\u2019 share capital amounts to DKK \u00a0
8,349,951,250 nominally, corresponding to 834,995,125 shares of DKK 10 each. \u00a0
Holding of own shares \u00a0
Share buy-back \u00a0
Trading \u00a0
Total \u00a0
Total \u00a0
(DKK millions) \u00a0
programme \u00a0
portfolio \u00a0
2025 \u00a0
2024 \u00a0
Holding as at 1 January \u00a0
5,295 \u00a0
483 \u00a0
5,778 \u00a0
435 \u00a0
Cancellation of own shares (share buy-back programme 2024) \u00a0
-5,927 \u00a0
-
-5,927 \u00a0
-
Acquisition of own shares \u00a0
4,803 \u00a0
29,581 \u00a0
34,384 \u00a0
32,203 \u00a0
Sale of own shares \u00a0
29,319 \u00a0
-
29,319 \u00a0
26,799 \u00a0
Value adjustment \u00a0
1,489 \u00a0
-33 \u00a0
1,456 \u00a0
-60 \u00a0
Holding as at 31 December \u00a0
711 \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 \u00a0
share buy-back programme. In addition, the Group holds DKK 1,544 million of own shares on behalf of customers which are not \u00a0
deducted from equity, comprising DKK 546 million of own shares in Assets under pooled schemes, DKK 63 million of own shares in \u00a0
Assets under investment contracts, and DKK 935 million of own shares in Insurance assets. Details on acquisitions and sales of own \u00a0
shares that are not deducted from 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 \u00a0
capital. The shares may be held for ownership or provided as collateral. If shares are acquired for ownership, the acquisition price may \u00a0
not deviate by more than 10% from the price quoted at the time of acquisition. Danske Bank A/S has obtained permission from the \u00a0
Danish Financial Supervisory Authority to acquire own shares for market-making purposes etc. and this amount is deducted from the \u00a0
Group\u2019s common equity tier 1 capital. \u00a0
Total capital and total capital ratio \u00a0
(DKK millions) \u00a0
31 December 2025
31 December 2024* \u00a0
Total equity \u00a0
181,162 \u00a0
175,687 \u00a0
Revaluation of domicile property at fair value \u00a0
221 \u00a0
219 \u00a0
Tax effect of revaluation of domicile property at fair value \u00a0
-35 \u00a0
-24 \u00a0
Total equity calculated in accordance with the rules of the Danish FSA \u00a0
181,348 \u00a0
175,882 \u00a0
Common equity tier 1 capital instruments \u00a0
181,348 \u00a0
175,882 \u00a0
Adjustment to eligible capital instruments \u00a0
-901 \u00a0
-1,250 \u00a0
IFRS 9 reversal due to transitional rules \u00a0
752 \u00a0
-
Prudent valuation \u00a0
-742 \u00a0
-912 \u00a0
Prudential filters \u00a0
-
-
Expected/proposed payouts \u00a0
-23,037 \u00a0
-17,279 \u00a0
Intangible assets of banking operations \u00a0
-7,401 \u00a0
-6,266 \u00a0
Minimum Loss Coverage for Non-Performing Exposures \u00a0
-2,332 \u00a0
-2,607 \u00a0
Deferred tax on intangible assets \u00a0
733 \u00a0
461 \u00a0
Deferred tax assets that rely on future profitability, excluding temporary differences \u00a0
-450 \u00a0
-599 \u00a0
Defined benefit pension plan assets \u00a0
-961 \u00a0
-917 \u00a0
Statutory deduction for insurance subsidiaries \u00a0
-3,775 \u00a0
-2,397 \u00a0
Common equity tier 1 capital \u00a0
142,133 \u00a0
145,217 \u00a0
Additional tier 1 capital instruments \u00a0
7,569 \u00a0
10,360 \u00a0
Tier 1 capital \u00a0
149,702 \u00a0
155,577 \u00a0
Tier 2 capital instruments \u00a0
22,003 \u00a0
26,570 \u00a0
Total capital \u00a0
171,706 \u00a0
182,147 \u00a0
Total risk exposure amount \u00a0
822,078 \u00a0
814,706 \u00a0
Common equity tier 1 capital ratio (%) \u00a0
17.3% \u00a0
17.8% \u00a0
Tier 1 capital ratio (%) \u00a0
18.2% \u00a0
19.1% \u00a0
Total capital ratio (%) \u00a0
20.9% \u00a0
22.4% \u00a0
* Comparative information has not been restated. See note G2(b) for more detail. \u00a0
Expected/proposed payouts at 31 December 2025 include proposed dividend for 2025 of DKK 18,537 million and the share buy-back \u00a0
programme of DKK 4,500 million. Expected/proposed payouts at 31 December 2024 include proposed dividend for second half of \u00a0
2024 of DKK 7,810 million, the extraordinary dividend of DKK 4,469 million and the share buy-back programme of DKK 5,000 million. \u00a0
Total capital and the total risk exposure amount are calculated in accordance with the rules applicable under the Capital \u00a0
Requirements Regulation (CRR), taking into account the full implementation of IFRS 9 as stipulated by the Danish FSA. With IFRS 9 fully \u00a0
transitioned, the Group no longer applies transitional arrangements and adheres strictly to the requirements set forth in the CRR. The \u00a0
Internal Capital Adequacy Assessment Report provides more details about the Group\u2019s solvency need. The report is available at \u00a0
danskebank.com/reports and is not covered by the statutory audit. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1001": { "value": "
Statement of capital \u2013 Danske Bank Group \u00a0
Share buy-back programme \u00a0
On 10 February 2025, the Group initiated a share buy-back programme of DKK 5.0 billion, which ran until 30 January 2026. At the end \u00a0
of December 2025, the Group had acquired 17,765,560 shares for a total amount of DKK 4,549 million under the share buy-back \u00a0
programme based on trade date. This is in addition to 1,193,175 shares acquired in 2025 for a total of DKK 254 million under the \u00a0
previous share buy-back programme, which ran until 31 January 2025. \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
Number of shares outstanding \u00a0
31 December 2025
31 December 2024 \u00a0
Issued at 1 January \u00a0
862,184,621 \u00a0
862,184,621 \u00a0
Cancellation of own shares (share buy-back programme 2024) \u00a0
-27,189,496 \u00a0
-
Number of shares issued at 31 December \u00a0
834,995,125 \u00a0
862,184,621 \u00a0
Shares held in relation to Share buy-back programme \u00a0
17,765,560 \u00a0
25,996,321 \u00a0
Shares held in the Group's trading portfolio \u00a0
2,231,371 \u00a0
2,370,881 \u00a0
Shares outstanding at 31 December \u00a0
On 20 March 2025, the annual general meeting of Danske Bank A/S adopted the proposal to reduce Danske Bank\u2019s share capital by \u00a0
DKK 271,894,960 nominally by cancelling 27,189,496 shares from Danske Bank\u2019s holding of own shares. The reduction of the share \u00a0
capital has been carried out and registered on 24 April 2025. After the reduction, Danske Bank A/S\u2019 share capital amounts to DKK \u00a0
8,349,951,250 nominally, corresponding to 834,995,125 shares of DKK 10 each. \u00a0
Holding of own shares \u00a0
Share buy-back \u00a0
Trading \u00a0
Total \u00a0
Total \u00a0
(DKK millions) \u00a0
programme \u00a0
portfolio \u00a0
2025 \u00a0
2024 \u00a0
Holding as at 1 January \u00a0
5,295 \u00a0
483 \u00a0
5,778 \u00a0
435 \u00a0
Cancellation of own shares (share buy-back programme 2024) \u00a0
-5,927 \u00a0
-
-5,927 \u00a0
-
Acquisition of own shares \u00a0
4,803 \u00a0
29,581 \u00a0
34,384 \u00a0
32,203 \u00a0
Sale of own shares \u00a0
29,319 \u00a0
-
29,319 \u00a0
26,799 \u00a0
Value adjustment \u00a0
1,489 \u00a0
-33 \u00a0
1,456 \u00a0
-60 \u00a0
Holding as at 31 December \u00a0
711 \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 \u00a0
share buy-back programme. In addition, the Group holds DKK 1,544 million of own shares on behalf of customers which are not \u00a0
deducted from equity, comprising DKK 546 million of own shares in Assets under pooled schemes, DKK 63 million of own shares in \u00a0
Assets under investment contracts, and DKK 935 million of own shares in Insurance assets. Details on acquisitions and sales of own \u00a0
shares that are not deducted from 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 \u00a0
capital. The shares may be held for ownership or provided as collateral. If shares are acquired for ownership, the acquisition price may \u00a0
not deviate by more than 10% from the price quoted at the time of acquisition. Danske Bank A/S has obtained permission from the \u00a0
Danish Financial Supervisory Authority to acquire own shares for market-making purposes etc. and this amount is deducted from the \u00a0
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 \u00a0
defined as investment contracts. Assets include intra-group balances, which are eliminated. Consequently, the value of the line item \u00a0
Deposits under 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 \u00a0
investment contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment \u00a0
contracts. These 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 \u00a0
pooled schemes and investment contracts includes these own shares that meet this criterion. \u00a0
Pooled schemes \u00a0
Investment contracts \u00a0
Total \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
(a) Assets \u00a0
Bonds \u00a0
5,178 \u00a0
13,204 \u00a0
5,871 \u00a0
5,834 \u00a0
11,049 \u00a0
19,038 \u00a0
Shares \u00a0
9,765 \u00a0
10,910 \u00a0
15,617 \u00a0
14,441 \u00a0
25,382 \u00a0
25,351 \u00a0
Unit trust certificates \u00a0
33,330 \u00a0
25,639 \u00a0
2,327 \u00a0
2,520 \u00a0
35,657 \u00a0
28,159 \u00a0
Other \u00a0
194 \u00a0
55 \u00a0
4,758 \u00a0
4,005 \u00a0
4,952 \u00a0
4,060 \u00a0
Total \u00a0
48,467 \u00a0
49,808 \u00a0
28,573 \u00a0
26,800 \u00a0
77,040 \u00a0
76,608 \u00a0
including \u00a0
other intra-group balances \u00a0
230 \u00a0
434 \u00a0
-
-
230 \u00a0
434 \u00a0
Total assets recognised in balance sheet \u00a0
48,237 \u00a0
49,373 \u00a0
28,573 \u00a0
26,800 \u00a0
76,810 \u00a0
76,172 \u00a0
(b) Deposits \u00a0
Assets under pooled schemes at 31 December 2025 include DKK 396 million of own shares that are not eliminated (2024: DKK 258 \u00a0
million). Assets under investment contracts include DKK 63 million of own shares that are not eliminated (2024: DKK 65 million). \u00a0
(a) Insurance assets \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Due from credit institutions \u00a0
17,698 \u00a0
13,872 \u00a0
Investment securities \u00a0
515,881 \u00a0
509,309 \u00a0
Holdings in associates \u00a0
11,706 \u00a0
11,873 \u00a0
Investment property \u00a0
25,479 \u00a0
23,757 \u00a0
Reinsurance contract assets \u00a0
206 \u00a0
204 \u00a0
Other assets \u00a0
6,363 \u00a0
8,258 \u00a0
Total \u00a0
577,333 \u00a0
567,273 \u00a0
including \u00a0
own bonds \u00a0
4,730 \u00a0
5,437 \u00a0
other intra-group balances \u00a0
17,099 \u00a0
12,924 \u00a0
Total assets under insurance contracts \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1002": { "value": "
Dividend \u00a0
The Board of Directors proposes a total dividend for 2025 of DKK 22.72 per share, comprising a proposed ordinary dividend of DKK \u00a0
16.94 per share and a proposed extraordinary dividend of DKK 5.78 per share. The total dividend proposed, totalling DKK 18,537 \u00a0
million net of dividends on total number of own shares acquired under the share buy-back programme for 2025, will be paid out after \u00a0
the Annual General Meeting. \u00a0
G40. Highlights and ratios \u2013 Danske Bank Group \u00a0
Highlights \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
2023* \u00a0
2022 \u00a0
2021 \u00a0
Highlights \u00a0
Net interest and fee income \u00a0
52,421 \u00a0
52,019 \u00a0
48,245 \u00a0
39,180 \u00a0
39,266 \u00a0
Value adjustments \u00a0
2,485 \u00a0
2,258 \u00a0
2,244 \u00a0
403 \u00a0
36,307 \u00a0
Staff costs and administrative expenses \u00a0
24,223 \u00a0
23,936 \u00a0
23,885 \u00a0
24,994 \u00a0
24,973 \u00a0
Provision for Estonia matter \u00a0
-
-
-
13,800 \u00a0
-
Loan impairment charges \u00a0
294 \u00a0
-543 \u00a0
262 \u00a0
1,502 \u00a0
141 \u00a0
Income from associates and group undertakings \u00a0
-14 \u00a0
-257 \u00a0
-110 \u00a0
9
226 \u00a0
Net profit \u00a0
23,037 \u00a0
23,629 \u00a0
20,782 \u00a0
-4,580 \u00a0
13,001 \u00a0
Loans \u00a0
2,083,207 \u00a0
1,996,684 \u00a0
1,849,819 \u00a0
2,009,953 \u00a0
2,051,903 \u00a0
Total equity \u00a0
181,162 \u00a0
174,570 \u00a0
175,259 \u00a0
160,278 \u00a0
175,997 \u00a0
Total assets \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
Ratios \u00a0
Ratios \u00a0
2025 \u00a0
2024* \u00a0
2023* \u00a0
2022 \u00a0
2021 \u00a0
Total capital ratio (%) \u00a0
20.9 \u00a0
22.4 \u00a0
23.1 \u00a0
22.1 \u00a0
22.4 \u00a0
Tier 1 capital ratio (%) \u00a0
18.2 \u00a0
19.1 \u00a0
20.5 \u00a0
19.6 \u00a0
20.0 \u00a0
Return on equity before tax (%) \u00a0
17.3 \u00a0
17.8 \u00a0
15.5 \u00a0
-1.0 \u00a0
9.6 \u00a0
Return on equity after tax (%) \u00a0
13.0 \u00a0
13.5 \u00a0
12.4 \u00a0
-2.7 \u00a0
7.5 \u00a0
Income/cost ratio (%) \u00a0
217.4 \u00a0
223.9 \u00a0
201.1 \u00a0
96.1 \u00a0
153.5 \u00a0
Interest rate risk (%) \u00a0
-1.0 \u00a0
-0.4 \u00a0
-
0.3 \u00a0
-1.0 \u00a0
Foreign exchange position (%) \u00a0
1.8 \u00a0
1.2 \u00a0
1.9 \u00a0
4.6 \u00a0
1.9 \u00a0
Foreign exchange risk (%) \u00a0
-
-
-
-
-
Loans plus impairment charges as % of deposits \u00a0
162.4 \u00a0
164.5 \u00a0
150.0 \u00a0
157.6 \u00a0
153.7 \u00a0
Liquidity coverage ratio (%) \u00a0
155.9 \u00a0
167.4 \u00a0
170.4 \u00a0
151.0 \u00a0
163.7 \u00a0
Sum of large exposures as % of CET1 capital \u00a0
111.9 \u00a0
123.1 \u00a0
100.5 \u00a0
120.2 \u00a0
108.7 \u00a0
Impairment ratio (%) \u00a0
-
-
-
0.1 \u00a0
-
Growth in loans (%) \u00a0
5.0 \u00a0
0.1 \u00a0
-7.0 \u00a0
-2.0 \u00a0
-0.2 \u00a0
Loans as % of equity \u00a0
11.5 \u00a0
11.4 \u00a0
10.6 \u00a0
12.5 \u00a0
11.6 \u00a0
Return on assets (%) \u00a0
0.6 \u00a0
0.6 \u00a0
0.6 \u00a0
-0.1 \u00a0
0.3 \u00a0
Earnings per share (Nominal value DKK 100) \u00a0
27.9 \u00a0
27.9 \u00a0
24.2 \u00a0
-5.4 \u00a0
14.6 \u00a0
Book value per share (DKK) \u00a0
222.3 \u00a0
209.4 \u00a0
203.8 \u00a0
186.7 \u00a0
207.1 \u00a0
Dividend per share (DKK) \u00a0
22.72 \u00a0
28.70 \u00a0
14.50 \u00a0
-
2.00 \u00a0
Share price end of period/earnings per share (DKK) \u00a0
11.4 \u00a0
7.3 \u00a0
7.5 \u00a0
-25.3 \u00a0
7.7 \u00a0
Share price end of period/book value per share (DKK) \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
The Board of Directors proposes a total dividend for 2025 of DKK 22.72 per share, comprising a proposed ordinary dividend of DKK \u00a0
16.94 per share and a proposed extraordinary dividend of DKK 5.78 per share. \u00a0
The ratios and key figures are calculated in accordance with the requirements stipulated in the Danish FSA\u2019s Executive Order on \u00a0
Financial Reports for Credit Institutions and Investment Companies, etc. \u00a0
Dividend per share (DKK) \u00a0
The sum of ordinary dividends, extraordinary dividends and special dividends, divided \u00a0
by the number of shares outstanding. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1014": { "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 \u00a0
capital. The shares may be held for ownership or provided as collateral. If shares are acquired for ownership, the acquisition price may \u00a0
not deviate by more than 10% from the price quoted at the time of acquisition. Danske Bank A/S has obtained permission from the \u00a0
Danish Financial Supervisory Authority to acquire own shares for market-making purposes etc. and this amount is deducted from the \u00a0
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 \u00a0
Requirements Regulation (CRR), taking into account the full implementation of IFRS 9 as stipulated by the Danish FSA. With IFRS 9 fully \u00a0
transitioned, the Group no longer applies transitional arrangements and adheres strictly to the requirements set forth in the CRR. The \u00a0
Internal Capital Adequacy Assessment Report provides more details about the Group\u2019s solvency need. The report is available at \u00a0
danskebank.com/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 \u00a0
requirements of the Capital Requirements Regulation (CRR) and the Danish Financial Business Act. The Danish rules are based on the \u00a0
EU Capital Requirements Directive (CRD) and apply to both Danske Bank A/S (the Parent Company) and the Group. Similarly, the \u00a0
Group\u2019s financial subsidiaries in and outside Denmark must comply with local capital requirements. The regulatory requirements \u00a0
stipulate a minimum capital level of 8% of the total risk exposure amount (REA) under Pillar 1 (including risk exposure amounts for \u00a0
credit risk, counterparty credit risk, market risk and operational risk). In addition, financial institutions are required to calculate their \u00a0
solvency need under Pillar 2 to reflect all relevant risks. As stipulated in the CRD, a combined buffer requirement (CBR) applies to \u00a0
financial institutions in addition to the solvency need ratio. The Group\u2019s CBR consists of a systemic risk buffer, a countercyclical buffer, \u00a0
a capital conservation buffer and a SIFI buffer and must be funded with common equity tier 1 (CET1) capital. Because Danske Bank A/S \u00a0
is designated a systemically important financial institution (SIFI) in Denmark, the Group must meet a 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 \u00a0
(subordinated 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 payout \u00a0
\u2022
Prudent valuation \u00a0
\u2022
Prudential filters \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 \u00a0
shareholders\u2019 equity and CET1 capital. At the end of 2025, the Group\u2019s CET1 capital amounted to DKK 142.1 billion (2024: DKK 145.2 \u00a0
billion), and its CET1 capital ratio was 17.3% (2024: 17.8%) \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 2025, the Group\u2019s total capital was DKK \u00a0
171.7 billion (2024: DKK 182.1 billion), and its total capital ratio was 20.9% (2024: 22.4%). The Group\u2019s tier 1 capital was DKK 149.7 \u00a0
billion (2024: DKK 155.6 billion), and its tier 1 capital ratio was 18.2% (2024: 19.1%). \u00a0
Internal Capital Adequacy Assessment 2025 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 \u00a0
requirement. This implies a capital target buffer of at least 1.2 percentage points in relation to the CET1 capital requirement. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1003": { "value": "
Earnings per share \u00a0
2025 \u00a0
2024 \u00a0
Number of shares issued at 1 January \u00a0
862,184,621 \u00a0
862,184,621 \u00a0
Cancellation of own shares (day-weighted) share buy-back programme 2024 \u00a0
-18,771,926 \u00a0
-
Average number of own shares held by the Group (including share buy-back programme) \u00a0
18,894,287 \u00a0
14,110,317 \u00a0
Average number of shares outstanding \u00a0
824,518,408 \u00a0
848,074,304 \u00a0
Average number of dilutive shares issued for share-based payments \u00a0
2,191,861 \u00a0
1,656,061 \u00a0
Adjusted average number of shares outstanding after share capital reduction, including dilutive shares \u00a0
826,710,269 \u00a0
849,730,365 \u00a0
Net profit attributable to the shareholders of the parent company (DKK millions) \u00a0
23,037 \u00a0
23,629 \u00a0
Earnings per share (DKK) \u00a0
27.9 \u00a0
27.9 \u00a0
Diluted earnings per share (DKK) \u00a0
G40. Highlights and ratios \u2013 Danske Bank Group \u00a0
Highlights \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
2023* \u00a0
2022 \u00a0
2021 \u00a0
Highlights \u00a0
Net interest and fee income \u00a0
52,421 \u00a0
52,019 \u00a0
48,245 \u00a0
39,180 \u00a0
39,266 \u00a0
Value adjustments \u00a0
2,485 \u00a0
2,258 \u00a0
2,244 \u00a0
403 \u00a0
36,307 \u00a0
Staff costs and administrative expenses \u00a0
24,223 \u00a0
23,936 \u00a0
23,885 \u00a0
24,994 \u00a0
24,973 \u00a0
Provision for Estonia matter \u00a0
-
-
-
13,800 \u00a0
-
Loan impairment charges \u00a0
294 \u00a0
-543 \u00a0
262 \u00a0
1,502 \u00a0
141 \u00a0
Income from associates and group undertakings \u00a0
-14 \u00a0
-257 \u00a0
-110 \u00a0
9
226 \u00a0
Net profit \u00a0
23,037 \u00a0
23,629 \u00a0
20,782 \u00a0
-4,580 \u00a0
13,001 \u00a0
Loans \u00a0
2,083,207 \u00a0
1,996,684 \u00a0
1,849,819 \u00a0
2,009,953 \u00a0
2,051,903 \u00a0
Total equity \u00a0
181,162 \u00a0
174,570 \u00a0
175,259 \u00a0
160,278 \u00a0
175,997 \u00a0
Total assets \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
Ratios \u00a0
Ratios \u00a0
2025 \u00a0
2024* \u00a0
2023* \u00a0
2022 \u00a0
2021 \u00a0
Total capital ratio (%) \u00a0
20.9 \u00a0
22.4 \u00a0
23.1 \u00a0
22.1 \u00a0
22.4 \u00a0
Tier 1 capital ratio (%) \u00a0
18.2 \u00a0
19.1 \u00a0
20.5 \u00a0
19.6 \u00a0
20.0 \u00a0
Return on equity before tax (%) \u00a0
17.3 \u00a0
17.8 \u00a0
15.5 \u00a0
-1.0 \u00a0
9.6 \u00a0
Return on equity after tax (%) \u00a0
13.0 \u00a0
13.5 \u00a0
12.4 \u00a0
-2.7 \u00a0
7.5 \u00a0
Income/cost ratio (%) \u00a0
217.4 \u00a0
223.9 \u00a0
201.1 \u00a0
96.1 \u00a0
153.5 \u00a0
Interest rate risk (%) \u00a0
-1.0 \u00a0
-0.4 \u00a0
-
0.3 \u00a0
-1.0 \u00a0
Foreign exchange position (%) \u00a0
1.8 \u00a0
1.2 \u00a0
1.9 \u00a0
4.6 \u00a0
1.9 \u00a0
Foreign exchange risk (%) \u00a0
-
-
-
-
-
Loans plus impairment charges as % of deposits \u00a0
162.4 \u00a0
164.5 \u00a0
150.0 \u00a0
157.6 \u00a0
153.7 \u00a0
Liquidity coverage ratio (%) \u00a0
155.9 \u00a0
167.4 \u00a0
170.4 \u00a0
151.0 \u00a0
163.7 \u00a0
Sum of large exposures as % of CET1 capital \u00a0
111.9 \u00a0
123.1 \u00a0
100.5 \u00a0
120.2 \u00a0
108.7 \u00a0
Impairment ratio (%) \u00a0
-
-
-
0.1 \u00a0
-
Growth in loans (%) \u00a0
5.0 \u00a0
0.1 \u00a0
-7.0 \u00a0
-2.0 \u00a0
-0.2 \u00a0
Loans as % of equity \u00a0
11.5 \u00a0
11.4 \u00a0
10.6 \u00a0
12.5 \u00a0
11.6 \u00a0
Return on assets (%) \u00a0
0.6 \u00a0
0.6 \u00a0
0.6 \u00a0
-0.1 \u00a0
0.3 \u00a0
Earnings per share (Nominal value DKK 100) \u00a0
27.9 \u00a0
27.9 \u00a0
24.2 \u00a0
-5.4 \u00a0
14.6 \u00a0
Book value per share (DKK) \u00a0
222.3 \u00a0
209.4 \u00a0
203.8 \u00a0
186.7 \u00a0
207.1 \u00a0
Dividend per share (DKK) \u00a0
22.72 \u00a0
28.70 \u00a0
14.50 \u00a0
-
2.00 \u00a0
Share price end of period/earnings per share (DKK) \u00a0
11.4 \u00a0
7.3 \u00a0
7.5 \u00a0
-25.3 \u00a0
7.7 \u00a0
Share price end of period/book value per share (DKK) \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
The Board of Directors proposes a total dividend for 2025 of DKK 22.72 per share, comprising a proposed ordinary dividend of DKK \u00a0
16.94 per share and a proposed extraordinary dividend of DKK 5.78 per share. \u00a0
The ratios and key figures are calculated in accordance with the requirements stipulated in the Danish FSA\u2019s Executive Order on \u00a0
Financial Reports for Credit Institutions and Investment Companies, etc. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact2139": { "value": "30699000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2173": { "value": "6321000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2174": { "value": "495000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2223": { "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" } }, "fact2256": { "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" } }, "fact2257": { "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" } }, "fact2192": { "value": "8329000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfSubordinatedLiabilities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2193": { "value": "17878000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfSubordinatedLiabilities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2194": { "value": "30141000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:IssueOfNonPreferredSeniorBonds", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2195": { "value": "16154000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:RedemptionOfNonPreferedSeniorBonds", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2196": { "value": "12236000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2197": { "value": "4803000000.0", "decimals": -6, "dimensions": { "concept": "danskebank:ShareBuyBackProgramme", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2198": { "value": "501000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2275": { "value": "12108000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfSubordinatedLiabilities", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "fact2276": { "value": "11392000000.0", "decimals": -6, "dimensions": { "concept": 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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 \u00a0
(IFRS Accounting Standards) and applicable interpretations (IFRIC) issued by the International Accounting Standards Board (IASB), as \u00a0
adopted by the EU. Furthermore, the consolidated financial statements comply with the Danish FSA\u2019s Executive Order No. 658 dated \u00a0
23 May 2025 requirements on the use of IFRS Accounting Standards by undertakings subject to the Danish Financial Business Act. \u00a0
Amendments to IAS 21 became effective on 1 January 2025 and have no impact on the financial statements. \u00a0
In 2025, the Group has also corrected its measurement of liabilities under insurance contracts (part of Insurance liabilities) for 2024, \u00a0
which has resulted in a decrease of DKK 1.1 billion in the Group\u2019s equity as at 31 December 2024 and 1 January 2024. \u00a0
In addition, the Group updated the process for fee eliminations, which has resulted in a decrease of DKK 2.0 billion in Fee income and \u00a0
Fee expenses in 2024. There is no impact on Net fee income nor net profit for 2024. \u00a0
Further information on the changes described above can be found in note G2. Except for the changes described above, the Group has \u00a0
not changed its material accounting policies from those applied in the Annual Report 2024. \u00a0
Financial statement figures are stated in Danish kroner and whole millions, unless otherwise stated. As a result, rounding \u00a0
discrepancies may occur because totals have been rounded off and the underlying decimals are not presented to financial statement \u00a0
users. \u00a0
Monetary assets and liabilities in foreign currency are translated at the exchange rates at the balance sheet date. Exchange rate \u00a0
adjustments of monetary assets and liabilities arising as a result of differences in the exchange rates at the transaction date and at \u00a0
the balance sheet date are recognised in the income statement. Non-monetary assets and liabilities in foreign currency that are \u00a0
subsequently revalued at fair value are translated at the exchange rates at the date of revaluation. Exchange rate adjustments are \u00a0
included in the fair value adjustment of an asset or liability. Other non-monetary items in foreign currency are translated at the \u00a0
exchange rates at the transaction date. The accounting treatment of foreign currency translation of units outside Denmark is \u00a0
described in note G24. \u00a0
For the purpose of clarity, the primary financial statements and the notes to the financial statements are prepared using the concepts \u00a0
of materiality and relevance. This means that line items not considered material in terms of quantitative and qualitative measures or \u00a0
relevant to financial statement users are aggregated and presented together with other items in the primary financial statements. \u00a0
Similarly, information 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 \u00a0
relate to the classification of financial assets and financial liabilities under IFRS 9, especially related to the business model \u00a0
assessment, and the solely payments of principal and interest (SPPI) test (further explained in note G15) and the designation of \u00a0
financial liabilities at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch (further explained in \u00a0
note G16). An overview of the classification and 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 \u00a0
future events on those assets and liabilities. The estimates are based on premises that management finds reasonable but which are \u00a0
inherently uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and \u00a0
other parties may arrive at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and \u00a0
judgement involved in the recognition and measurement of the items listed below, it is possible that the outcomes in the next financial \u00a0
year could differ from those on which management\u2019s estimates are based. \u00a0
Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised \u00a0
cost or fair 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 \u00a0
initial recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting \u00a0
from default events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more \u00a0
than 30 days past due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit \u00a0
losses (stages 2 and 3). In determining the impairment for expected credit losses, management exercises judgement and uses \u00a0
estimates and assumptions as explained below. \u00a0
The expected credit loss is calculated for all individual facilities as a function of probability of default (PD), exposure at default (EAD) \u00a0
and loss given default (LGD) and incorporates forward-looking information. The estimation of expected credit losses involves \u00a0
forecasting future economic conditions over a number of years. Such forecasts are subject to management judgement and those \u00a0
judgements may be sources of measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying \u00a0
amount in future periods. The incorporation of forward-looking elements reflects the expectations of the Group\u2019s senior management \u00a0
and involves the creation of scenarios, including an assessment of the probability for each scenario. The purpose of using multiple \u00a0
scenarios is to model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. During 2025, \u00a0
a new downside scenario was introduced to address the ongoing uncertainty, in addition to the existing three scenarios. Therefore the \u00a0
four scenarios at 31 December 2025 are: base case, upside, downside and severe downside. \u00a0
The base case scenario enters with a probability of 50% (31 December 2024: 60%), the upside scenario with a probability of 25% (31 \u00a0
December 2024: 20%), the new downside scenario with a probability of 5% (2024: 0%) and the severe downside scenario with a \u00a0
probability of 20% (31 December 2024: 20%). On the basis of these assessments, the allowance account at the end of 2025 amounted \u00a0
to DKK 19.7 billion (31 December 2024: DKK 19.9 billion). If the base case scenario was assigned a probability of 100%, the allowance \u00a0
account would decrease by DKK 2.5 billion (31 December 2024: DKK 2.5 billion). If the upside scenario was assigned a probability of \u00a0
100%, the allowance account would decrease by DKK 0.1 billion (31 December 2024: DKK 0.2 billion) compared to the base case \u00a0
scenario. If the downside scenario was assigned a probability of 100%, the allowance account would increase by DKK 0.5 billion \u00a0
compared to the base case scenario. If the severe downside scenario was assigned a probability of 100%, the allowance account \u00a0
would increase by DKK 12.4 billion (31 December 2024: DKK 12.9 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 \u00a0
increase in credit risk. According to the Group\u2019s definition of a significant increase in credit risk, i.e. when a loan is transferred from \u00a0
stage 1 to stage 2, facilities with an initial PD below 1% are transferred to stage 2 if the facility\u2019s 12-month PD has increased by at least \u00a0
0.5 of a percentage point and the facility\u2019s lifetime PD has doubled since origination. The allowance account is relatively stable in \u00a0
terms of changes to the definition of significant increase in credit risk. At the end of 2025, the allowance account would increase by \u00a0
DKK 0.1 billion (31 December 2024: DKK 0.1 billion), if instead an increase in the facility\u2019s 12-month PD by at least 0.25 of a percentage \u00a0
point combined with a doubling of the lifetime PD was considered a significant increase in credit risk. \u00a0
Management applies judgement when determining the need for post-model adjustments. At the end of 2025, the post-model \u00a0
adjustments amounted to DKK 5.4 billion (2024: DKK 5.9 billion). They mainly cover the macroeconomic and geopolitical uncertainties. \u00a0
Further information on post-model adjustments can be found in the section Forward-looking information in note G39. \u00a0
Loan impairment charges for 2025 amounted to a net charge of DKK 294 million (2024: a net reversal of DKK 543 million).\u00a0The \u00a0
impairment charge reflected sustained credit quality and a decrease in post-model adjustments. \u00a0
The applied macroeconomic scenarios in 2025 differ from those used at 31 December 2024. The severe downside scenario reflects a \u00a0
severe global recession scenario. The scenario is utilised within the Group\u2019s Internal Capital Adequacy Assessment Process (ICAAP) \u00a0
process, which closely resembles regulatory stress tests. The severe recession scenario anticipates declining demand, negative \u00a0
economic growth, and higher, more persistent unemployment rates. Inflation is expected to rise, leading to increased interest rates \u00a0
and a decline in property prices. The adoption of the severe downside scenario is intended to capture the risk of recession driven by \u00a0
global trade tensions. \u00a0
Except as described above, all other policies and principles remain in place. Staging criteria are unchanged, including the 30 days past \u00a0
due criteria and PD-based criteria for transfer to stage 2. \u00a0
Sustainability risk \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability drivers. Sustainability risks are identified, assessed \u00a0
and monitored at portfolio level and, when deemed necessary, are integrated into the Group\u2019s credit risk tolerance to allow for \u00a0
portfolio management. Climate risk is identified as the predominant ESG-related factor influencing credit risk. Climate risk will affect \u00a0
the Group\u2019s credit risk in the medium and long-term. Climate risk is managed through risk tolerances or strategic targets, or already \u00a0
have post-model adjustments allocated covering the climate related risks. \u00a0
As at 31 December 2025, the Group\u2019s assessment of sustainability risk has not led to adjustments to staging or modelled expected \u00a0
credit losses. Note G39 provides further information on the impact of sustainability risk on the Group. \u00a0
Fair value measurement of financial instruments \u00a0
At the end of 2025, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The \u00a0
majority of valuation techniques continues to employ only observable market data, and there has been no significant increase in \u00a0
financial instruments measured on the basis of valuation techniques that are based on one or more significant unobservable inputs. \u00a0
The latter continues to include only unlisted shares, certain bonds and some long-dated derivatives for which there is no active \u00a0
market. On the derivatives portfolio, the Group makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover \u00a0
expected funding costs (FVA and ColVA) on derivatives, bid-offer spreads on the net open position of the portfolio of assets and \u00a0
liabilities with offsetting market risk recognised at mid-market prices, and model risk on level 3 derivatives. FVA is calculated including \u00a0
both funding cost and funding benefit. At 31 December 2025, the adjustments totalled DKK 0.2 billion (2024: DKK 0.3 billion), including \u00a0
the adjustment for credit risk on derivatives that are credit impaired. Note G32 provides more details on the fair value measurement \u00a0
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 \u00a0
rates on 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 \u00a0
management to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including \u00a0
discount rates, changes in the economic outlook, customer behaviour and competition. As at 31 December 2025, goodwill amounted \u00a0
to DKK 4.5 billion (31 December 2024 DKK 4.4 billion). \u00a0
At each reporting date, management performs an impairment review to assess whether there are indications that goodwill might be \u00a0
impaired. This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under \u00a0
management, major restructurings, macroeconomic developments etc. The impairment test conducted in 2025 did not reveal any \u00a0
impairment loss. Goodwill mainly consists of DKK 2.1 billion (2024: DKK 2.1 billion) in Markets, DKK 1.8 billion (2024: DKK 1.8 billion) in \u00a0
Asset Management and DKK 0.5 billion (2024: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & \u00a0
Institutions) showing significant amounts of excess value in the impairment tests in 2025 and 2024. \u00a0
Note G19 provides more information about the impairment test in 2025 and 2024 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) \u00a0
or Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of \u00a0
future cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for \u00a0
non-financial 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 \u00a0
and disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the \u00a0
Group\u2019s own 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 \u00a0
volatility adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European \u00a0
Insurance and 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
2025 \u00a0
2.30 \u00a0
2.70 \u00a0
3.07 \u00a0
3.40 \u00a0
3.43 \u00a0
2024 \u00a0
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial \u00a0
assumptions, 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 \u00a0
used for 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 \u00a0
safety 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 G39 contains a sensitivity analysis for life \u00a0
insurance. \u00a0
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 98% of total assets (2024: 97%), and financial liabilities and insurance \u00a0
liabilities account for around 98% of total liabilities (2024: 98%). A portion of financial assets relate to investments made under \u00a0
insurance contracts. The following sections provide a general description of the classification and measurement of financial \u00a0
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 \u00a0
portion of a financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been \u00a0
transferred, usually by sale, leading to substantially all the risks and rewards of the asset or significant risks and rewards being \u00a0
transferred. Financial liabilities are 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 \u00a0
adjustments of unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is \u00a0
classified at fair value through profit or loss or fair value through other comprehensive income. The classification is shown in the table \u00a0
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 \u00a0
(hold to 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 \u00a0
flows and selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount \u00a0
outstanding. FVOCI results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains \u00a0
and losses, except for expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other \u00a0
comprehensive income until the financial asset is derecognised. When the financial asset is derecognised the cumulative gains and \u00a0
losses previously recognised in Other 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 \u00a0
financial assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments \u00a0
of principal and 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to \u00a0
repurchase securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments \u00a0
relating to the inherent credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless \u00a0
this leads to an accounting mismatch. \u00a0
Classification and measurement of financial instruments, insurance assets and insurance liabilities \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect \u00a0
and sell \u00a0
assets/Liabiliti \u00a0
financial \u00a0
Held for \u00a0
Managed at \u00a0
FVPL due to \u00a0
Interest rate \u00a0
Own \u00a0
(DKK billions) \u00a0
es \u00a0
assets \u00a0
trading \u00a0
fair value \u00a0
SPPI test \u00a0
Designated \u00a0
hedge*
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
137 \u00a0
-
-
-
-
-
-
137 \u00a0
-
Due from credit institutions and central banks \u00a0
86 \u00a0
-
31 \u00a0
-
-
-
-
117 \u00a0
-
Derivatives \u00a0
-
194 \u00a0
-
-
-
-
-
194 \u00a0
-
Bonds \u00a0
146 \u00a0
120 \u00a0
187 \u00a0
30 \u00a0
-
-
-
484 \u00a0
-
Shares \u00a0
-
64 \u00a0
-
-
-
-
-
64 \u00a0
-
Loans \u00a0
1,
0
-
321 \u00a0
-
740 \u00a0
-
-
-
2,083 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
76 \u00a0
-
-
-
-
77 \u00a0
-
Insurance assets \u00a0
-
-
490 \u00a0
-
-
-
24 \u00a0
-
514 \u00a0
Total financial assets, 31 December 2025 \u00a0
120 \u00a0
1,392 \u00a0
445 \u00a0
948 \u00a0
740 \u00a0
-
24 \u00a0
-
3,669 \u00a0
Total financial assets, 31 December 2024** \u00a0
105 \u00a0
1,246 \u00a0
532 \u00a0
968 \u00a0
755 \u00a0
-
28 \u00a0
-
3,633 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
59 \u00a0
-
-
-
159 \u00a0
-
-
217 \u00a0
-
Trading portfolio liabilities \u00a0
-
286 \u00a0
-
-
-
-
-
287 \u00a0
-
Deposits \u00a0
1,11
0
-
-
-
134 \u00a0
-
-
-
1,245 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
740 \u00a0
-
-
740 \u00a0
-
Issued bonds at amortised cost \u00a0
260 \u00a0
-
-
-
-
-
-
260 \u00a0
-
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
77 \u00a0
-
-
77 \u00a0
-
Insurance liabilities *** \u00a0
-
-
-
-
551 \u00a0
-
-
551 \u00a0
-
Non-preferred senior bonds \u00a0
100 \u00a0
-
-
-
-
-
-
100 \u00a0
-
Subordinated debt \u00a0
30 \u00a0
-
-
-
-
-
-
30 \u00a0
-
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
3
-
Total financial liabilities, 31 December 2025 \u00a0
1,562 \u00a0
286 \u00a0
-
-
-
1,662 \u00a0
-
-
3,510 \u00a0
Total financial liabilities, 31 December 2024**** \u00a0
357 \u00a0
-
-
-
-2 \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 \u00a0
risk on the hedged items, i.e. not a full fair value of the hedged items. \u00a0
** The value of Own shares / bonds as at 31 December 2024 has been corrected. There is no impact on Total financial assets as at 31 December 2024. \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
**** Comparative information has been restated as described in note G2(b). \u00a0
As at 31 December 2025, financial assets covered by the expected credit loss model accounted for about 56.3% of total assets (31 \u00a0
December 2024: 53.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits \u00a0
with central banks, 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 \u00a0
business model and the financial assets held within that business model are evaluated and reported to the Executive Board and the \u00a0
Board of Directors, (2) the risks that affect the performance of the business model and the way such risks are managed and (3) past \u00a0
and expected frequency, value and timing of sales from the portfolio. In general, the business model assessment of the Group can be \u00a0
summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates & Institutions \u00a0
(LC&I) and Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management \u00a0
and reporting of 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 \u00a0
that is neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets \u00a0
consist of bonds, shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading \u00a0
pattern that falls under the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair \u00a0
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 \u00a0
the \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 \u00a0
the assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at \u00a0
initial recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time \u00a0
value of money, credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce \u00a0
more than de minimis exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily \u00a0
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 \u00a0
contractual 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 \u00a0
loans are granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. \u00a0
This represents an option to prepay at fair value that can be both above and below the principal amount plus accrued interest. \u00a0
Changes in the fair value of the underlying bonds include other elements than the effect of changes in the relevant benchmark \u00a0
interest rate and the prepayment option is 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 \u00a0
Group has 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities \u00a0
designated at FVPL under the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities \u00a0
designated at fair value are, however, 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 \u00a0
eliminates or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial \u00a0
instruments that are 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 \u00a0
SPPI test are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans \u00a0
and the issued bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the \u00a0
credit risk of borrowers. To eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds \u00a0
at AMC, the issued bonds are designated at FVPL, and fair value changes of the issued bonds (including fair value changes related \u00a0
to own credit risk) are offset by the fair value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own \u00a0
credit risk on the issued bonds are also 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 \u00a0
and liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist \u00a0
of repo transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk \u00a0
is, however, 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 \u00a0
cost and on some bonds measured at fair value through other comprehensive income. Hedged risks that meet the criteria for fair \u00a0
value hedge accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value \u00a0
through profit or loss. At the end of 2025, hedging derivatives measured at fair value accounted for 0.01% of total assets and 0.01% of \u00a0
total liabilities (31 December 2024: 0.01% and 0.01%, respectively). Note G12 provides further information on hedge accounting. \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 \u00a0
contracts. Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder, by \u00a0
agreeing to compensate the policyholder if a specified uncertain future event adversely affects the policyholder. Investment \u00a0
contracts are contracts that entail no significant insurance risk and comprise unit-linked contracts under which the investment risk \u00a0
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 \u00a0
contract liabilities are measured based on estimates of the present value of future cash flows, risk adjustment for non-financial risk, \u00a0
and contractual service margin. Most of these insurance contracts are with direct participating features, which means that the \u00a0
policyholder participates in a share of a pool of underlying items, the return of which accrues to the policyholder. The underlying items \u00a0
are measured at fair value, and are 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
Investment contracts \u00a0
Investment contracts are recognised as financial liabilities, and, consequently, contributions and benefits under such contracts are \u00a0
recognised directly in the balance sheet. Deposits are measured at the value of the savings under Deposits under pooled schemes \u00a0
and investment contracts. Savings under investment contracts are measured at fair value under Assets under pooled schemes and \u00a0
investment contracts. The return on the assets and the crediting of the amounts to policyholders\u2019 accounts are recognised under Net \u00a0
return on investments backing 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 \u00a0
revenue, Insurance service expenses, Net return on investments backing insurance liabilities and Net finance income or expenses \u00a0
from insurance. \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 are 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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net 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 \u00a0
expected to be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed \u00a0
with the customer, and the consideration, and recognises income in line with the transfer of services, the performance \u00a0
obligation, agreed with the customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance \u00a0
obligation over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is \u00a0
constrained by, for instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the \u00a0
identified performance obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is \u00a0
recognised once the consideration to be received is known and it is probable that a significant reversal of the consideration will \u00a0
not occur. \u00a0
Fee expenses \u00a0
Fee expenses for services provided over a period of time, such as guarantee commissions and investment management fees, \u00a0
are accrued over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the \u00a0
individual transaction. Fees that form an integral part of the effective rates of interest on financial liabilities measured at \u00a0
amortised cost, such as origination fees, are carried under interest expense. Similar fees related to financial liabilities at fair \u00a0
value through profit or loss are recognised when the financial liability is established and are carried under fee expenses. \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 \u00a0
are 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 G37. \u00a0
Accounting policy \u00a0
Staff costs \u00a0
This item includes salaries, performance-based pay, expenses for share-based payments, holiday allowances, anniversary \u00a0
bonuses, pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed \u00a0
when the 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 \u00a0
vest up to four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from \u00a0
the Group. In addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of \u00a0
share-based payments at the grant date is expensed over the vesting period with the intrinsic value expensed in the year in \u00a0
which the share-based payments are earned, and the time value (if any) accrued over the remaining service period. Expenses \u00a0
are set off against shareholders\u2019 equity. Fair 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 \u00a0
the employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of \u00a0
the difference between expected trends in pension assets and benefits and actual trends are recognised under Other \u00a0
comprehensive 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 \u00a0
or loss 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 \u00a0
the relevant balance sheet line items. Notes G15, G16 and G23 provide more information. \u00a0
Accounting policy \u00a0
The trading portfolio is recognised at fair value through profit or loss. Realised and unrealised capital gains and losses and \u00a0
dividends are recognised in the income statement under Net trading income or loss. Fair value is the amount for which a \u00a0
financial asset can be sold or a financial liability be transferred to a knowledgeable, willing third party. Note G32 provides \u00a0
information about fair value measurement and fair value adjustments. The Group uses the option in IFRS 9 to continue using the \u00a0
fair value hedge accounting model in IAS 39. The derivatives used as hedging instruments are presented in the balance sheet \u00a0
together with other 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 \u00a0
taking. Realised and unrealised capital gains and losses and dividends are carried in the income statement under Net trading \u00a0
income or loss. Further, all shares (including unlisted shares) and bonds held in Group Treasury that do not have contractual \u00a0
cash flows that are solely payments of principal and interest on the principal amount outstanding (i.e. that does not pass the \u00a0
SPPI test in IFRS 9) are mandatorily 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 \u00a0
designate equity instruments at FVOCI. The bonds are held within a business model for the purpose of collecting contractual \u00a0
cash flows and selling (hold to collect and sell). The bonds have cash flows that are solely payments of principal and interest on \u00a0
the principal amount outstanding (i.e. that pass the SPPI test in IFRS 9). FVOCI results in the assets being recognised at fair value \u00a0
in the balance sheet and at amortised cost in the income statement, including the recognition of expected credit losses as \u00a0
described in note G15. Gains and losses, except for expected credit losses and foreign exchanges gains and losses, are \u00a0
therefore recognised in Other comprehensive income until the bond is derecognised. When a fixed interest rate risk is hedged in \u00a0
a hedge that qualifies for fair value hedge accounting, the fair value changes of the hedged interest risk are presented in the \u00a0
income statement under Net trading income or loss. When bonds are sold unrealised value adjustments recognised under Other \u00a0
comprehensive income are reclassified to the income statement and presented under Net trading income or loss. The Group \u00a0
recognises interest income according to the effective interest method, including amortisation of the difference between cost \u00a0
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 \u00a0
collect) and with cash flows that are solely payments of principal and interest on the principal amount outstanding (i.e. that pass \u00a0
the SPPI test in IFRS 9). The bonds are measured at amortised cost. Interest income is recognised according to the effective \u00a0
interest method, including amortisation of the difference between cost and the redemption value over the term to maturity of \u00a0
the bonds. A change in the contractual cash flows that is required by the Interest Rate Benchmark Reform is accounted for by \u00a0
updating the effective interest rate, without recognising a gain or loss. This can only be applied if the change is necessary as a \u00a0
direct consequence of the reform, and the new basis for determining the contractual cash flows is economically equivalent to \u00a0
the previous basis. The bonds are subject to the expected credit model in IFRS 9 as described in note G15. The interest rate risk \u00a0
on fixed-rate bonds is not hedged. \u00a0
Accounting policy \u00a0
For balances due from credit institutions in the Group\u2019s banking units (Personal Customers and Business Customers, General \u00a0
Banking in Large Corporates & Institutions and Northern Ireland), the business model is \u2018hold to collect\u2019. As the contractual cash \u00a0
flows \u00a0
represent basic lending feature, these balances are measured at amortised cost. For further information see note G15. \u00a0
For balances due from credit institutions and central banks in the Group\u2019s trading units (Markets in Large Corporates & \u00a0
Institutions) the business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and these balances are mandatorily \u00a0
recognised at fair value through profit or loss. For further information 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 \u00a0
integral part of the effective interest rate on loans. This usually corresponds to the amount disbursed to the customer. \u00a0
Subsequently, they are measured at amortised cost, using the effective interest method, less impairment charges for expected \u00a0
credit losses. The difference between the value at initial recognition and the redemption value is amortised over the term to \u00a0
maturity as part of the effective interest. If fixed-rate loans are hedged effectively by derivatives, the fair value of the hedged \u00a0
interest rate risk is added to the carrying amount of 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 \u00a0
recognition 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 \u00a0
from 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 \u00a0
lifetime 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 \u00a0
expected 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 \u00a0
default (EAD) and the loss given default (LGD) and incorporates forward looking elements. For facilities in stages 2 and 3, the \u00a0
lifetime expected 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 \u00a0
principal amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which \u00a0
represents an option to prepay at fair value that can be both above and below the principal amount plus interest. This is not \u00a0
consistent with the SPPI test since changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate \u00a0
developments. Therefore,\u00a0the loans are mandatorily recognised at fair value through profit or loss. The issued bonds that are \u00a0
funding the loans are designated at fair value through profit or loss in order not to create an accounting mismatch. For the \u00a0
issued bonds, changes in fair value attributable to the Group\u2019s own credit risk is presented in the income statement, as an \u00a0
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 \u00a0
the issued bonds are illiquid, thus the fair value of these bonds is calculated on the basis of a discounted cash flow valuation \u00a0
technique. The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair \u00a0
value of the interest rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in \u00a0
the fair value of cash flows from the loans that differ from the cash flows from the issued bonds. The most important \u00a0
component is the credit risk on the borrowers (covered by the Group and not by the bond holders and therefore not priced into \u00a0
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 \u00a0
models developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, \u00a0
including the allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as \u00a0
a function of PD, EAD and LGD and incorporates forward looking information, see further in note G15. The latter reflects \u00a0
management\u2019s expectations of expected credit losses and involves multiple scenarios (base case, upside, downside and severe \u00a0
downside), including an assessment of the probability for each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other \u00a0
components in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an \u00a0
investors risk premium, compensation for administrative costs related to the loans and the possibility to increase the margin on \u00a0
the loans if the credit risk etc. increases. It is acknowledged that the possibility to increase the margin depends on the economic \u00a0
resources of the customers. The possibility to increase the margin is therefore only considered in the measurement if it is very \u00a0
likely that the margin can be increased without the customer defaulting. Further, the possibility to increase the margin is only \u00a0
relevant if it does not give the customer an incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to \u00a0
increase the margin is only relevant for the measurement of loans to customers with neither a relatively high credit risk nor a \u00a0
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 \u00a0
close to a risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher \u00a0
for customers with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value \u00a0
of the credit risk and 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 in LC&I) are managed and their performance reported on a fair value basis and \u00a0
the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an accounting \u00a0
mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities at \u00a0
amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value \u00a0
changes attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
Accounting policy \u00a0
Assets earmarked for customer savings are measured at fair value and recognised under Assets under pooled schemes and \u00a0
investment contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment \u00a0
contracts. These 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 \u00a0
pooled 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 \u00a0
assets is therefore neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and the financial assets are therefore mandatorily \u00a0
recognised at fair value through profit or loss. The valuation technique used matches the Group\u2019s accounting policy for similar \u00a0
assets. \u00a0
The Group has elected to not deduct own shares and own bonds from equity and liabilities respectively that are underlying \u00a0
items of insurance contracts with direct participation features. Therefore total Insurance assets include these own shares and \u00a0
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 \u00a0
individual groups of contracts. The classification of insurance contracts in the four portfolios is based on an assessment of \u00a0
similar risks and on an 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 \u00a0
meet the definition of insurance contracts with direct participation features. GMM is used for legacy life insurance products in \u00a0
run-off. \u00a0
Insurance contracts measured using GMM or VFA are initially measured as the total of fulfilment cash flows (which comprise \u00a0
estimated future cash flows, an adjustment for time value of money and effect of financial risks, and a risk adjustment for non- \u00a0
financial risk) and contractual service margin (CSM; unearned profit that will be recognised as the Group provides insurance \u00a0
contract services).\u00a0At each reporting date, the group of insurance contracts is subsequently measured as the sum of the liability \u00a0
for remaining coverage (comprising fulfilment cash flows relating to future service and CSM) and liability for incurred claims \u00a0
(comprising fulfilment cash flows relating to past service). PAA is applied to the Health and accident insurance portfolio, which \u00a0
comprises only one-year insurance contracts. \u00a0
Accounting policy \u00a0
Goodwill \u00a0
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost of the undertaking and \u00a0
the fair value of its net assets, including contingent liabilities, at the time of acquisition. Goodwill is allocated to cash-generating \u00a0
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 \u00a0
indications of impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying \u00a0
amount of the net assets of the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value \u00a0
in use, which equals the present value of the future cash flows expected from the unit. \u00a0
Goodwill on associates is recognised under Holdings in associates. \u00a0
Software and licences \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software \u00a0
(both acquired and internally developed) is amortised over its expected useful life, usually three to five years, using the straight- \u00a0
line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show \u00a0
that future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a \u00a0
software application ready for use. Once a software application has been developed, the cost is amortised over its expected \u00a0
useful life. The cost of development consists primarily of direct remuneration and other directly attributable development costs. \u00a0
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
Licences are measured at cost and amortised over the expected useful life, usually three to five years, using the straight-line \u00a0
method. \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 \u00a0
at fair value through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is \u00a0
recognised in Other comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of \u00a0
the 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 \u00a0
adjusted for prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a \u00a0
legally enforceable right to set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis \u00a0
or to realise the assets and settle the 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 \u00a0
for in accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially \u00a0
enacted tax regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to \u00a0
crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on \u00a0
the basis of expected cash flows. The Group does not recognise deferred tax on temporary differences between the tax base \u00a0
and the carrying amounts of goodwill not subject to amortisation for tax purposes and other items if the temporary differences \u00a0
arose at the time of acquisition without effect on net profit or taxable income. If the tax base may be calculated according to \u00a0
several sets of tax regulations, deferred tax is measured in accordance with the regulations that apply to the use of the asset or \u00a0
settlement of the liability as planned by management. Tax assets arising from unused tax losses are only recognised if it is \u00a0
expected that such tax losses can be offset against tax on future profit in the next five years. Deferred tax assets and liabilities \u00a0
are offset when they relate to the same tax jurisdiction, a legally enforceable right to offset exists and the Group intends to \u00a0
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 \u00a0
income statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive \u00a0
income. Similarly, tax on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the \u00a0
uncertainty is reflected by using either the most likely outcome (if the possible outcomes are binary or are concentrated on one \u00a0
value) or the expected value, probability weighted amounts in a range of possible outcomes (if there is a range of possible \u00a0
outcomes that are neither binary nor concentrated on 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 \u00a0
expense is recognised according to the effective interest rate method, including amortisation of any difference between the \u00a0
amount received on issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital \u00a0
under the Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily \u00a0
or converted into a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert \u00a0
into a variable number of ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are \u00a0
accounted for as equity. For liability accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds \u00a0
are accounted for as liabilities in their entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for \u00a0
example an equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading \u00a0
portfolio. \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 \u00a0
Group has entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured \u00a0
at the present value of the future payments from lease components, discounted using the incremental borrowing rate for the \u00a0
individual lease. The lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by \u00a0
reducing the carrying amount to reflect the lease payments made. Further lease liabilities are changed when remeasurements \u00a0
are needed, corresponding adjustment is the related right-of-use asset. Gain or loss from a lease modification that are not \u00a0
accounted for as a separate lease is recognised in profit and loss. The initial right-of-use asset comprises the amount of the \u00a0
initial measurement of the lease liability, lease payments made at or before the commencement day, initial direct costs and \u00a0
costs to restore the underlying asset. The right-of-use asset are subsequently measured at cost less accumulated depreciation \u00a0
and impairment losses. The right-of-use assets are depreciated over the shorter period of the lease term and the useful life of \u00a0
the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head lease and the sublease as two \u00a0
separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from \u00a0
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 \u00a0
credit losses. Note G15 provides further information. \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 \u00a0
the amount can be measured reliably. Liabilities are recognised at the present value of expected payments. \u00a0
Accounting policy \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 \u00a0
or are underlying items of insurance contracts with direct participation features are recognised directly in equity under \u00a0
transactions with owners. The same applies to premiums received or paid for derivatives entailing settlement in own shares. A \u00a0
capital reduction by cancellation of own shares will lower the share capital by an amount equal to the nominal value of the \u00a0
shares at the time of registration of the capital reduction. \u00a0
The Group has elected to not deduct from equity own shares that are held on behalf of customers or those that are underlying \u00a0
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 \u00a0
shows the cash flows from operating, investing and financing activities as well as the increase or decrease in cash and cash \u00a0
equivalents during the year. Cash and cash equivalents consists of cash in hand and demand deposits with central banks as well \u00a0
as amounts due from credit institutions and central banks with an original maturity shorter than three months. \u00a0
Investing activities include cash flows from the sale or acquisition of tangible and intangible assets as well as businesses. \u00a0
Financing activities include cash flows from the Group\u2019s issued non-preferred senior bonds, subordinated debt, additional tier 1 \u00a0
capital and share capital. \u00a0
Accounting policy \u00a0
Guarantees and loan commitments are subject to the expected credit loss impairment model in IFRS 9. Note G15 provides \u00a0
further information. \u00a0
Contingent liabilities consist of possible obligations arising from past events. The existence of such obligations will be confirmed \u00a0
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the Group\u2019s control. Further, \u00a0
contingent liabilities consist of present obligations arising from past events, for which it is either not probable that the obligation \u00a0
will result in an 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 \u00a0
resources 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 \u00a0
amounts and have agreed to settle the balances on a net basis or to realise the asset and settle the liability simultaneously. \u00a0
Positive and negative fair values of derivatives with the same counterparty are offset if the Group has agreed with the \u00a0
counterparty to settle contractual cash flows net and to make cash payments or provide collateral on a daily basis to cover \u00a0
changes in the fair value of the derivative position. Master netting agreements or similar agreements give the right to additional \u00a0
offsetting in the event of default. Such agreements reduce the exposure further in the event of default, but do not qualify for \u00a0
offsetting under IFRS Accounting Standards. \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 \u00a0
parties. Fair 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 \u00a0
principal market. \u00a0
\u2022
Valuation based on observable input (level 2) consists of financial instruments valued substantially on the basis of observable \u00a0
input other than a quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active, the Group \u00a0
bases its measurement on the most recent transaction price. Adjustment is made for subsequent changes to market conditions, \u00a0
for instance, by including transactions in similar financial instruments that are assumed to be motivated by normal business \u00a0
considerations. For a number of financial assets and liabilities, no market exists. In such cases, the Group uses recent \u00a0
transactions in similar instruments and discounted cash flows or other generally accepted estimation and valuation techniques \u00a0
based on market conditions at the balance sheet date to calculate an estimated value. This category covers instruments such as \u00a0
derivatives valued on the basis of observable yield curves and exchange rates and illiquid mortgage bonds valued by reference to \u00a0
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 \u00a0
on non-observable input. Such instruments include unlisted shares, some unlisted bonds and a limited portion of the derivatives \u00a0
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 \u00a0
present value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control \u00a0
environment, valuation models are validated by units that are independent of the business units that develop the models and trade in \u00a0
the products covered by the models. Validation is made to test the implementation, quality and operating stability of models to ensure \u00a0
that the models can be used 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 \u00a0
active market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further \u00a0
in note G16. The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves \u00a0
for the full duration of the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable \u00a0
input as well as assumptions about the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance \u00a0
with the International Private Equity and Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting \u00a0
Standards. IPEV guides the calculation of the estimated fair value of unlisted shares as the price that would be received to sell an \u00a0
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation methods \u00a0
include discounted cash flow models and pricing based on a multiple of 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 \u00a0
Group makes fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer \u00a0
spreads on the net 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 \u00a0
given counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive \u00a0
exposure (EPE) and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with \u00a0
counterparties in the 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 \u00a0
derived using proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive \u00a0
exposures to the counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. \u00a0
For the calculation of LGD, the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the \u00a0
expected credit loss impairment, CVA is 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 \u00a0
cost or benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected \u00a0
future exposures. ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a \u00a0
function of expected collateral balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2025, CVA, FVA and ColVA came to a net amount of DKK 51 million (2024: DKK 173 million), including the adjustment for \u00a0
credit 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 \u00a0
prices and makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the \u00a0
end of 2025, these fair value adjustments totalled DKK 99 million (2024: DKK 106 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 \u00a0
fair value hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an \u00a0
ongoing basis. At the end of 2025, the reserve totalled DKK 1 million (2024: 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 \u00a0
or significant influence over the Group. All entities over which the Group has control are consolidated and are therefore not \u00a0
considered a related party to the Group. \u00a0
Entities that are related parties to the Group comprise shareholders that have a significant holding of shares (significant \u00a0
influence over the Group), associates, joint venture partners or defined benefit pension plan providers (the Group has significant \u00a0
influence over the entity). Further, key management personnel, defined as members of the Board of Directors and the Executive \u00a0
Leadership Team, are related parties to the Group. \u00a0
Transactions with related parties are settled on an arm\u2019s-length basis and recognised in the financial statements according to \u00a0
the same 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 \u00a0
and operating policy decisions. Control is said to exist if Danske Bank A/S, directly or indirectly, is exposed, or has rights, to \u00a0
variable returns from the involvement with the entity and has the ability to affect these returns through the power over the \u00a0
entity. Power exists if Danske Bank A/S, directly or indirectly, holds more than half of the voting rights in an undertaking or \u00a0
otherwise has power to control management and operating policy decisions. Operating policy control may be exercised through \u00a0
agreements about the undertaking\u2019s activities. In the rare situations where potential voting rights exist, these are taken into \u00a0
account if Danske Bank has the practical ability to exercise these rights. \u00a0
When assessing whether to consolidate investment funds, the Group reviews all facts and circumstances to determine whether \u00a0
the Group, as fund manager, is acting as agent or principal. The Group is deemed to be a principal, and the Group controls and \u00a0
consolidates a fund when it acts as fund manager and cannot be removed without cause (i.e. when kick-out rights are weak), has \u00a0
variable returns through significant holdings, and is able to influence the returns of the funds by exercising its power. Holdings \u00a0
where all returns belong to customers (pooled schemes and investment contracts) are not considered as exposure to variable \u00a0
returns, whereas holdings where the majority of the returns belong to customers (holdings related to insurance contracts) are \u00a0
considered only limited exposure to variable returns. \u00a0
The consolidated financial statements are prepared by consolidating items of the same nature and eliminating intra-group \u00a0
transactions, 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 \u00a0
(assets, including identifiable intangible assets, less liabilities and contingent liabilities) are measured at fair value at the date of \u00a0
acquisition according to the acquisition method. \u00a0
If the cost of acquisition exceeds the fair value of the net assets acquired, the excess amount is recognised as goodwill. Goodwill \u00a0
is recognised in the functional currency of the undertaking acquired. The portion of the acquisition that is attributable to non- \u00a0
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 \u00a0
subsidiary that do not result in loss of control are accounted for as equity transactions. This implies that the carrying amounts of \u00a0
the controlling and non-controlling interests are adjusted to reflect the changes in the relative interest in the subsidiary, and any \u00a0
difference between the fair value of the consideration paid/received and the adjustment made to non-controlling interests is \u00a0
attributed to the shareholders of Danske Bank A/S. If changes in the ownership share in a subsidiary result in the loss of control, \u00a0
any investment retained in the former subsidiary is recognised at fair value, and amounts recognised under Other \u00a0
comprehensive income are reclassified to the income statement or transferred directly to retained earnings if so required by \u00a0
other IFRS Accounting Standards. The difference between the fair value of the consideration received plus any investment. \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 \u00a0
sold within 12 months of classification are recognised as held for sale. Assets and liabilities in such companies are presented \u00a0
under Assets held for sale and Liabilities in disposal groups held for sale. The assets are recognised at the lower of cost and fair \u00a0
value less expected costs to sell. \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1020": { "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 \u00a0
(IFRS Accounting Standards) and applicable interpretations (IFRIC) issued by the International Accounting Standards Board (IASB), as \u00a0
adopted by the EU. Furthermore, the consolidated financial statements comply with the Danish FSA\u2019s Executive Order No. 658 dated \u00a0
23 May 2025 requirements on the use of IFRS Accounting Standards by undertakings subject to the Danish Financial Business Act. \u00a0
Amendments to IAS 21 became effective on 1 January 2025 and have no impact on the financial statements. \u00a0
In 2025, the Group has also corrected its measurement of liabilities under insurance contracts (part of Insurance liabilities) for 2024, \u00a0
which has resulted in a decrease of DKK 1.1 billion in the Group\u2019s equity as at 31 December 2024 and 1 January 2024. \u00a0
In addition, the Group updated the process for fee eliminations, which has resulted in a decrease of DKK 2.0 billion in Fee income and \u00a0
Fee expenses in 2024. There is no impact on Net fee income nor net profit for 2024. \u00a0
Further information on the changes described above can be found in note G2. Except for the changes described above, the Group has \u00a0
not changed its material accounting policies from those applied in the Annual Report 2024. \u00a0
Financial statement figures are stated in Danish kroner and whole millions, unless otherwise stated. As a result, rounding \u00a0
discrepancies may occur because totals have been rounded off and the underlying decimals are not presented to financial statement \u00a0
users. \u00a0
Monetary assets and liabilities in foreign currency are translated at the exchange rates at the balance sheet date. Exchange rate \u00a0
adjustments of monetary assets and liabilities arising as a result of differences in the exchange rates at the transaction date and at \u00a0
the balance sheet date are recognised in the income statement. Non-monetary assets and liabilities in foreign currency that are \u00a0
subsequently revalued at fair value are translated at the exchange rates at the date of revaluation. Exchange rate adjustments are \u00a0
included in the fair value adjustment of an asset or liability. Other non-monetary items in foreign currency are translated at the \u00a0
exchange rates at the transaction date. The accounting treatment of foreign currency translation of units outside Denmark is \u00a0
described in note G24. \u00a0
For the purpose of clarity, the primary financial statements and the notes to the financial statements are prepared using the concepts \u00a0
of materiality and relevance. This means that line items not considered material in terms of quantitative and qualitative measures or \u00a0
relevant to financial statement users are aggregated and presented together with other items in the primary financial statements. \u00a0
Similarly, information 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 \u00a0
relate to the classification of financial assets and financial liabilities under IFRS 9, especially related to the business model \u00a0
assessment, and the solely payments of principal and interest (SPPI) test (further explained in note G15) and the designation of \u00a0
financial liabilities at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch (further explained in \u00a0
note G16). An overview of the classification and 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 \u00a0
future events on those assets and liabilities. The estimates are based on premises that management finds reasonable but which are \u00a0
inherently uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and \u00a0
other parties may arrive at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and \u00a0
judgement involved in the recognition and measurement of the items listed below, it is possible that the outcomes in the next financial \u00a0
year could differ from those on which management\u2019s estimates are based. \u00a0
Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised \u00a0
cost or fair 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 \u00a0
initial recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting \u00a0
from default events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more \u00a0
than 30 days past due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit \u00a0
losses (stages 2 and 3). In determining the impairment for expected credit losses, management exercises judgement and uses \u00a0
estimates and assumptions as explained below. \u00a0
The expected credit loss is calculated for all individual facilities as a function of probability of default (PD), exposure at default (EAD) \u00a0
and loss given default (LGD) and incorporates forward-looking information. The estimation of expected credit losses involves \u00a0
forecasting future economic conditions over a number of years. Such forecasts are subject to management judgement and those \u00a0
judgements may be sources of measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying \u00a0
amount in future periods. The incorporation of forward-looking elements reflects the expectations of the Group\u2019s senior management \u00a0
and involves the creation of scenarios, including an assessment of the probability for each scenario. The purpose of using multiple \u00a0
scenarios is to model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. During 2025, \u00a0
a new downside scenario was introduced to address the ongoing uncertainty, in addition to the existing three scenarios. Therefore the \u00a0
four scenarios at 31 December 2025 are: base case, upside, downside and severe downside. \u00a0
The base case scenario enters with a probability of 50% (31 December 2024: 60%), the upside scenario with a probability of 25% (31 \u00a0
December 2024: 20%), the new downside scenario with a probability of 5% (2024: 0%) and the severe downside scenario with a \u00a0
probability of 20% (31 December 2024: 20%). On the basis of these assessments, the allowance account at the end of 2025 amounted \u00a0
to DKK 19.7 billion (31 December 2024: DKK 19.9 billion). If the base case scenario was assigned a probability of 100%, the allowance \u00a0
account would decrease by DKK 2.5 billion (31 December 2024: DKK 2.5 billion). If the upside scenario was assigned a probability of \u00a0
100%, the allowance account would decrease by DKK 0.1 billion (31 December 2024: DKK 0.2 billion) compared to the base case \u00a0
scenario. If the downside scenario was assigned a probability of 100%, the allowance account would increase by DKK 0.5 billion \u00a0
compared to the base case scenario. If the severe downside scenario was assigned a probability of 100%, the allowance account \u00a0
would increase by DKK 12.4 billion (31 December 2024: DKK 12.9 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 \u00a0
increase in credit risk. According to the Group\u2019s definition of a significant increase in credit risk, i.e. when a loan is transferred from \u00a0
stage 1 to stage 2, facilities with an initial PD below 1% are transferred to stage 2 if the facility\u2019s 12-month PD has increased by at least \u00a0
0.5 of a percentage point and the facility\u2019s lifetime PD has doubled since origination. The allowance account is relatively stable in \u00a0
terms of changes to the definition of significant increase in credit risk. At the end of 2025, the allowance account would increase by \u00a0
DKK 0.1 billion (31 December 2024: DKK 0.1 billion), if instead an increase in the facility\u2019s 12-month PD by at least 0.25 of a percentage \u00a0
point combined with a doubling of the lifetime PD was considered a significant increase in credit risk. \u00a0
Management applies judgement when determining the need for post-model adjustments. At the end of 2025, the post-model \u00a0
adjustments amounted to DKK 5.4 billion (2024: DKK 5.9 billion). They mainly cover the macroeconomic and geopolitical uncertainties. \u00a0
Further information on post-model adjustments can be found in the section Forward-looking information in note G39. \u00a0
Loan impairment charges for 2025 amounted to a net charge of DKK 294 million (2024: a net reversal of DKK 543 million).\u00a0The \u00a0
impairment charge reflected sustained credit quality and a decrease in post-model adjustments. \u00a0
The applied macroeconomic scenarios in 2025 differ from those used at 31 December 2024. The severe downside scenario reflects a \u00a0
severe global recession scenario. The scenario is utilised within the Group\u2019s Internal Capital Adequacy Assessment Process (ICAAP) \u00a0
process, which closely resembles regulatory stress tests. The severe recession scenario anticipates declining demand, negative \u00a0
economic growth, and higher, more persistent unemployment rates. Inflation is expected to rise, leading to increased interest rates \u00a0
and a decline in property prices. The adoption of the severe downside scenario is intended to capture the risk of recession driven by \u00a0
global trade tensions. \u00a0
Except as described above, all other policies and principles remain in place. Staging criteria are unchanged, including the 30 days past \u00a0
due criteria and PD-based criteria for transfer to stage 2. \u00a0
Sustainability risk \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability drivers. Sustainability risks are identified, assessed \u00a0
and monitored at portfolio level and, when deemed necessary, are integrated into the Group\u2019s credit risk tolerance to allow for \u00a0
portfolio management. Climate risk is identified as the predominant ESG-related factor influencing credit risk. Climate risk will affect \u00a0
the Group\u2019s credit risk in the medium and long-term. Climate risk is managed through risk tolerances or strategic targets, or already \u00a0
have post-model adjustments allocated covering the climate related risks. \u00a0
As at 31 December 2025, the Group\u2019s assessment of sustainability risk has not led to adjustments to staging or modelled expected \u00a0
credit losses. Note G39 provides further information on the impact of sustainability risk on the Group. \u00a0
Fair value measurement of financial instruments \u00a0
At the end of 2025, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The \u00a0
majority of valuation techniques continues to employ only observable market data, and there has been no significant increase in \u00a0
financial instruments measured on the basis of valuation techniques that are based on one or more significant unobservable inputs. \u00a0
The latter continues to include only unlisted shares, certain bonds and some long-dated derivatives for which there is no active \u00a0
market. On the derivatives portfolio, the Group makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover \u00a0
expected funding costs (FVA and ColVA) on derivatives, bid-offer spreads on the net open position of the portfolio of assets and \u00a0
liabilities with offsetting market risk recognised at mid-market prices, and model risk on level 3 derivatives. FVA is calculated including \u00a0
both funding cost and funding benefit. At 31 December 2025, the adjustments totalled DKK 0.2 billion (2024: DKK 0.3 billion), including \u00a0
the adjustment for credit risk on derivatives that are credit impaired. Note G32 provides more details on the fair value measurement \u00a0
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 \u00a0
rates on 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 \u00a0
management to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including \u00a0
discount rates, changes in the economic outlook, customer behaviour and competition. As at 31 December 2025, goodwill amounted \u00a0
to DKK 4.5 billion (31 December 2024 DKK 4.4 billion). \u00a0
At each reporting date, management performs an impairment review to assess whether there are indications that goodwill might be \u00a0
impaired. This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under \u00a0
management, major restructurings, macroeconomic developments etc. The impairment test conducted in 2025 did not reveal any \u00a0
impairment loss. Goodwill mainly consists of DKK 2.1 billion (2024: DKK 2.1 billion) in Markets, DKK 1.8 billion (2024: DKK 1.8 billion) in \u00a0
Asset Management and DKK 0.5 billion (2024: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & \u00a0
Institutions) showing significant amounts of excess value in the impairment tests in 2025 and 2024. \u00a0
Note G19 provides more information about the impairment test in 2025 and 2024 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) \u00a0
or Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of \u00a0
future cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for \u00a0
non-financial 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 \u00a0
and disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the \u00a0
Group\u2019s own 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 \u00a0
volatility adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European \u00a0
Insurance and 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
2025 \u00a0
2.30 \u00a0
2.70 \u00a0
3.07 \u00a0
3.40 \u00a0
3.43 \u00a0
2024 \u00a0
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial \u00a0
assumptions, 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 \u00a0
used for 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 \u00a0
safety 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 G39 contains a sensitivity analysis for life \u00a0
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 \u00a0
digital reporting format for annual report for publicly listed entities. The ESEF Regulation includes requirements related to the \u00a0
preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements key elements including \u00a0
Income statement, 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 with the ESEF taxonomy which is included in the appendices of the ESEF \u00a0
Regulation and is developed based on the IFRS taxonomy that is published by IFRS Foundation. For the annual report for 2025, the \u00a0
ESEF Taxonomy for 2024 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 \u00a0
to correspond to the content of the account balances. For account balances that are assessed not to be covered by the account \u00a0
balances defined in the ESEF taxonomy, the Group has incorporated entity specific extensions to the taxonomy. These extensions are \u00a0
\u2013 except subtotals \u2013 embedded in the elements in the ESEF Taxonomy. The annual report comprises \u2013 in accordance with the \u00a0
requirements of the ESEF Regulation \u2013 of a zip-file DanskeBank-2025-12-31-0-en.zip, that includes an XHTML-file, that can be opened \u00a0
with standard web browsers and a number of technical XBRL files that make automated extracts of the incorporated XBRL data \u00a0
possible. \u00a0
G2. Changes in accounting policies and restatements \u00a0
(a) Changes in accounting policies \u00a0
Amendment to IAS 21, The Effects of Changes in Foreign Exchange Rates \u00a0
The amendment to IAS 21 requires an entity to apply a consistent approach to assessing whether a currency is exchangeable into \u00a0
another currency and, when it is not, to determine the exchange rate to be used. The amendment also details the disclosures that are \u00a0
required if a currency is not exchangeable. The amendment has no impact on the financial statements. \u00a0
(b) Correction of liabilities under insurance contracts (part of Insurance liabilities) \u00a0
In continuation of the FSA's functional inspection of health and accident insurance, Danica identified material misinterpretations of \u00a0
data used in connection with calculating technical provisions for health and accident insurance. The misinterpretations have \u00a0
significantly affected Insurance contract liabilities in 2024 and in previous years. The Group has therefore restated the comparatives \u00a0
for 2023 or the opening balance of 2024, where it was not possible to make adjustment further back in time than 1 January 2024. \u00a0
This results in a decrease in the Group\u2019s equity of DKK 1.1 billion as at 1 January 2024. The impact of this change on the Group\u2019s result \u00a0
in 2024 is not material, and therefore Net profit in 2024 has not been adjusted. Similarly, earnings per share and diluted earnings per \u00a0
share in 2024 have not been restated. The following table shows the impact of the adjustments described above. Line items not \u00a0
included in the table have not been affected by the restatement. \u00a0
(DKK millions) \u00a0
31 December 2023 \u00a0
Adjustment \u00a0
1 January 2024 \u00a0
Assets \u00a0
Total assets \u00a0
3,729,292 \u00a0
-
3,729,292 \u00a0
Liabilities \u00a0
Insurance liabilities \u00a0
482,630 \u00a0
1,510 \u00a0
484,140 \u00a0
Tax liabilities \u00a0
1,557 \u00a0
-393 \u00a0
1,164 \u00a0
Total liabilities \u00a0
3,553,552 \u00a0
1,117 \u00a0
3,554,670 \u00a0
Equity \u00a0
-
Retained earnings \u00a0
163,596 \u00a0
-1,117 \u00a0
162,479 \u00a0
Total equity \u00a0
175,739 \u00a0
-1,117 \u00a0
174,622 \u00a0
Total liabilities and equity \u00a0
-
Restated 31 \u00a0
(DKK millions) \u00a0
31 December 2024 \u00a0
Adjustment \u00a0
December 2024 \u00a0
Assets \u00a0
Total assets \u00a0
3,716,042 \u00a0
-
3,716,042 \u00a0
Liabilities \u00a0
Insurance liabilities \u00a0
529,793 \u00a0
1,510 \u00a0
531,303 \u00a0
Tax liabilities \u00a0
2,225 \u00a0
-393 \u00a0
1,832 \u00a0
Total liabilities \u00a0
3,540,355 \u00a0
1,117 \u00a0
3,541,472 \u00a0
Equity \u00a0
-
Retained earnings \u00a0
158,157 \u00a0
-1,117 \u00a0
157,040 \u00a0
Total equity \u00a0
175,687 \u00a0
-1,117 \u00a0
174,570 \u00a0
Total liabilities and equity \u00a0
-
In the notes, all line items related to Insurance liabilities and Tax liabilities have been restated as at 31 December 2024 in the following \u00a0
notes: G3, G18, G21, G27 and G40. Furthermore, in the Highlights in note G40, Net profit and Total equity have also been adjusted by \u00a0
DKK 480 million for 2023, and ratios for 2023 have been recalculated accordingly. This results in a difference between equity as of 31 \u00a0
December 2023 in the Highlights in note G40 and equity as of 1 January 2024 in Changes in equity of DKK 637 million. \u00a0
In the financial statements for Danske Bank A/S, line items related to Holdings in group undertakings and equity have been restated \u00a0
by DKK 1.1 billion as at 31 December 2024. In addition, in the Highlights in note P30, Income from associates and group undertakings, \u00a0
Net profit, Total equity and Total assets have also been adjusted by DKK 480 million for 2023, and ratios for 2023 have been \u00a0
recalculated accordingly. \u00a0
Ratios for regulatory requirements in 2024 and 2023 have not been restated as a result of the changes described above, as the net \u00a0
impact on the Group\u2019s total capital and capital ratios is not material. Therefore the Group\u2019s total capital and capital ratios for 2024 will \u00a0
not be revised nor resubmitted to regulators, and remains as published in the Annual Report 2024. Therefore the following ratios \u00a0
throughout Annual Report 2025 that are not restated for 2024 and 2023 are: Total capital ratio, Total capital ratio, including \u00a0
conglomerate, Common equity tier 1 capital ratio, Tier 1 capital ratio and Sum of large exposures as % of CET1 capital. \u00a0
(c) Change in process of eliminations for fees \u00a0
During 2025, the Group refined the distribution of intra-Group eliminations between fee types, which has been applied retrospectively. \u00a0
Therefore Fee income and Fee expenses have both been decreased by DKK 2.0 billion for 2024. There is no impact on Net fee income \u00a0
nor net profit for 2024. \u00a0
(d) 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) 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 \u00a0
and disclosures for management-defined performance measures. IFRS 18 will replace IAS 1 and is effective for periods beginning on \u00a0
or after 1 January 2027. IFRS 18 is not yet endorsed by the EU. \u00a0
IFRS 18 introduces specific categories for the classification of income and expenses in the Income statement (Operating, Investing, \u00a0
Financing, Income taxes and Discontinued operations), which is determined by main business activities. The Group has assessed that \u00a0
it has both providing financing to customers and investing in assets as main business activities, and hence the majority of the Group\u2019s \u00a0
income and expenses are expected to be classified in the Operating category. \u00a0
IFRS 18 also introduces management-defined measures (MPMs), which are subtotals of income and expenses that are not defined in \u00a0
the IFRS standards but used in public communication.\u00a0A note is required showing a reconciliation between MPMs and the most \u00a0
directly comparable subtotals in the income statement. The Group is currently in the process of identifying MPMs. \u00a0
IFRS 18 will also have minor changes to the Balance sheet and Cash flow statement. However IFRS 18 will have no impact on the \u00a0
Group\u2019s net profit or equity on implementation. \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 \u00a0
system, assessing contractual cash flows of financial assets in respect of contingent events, disclosures relating to investments in \u00a0
equity instruments designated at FVOCI and disclosures for financial instruments with contingent features. The amendment is \u00a0
effective from 1 January 2026, and has been endorsed by the EU. \u00a0
The amendment regarding contractual cash flows is most relevant for the Group\u2019s loans with ESG features that are measured at \u00a0
amortised cost. To remain classified as amortised cost, the contractual cash flows before and after the triggering event (for example, \u00a0
meeting a contractually specified target) must pass the SPPI test, and the cash flows should not be significantly different from similar \u00a0
instruments without the contingent features. The Group\u2019s assessment is that this amendment is not expected to have a material \u00a0
impact on the classification and measurement of financial instruments, however there will need to be more disclosures for financial \u00a0
instruments with contingent features. \u00a0
Other \u00a0
IFRS 19, Subsidiaries without public accountability: disclosures and other amendments to IFRS 7 and IFRS 9 issued by IASB are not \u00a0
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 are 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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net 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 \u00a0
expected to be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed \u00a0
with the customer, and the consideration, and recognises income in line with the transfer of services, the performance \u00a0
obligation, agreed with the customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance \u00a0
obligation over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is \u00a0
constrained by, for instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the \u00a0
identified performance obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is \u00a0
recognised once the consideration to be received is known and it is probable that a significant reversal of the consideration will \u00a0
not occur. \u00a0
Fee expenses \u00a0
Fee expenses for services provided over a period of time, such as guarantee commissions and investment management fees, \u00a0
are accrued over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the \u00a0
individual transaction. Fees that form an integral part of the effective rates of interest on financial liabilities measured at \u00a0
amortised cost, such as origination fees, are carried under interest expense. Similar fees related to financial liabilities at fair \u00a0
value through profit or loss are recognised when the financial liability is established and are carried under fee expenses. \u00a0
Accounting policy \u00a0
Insurance revenue \u00a0
The Group recognises insurance revenue as it provides insurance services. Insurance revenue reflects the amount of \u00a0
consideration the Group expects to be entitled to in exchange for those services provided. For insurance contracts under the \u00a0
Premium Allocation Approach (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 \u00a0
expense from insurance, which comprises the change in carrying amount of groups of insurance contracts arising from the \u00a0
effect of time value of 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 \u00a0
are 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 G37. \u00a0
Accounting policy \u00a0
Staff costs \u00a0
This item includes salaries, performance-based pay, expenses for share-based payments, holiday allowances, anniversary \u00a0
bonuses, pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed \u00a0
when the 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 \u00a0
vest up to four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from \u00a0
the Group. In addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of \u00a0
share-based payments at the grant date is expensed over the vesting period with the intrinsic value expensed in the year in \u00a0
which the share-based payments are earned, and the time value (if any) accrued over the remaining service period. Expenses \u00a0
are set off against shareholders\u2019 equity. Fair 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 \u00a0
the employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of \u00a0
the difference between expected trends in pension assets and benefits and actual trends are recognised under Other \u00a0
comprehensive 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 \u00a0
or loss 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 \u00a0
the relevant balance sheet line items. Notes G15, G16 and G23 provide more information. \u00a0
Accounting policy \u00a0
The trading portfolio is recognised at fair value through profit or loss. Realised and unrealised capital gains and losses and \u00a0
dividends are recognised in the income statement under Net trading income or loss. Fair value is the amount for which a \u00a0
financial asset can be sold or a financial liability be transferred to a knowledgeable, willing third party. Note G32 provides \u00a0
information about fair value measurement and fair value adjustments. The Group uses the option in IFRS 9 to continue using the \u00a0
fair value hedge accounting model in IAS 39. The derivatives used as hedging instruments are presented in the balance sheet \u00a0
together with other derivatives. \u00a0
(b) Explanation of derivatives \u00a0
The Group\u2019s activities in the financial markets include trading in derivatives. Derivatives are financial instruments whose value \u00a0
depends on the value of an underlying instrument or index etc. Derivatives can be used to manage market risk exposure, for example. \u00a0
The Group trades a 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, \u00a0
such as the issuance of bonds with yields that depend on developments in equity or currency indices. The Group also uses derivatives \u00a0
to manage the Group\u2019s own exposure to foreign exchange, interest rate, equity market and credit risks. Note G39 provide additional \u00a0
information about the Group\u2019s risk management policy. Large Corporates & Institutions is responsible for the day-to-day management \u00a0
and hedging of the Group\u2019s 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 \u00a0
units and Group Treasury carry fixed rates. Generally, such fixed-rate items are recognised at amortised cost. Further, the Group \u00a0
classifies certain bonds as \u2018hold to collect and sell\u2019 financial assets. Unrealised value adjustments of such bonds are recognised under \u00a0
Other comprehensive income. The Group uses fair value hedge accounting if the interest rate risk on fixed-rate financial assets and \u00a0
liabilities or 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 \u00a0
taking. Realised and unrealised capital gains and losses and dividends are carried in the income statement under Net trading \u00a0
income or loss. Further, all shares (including unlisted shares) and bonds held in Group Treasury that do not have contractual \u00a0
cash flows that are solely payments of principal and interest on the principal amount outstanding (i.e. that does not pass the \u00a0
SPPI test in IFRS 9) are mandatorily 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 \u00a0
designate equity instruments at FVOCI. The bonds are held within a business model for the purpose of collecting contractual \u00a0
cash flows and selling (hold to collect and sell). The bonds have cash flows that are solely payments of principal and interest on \u00a0
the principal amount outstanding (i.e. that pass the SPPI test in IFRS 9). FVOCI results in the assets being recognised at fair value \u00a0
in the balance sheet and at amortised cost in the income statement, including the recognition of expected credit losses as \u00a0
described in note G15. Gains and losses, except for expected credit losses and foreign exchanges gains and losses, are \u00a0
therefore recognised in Other comprehensive income until the bond is derecognised. When a fixed interest rate risk is hedged in \u00a0
a hedge that qualifies for fair value hedge accounting, the fair value changes of the hedged interest risk are presented in the \u00a0
income statement under Net trading income or loss. When bonds are sold unrealised value adjustments recognised under Other \u00a0
comprehensive income are reclassified to the income statement and presented under Net trading income or loss. The Group \u00a0
recognises interest income according to the effective interest method, including amortisation of the difference between cost \u00a0
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 \u00a0
collect) and with cash flows that are solely payments of principal and interest on the principal amount outstanding (i.e. that pass \u00a0
the SPPI test in IFRS 9). The bonds are measured at amortised cost. Interest income is recognised according to the effective \u00a0
interest method, including amortisation of the difference between cost and the redemption value over the term to maturity of \u00a0
the bonds. A change in the contractual cash flows that is required by the Interest Rate Benchmark Reform is accounted for by \u00a0
updating the effective interest rate, without recognising a gain or loss. This can only be applied if the change is necessary as a \u00a0
direct consequence of the reform, and the new basis for determining the contractual cash flows is economically equivalent to \u00a0
the previous basis. The bonds are subject to the expected credit model in IFRS 9 as described in note G15. The interest rate risk \u00a0
on fixed-rate bonds is not hedged. \u00a0
Accounting policy \u00a0
For balances due from credit institutions in the Group\u2019s banking units (Personal Customers and Business Customers, General \u00a0
Banking in Large Corporates & Institutions and Northern Ireland), the business model is \u2018hold to collect\u2019. As the contractual cash \u00a0
flows \u00a0
represent basic lending feature, these balances are measured at amortised cost. For further information see note G15. \u00a0
For balances due from credit institutions and central banks in the Group\u2019s trading units (Markets in Large Corporates & \u00a0
Institutions) the business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and these balances are mandatorily \u00a0
recognised at fair value through profit or loss. For further information 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 \u00a0
integral part of the effective interest rate on loans. This usually corresponds to the amount disbursed to the customer. \u00a0
Subsequently, they are measured at amortised cost, using the effective interest method, less impairment charges for expected \u00a0
credit losses. The difference between the value at initial recognition and the redemption value is amortised over the term to \u00a0
maturity as part of the effective interest. If fixed-rate loans are hedged effectively by derivatives, the fair value of the hedged \u00a0
interest rate risk is added to the carrying amount of 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 \u00a0
recognition 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 \u00a0
from 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 \u00a0
lifetime 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 \u00a0
expected 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 \u00a0
default (EAD) and the loss given default (LGD) and incorporates forward looking elements. For facilities in stages 2 and 3, the \u00a0
lifetime expected 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 \u00a0
principal amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which \u00a0
represents an option to prepay at fair value that can be both above and below the principal amount plus interest. This is not \u00a0
consistent with the SPPI test since changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate \u00a0
developments. Therefore,\u00a0the loans are mandatorily recognised at fair value through profit or loss. The issued bonds that are \u00a0
funding the loans are designated at fair value through profit or loss in order not to create an accounting mismatch. For the \u00a0
issued bonds, changes in fair value attributable to the Group\u2019s own credit risk is presented in the income statement, as an \u00a0
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 \u00a0
the issued bonds are illiquid, thus the fair value of these bonds is calculated on the basis of a discounted cash flow valuation \u00a0
technique. The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair \u00a0
value of the interest rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in \u00a0
the fair value of cash flows from the loans that differ from the cash flows from the issued bonds. The most important \u00a0
component is the credit risk on the borrowers (covered by the Group and not by the bond holders and therefore not priced into \u00a0
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 \u00a0
models developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, \u00a0
including the allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as \u00a0
a function of PD, EAD and LGD and incorporates forward looking information, see further in note G15. The latter reflects \u00a0
management\u2019s expectations of expected credit losses and involves multiple scenarios (base case, upside, downside and severe \u00a0
downside), including an assessment of the probability for each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other \u00a0
components in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an \u00a0
investors risk premium, compensation for administrative costs related to the loans and the possibility to increase the margin on \u00a0
the loans if the credit risk etc. increases. It is acknowledged that the possibility to increase the margin depends on the economic \u00a0
resources of the customers. The possibility to increase the margin is therefore only considered in the measurement if it is very \u00a0
likely that the margin can be increased without the customer defaulting. Further, the possibility to increase the margin is only \u00a0
relevant if it does not give the customer an incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to \u00a0
increase the margin is only relevant for the measurement of loans to customers with neither a relatively high credit risk nor a \u00a0
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 \u00a0
close to a risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher \u00a0
for customers with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value \u00a0
of the credit risk and 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 in LC&I) are managed and their performance reported on a fair value basis and \u00a0
the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an accounting \u00a0
mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities at \u00a0
amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value \u00a0
changes attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
Accounting policy \u00a0
Assets earmarked for customer savings are measured at fair value and recognised under Assets under pooled schemes and \u00a0
investment contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment \u00a0
contracts. These 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 \u00a0
pooled 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 \u00a0
assets is therefore neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and the financial assets are therefore mandatorily \u00a0
recognised at fair value through profit or loss. The valuation technique used matches the Group\u2019s accounting policy for similar \u00a0
assets. \u00a0
The Group has elected to not deduct own shares and own bonds from equity and liabilities respectively that are underlying \u00a0
items of insurance contracts with direct participation features. Therefore total Insurance assets include these own shares and \u00a0
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 \u00a0
individual groups of contracts. The classification of insurance contracts in the four portfolios is based on an assessment of \u00a0
similar risks and on an 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 \u00a0
meet the definition of insurance contracts with direct participation features. GMM is used for legacy life insurance products in \u00a0
run-off. \u00a0
Insurance contracts measured using GMM or VFA are initially measured as the total of fulfilment cash flows (which comprise \u00a0
estimated future cash flows, an adjustment for time value of money and effect of financial risks, and a risk adjustment for non- \u00a0
financial risk) and contractual service margin (CSM; unearned profit that will be recognised as the Group provides insurance \u00a0
contract services).\u00a0At each reporting date, the group of insurance contracts is subsequently measured as the sum of the liability \u00a0
for remaining coverage (comprising fulfilment cash flows relating to future service and CSM) and liability for incurred claims \u00a0
(comprising fulfilment cash flows relating to past service). PAA is applied to the Health and accident insurance portfolio, which \u00a0
comprises only one-year insurance contracts. \u00a0
Accounting policy \u00a0
Goodwill \u00a0
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost of the undertaking and \u00a0
the fair value of its net assets, including contingent liabilities, at the time of acquisition. Goodwill is allocated to cash-generating \u00a0
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 \u00a0
indications of impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying \u00a0
amount of the net assets of the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value \u00a0
in use, which equals the present value of the future cash flows expected from the unit. \u00a0
Goodwill on associates is recognised under Holdings in associates. \u00a0
Software and licences \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software \u00a0
(both acquired and internally developed) is amortised over its expected useful life, usually three to five years, using the straight- \u00a0
line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show \u00a0
that future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a \u00a0
software application ready for use. Once a software application has been developed, the cost is amortised over its expected \u00a0
useful life. The cost of development consists primarily of direct remuneration and other directly attributable development costs. \u00a0
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
Licences are measured at cost and amortised over the expected useful life, usually three to five years, using the straight-line \u00a0
method. \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 \u00a0
at fair value through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is \u00a0
recognised in Other comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of \u00a0
the 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 \u00a0
adjusted for prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a \u00a0
legally enforceable right to set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis \u00a0
or to realise the assets and settle the 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 \u00a0
for in accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially \u00a0
enacted tax regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to \u00a0
crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on \u00a0
the basis of expected cash flows. The Group does not recognise deferred tax on temporary differences between the tax base \u00a0
and the carrying amounts of goodwill not subject to amortisation for tax purposes and other items if the temporary differences \u00a0
arose at the time of acquisition without effect on net profit or taxable income. If the tax base may be calculated according to \u00a0
several sets of tax regulations, deferred tax is measured in accordance with the regulations that apply to the use of the asset or \u00a0
settlement of the liability as planned by management. Tax assets arising from unused tax losses are only recognised if it is \u00a0
expected that such tax losses can be offset against tax on future profit in the next five years. Deferred tax assets and liabilities \u00a0
are offset when they relate to the same tax jurisdiction, a legally enforceable right to offset exists and the Group intends to \u00a0
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 \u00a0
income statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive \u00a0
income. Similarly, tax on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the \u00a0
uncertainty is reflected by using either the most likely outcome (if the possible outcomes are binary or are concentrated on one \u00a0
value) or the expected value, probability weighted amounts in a range of possible outcomes (if there is a range of possible \u00a0
outcomes that are neither binary nor concentrated on 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 \u00a0
expense is recognised according to the effective interest rate method, including amortisation of any difference between the \u00a0
amount received on issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital \u00a0
under the Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily \u00a0
or converted into a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert \u00a0
into a variable number of ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are \u00a0
accounted for as equity. For liability accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds \u00a0
are accounted for as liabilities in their entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for \u00a0
example an equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading \u00a0
portfolio. \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 \u00a0
Group has entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured \u00a0
at the present value of the future payments from lease components, discounted using the incremental borrowing rate for the \u00a0
individual lease. The lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by \u00a0
reducing the carrying amount to reflect the lease payments made. Further lease liabilities are changed when remeasurements \u00a0
are needed, corresponding adjustment is the related right-of-use asset. Gain or loss from a lease modification that are not \u00a0
accounted for as a separate lease is recognised in profit and loss. The initial right-of-use asset comprises the amount of the \u00a0
initial measurement of the lease liability, lease payments made at or before the commencement day, initial direct costs and \u00a0
costs to restore the underlying asset. The right-of-use asset are subsequently measured at cost less accumulated depreciation \u00a0
and impairment losses. The right-of-use assets are depreciated over the shorter period of the lease term and the useful life of \u00a0
the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head lease and the sublease as two \u00a0
separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from \u00a0
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 \u00a0
credit losses. Note G15 provides further information. \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 \u00a0
the amount can be measured reliably. Liabilities are recognised at the present value of expected payments. \u00a0
Accounting policy \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 \u00a0
or are underlying items of insurance contracts with direct participation features are recognised directly in equity under \u00a0
transactions with owners. The same applies to premiums received or paid for derivatives entailing settlement in own shares. A \u00a0
capital reduction by cancellation of own shares will lower the share capital by an amount equal to the nominal value of the \u00a0
shares at the time of registration of the capital reduction. \u00a0
The Group has elected to not deduct from equity own shares that are held on behalf of customers or those that are underlying \u00a0
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 \u00a0
shows the cash flows from operating, investing and financing activities as well as the increase or decrease in cash and cash \u00a0
equivalents during the year. Cash and cash equivalents consists of cash in hand and demand deposits with central banks as well \u00a0
as amounts due from credit institutions and central banks with an original maturity shorter than three months. \u00a0
Investing activities include cash flows from the sale or acquisition of tangible and intangible assets as well as businesses. \u00a0
Financing activities include cash flows from the Group\u2019s issued non-preferred senior bonds, subordinated debt, additional tier 1 \u00a0
capital and share capital. \u00a0
Accounting policy \u00a0
Guarantees and loan commitments are subject to the expected credit loss impairment model in IFRS 9. Note G15 provides \u00a0
further information. \u00a0
Contingent liabilities consist of possible obligations arising from past events. The existence of such obligations will be confirmed \u00a0
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the Group\u2019s control. Further, \u00a0
contingent liabilities consist of present obligations arising from past events, for which it is either not probable that the obligation \u00a0
will result in an 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 \u00a0
resources is remote. \u00a0
G29. 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 \u00a0
Group retains the risks associated with the holding of the assets. If the Group retains all significant risks, the securities remain on the \u00a0
balance sheet, and the transactions are accounted for as loans received against collateral. Such transactions are repo transactions \u00a0
and securities lending. The transactions involve selling the securities to be repurchased at a fixed price at a later date. Counterparties \u00a0
are entitled to sell the securities or deposit them as collateral for loans. \u00a0
Trading portfolio \u00a0
2025 \u00a0
2024 \u00a0
(DKK millions) \u00a0
Bonds \u00a0
Shares \u00a0
Bonds \u00a0
Shares \u00a0
Carrying amount of transferred assets \u00a0
Repo transactions \u00a0
272,141 \u00a0
176,271 \u00a0
Securities lending \u00a0
5,380 \u00a0
1,811 \u00a0
Total transferred assets \u00a0
272,141 \u00a0
5,380 \u00a0
176,271 \u00a0
1,811 \u00a0
Repo transactions, own issued bonds \u00a0
20,860 \u00a0
32,146 \u00a0
Carrying amount of associated liabilities \u00a0
293,752 \u00a0
5,649 \u00a0
209,057 \u00a0
1,901 \u00a0
Net positions \u00a0
751 \u00a0
269 \u00a0
639 \u00a0
91 \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
G31. 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 \u00a0
counterparty or the Group defaults, further offsetting will take place. This note shows the offsetting in the financial statements, \u00a0
further netting according to enforceable master netting agreements and similar agreements (i.e. in the event of default) and collateral \u00a0
provided or received under such agreements. \u00a0
Accounting policy \u00a0
Assets and liabilities are offset when the Group and the counterparty have a legally enforceable right to offset recognised \u00a0
amounts and have agreed to settle the balances on a net basis or to realise the asset and settle the liability simultaneously. \u00a0
Positive and negative fair values of derivatives with the same counterparty are offset if the Group has agreed with the \u00a0
counterparty to settle contractual cash flows net and to make cash payments or provide collateral on a daily basis to cover \u00a0
changes in the fair value of the derivative position. Master netting agreements or similar agreements give the right to additional \u00a0
offsetting in the event of default. Such agreements reduce the exposure further in the event of default, but do not qualify for \u00a0
offsetting under IFRS Accounting Standards. \u00a0
Offsetting of financial assets and financial liabilities \u00a0
Further \u00a0
Net amount \u00a0
offsetting, \u00a0
presented in
master netting \u00a0
(DKK millions) \u00a0
Gross amount \u00a0
Offsetting
balance\u00a0sheet \u00a0
agreements \u00a0
Collateral \u00a0
Net amount \u00a0
2025 \u00a0
Financial assets \u00a0
Derivatives with positive market value \u00a0
196,254 \u00a0
2,310 \u00a0
193,944 \u00a0
115,354 \u00a0
69,113 \u00a0
9,477 \u00a0
Reverse transactions \u00a0
577,787 \u00a0
224,372 \u00a0
353,414 \u00a0
353,414 \u00a0
-
-
Other financial assets \u00a0
31,248 \u00a0
17,959 \u00a0
13,289 \u00a0
-
-
13,289 \u00a0
Total \u00a0
805,288 \u00a0
244,641 \u00a0
560,647 \u00a0
115,354 \u00a0
422,528 \u00a0
22,766 \u00a0
Financial liabilities \u00a0
Derivatives with negative market value \u00a0
193,127 \u00a0
2,310 \u00a0
190,817 \u00a0
115,354 \u00a0
36,255 \u00a0
39,209 \u00a0
Repo transactions \u00a0
518,124 \u00a0
224,372 \u00a0
293,752 \u00a0
293,001 \u00a0
-
751 \u00a0
Other financial liabilities \u00a0
93,024 \u00a0
17,959 \u00a0
75,065 \u00a0
-
-
75,065 \u00a0
Total \u00a0
804,275 \u00a0
244,641 \u00a0
559,634 \u00a0
115,354 \u00a0
329,256 \u00a0
115,024 \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 assets* \u00a0
32,473 \u00a0
18,489 \u00a0
13,984 \u00a0
13,984 \u00a0
Total \u00a0
882,041 \u00a0
222,962 \u00a0
659,080 \u00a0
158,285 \u00a0
476,095 \u00a0
24,700 \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
88,791 \u00a0
18,489 \u00a0
70,302 \u00a0
70,302 \u00a0
Total \u00a0
*Other financial assets and other financial liabilities for 2024 have been corrected. \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 \u00a0
parties. Fair 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 \u00a0
principal market. \u00a0
\u2022
Valuation based on observable input (level 2) consists of financial instruments valued substantially on the basis of observable \u00a0
input other than a quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active, the Group \u00a0
bases its measurement on the most recent transaction price. Adjustment is made for subsequent changes to market conditions, \u00a0
for instance, by including transactions in similar financial instruments that are assumed to be motivated by normal business \u00a0
considerations. For a number of financial assets and liabilities, no market exists. In such cases, the Group uses recent \u00a0
transactions in similar instruments and discounted cash flows or other generally accepted estimation and valuation techniques \u00a0
based on market conditions at the balance sheet date to calculate an estimated value. This category covers instruments such as \u00a0
derivatives valued on the basis of observable yield curves and exchange rates and illiquid mortgage bonds valued by reference to \u00a0
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 \u00a0
on non-observable input. Such instruments include unlisted shares, some unlisted bonds and a limited portion of the derivatives \u00a0
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 \u00a0
present value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control \u00a0
environment, valuation models are validated by units that are independent of the business units that develop the models and trade in \u00a0
the products covered by the models. Validation is made to test the implementation, quality and operating stability of models to ensure \u00a0
that the models can be used 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 \u00a0
active market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further \u00a0
in note G16. The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves \u00a0
for the full duration of the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable \u00a0
input as well as assumptions about the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance \u00a0
with the International Private Equity and Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting \u00a0
Standards. IPEV guides the calculation of the estimated fair value of unlisted shares as the price that would be received to sell an \u00a0
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation methods \u00a0
include discounted cash flow models and pricing based on a multiple of 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 \u00a0
Group makes fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer \u00a0
spreads on the net 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 \u00a0
given counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive \u00a0
exposure (EPE) and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with \u00a0
counterparties in the 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 \u00a0
derived using proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive \u00a0
exposures to the counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. \u00a0
For the calculation of LGD, the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the \u00a0
expected credit loss impairment, CVA is 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 \u00a0
cost or benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected \u00a0
future exposures. ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a \u00a0
function of expected collateral balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2025, CVA, FVA and ColVA came to a net amount of DKK 51 million (2024: DKK 173 million), including the adjustment for \u00a0
credit 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 \u00a0
prices and makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the \u00a0
end of 2025, these fair value adjustments totalled DKK 99 million (2024: DKK 106 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 \u00a0
fair value hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an \u00a0
ongoing basis. At the end of 2025, the reserve totalled DKK 1 million (2024: 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 \u00a0
or significant influence over the Group. All entities over which the Group has control are consolidated and are therefore not \u00a0
considered a related party to the Group. \u00a0
Entities that are related parties to the Group comprise shareholders that have a significant holding of shares (significant \u00a0
influence over the Group), associates, joint venture partners or defined benefit pension plan providers (the Group has significant \u00a0
influence over the entity). Further, key management personnel, defined as members of the Board of Directors and the Executive \u00a0
Leadership Team, are related parties to the Group. \u00a0
Transactions with related parties are settled on an arm\u2019s-length basis and recognised in the financial statements according to \u00a0
the same 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 \u00a0
obtaining collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to \u00a0
ensure it reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus \u00a0
ensuring that the 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 \u00a0
the models themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that \u00a0
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 \u00a0
value upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility \u00a0
during the sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory \u00a0
purposes, the Group 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1021": { "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 \u00a0
(IFRS Accounting Standards) and applicable interpretations (IFRIC) issued by the International Accounting Standards Board (IASB), as \u00a0
adopted by the EU. Furthermore, the consolidated financial statements comply with the Danish FSA\u2019s Executive Order No. 658 dated \u00a0
23 May 2025 requirements on the use of IFRS Accounting Standards by undertakings subject to the Danish Financial Business Act. \u00a0
Amendments to IAS 21 became effective on 1 January 2025 and have no impact on the financial statements. \u00a0
In 2025, the Group has also corrected its measurement of liabilities under insurance contracts (part of Insurance liabilities) for 2024, \u00a0
which has resulted in a decrease of DKK 1.1 billion in the Group\u2019s equity as at 31 December 2024 and 1 January 2024. \u00a0
In addition, the Group updated the process for fee eliminations, which has resulted in a decrease of DKK 2.0 billion in Fee income and \u00a0
Fee expenses in 2024. There is no impact on Net fee income nor net profit for 2024. \u00a0
Further information on the changes described above can be found in note G2. Except for the changes described above, the Group has \u00a0
not changed its material accounting policies from those applied in the Annual Report 2024. \u00a0
Financial statement figures are stated in Danish kroner and whole millions, unless otherwise stated. As a result, rounding \u00a0
discrepancies may occur because totals have been rounded off and the underlying decimals are not presented to financial statement \u00a0
users. \u00a0
Monetary assets and liabilities in foreign currency are translated at the exchange rates at the balance sheet date. Exchange rate \u00a0
adjustments of monetary assets and liabilities arising as a result of differences in the exchange rates at the transaction date and at \u00a0
the balance sheet date are recognised in the income statement. Non-monetary assets and liabilities in foreign currency that are \u00a0
subsequently revalued at fair value are translated at the exchange rates at the date of revaluation. Exchange rate adjustments are \u00a0
included in the fair value adjustment of an asset or liability. Other non-monetary items in foreign currency are translated at the \u00a0
exchange rates at the transaction date. The accounting treatment of foreign currency translation of units outside Denmark is \u00a0
described in note G24. \u00a0
For the purpose of clarity, the primary financial statements and the notes to the financial statements are prepared using the concepts \u00a0
of materiality and relevance. This means that line items not considered material in terms of quantitative and qualitative measures or \u00a0
relevant to financial statement users are aggregated and presented together with other items in the primary financial statements. \u00a0
Similarly, information 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1022": { "value": "
(a) General \u00a0
Danske Bank Group prepares its consolidated financial statements in accordance with International Financial Reporting Standards \u00a0
(IFRS Accounting Standards) and applicable interpretations (IFRIC) issued by the International Accounting Standards Board (IASB), as \u00a0
adopted by the EU. Furthermore, the consolidated financial statements comply with the Danish FSA\u2019s Executive Order No. 658 dated \u00a0
23 May 2025 requirements on 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1023": { "value": "
Amendments to IAS 21 became effective on 1 January 2025 and have no impact on the financial statements. \u00a0
In 2025, the Group has also corrected its measurement of liabilities under insurance contracts (part of Insurance liabilities) for 2024, \u00a0
which has resulted in a decrease of DKK 1.1 billion in the Group\u2019s equity as at 31 December 2024 and 1 January 2024. \u00a0
In addition, the Group updated the process for fee eliminations, which has resulted in a decrease of DKK 2.0 billion in Fee income and \u00a0
Fee expenses in 2024. There is no impact on Net fee income nor net profit for 2024. \u00a0
Further information on the changes described above can be found in note G2. Except for the changes described above, the Group has \u00a0
not changed its material accounting policies from those applied in the Annual Report 2024. \u00a0
G2. Changes in accounting policies and restatements \u00a0
(a) Changes in accounting policies \u00a0
Amendment to IAS 21, The Effects of Changes in Foreign Exchange Rates \u00a0
The amendment to IAS 21 requires an entity to apply a consistent approach to assessing whether a currency is exchangeable into \u00a0
another currency and, when it is not, to determine the exchange rate to be used. The amendment also details the disclosures that are \u00a0
required if a currency is not exchangeable. The amendment has no impact on the financial statements. \u00a0
(b) Correction of liabilities under insurance contracts (part of Insurance liabilities) \u00a0
In continuation of the FSA's functional inspection of health and accident insurance, Danica identified material misinterpretations of \u00a0
data used in connection with calculating technical provisions for health and accident insurance. The misinterpretations have \u00a0
significantly affected Insurance contract liabilities in 2024 and in previous years. The Group has therefore restated the comparatives \u00a0
for 2023 or the opening balance of 2024, where it was not possible to make adjustment further back in time than 1 January 2024. \u00a0
This results in a decrease in the Group\u2019s equity of DKK 1.1 billion as at 1 January 2024. The impact of this change on the Group\u2019s result \u00a0
in 2024 is not material, and therefore Net profit in 2024 has not been adjusted. Similarly, earnings per share and diluted earnings per \u00a0
share in 2024 have not been restated. The following table shows the impact of the adjustments described above. Line items not \u00a0
included in the table have not been affected by the restatement. \u00a0
(DKK millions) \u00a0
31 December 2023 \u00a0
Adjustment \u00a0
1 January 2024 \u00a0
Assets \u00a0
Total assets \u00a0
3,729,292 \u00a0
-
3,729,292 \u00a0
Liabilities \u00a0
Insurance liabilities \u00a0
482,630 \u00a0
1,510 \u00a0
484,140 \u00a0
Tax liabilities \u00a0
1,557 \u00a0
-393 \u00a0
1,164 \u00a0
Total liabilities \u00a0
3,553,552 \u00a0
1,117 \u00a0
3,554,670 \u00a0
Equity \u00a0
-
Retained earnings \u00a0
163,596 \u00a0
-1,117 \u00a0
162,479 \u00a0
Total equity \u00a0
175,739 \u00a0
-1,117 \u00a0
174,622 \u00a0
Total liabilities and equity \u00a0
-
Restated 31 \u00a0
(DKK millions) \u00a0
31 December 2024 \u00a0
Adjustment \u00a0
December 2024 \u00a0
Assets \u00a0
Total assets \u00a0
3,716,042 \u00a0
-
3,716,042 \u00a0
Liabilities \u00a0
Insurance liabilities \u00a0
529,793 \u00a0
1,510 \u00a0
531,303 \u00a0
Tax liabilities \u00a0
2,225 \u00a0
-393 \u00a0
1,832 \u00a0
Total liabilities \u00a0
3,540,355 \u00a0
1,117 \u00a0
3,541,472 \u00a0
Equity \u00a0
-
Retained earnings \u00a0
158,157 \u00a0
-1,117 \u00a0
157,040 \u00a0
Total equity \u00a0
175,687 \u00a0
-1,117 \u00a0
174,570 \u00a0
Total liabilities and equity \u00a0
-
In the notes, all line items related to Insurance liabilities and Tax liabilities have been restated as at 31 December 2024 in the following \u00a0
notes: G3, G18, G21, G27 and G40. Furthermore, in the Highlights in note G40, Net profit and Total equity have also been adjusted by \u00a0
DKK 480 million for 2023, and ratios for 2023 have been recalculated accordingly. This results in a difference between equity as of 31 \u00a0
December 2023 in the Highlights in note G40 and equity as of 1 January 2024 in Changes in equity of DKK 637 million. \u00a0
In the financial statements for Danske Bank A/S, line items related to Holdings in group undertakings and equity have been restated \u00a0
by DKK 1.1 billion as at 31 December 2024. In addition, in the Highlights in note P30, Income from associates and group undertakings, \u00a0
Net profit, Total equity and Total assets have also been adjusted by DKK 480 million for 2023, and ratios for 2023 have been \u00a0
recalculated accordingly. \u00a0
Ratios for regulatory requirements in 2024 and 2023 have not been restated as a result of the changes described above, as the net \u00a0
impact on the Group\u2019s total capital and capital ratios is not material. Therefore the Group\u2019s total capital and capital ratios for 2024 will \u00a0
not be revised nor resubmitted to regulators, and remains as published in the Annual Report 2024. Therefore the following ratios \u00a0
throughout Annual Report 2025 that are not restated for 2024 and 2023 are: Total capital ratio, Total capital ratio, including \u00a0
conglomerate, Common equity tier 1 capital ratio, Tier 1 capital ratio and Sum of large exposures as % of CET1 capital. \u00a0
(c) Change in process of eliminations for fees \u00a0
During 2025, the Group refined the distribution of intra-Group eliminations between fee types, which has been applied retrospectively. \u00a0
Therefore Fee income and Fee expenses have both been decreased by DKK 2.0 billion for 2024. There is no impact on Net fee income \u00a0
nor net profit for 2024. \u00a0
(d) 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) 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 \u00a0
and disclosures for management-defined performance measures. IFRS 18 will replace IAS 1 and is effective for periods beginning on \u00a0
or after 1 January 2027. IFRS 18 is not yet endorsed by the EU. \u00a0
IFRS 18 introduces specific categories for the classification of income and expenses in the Income statement (Operating, Investing, \u00a0
Financing, Income taxes and Discontinued operations), which is determined by main business activities. The Group has assessed that \u00a0
it has both providing financing to customers and investing in assets as main business activities, and hence the majority of the Group\u2019s \u00a0
income and expenses are expected to be classified in the Operating category. \u00a0
IFRS 18 also introduces management-defined measures (MPMs), which are subtotals of income and expenses that are not defined in \u00a0
the IFRS standards but used in public communication.\u00a0A note is required showing a reconciliation between MPMs and the most \u00a0
directly comparable subtotals in the income statement. The Group is currently in the process of identifying MPMs. \u00a0
IFRS 18 will also have minor changes to the Balance sheet and Cash flow statement. However IFRS 18 will have no impact on the \u00a0
Group\u2019s net profit or equity on implementation. \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 \u00a0
system, assessing contractual cash flows of financial assets in respect of contingent events, disclosures relating to investments in \u00a0
equity instruments designated at FVOCI and disclosures for financial instruments with contingent features. The amendment is \u00a0
effective from 1 January 2026, and has been endorsed by the EU. \u00a0
The amendment regarding contractual cash flows is most relevant for the Group\u2019s loans with ESG features that are measured at \u00a0
amortised cost. To remain classified as amortised cost, the contractual cash flows before and after the triggering event (for example, \u00a0
meeting a contractually specified target) must pass the SPPI test, and the cash flows should not be significantly different from similar \u00a0
instruments without the contingent features. The Group\u2019s assessment is that this amendment is not expected to have a material \u00a0
impact on the classification and measurement of financial instruments, however there will need to be more disclosures for financial \u00a0
instruments with contingent features. \u00a0
Other \u00a0
IFRS 19, Subsidiaries without public accountability: disclosures and other amendments to IFRS 7 and IFRS 9 issued by IASB are not \u00a0
expected to materially impact the Bank\u2019s financial statements. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1024": { "value": "
Financial statement figures are stated in Danish kroner and whole millions, unless otherwise stated. As a result, rounding \u00a0
discrepancies may occur because totals have been rounded off and the underlying decimals are not presented to financial statement \u00a0
users. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1025": { "value": "
Monetary assets and liabilities in foreign currency are translated at the exchange rates at the balance sheet date. Exchange rate \u00a0
adjustments of monetary assets and liabilities arising as a result of differences in the exchange rates at the transaction date and at \u00a0
the balance sheet date are recognised in the income statement. Non-monetary assets and liabilities in foreign currency that are \u00a0
subsequently revalued at fair value are translated at the exchange rates at the date of revaluation. Exchange rate adjustments are \u00a0
included in the fair value adjustment of an asset or liability. Other non-monetary items in foreign currency are translated at the \u00a0
exchange rates at the transaction date. The accounting treatment of foreign currency translation of units outside Denmark is \u00a0
described in note G24. \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. \u00a0
Income and expenses are translated at the applicable exchange rates at the transaction date. Gains and losses arising at the \u00a0
translation of net investments in units outside Denmark are recognised under Other comprehensive income and recognised in the \u00a0
foreign currency translation reserve in equity. Net investments include the net assets and goodwill of the units as well as holdings in \u00a0
the form of subordinated loan capital and other loans to the units for which settlement is neither planned nor likely to occur in the \u00a0
foreseeable future. Exchange rate adjustments of financial liabilities used for hedging the Group\u2019s net investments are also \u00a0
recognised under Other comprehensive income and in the foreign currency translation reserve. Further information can be found in \u00a0
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 \u00a0
Other comprehensive income to the income statement. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1027": { "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 \u00a0
relate to the classification of financial assets and financial liabilities under IFRS 9, especially related to the business model \u00a0
assessment, and the solely payments of principal and interest (SPPI) test (further explained in note G15) and the designation of \u00a0
financial liabilities at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch (further explained in \u00a0
note G16). An overview of the classification and 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 \u00a0
future events on those assets and liabilities. The estimates are based on premises that management finds reasonable but which are \u00a0
inherently uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and \u00a0
other parties may arrive at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and \u00a0
judgement involved in the recognition and measurement of the items listed below, it is possible that the outcomes in the next financial \u00a0
year could differ from those on which management\u2019s estimates are based. \u00a0
Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised \u00a0
cost or fair 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 \u00a0
initial recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting \u00a0
from default events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more \u00a0
than 30 days past due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit \u00a0
losses (stages 2 and 3). In determining the impairment for expected credit losses, management exercises judgement and uses \u00a0
estimates and assumptions as explained below. \u00a0
The expected credit loss is calculated for all individual facilities as a function of probability of default (PD), exposure at default (EAD) \u00a0
and loss given default (LGD) and incorporates forward-looking information. The estimation of expected credit losses involves \u00a0
forecasting future economic conditions over a number of years. Such forecasts are subject to management judgement and those \u00a0
judgements may be sources of measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying \u00a0
amount in future periods. The incorporation of forward-looking elements reflects the expectations of the Group\u2019s senior management \u00a0
and involves the creation of scenarios, including an assessment of the probability for each scenario. The purpose of using multiple \u00a0
scenarios is to model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. During 2025, \u00a0
a new downside scenario was introduced to address the ongoing uncertainty, in addition to the existing three scenarios. Therefore the \u00a0
four scenarios at 31 December 2025 are: base case, upside, downside and severe downside. \u00a0
The base case scenario enters with a probability of 50% (31 December 2024: 60%), the upside scenario with a probability of 25% (31 \u00a0
December 2024: 20%), the new downside scenario with a probability of 5% (2024: 0%) and the severe downside scenario with a \u00a0
probability of 20% (31 December 2024: 20%). On the basis of these assessments, the allowance account at the end of 2025 amounted \u00a0
to DKK 19.7 billion (31 December 2024: DKK 19.9 billion). If the base case scenario was assigned a probability of 100%, the allowance \u00a0
account would decrease by DKK 2.5 billion (31 December 2024: DKK 2.5 billion). If the upside scenario was assigned a probability of \u00a0
100%, the allowance account would decrease by DKK 0.1 billion (31 December 2024: DKK 0.2 billion) compared to the base case \u00a0
scenario. If the downside scenario was assigned a probability of 100%, the allowance account would increase by DKK 0.5 billion \u00a0
compared to the base case scenario. If the severe downside scenario was assigned a probability of 100%, the allowance account \u00a0
would increase by DKK 12.4 billion (31 December 2024: DKK 12.9 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 \u00a0
increase in credit risk. According to the Group\u2019s definition of a significant increase in credit risk, i.e. when a loan is transferred from \u00a0
stage 1 to stage 2, facilities with an initial PD below 1% are transferred to stage 2 if the facility\u2019s 12-month PD has increased by at least \u00a0
0.5 of a percentage point and the facility\u2019s lifetime PD has doubled since origination. The allowance account is relatively stable in \u00a0
terms of changes to the definition of significant increase in credit risk. At the end of 2025, the allowance account would increase by \u00a0
DKK 0.1 billion (31 December 2024: DKK 0.1 billion), if instead an increase in the facility\u2019s 12-month PD by at least 0.25 of a percentage \u00a0
point combined with a doubling of the lifetime PD was considered a significant increase in credit risk. \u00a0
Management applies judgement when determining the need for post-model adjustments. At the end of 2025, the post-model \u00a0
adjustments amounted to DKK 5.4 billion (2024: DKK 5.9 billion). They mainly cover the macroeconomic and geopolitical uncertainties. \u00a0
Further information on post-model adjustments can be found in the section Forward-looking information in note G39. \u00a0
Loan impairment charges for 2025 amounted to a net charge of DKK 294 million (2024: a net reversal of DKK 543 million).\u00a0The \u00a0
impairment charge reflected sustained credit quality and a decrease in post-model adjustments. \u00a0
The applied macroeconomic scenarios in 2025 differ from those used at 31 December 2024. The severe downside scenario reflects a \u00a0
severe global recession scenario. The scenario is utilised within the Group\u2019s Internal Capital Adequacy Assessment Process (ICAAP) \u00a0
process, which closely resembles regulatory stress tests. The severe recession scenario anticipates declining demand, negative \u00a0
economic growth, and higher, more persistent unemployment rates. Inflation is expected to rise, leading to increased interest rates \u00a0
and a decline in property prices. The adoption of the severe downside scenario is intended to capture the risk of recession driven by \u00a0
global trade tensions. \u00a0
Except as described above, all other policies and principles remain in place. Staging criteria are unchanged, including the 30 days past \u00a0
due criteria and PD-based criteria for transfer to stage 2. \u00a0
Sustainability risk \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability drivers. Sustainability risks are identified, assessed \u00a0
and monitored at portfolio level and, when deemed necessary, are integrated into the Group\u2019s credit risk tolerance to allow for \u00a0
portfolio management. Climate risk is identified as the predominant ESG-related factor influencing credit risk. Climate risk will affect \u00a0
the Group\u2019s credit risk in the medium and long-term. Climate risk is managed through risk tolerances or strategic targets, or already \u00a0
have post-model adjustments allocated covering the climate related risks. \u00a0
As at 31 December 2025, the Group\u2019s assessment of sustainability risk has not led to adjustments to staging or modelled expected \u00a0
credit losses. Note G39 provides further information on the impact of sustainability risk on the Group. \u00a0
Fair value measurement of financial instruments \u00a0
At the end of 2025, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The \u00a0
majority of valuation techniques continues to employ only observable market data, and there has been no significant increase in \u00a0
financial instruments measured on the basis of valuation techniques that are based on one or more significant unobservable inputs. \u00a0
The latter continues to include only unlisted shares, certain bonds and some long-dated derivatives for which there is no active \u00a0
market. On the derivatives portfolio, the Group makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover \u00a0
expected funding costs (FVA and ColVA) on derivatives, bid-offer spreads on the net open position of the portfolio of assets and \u00a0
liabilities with offsetting market risk recognised at mid-market prices, and model risk on level 3 derivatives. FVA is calculated including \u00a0
both funding cost and funding benefit. At 31 December 2025, the adjustments totalled DKK 0.2 billion (2024: DKK 0.3 billion), including \u00a0
the adjustment for credit risk on derivatives that are credit impaired. Note G32 provides more details on the fair value measurement \u00a0
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 \u00a0
rates on 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 \u00a0
management to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including \u00a0
discount rates, changes in the economic outlook, customer behaviour and competition. As at 31 December 2025, goodwill amounted \u00a0
to DKK 4.5 billion (31 December 2024 DKK 4.4 billion). \u00a0
At each reporting date, management performs an impairment review to assess whether there are indications that goodwill might be \u00a0
impaired. This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under \u00a0
management, major restructurings, macroeconomic developments etc. The impairment test conducted in 2025 did not reveal any \u00a0
impairment loss. Goodwill mainly consists of DKK 2.1 billion (2024: DKK 2.1 billion) in Markets, DKK 1.8 billion (2024: DKK 1.8 billion) in \u00a0
Asset Management and DKK 0.5 billion (2024: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & \u00a0
Institutions) showing significant amounts of excess value in the impairment tests in 2025 and 2024. \u00a0
Note G19 provides more information about the impairment test in 2025 and 2024 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) \u00a0
or Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of \u00a0
future cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for \u00a0
non-financial 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 \u00a0
and disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the \u00a0
Group\u2019s own 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 \u00a0
volatility adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European \u00a0
Insurance and 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
2025 \u00a0
2.30 \u00a0
2.70 \u00a0
3.07 \u00a0
3.40 \u00a0
3.43 \u00a0
2024 \u00a0
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial \u00a0
assumptions, 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 \u00a0
used for 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 \u00a0
safety 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 G39 contains a sensitivity analysis for life \u00a0
insurance. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1028": { "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 \u00a0
relate to the classification of financial assets and financial liabilities under IFRS 9, especially related to the business model \u00a0
assessment, and the solely payments of principal and interest (SPPI) test (further explained in note G15) and the designation of \u00a0
financial liabilities at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch (further explained in \u00a0
note G16). An overview of the classification and 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 \u00a0
future events on those assets and liabilities. The estimates are based on premises that management finds reasonable but which are \u00a0
inherently uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and \u00a0
other parties may arrive at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and \u00a0
judgement involved in the recognition and measurement of the items listed below, it is possible that the outcomes in the next financial \u00a0
year could differ from those on which management\u2019s estimates are based. \u00a0
Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised \u00a0
cost or fair 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 \u00a0
initial recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting \u00a0
from default events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more \u00a0
than 30 days past due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit \u00a0
losses (stages 2 and 3). In determining the impairment for expected credit losses, management exercises judgement and uses \u00a0
estimates and assumptions as explained below. \u00a0
The expected credit loss is calculated for all individual facilities as a function of probability of default (PD), exposure at default (EAD) \u00a0
and loss given default (LGD) and incorporates forward-looking information. The estimation of expected credit losses involves \u00a0
forecasting future economic conditions over a number of years. Such forecasts are subject to management judgement and those \u00a0
judgements may be sources of measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying \u00a0
amount in future periods. The incorporation of forward-looking elements reflects the expectations of the Group\u2019s senior management \u00a0
and involves the creation of scenarios, including an assessment of the probability for each scenario. The purpose of using multiple \u00a0
scenarios is to model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. During 2025, \u00a0
a new downside scenario was introduced to address the ongoing uncertainty, in addition to the existing three scenarios. Therefore the \u00a0
four scenarios at 31 December 2025 are: base case, upside, downside and severe downside. \u00a0
The base case scenario enters with a probability of 50% (31 December 2024: 60%), the upside scenario with a probability of 25% (31 \u00a0
December 2024: 20%), the new downside scenario with a probability of 5% (2024: 0%) and the severe downside scenario with a \u00a0
probability of 20% (31 December 2024: 20%). On the basis of these assessments, the allowance account at the end of 2025 amounted \u00a0
to DKK 19.7 billion (31 December 2024: DKK 19.9 billion). If the base case scenario was assigned a probability of 100%, the allowance \u00a0
account would decrease by DKK 2.5 billion (31 December 2024: DKK 2.5 billion). If the upside scenario was assigned a probability of \u00a0
100%, the allowance account would decrease by DKK 0.1 billion (31 December 2024: DKK 0.2 billion) compared to the base case \u00a0
scenario. If the downside scenario was assigned a probability of 100%, the allowance account would increase by DKK 0.5 billion \u00a0
compared to the base case scenario. If the severe downside scenario was assigned a probability of 100%, the allowance account \u00a0
would increase by DKK 12.4 billion (31 December 2024: DKK 12.9 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 \u00a0
increase in credit risk. According to the Group\u2019s definition of a significant increase in credit risk, i.e. when a loan is transferred from \u00a0
stage 1 to stage 2, facilities with an initial PD below 1% are transferred to stage 2 if the facility\u2019s 12-month PD has increased by at least \u00a0
0.5 of a percentage point and the facility\u2019s lifetime PD has doubled since origination. The allowance account is relatively stable in \u00a0
terms of changes to the definition of significant increase in credit risk. At the end of 2025, the allowance account would increase by \u00a0
DKK 0.1 billion (31 December 2024: DKK 0.1 billion), if instead an increase in the facility\u2019s 12-month PD by at least 0.25 of a percentage \u00a0
point combined with a doubling of the lifetime PD was considered a significant increase in credit risk. \u00a0
Management applies judgement when determining the need for post-model adjustments. At the end of 2025, the post-model \u00a0
adjustments amounted to DKK 5.4 billion (2024: DKK 5.9 billion). They mainly cover the macroeconomic and geopolitical uncertainties. \u00a0
Further information on post-model adjustments can be found in the section Forward-looking information in note G39. \u00a0
Loan impairment charges for 2025 amounted to a net charge of DKK 294 million (2024: a net reversal of DKK 543 million).\u00a0The \u00a0
impairment charge reflected sustained credit quality and a decrease in post-model adjustments. \u00a0
The applied macroeconomic scenarios in 2025 differ from those used at 31 December 2024. The severe downside scenario reflects a \u00a0
severe global recession scenario. The scenario is utilised within the Group\u2019s Internal Capital Adequacy Assessment Process (ICAAP) \u00a0
process, which closely resembles regulatory stress tests. The severe recession scenario anticipates declining demand, negative \u00a0
economic growth, and higher, more persistent unemployment rates. Inflation is expected to rise, leading to increased interest rates \u00a0
and a decline in property prices. The adoption of the severe downside scenario is intended to capture the risk of recession driven by \u00a0
global trade tensions. \u00a0
Except as described above, all other policies and principles remain in place. Staging criteria are unchanged, including the 30 days past \u00a0
due criteria and PD-based criteria for transfer to stage 2. \u00a0
Sustainability risk \u00a0
Credit risk is deemed to be the risk type most materially affected by sustainability drivers. Sustainability risks are identified, assessed \u00a0
and monitored at portfolio level and, when deemed necessary, are integrated into the Group\u2019s credit risk tolerance to allow for \u00a0
portfolio management. Climate risk is identified as the predominant ESG-related factor influencing credit risk. Climate risk will affect \u00a0
the Group\u2019s credit risk in the medium and long-term. Climate risk is managed through risk tolerances or strategic targets, or already \u00a0
have post-model adjustments allocated covering the climate related risks. \u00a0
As at 31 December 2025, the Group\u2019s assessment of sustainability risk has not led to adjustments to staging or modelled expected \u00a0
credit losses. Note G39 provides further information on the impact of sustainability risk on the Group. \u00a0
Fair value measurement of financial instruments \u00a0
At the end of 2025, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The \u00a0
majority of valuation techniques continues to employ only observable market data, and there has been no significant increase in \u00a0
financial instruments measured on the basis of valuation techniques that are based on one or more significant unobservable inputs. \u00a0
The latter continues to include only unlisted shares, certain bonds and some long-dated derivatives for which there is no active \u00a0
market. On the derivatives portfolio, the Group makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover \u00a0
expected funding costs (FVA and ColVA) on derivatives, bid-offer spreads on the net open position of the portfolio of assets and \u00a0
liabilities with offsetting market risk recognised at mid-market prices, and model risk on level 3 derivatives. FVA is calculated including \u00a0
both funding cost and funding benefit. At 31 December 2025, the adjustments totalled DKK 0.2 billion (2024: DKK 0.3 billion), including \u00a0
the adjustment for credit risk on derivatives that are credit impaired. Note G32 provides more details on the fair value measurement \u00a0
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 \u00a0
rates on 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 \u00a0
management to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including \u00a0
discount rates, changes in the economic outlook, customer behaviour and competition. As at 31 December 2025, goodwill amounted \u00a0
to DKK 4.5 billion (31 December 2024 DKK 4.4 billion). \u00a0
At each reporting date, management performs an impairment review to assess whether there are indications that goodwill might be \u00a0
impaired. This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under \u00a0
management, major restructurings, macroeconomic developments etc. The impairment test conducted in 2025 did not reveal any \u00a0
impairment loss. Goodwill mainly consists of DKK 2.1 billion (2024: DKK 2.1 billion) in Markets, DKK 1.8 billion (2024: DKK 1.8 billion) in \u00a0
Asset Management and DKK 0.5 billion (2024: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & \u00a0
Institutions) showing significant amounts of excess value in the impairment tests in 2025 and 2024. \u00a0
Note G19 provides more information about the impairment test in 2025 and 2024 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) \u00a0
or Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of \u00a0
future cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for \u00a0
non-financial 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 \u00a0
and disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the \u00a0
Group\u2019s own 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 \u00a0
volatility adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European \u00a0
Insurance and 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
2025 \u00a0
2.30 \u00a0
2.70 \u00a0
3.07 \u00a0
3.40 \u00a0
3.43 \u00a0
2024 \u00a0
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial \u00a0
assumptions, 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 \u00a0
used for 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 \u00a0
safety 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 G39 contains a sensitivity analysis for life \u00a0
insurance. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1069": { "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 \u00a0
(hold to 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 \u00a0
flows and selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount \u00a0
outstanding. FVOCI results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains \u00a0
and losses, except for expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other \u00a0
comprehensive income until the financial asset is derecognised. When the financial asset is derecognised the cumulative gains and \u00a0
losses previously recognised in Other 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 \u00a0
financial assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments \u00a0
of principal and 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to \u00a0
repurchase securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments \u00a0
relating to the inherent credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless \u00a0
this leads to an accounting mismatch. \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 \u00a0
parties. Fair 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 \u00a0
principal market. \u00a0
\u2022
Valuation based on observable input (level 2) consists of financial instruments valued substantially on the basis of observable \u00a0
input other than a quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active, the Group \u00a0
bases its measurement on the most recent transaction price. Adjustment is made for subsequent changes to market conditions, \u00a0
for instance, by including transactions in similar financial instruments that are assumed to be motivated by normal business \u00a0
considerations. For a number of financial assets and liabilities, no market exists. In such cases, the Group uses recent \u00a0
transactions in similar instruments and discounted cash flows or other generally accepted estimation and valuation techniques \u00a0
based on market conditions at the balance sheet date to calculate an estimated value. This category covers instruments such as \u00a0
derivatives valued on the basis of observable yield curves and exchange rates and illiquid mortgage bonds valued by reference to \u00a0
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 \u00a0
on non-observable input. Such instruments include unlisted shares, some unlisted bonds and a limited portion of the derivatives \u00a0
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 \u00a0
present value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control \u00a0
environment, valuation models are validated by units that are independent of the business units that develop the models and trade in \u00a0
the products covered by the models. Validation is made to test the implementation, quality and operating stability of models to ensure \u00a0
that the models can be used 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 \u00a0
active market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further \u00a0
in note G16. The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves \u00a0
for the full duration of the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable \u00a0
input as well as assumptions about the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance \u00a0
with the International Private Equity and Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting \u00a0
Standards. IPEV guides the calculation of the estimated fair value of unlisted shares as the price that would be received to sell an \u00a0
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation methods \u00a0
include discounted cash flow models and pricing based on a multiple of 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 \u00a0
Group makes fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer \u00a0
spreads on the net 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 \u00a0
given counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive \u00a0
exposure (EPE) and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with \u00a0
counterparties in the 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 \u00a0
derived using proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive \u00a0
exposures to the counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. \u00a0
For the calculation of LGD, the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the \u00a0
expected credit loss impairment, CVA is 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 \u00a0
cost or benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected \u00a0
future exposures. ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a \u00a0
function of expected collateral balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2025, CVA, FVA and ColVA came to a net amount of DKK 51 million (2024: DKK 173 million), including the adjustment for \u00a0
credit 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 \u00a0
prices and makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the \u00a0
end of 2025, these fair value adjustments totalled DKK 99 million (2024: DKK 106 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 \u00a0
fair value hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an \u00a0
ongoing basis. At the end of 2025, the reserve totalled DKK 1 million (2024: DKK 1 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1046": { "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) \u00a0
or Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of \u00a0
future cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for \u00a0
non-financial 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 \u00a0
and disability rates. Mortality rates are based on the Danish FSA\u2019s benchmark, whilst others are estimated based on data from the \u00a0
Group\u2019s own 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 \u00a0
volatility adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on European \u00a0
Insurance and 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
2025 \u00a0
2.30 \u00a0
2.70 \u00a0
3.07 \u00a0
3.40 \u00a0
3.43 \u00a0
2024 \u00a0
For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial \u00a0
assumptions, 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 \u00a0
used for 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 \u00a0
safety 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 G39 contains a sensitivity analysis for life \u00a0
insurance. \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 \u00a0
contracts. Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder, by \u00a0
agreeing to compensate the policyholder if a specified uncertain future event adversely affects the policyholder. Investment \u00a0
contracts are contracts that entail no significant insurance risk and comprise unit-linked contracts under which the investment risk \u00a0
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 \u00a0
contract liabilities are measured based on estimates of the present value of future cash flows, risk adjustment for non-financial risk, \u00a0
and contractual service margin. Most of these insurance contracts are with direct participating features, which means that the \u00a0
policyholder participates in a share of a pool of underlying items, the return of which accrues to the policyholder. The underlying items \u00a0
are measured at fair value, and are 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
Investment contracts \u00a0
Investment contracts are recognised as financial liabilities, and, consequently, contributions and benefits under such contracts are \u00a0
recognised directly in the balance sheet. Deposits are measured at the value of the savings under Deposits under pooled schemes \u00a0
and investment contracts. Savings under investment contracts are measured at fair value under Assets under pooled schemes and \u00a0
investment contracts. The return on the assets and the crediting of the amounts to policyholders\u2019 accounts are recognised under Net \u00a0
return on investments backing 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 \u00a0
revenue, Insurance service expenses, Net return on investments backing insurance liabilities and Net finance income or expenses \u00a0
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 \u00a0
consideration the Group expects to be entitled to in exchange for those services provided. For insurance contracts under the \u00a0
Premium Allocation Approach (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 \u00a0
expense from insurance, which comprises the change in carrying amount of groups of insurance contracts arising from the \u00a0
effect of time value of 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 \u00a0
assets is therefore neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and the financial assets are therefore mandatorily \u00a0
recognised at fair value through profit or loss. The valuation technique used matches the Group\u2019s accounting policy for similar \u00a0
assets. \u00a0
The Group has elected to not deduct own shares and own bonds from equity and liabilities respectively that are underlying \u00a0
items of insurance contracts with direct participation features. Therefore total Insurance assets include these own shares and \u00a0
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 \u00a0
individual groups of contracts. The classification of insurance contracts in the four portfolios is based on an assessment of \u00a0
similar risks and on an 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 \u00a0
meet the definition of insurance contracts with direct participation features. GMM is used for legacy life insurance products in \u00a0
run-off. \u00a0
Insurance contracts measured using GMM or VFA are initially measured as the total of fulfilment cash flows (which comprise \u00a0
estimated future cash flows, an adjustment for time value of money and effect of financial risks, and a risk adjustment for non- \u00a0
financial risk) and contractual service margin (CSM; unearned profit that will be recognised as the Group provides insurance \u00a0
contract services).\u00a0At each reporting date, the group of insurance contracts is subsequently measured as the sum of the liability \u00a0
for remaining coverage (comprising fulfilment cash flows relating to future service and CSM) and liability for incurred claims \u00a0
(comprising fulfilment cash flows relating to past service). PAA is applied to the Health and accident insurance portfolio, which \u00a0
comprises only one-year insurance contracts. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1058": { "value": "
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 98% of total assets (2024: 97%), and financial liabilities and insurance \u00a0
liabilities account for around 98% of total liabilities (2024: 98%). A portion of financial assets relate to investments made under \u00a0
insurance contracts. The following sections provide a general description of the classification and measurement of financial \u00a0
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 \u00a0
portion of a financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been \u00a0
transferred, usually by sale, leading to substantially all the risks and rewards of the asset or significant risks and rewards being \u00a0
transferred. Financial liabilities are 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 \u00a0
adjustments of unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is \u00a0
classified at fair value through profit or loss or fair value through other comprehensive income. The classification is shown in the table \u00a0
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 \u00a0
(hold to 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 \u00a0
flows and selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount \u00a0
outstanding. FVOCI results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains \u00a0
and losses, except for expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other \u00a0
comprehensive income until the financial asset is derecognised. When the financial asset is derecognised the cumulative gains and \u00a0
losses previously recognised in Other 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 \u00a0
financial assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments \u00a0
of principal and 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to \u00a0
repurchase securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments \u00a0
relating to the inherent credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless \u00a0
this leads to an accounting mismatch. \u00a0
Classification and measurement of financial instruments, insurance assets and insurance liabilities \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect \u00a0
and sell \u00a0
assets/Liabiliti \u00a0
financial \u00a0
Held for \u00a0
Managed at \u00a0
FVPL due to \u00a0
Interest rate \u00a0
Own \u00a0
(DKK billions) \u00a0
es \u00a0
assets \u00a0
trading \u00a0
fair value \u00a0
SPPI test \u00a0
Designated \u00a0
hedge*
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
137 \u00a0
-
-
-
-
-
-
137 \u00a0
-
Due from credit institutions and central banks \u00a0
86 \u00a0
-
31 \u00a0
-
-
-
-
117 \u00a0
-
Derivatives \u00a0
-
194 \u00a0
-
-
-
-
-
194 \u00a0
-
Bonds \u00a0
146 \u00a0
120 \u00a0
187 \u00a0
30 \u00a0
-
-
-
484 \u00a0
-
Shares \u00a0
-
64 \u00a0
-
-
-
-
-
64 \u00a0
-
Loans \u00a0
1,
0
-
321 \u00a0
-
740 \u00a0
-
-
-
2,083 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
76 \u00a0
-
-
-
-
77 \u00a0
-
Insurance assets \u00a0
-
-
490 \u00a0
-
-
-
24 \u00a0
-
514 \u00a0
Total financial assets, 31 December 2025 \u00a0
120 \u00a0
1,392 \u00a0
445 \u00a0
948 \u00a0
740 \u00a0
-
24 \u00a0
-
3,669 \u00a0
Total financial assets, 31 December 2024** \u00a0
105 \u00a0
1,246 \u00a0
532 \u00a0
968 \u00a0
755 \u00a0
-
28 \u00a0
-
3,633 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
59 \u00a0
-
-
-
159 \u00a0
-
-
217 \u00a0
-
Trading portfolio liabilities \u00a0
-
286 \u00a0
-
-
-
-
-
287 \u00a0
-
Deposits \u00a0
1,11
0
-
-
-
134 \u00a0
-
-
-
1,245 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
740 \u00a0
-
-
740 \u00a0
-
Issued bonds at amortised cost \u00a0
260 \u00a0
-
-
-
-
-
-
260 \u00a0
-
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
77 \u00a0
-
-
77 \u00a0
-
Insurance liabilities *** \u00a0
-
-
-
-
551 \u00a0
-
-
551 \u00a0
-
Non-preferred senior bonds \u00a0
100 \u00a0
-
-
-
-
-
-
100 \u00a0
-
Subordinated debt \u00a0
30 \u00a0
-
-
-
-
-
-
30 \u00a0
-
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
3
-
Total financial liabilities, 31 December 2025 \u00a0
1,562 \u00a0
286 \u00a0
-
-
-
1,662 \u00a0
-
-
3,510 \u00a0
Total financial liabilities, 31 December 2024**** \u00a0
357 \u00a0
-
-
-
-2 \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 \u00a0
risk on the hedged items, i.e. not a full fair value of the hedged items. \u00a0
** The value of Own shares / bonds as at 31 December 2024 has been corrected. There is no impact on Total financial assets as at 31 December 2024. \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
**** Comparative information has been restated as described in note G2(b). \u00a0
As at 31 December 2025, financial assets covered by the expected credit loss model accounted for about 56.3% of total assets (31 \u00a0
December 2024: 53.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits \u00a0
with central banks, 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 \u00a0
business model and the financial assets held within that business model are evaluated and reported to the Executive Board and the \u00a0
Board of Directors, (2) the risks that affect the performance of the business model and the way such risks are managed and (3) past \u00a0
and expected frequency, value and timing of sales from the portfolio. In general, the business model assessment of the Group can be \u00a0
summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates & Institutions \u00a0
(LC&I) and Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management \u00a0
and reporting of 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 \u00a0
that is neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets \u00a0
consist of bonds, shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading \u00a0
pattern that falls under the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair \u00a0
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 \u00a0
the \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 \u00a0
the assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at \u00a0
initial recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time \u00a0
value of money, credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce \u00a0
more than de minimis exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily \u00a0
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 \u00a0
contractual 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 \u00a0
loans are granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. \u00a0
This represents an option to prepay at fair value that can be both above and below the principal amount plus accrued interest. \u00a0
Changes in the fair value of the underlying bonds include other elements than the effect of changes in the relevant benchmark \u00a0
interest rate and the prepayment option is 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 \u00a0
Group has 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities \u00a0
designated at FVPL under the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities \u00a0
designated at fair value are, however, 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 \u00a0
eliminates or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial \u00a0
instruments that are 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 \u00a0
SPPI test are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans \u00a0
and the issued bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the \u00a0
credit risk of borrowers. To eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds \u00a0
at AMC, the issued bonds are designated at FVPL, and fair value changes of the issued bonds (including fair value changes related \u00a0
to own credit risk) are offset by the fair value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own \u00a0
credit risk on the issued bonds are also 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 \u00a0
and liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist \u00a0
of repo transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk \u00a0
is, however, 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 \u00a0
cost and on some bonds measured at fair value through other comprehensive income. Hedged risks that meet the criteria for fair \u00a0
value hedge accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value \u00a0
through profit or loss. At the end of 2025, hedging derivatives measured at fair value accounted for 0.01% of total assets and 0.01% of \u00a0
total liabilities (31 December 2024: 0.01% and 0.01%, respectively). Note G12 provides further information on hedge accounting. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1059": { "value": "
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 98% of total assets (2024: 97%), and financial liabilities and insurance \u00a0
liabilities account for around 98% of total liabilities (2024: 98%). A portion of financial assets relate to investments made under \u00a0
insurance contracts. The following sections provide a general description of the classification and measurement of financial \u00a0
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 \u00a0
portion of a financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been \u00a0
transferred, usually by sale, leading to substantially all the risks and rewards of the asset or significant risks and rewards being \u00a0
transferred. Financial liabilities are 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 \u00a0
adjustments of unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is \u00a0
classified at fair value through profit or loss or fair value through other comprehensive income. The classification is shown in the table \u00a0
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 \u00a0
(hold to 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 \u00a0
flows and selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount \u00a0
outstanding. FVOCI results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains \u00a0
and losses, except for expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other \u00a0
comprehensive income until the financial asset is derecognised. When the financial asset is derecognised the cumulative gains and \u00a0
losses previously recognised in Other 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 \u00a0
financial assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments \u00a0
of principal and 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to \u00a0
repurchase securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments \u00a0
relating to the inherent credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless \u00a0
this leads to an accounting mismatch. \u00a0
Classification and measurement of financial instruments, insurance assets and insurance liabilities \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect \u00a0
and sell \u00a0
assets/Liabiliti \u00a0
financial \u00a0
Held for \u00a0
Managed at \u00a0
FVPL due to \u00a0
Interest rate \u00a0
Own \u00a0
(DKK billions) \u00a0
es \u00a0
assets \u00a0
trading \u00a0
fair value \u00a0
SPPI test \u00a0
Designated \u00a0
hedge*
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
137 \u00a0
-
-
-
-
-
-
137 \u00a0
-
Due from credit institutions and central banks \u00a0
86 \u00a0
-
31 \u00a0
-
-
-
-
117 \u00a0
-
Derivatives \u00a0
-
194 \u00a0
-
-
-
-
-
194 \u00a0
-
Bonds \u00a0
146 \u00a0
120 \u00a0
187 \u00a0
30 \u00a0
-
-
-
484 \u00a0
-
Shares \u00a0
-
64 \u00a0
-
-
-
-
-
64 \u00a0
-
Loans \u00a0
1,
0
-
321 \u00a0
-
740 \u00a0
-
-
-
2,083 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
76 \u00a0
-
-
-
-
77 \u00a0
-
Insurance assets \u00a0
-
-
490 \u00a0
-
-
-
24 \u00a0
-
514 \u00a0
Total financial assets, 31 December 2025 \u00a0
120 \u00a0
1,392 \u00a0
445 \u00a0
948 \u00a0
740 \u00a0
-
24 \u00a0
-
3,669 \u00a0
Total financial assets, 31 December 2024** \u00a0
105 \u00a0
1,246 \u00a0
532 \u00a0
968 \u00a0
755 \u00a0
-
28 \u00a0
-
3,633 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
59 \u00a0
-
-
-
159 \u00a0
-
-
217 \u00a0
-
Trading portfolio liabilities \u00a0
-
286 \u00a0
-
-
-
-
-
287 \u00a0
-
Deposits \u00a0
1,11
0
-
-
-
134 \u00a0
-
-
-
1,245 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
740 \u00a0
-
-
740 \u00a0
-
Issued bonds at amortised cost \u00a0
260 \u00a0
-
-
-
-
-
-
260 \u00a0
-
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
77 \u00a0
-
-
77 \u00a0
-
Insurance liabilities *** \u00a0
-
-
-
-
551 \u00a0
-
-
551 \u00a0
-
Non-preferred senior bonds \u00a0
100 \u00a0
-
-
-
-
-
-
100 \u00a0
-
Subordinated debt \u00a0
30 \u00a0
-
-
-
-
-
-
30 \u00a0
-
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
3
-
Total financial liabilities, 31 December 2025 \u00a0
1,562 \u00a0
286 \u00a0
-
-
-
1,662 \u00a0
-
-
3,510 \u00a0
Total financial liabilities, 31 December 2024**** \u00a0
357 \u00a0
-
-
-
-2 \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 \u00a0
risk on the hedged items, i.e. not a full fair value of the hedged items. \u00a0
** The value of Own shares / bonds as at 31 December 2024 has been corrected. There is no impact on Total financial assets as at 31 December 2024. \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
**** Comparative information has been restated as described in note G2(b). \u00a0
As at 31 December 2025, financial assets covered by the expected credit loss model accounted for about 56.3% of total assets (31 \u00a0
December 2024: 53.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits \u00a0
with central banks, 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 \u00a0
business model and the financial assets held within that business model are evaluated and reported to the Executive Board and the \u00a0
Board of Directors, (2) the risks that affect the performance of the business model and the way such risks are managed and (3) past \u00a0
and expected frequency, value and timing of sales from the portfolio. In general, the business model assessment of the Group can be \u00a0
summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates & Institutions \u00a0
(LC&I) and Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management \u00a0
and reporting of 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 \u00a0
that is neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets \u00a0
consist of bonds, shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading \u00a0
pattern that falls under the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair \u00a0
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 \u00a0
the \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 \u00a0
the assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at \u00a0
initial recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time \u00a0
value of money, credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce \u00a0
more than de minimis exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily \u00a0
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 \u00a0
contractual 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 \u00a0
loans are granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. \u00a0
This represents an option to prepay at fair value that can be both above and below the principal amount plus accrued interest. \u00a0
Changes in the fair value of the underlying bonds include other elements than the effect of changes in the relevant benchmark \u00a0
interest rate and the prepayment option is 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 \u00a0
Group has 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities \u00a0
designated at FVPL under the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities \u00a0
designated at fair value are, however, 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 \u00a0
eliminates or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial \u00a0
instruments that are 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 \u00a0
SPPI test are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans \u00a0
and the issued bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the \u00a0
credit risk of borrowers. To eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds \u00a0
at AMC, the issued bonds are designated at FVPL, and fair value changes of the issued bonds (including fair value changes related \u00a0
to own credit risk) are offset by the fair value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own \u00a0
credit risk on the issued bonds are also 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 \u00a0
and liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist \u00a0
of repo transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk \u00a0
is, however, 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 \u00a0
cost and on some bonds measured at fair value through other comprehensive income. Hedged risks that meet the criteria for fair \u00a0
value hedge accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value \u00a0
through profit or loss. At the end of 2025, hedging derivatives measured at fair value accounted for 0.01% of total assets and 0.01% of \u00a0
total liabilities (31 December 2024: 0.01% and 0.01%, respectively). Note G12 provides further information on hedge accounting. \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 \u00a0
taking. Realised and unrealised capital gains and losses and dividends are carried in the income statement under Net trading \u00a0
income or loss. Further, all shares (including unlisted shares) and bonds held in Group Treasury that do not have contractual \u00a0
cash flows that are solely payments of principal and interest on the principal amount outstanding (i.e. that does not pass the \u00a0
SPPI test in IFRS 9) are mandatorily 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 \u00a0
principal amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which \u00a0
represents an option to prepay at fair value that can be both above and below the principal amount plus interest. This is not \u00a0
consistent with the SPPI test since changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate \u00a0
developments. Therefore,\u00a0the loans are mandatorily recognised at fair value through profit or loss. The issued bonds that are \u00a0
funding the loans are designated at fair value through profit or loss in order not to create an accounting mismatch. For the \u00a0
issued bonds, changes in fair value attributable to the Group\u2019s own credit risk is presented in the income statement, as an \u00a0
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 \u00a0
the issued bonds are illiquid, thus the fair value of these bonds is calculated on the basis of a discounted cash flow valuation \u00a0
technique. The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair \u00a0
value of the interest rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in \u00a0
the fair value of cash flows from the loans that differ from the cash flows from the issued bonds. The most important \u00a0
component is the credit risk on the borrowers (covered by the Group and not by the bond holders and therefore not priced into \u00a0
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 \u00a0
models developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, \u00a0
including the allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as \u00a0
a function of PD, EAD and LGD and incorporates forward looking information, see further in note G15. The latter reflects \u00a0
management\u2019s expectations of expected credit losses and involves multiple scenarios (base case, upside, downside and severe \u00a0
downside), including an assessment of the probability for each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other \u00a0
components in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an \u00a0
investors risk premium, compensation for administrative costs related to the loans and the possibility to increase the margin on \u00a0
the loans if the credit risk etc. increases. It is acknowledged that the possibility to increase the margin depends on the economic \u00a0
resources of the customers. The possibility to increase the margin is therefore only considered in the measurement if it is very \u00a0
likely that the margin can be increased without the customer defaulting. Further, the possibility to increase the margin is only \u00a0
relevant if it does not give the customer an incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to \u00a0
increase the margin is only relevant for the measurement of loans to customers with neither a relatively high credit risk nor a \u00a0
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 \u00a0
close to a risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher \u00a0
for customers with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value \u00a0
of the credit risk and 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 in LC&I) are managed and their performance reported on a fair value basis and \u00a0
the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an accounting \u00a0
mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities at \u00a0
amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value \u00a0
changes attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
Accounting policy \u00a0
Assets earmarked for customer savings are measured at fair value and recognised under Assets under pooled schemes and \u00a0
investment contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment \u00a0
contracts. These 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 \u00a0
pooled schemes and investment contracts includes these own shares that meet this criterion. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1060": { "value": "
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 98% of total assets (2024: 97%), and financial liabilities and insurance \u00a0
liabilities account for around 98% of total liabilities (2024: 98%). A portion of financial assets relate to investments made under \u00a0
insurance contracts. The following sections provide a general description of the classification and measurement of financial \u00a0
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 \u00a0
portion of a financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been \u00a0
transferred, usually by sale, leading to substantially all the risks and rewards of the asset or significant risks and rewards being \u00a0
transferred. Financial liabilities are 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 \u00a0
adjustments of unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is \u00a0
classified at fair value through profit or loss or fair value through other comprehensive income. The classification is shown in the table \u00a0
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 \u00a0
(hold to 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 \u00a0
flows and selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount \u00a0
outstanding. FVOCI results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains \u00a0
and losses, except for expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other \u00a0
comprehensive income until the financial asset is derecognised. When the financial asset is derecognised the cumulative gains and \u00a0
losses previously recognised in Other 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 \u00a0
financial assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments \u00a0
of principal and 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to \u00a0
repurchase securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments \u00a0
relating to the inherent credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless \u00a0
this leads to an accounting mismatch. \u00a0
Classification and measurement of financial instruments, insurance assets and insurance liabilities \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect \u00a0
and sell \u00a0
assets/Liabiliti \u00a0
financial \u00a0
Held for \u00a0
Managed at \u00a0
FVPL due to \u00a0
Interest rate \u00a0
Own \u00a0
(DKK billions) \u00a0
es \u00a0
assets \u00a0
trading \u00a0
fair value \u00a0
SPPI test \u00a0
Designated \u00a0
hedge*
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
137 \u00a0
-
-
-
-
-
-
137 \u00a0
-
Due from credit institutions and central banks \u00a0
86 \u00a0
-
31 \u00a0
-
-
-
-
117 \u00a0
-
Derivatives \u00a0
-
194 \u00a0
-
-
-
-
-
194 \u00a0
-
Bonds \u00a0
146 \u00a0
120 \u00a0
187 \u00a0
30 \u00a0
-
-
-
484 \u00a0
-
Shares \u00a0
-
64 \u00a0
-
-
-
-
-
64 \u00a0
-
Loans \u00a0
1,
0
-
321 \u00a0
-
740 \u00a0
-
-
-
2,083 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
76 \u00a0
-
-
-
-
77 \u00a0
-
Insurance assets \u00a0
-
-
490 \u00a0
-
-
-
24 \u00a0
-
514 \u00a0
Total financial assets, 31 December 2025 \u00a0
120 \u00a0
1,392 \u00a0
445 \u00a0
948 \u00a0
740 \u00a0
-
24 \u00a0
-
3,669 \u00a0
Total financial assets, 31 December 2024** \u00a0
105 \u00a0
1,246 \u00a0
532 \u00a0
968 \u00a0
755 \u00a0
-
28 \u00a0
-
3,633 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
59 \u00a0
-
-
-
159 \u00a0
-
-
217 \u00a0
-
Trading portfolio liabilities \u00a0
-
286 \u00a0
-
-
-
-
-
287 \u00a0
-
Deposits \u00a0
1,11
0
-
-
-
134 \u00a0
-
-
-
1,245 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
740 \u00a0
-
-
740 \u00a0
-
Issued bonds at amortised cost \u00a0
260 \u00a0
-
-
-
-
-
-
260 \u00a0
-
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
77 \u00a0
-
-
77 \u00a0
-
Insurance liabilities *** \u00a0
-
-
-
-
551 \u00a0
-
-
551 \u00a0
-
Non-preferred senior bonds \u00a0
100 \u00a0
-
-
-
-
-
-
100 \u00a0
-
Subordinated debt \u00a0
30 \u00a0
-
-
-
-
-
-
30 \u00a0
-
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
3
-
Total financial liabilities, 31 December 2025 \u00a0
1,562 \u00a0
286 \u00a0
-
-
-
1,662 \u00a0
-
-
3,510 \u00a0
Total financial liabilities, 31 December 2024**** \u00a0
357 \u00a0
-
-
-
-2 \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 \u00a0
risk on the hedged items, i.e. not a full fair value of the hedged items. \u00a0
** The value of Own shares / bonds as at 31 December 2024 has been corrected. There is no impact on Total financial assets as at 31 December 2024. \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
**** Comparative information has been restated as described in note G2(b). \u00a0
As at 31 December 2025, financial assets covered by the expected credit loss model accounted for about 56.3% of total assets (31 \u00a0
December 2024: 53.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits \u00a0
with central banks, 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 \u00a0
business model and the financial assets held within that business model are evaluated and reported to the Executive Board and the \u00a0
Board of Directors, (2) the risks that affect the performance of the business model and the way such risks are managed and (3) past \u00a0
and expected frequency, value and timing of sales from the portfolio. In general, the business model assessment of the Group can be \u00a0
summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates & Institutions \u00a0
(LC&I) and Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management \u00a0
and reporting of 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 \u00a0
that is neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets \u00a0
consist of bonds, shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading \u00a0
pattern that falls under the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair \u00a0
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 \u00a0
the \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 \u00a0
the assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at \u00a0
initial recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time \u00a0
value of money, credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce \u00a0
more than de minimis exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily \u00a0
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 \u00a0
contractual 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 \u00a0
loans are granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. \u00a0
This represents an option to prepay at fair value that can be both above and below the principal amount plus accrued interest. \u00a0
Changes in the fair value of the underlying bonds include other elements than the effect of changes in the relevant benchmark \u00a0
interest rate and the prepayment option is 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 \u00a0
Group has 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities \u00a0
designated at FVPL under the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities \u00a0
designated at fair value are, however, 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 \u00a0
eliminates or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial \u00a0
instruments that are 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 \u00a0
SPPI test are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans \u00a0
and the issued bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the \u00a0
credit risk of borrowers. To eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds \u00a0
at AMC, the issued bonds are designated at FVPL, and fair value changes of the issued bonds (including fair value changes related \u00a0
to own credit risk) are offset by the fair value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own \u00a0
credit risk on the issued bonds are also 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 \u00a0
and liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist \u00a0
of repo transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk \u00a0
is, however, 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 \u00a0
cost and on some bonds measured at fair value through other comprehensive income. Hedged risks that meet the criteria for fair \u00a0
value hedge accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value \u00a0
through profit or loss. At the end of 2025, hedging derivatives measured at fair value accounted for 0.01% of total assets and 0.01% of \u00a0
total liabilities (31 December 2024: 0.01% and 0.01%, respectively). Note G12 provides further information on hedge accounting. \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 \u00a0
at fair value through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is \u00a0
recognised in Other comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of \u00a0
the 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 \u00a0
expense is recognised according to the effective interest rate method, including amortisation of any difference between the \u00a0
amount received on issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital \u00a0
under the Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily \u00a0
or converted into a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert \u00a0
into a variable number of ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are \u00a0
accounted for as equity. For liability accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds \u00a0
are accounted for as liabilities in their entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for \u00a0
example an equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading \u00a0
portfolio. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1061": { "value": "
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 98% of total assets (2024: 97%), and financial liabilities and insurance \u00a0
liabilities account for around 98% of total liabilities (2024: 98%). A portion of financial assets relate to investments made under \u00a0
insurance contracts. The following sections provide a general description of the classification and measurement of financial \u00a0
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 \u00a0
portion of a financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been \u00a0
transferred, usually by sale, leading to substantially all the risks and rewards of the asset or significant risks and rewards being \u00a0
transferred. Financial liabilities are 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 \u00a0
adjustments of unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is \u00a0
classified at fair value through profit or loss or fair value through other comprehensive income. The classification is shown in the table \u00a0
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 \u00a0
(hold to 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 \u00a0
flows and selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount \u00a0
outstanding. FVOCI results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains \u00a0
and losses, except for expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other \u00a0
comprehensive income until the financial asset is derecognised. When the financial asset is derecognised the cumulative gains and \u00a0
losses previously recognised in Other 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 \u00a0
financial assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments \u00a0
of principal and 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to \u00a0
repurchase securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments \u00a0
relating to the inherent credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless \u00a0
this leads to an accounting mismatch. \u00a0
Classification and measurement of financial instruments, insurance assets and insurance liabilities \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect \u00a0
and sell \u00a0
assets/Liabiliti \u00a0
financial \u00a0
Held for \u00a0
Managed at \u00a0
FVPL due to \u00a0
Interest rate \u00a0
Own \u00a0
(DKK billions) \u00a0
es \u00a0
assets \u00a0
trading \u00a0
fair value \u00a0
SPPI test \u00a0
Designated \u00a0
hedge*
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
137 \u00a0
-
-
-
-
-
-
137 \u00a0
-
Due from credit institutions and central banks \u00a0
86 \u00a0
-
31 \u00a0
-
-
-
-
117 \u00a0
-
Derivatives \u00a0
-
194 \u00a0
-
-
-
-
-
194 \u00a0
-
Bonds \u00a0
146 \u00a0
120 \u00a0
187 \u00a0
30 \u00a0
-
-
-
484 \u00a0
-
Shares \u00a0
-
64 \u00a0
-
-
-
-
-
64 \u00a0
-
Loans \u00a0
1,
0
-
321 \u00a0
-
740 \u00a0
-
-
-
2,083 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
76 \u00a0
-
-
-
-
77 \u00a0
-
Insurance assets \u00a0
-
-
490 \u00a0
-
-
-
24 \u00a0
-
514 \u00a0
Total financial assets, 31 December 2025 \u00a0
120 \u00a0
1,392 \u00a0
445 \u00a0
948 \u00a0
740 \u00a0
-
24 \u00a0
-
3,669 \u00a0
Total financial assets, 31 December 2024** \u00a0
105 \u00a0
1,246 \u00a0
532 \u00a0
968 \u00a0
755 \u00a0
-
28 \u00a0
-
3,633 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
59 \u00a0
-
-
-
159 \u00a0
-
-
217 \u00a0
-
Trading portfolio liabilities \u00a0
-
286 \u00a0
-
-
-
-
-
287 \u00a0
-
Deposits \u00a0
1,11
0
-
-
-
134 \u00a0
-
-
-
1,245 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
740 \u00a0
-
-
740 \u00a0
-
Issued bonds at amortised cost \u00a0
260 \u00a0
-
-
-
-
-
-
260 \u00a0
-
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
77 \u00a0
-
-
77 \u00a0
-
Insurance liabilities *** \u00a0
-
-
-
-
551 \u00a0
-
-
551 \u00a0
-
Non-preferred senior bonds \u00a0
100 \u00a0
-
-
-
-
-
-
100 \u00a0
-
Subordinated debt \u00a0
30 \u00a0
-
-
-
-
-
-
30 \u00a0
-
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
3
-
Total financial liabilities, 31 December 2025 \u00a0
1,562 \u00a0
286 \u00a0
-
-
-
1,662 \u00a0
-
-
3,510 \u00a0
Total financial liabilities, 31 December 2024**** \u00a0
357 \u00a0
-
-
-
-2 \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 \u00a0
risk on the hedged items, i.e. not a full fair value of the hedged items. \u00a0
** The value of Own shares / bonds as at 31 December 2024 has been corrected. There is no impact on Total financial assets as at 31 December 2024. \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
**** Comparative information has been restated as described in note G2(b). \u00a0
As at 31 December 2025, financial assets covered by the expected credit loss model accounted for about 56.3% of total assets (31 \u00a0
December 2024: 53.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits \u00a0
with central banks, 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 \u00a0
business model and the financial assets held within that business model are evaluated and reported to the Executive Board and the \u00a0
Board of Directors, (2) the risks that affect the performance of the business model and the way such risks are managed and (3) past \u00a0
and expected frequency, value and timing of sales from the portfolio. In general, the business model assessment of the Group can be \u00a0
summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates & Institutions \u00a0
(LC&I) and Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management \u00a0
and reporting of 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 \u00a0
that is neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets \u00a0
consist of bonds, shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading \u00a0
pattern that falls under the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair \u00a0
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 \u00a0
the \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 \u00a0
the assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at \u00a0
initial recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time \u00a0
value of money, credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce \u00a0
more than de minimis exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily \u00a0
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 \u00a0
contractual 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 \u00a0
loans are granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. \u00a0
This represents an option to prepay at fair value that can be both above and below the principal amount plus accrued interest. \u00a0
Changes in the fair value of the underlying bonds include other elements than the effect of changes in the relevant benchmark \u00a0
interest rate and the prepayment option is 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 \u00a0
Group has 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities \u00a0
designated at FVPL under the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities \u00a0
designated at fair value are, however, 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 \u00a0
eliminates or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial \u00a0
instruments that are 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 \u00a0
SPPI test are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans \u00a0
and the issued bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the \u00a0
credit risk of borrowers. To eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds \u00a0
at AMC, the issued bonds are designated at FVPL, and fair value changes of the issued bonds (including fair value changes related \u00a0
to own credit risk) are offset by the fair value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own \u00a0
credit risk on the issued bonds are also 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 \u00a0
and liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist \u00a0
of repo transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk \u00a0
is, however, 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 \u00a0
cost and on some bonds measured at fair value through other comprehensive income. Hedged risks that meet the criteria for fair \u00a0
value hedge accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value \u00a0
through profit or loss. At the end of 2025, hedging derivatives measured at fair value accounted for 0.01% of total assets and 0.01% of \u00a0
total liabilities (31 December 2024: 0.01% and 0.01%, respectively). Note G12 provides further information on hedge accounting. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1062": { "value": "
(c) Overview of classification and measurement basis for financial instruments and insurance contracts \u00a0
Financial assets and insurance assets account for around 98% of total assets (2024: 97%), and financial liabilities and insurance \u00a0
liabilities account for around 98% of total liabilities (2024: 98%). A portion of financial assets relate to investments made under \u00a0
insurance contracts. The following sections provide a general description of the classification and measurement of financial \u00a0
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 \u00a0
portion of a financial asset, is derecognised if the contractual rights to cash flows from the asset have expired, or have been \u00a0
transferred, usually by sale, leading to substantially all the risks and rewards of the asset or significant risks and rewards being \u00a0
transferred. Financial liabilities are 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 \u00a0
adjustments of unsettled financial instruments are recognised from the trade date to the settlement date if the financial asset is \u00a0
classified at fair value through profit or loss or fair value through other comprehensive income. The classification is shown in the table \u00a0
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 \u00a0
(hold to 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 \u00a0
flows and selling (hold to collect and sell) and if cash flows are solely payments of principal and interest on the principal amount \u00a0
outstanding. FVOCI results in the assets being recognised at fair value in the balance sheet and at AMC in the income statement. Gains \u00a0
and losses, except for expected credit losses and foreign exchanges gains and losses, are therefore recognised in Other \u00a0
comprehensive income until the financial asset is derecognised. When the financial asset is derecognised the cumulative gains and \u00a0
losses previously recognised in Other 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 \u00a0
financial assets managed at fair value or held for trading and financial assets with contractual cash flows that are not solely payments \u00a0
of principal and 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise the trading portfolio (derivatives and obligations to \u00a0
repurchase securities) and liabilities designated at fair value through profit or loss under the fair value option. Value adjustments \u00a0
relating to the inherent credit risk of financial liabilities designated at fair value are recognised in Other comprehensive income unless \u00a0
this leads to an accounting mismatch. \u00a0
Classification and measurement of financial instruments, insurance assets and insurance liabilities \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect \u00a0
and sell \u00a0
assets/Liabiliti \u00a0
financial \u00a0
Held for \u00a0
Managed at \u00a0
FVPL due to \u00a0
Interest rate \u00a0
Own \u00a0
(DKK billions) \u00a0
es \u00a0
assets \u00a0
trading \u00a0
fair value \u00a0
SPPI test \u00a0
Designated \u00a0
hedge*
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
137 \u00a0
-
-
-
-
-
-
137 \u00a0
-
Due from credit institutions and central banks \u00a0
86 \u00a0
-
31 \u00a0
-
-
-
-
117 \u00a0
-
Derivatives \u00a0
-
194 \u00a0
-
-
-
-
-
194 \u00a0
-
Bonds \u00a0
146 \u00a0
120 \u00a0
187 \u00a0
30 \u00a0
-
-
-
484 \u00a0
-
Shares \u00a0
-
64 \u00a0
-
-
-
-
-
64 \u00a0
-
Loans \u00a0
1,
0
-
321 \u00a0
-
740 \u00a0
-
-
-
2,083 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
76 \u00a0
-
-
-
-
77 \u00a0
-
Insurance assets \u00a0
-
-
490 \u00a0
-
-
-
24 \u00a0
-
514 \u00a0
Total financial assets, 31 December 2025 \u00a0
120 \u00a0
1,392 \u00a0
445 \u00a0
948 \u00a0
740 \u00a0
-
24 \u00a0
-
3,669 \u00a0
Total financial assets, 31 December 2024** \u00a0
105 \u00a0
1,246 \u00a0
532 \u00a0
968 \u00a0
755 \u00a0
-
28 \u00a0
-
3,633 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
59 \u00a0
-
-
-
159 \u00a0
-
-
217 \u00a0
-
Trading portfolio liabilities \u00a0
-
286 \u00a0
-
-
-
-
-
287 \u00a0
-
Deposits \u00a0
1,11
0
-
-
-
134 \u00a0
-
-
-
1,245 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
740 \u00a0
-
-
740 \u00a0
-
Issued bonds at amortised cost \u00a0
260 \u00a0
-
-
-
-
-
-
260 \u00a0
-
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
77 \u00a0
-
-
77 \u00a0
-
Insurance liabilities *** \u00a0
-
-
-
-
551 \u00a0
-
-
551 \u00a0
-
Non-preferred senior bonds \u00a0
100 \u00a0
-
-
-
-
-
-
100 \u00a0
-
Subordinated debt \u00a0
30 \u00a0
-
-
-
-
-
-
30 \u00a0
-
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
3
-
Total financial liabilities, 31 December 2025 \u00a0
1,562 \u00a0
286 \u00a0
-
-
-
1,662 \u00a0
-
-
3,510 \u00a0
Total financial liabilities, 31 December 2024**** \u00a0
357 \u00a0
-
-
-
-2 \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 \u00a0
risk on the hedged items, i.e. not a full fair value of the hedged items. \u00a0
** The value of Own shares / bonds as at 31 December 2024 has been corrected. There is no impact on Total financial assets as at 31 December 2024. \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
**** Comparative information has been restated as described in note G2(b). \u00a0
As at 31 December 2025, financial assets covered by the expected credit loss model accounted for about 56.3% of total assets (31 \u00a0
December 2024: 53.8%). This comprises all financial assets measured at amortised cost excluding cash in hand and demand deposits \u00a0
with central banks, 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 \u00a0
business model and the financial assets held within that business model are evaluated and reported to the Executive Board and the \u00a0
Board of Directors, (2) the risks that affect the performance of the business model and the way such risks are managed and (3) past \u00a0
and expected frequency, value and timing of sales from the portfolio. In general, the business model assessment of the Group can be \u00a0
summarised as follows: \u00a0
The Group\u2019s banking units, comprising Personal Customers, Business Customers, General Banking at Large Corporates & Institutions \u00a0
(LC&I) and Northern Ireland, have a \u201chold to collect\u201d business model. The financial assets consist primarily of loans. The management \u00a0
and reporting of 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 \u00a0
that is neither \u201chold to collect\u201d nor \u201chold to collect and sell\u201d and the financial assets are mandatorily recognised at FVPL. The assets \u00a0
consist of bonds, shares, repo transactions and short-term loans. Some of the financial assets are included in portfolios with a trading \u00a0
pattern that falls under the definition of \u201cheld for trading\u201d while other portfolios are managed and their performance reported on a fair \u00a0
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 \u00a0
the \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 \u00a0
the assessment of whether the contractual cash flows are consistent with the SPPI test. The principal amount reflects the fair value at \u00a0
initial recognition less any subsequent changes, e.g. due to repayment. The interest must represent only consideration for the time \u00a0
value of money, credit risk, other basic lending risks and a margin consistent with basic lending features. If the cash flows introduce \u00a0
more than de minimis exposure to risk or volatility that is not consistent with basic lending features, the financial asset is mandatorily \u00a0
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 \u00a0
contractual 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 \u00a0
loans are granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. \u00a0
This represents an option to prepay at fair value that can be both above and below the principal amount plus accrued interest. \u00a0
Changes in the fair value of the underlying bonds include other elements than the effect of changes in the relevant benchmark \u00a0
interest rate and the prepayment option is 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 \u00a0
Group has 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 \u00a0
related to the host contract. Financial liabilities measured at fair value comprise derivatives, the trading portfolio and liabilities \u00a0
designated at FVPL under the fair value option. Value adjustments relating to the inherent own credit risk of financial liabilities \u00a0
designated at fair value are, however, 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 \u00a0
eliminates or significantly reduces an accounting mismatch that would otherwise arise, or (2) is part of a portfolio of financial \u00a0
instruments that are 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 \u00a0
SPPI test are mandatorily recognised at FVPL. The fair value of the loans is based on the fair value of the issued bonds (the loans \u00a0
and the issued bonds that are funding the loans have matching contractual terms) adjusted for changes in the fair value of the \u00a0
credit risk of borrowers. To eliminate the accounting mismatch that exists if the loans are measured at FVPL and the issued bonds \u00a0
at AMC, the issued bonds are designated at FVPL, and fair value changes of the issued bonds (including fair value changes related \u00a0
to own credit risk) are offset by the fair value changes of the loans. Hence, changes in the fair value attributable to the Group\u2019s own \u00a0
credit risk on the issued bonds are also 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 \u00a0
and liabilities that is managed and performance reported to the Management on a fair value basis. The financial liabilities consist \u00a0
of repo transactions deposits and commercial papers. Changes, if any, in the fair value attributable to the Group\u2019s own credit risk \u00a0
is, however, 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 \u00a0
cost and on some bonds measured at fair value through other comprehensive income. Hedged risks that meet the criteria for fair \u00a0
value hedge accounting are treated accordingly. The interest rate risk on the hedged assets and liabilities is measured at fair value \u00a0
through profit or loss. At the end of 2025, hedging derivatives measured at fair value accounted for 0.01% of total assets and 0.01% of \u00a0
total liabilities (31 December 2024: 0.01% and 0.01%, respectively). Note G12 provides further information on hedge accounting. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1080": { "value": "
Classification and measurement of financial instruments, insurance assets and insurance liabilities \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect \u00a0
and sell \u00a0
assets/Liabiliti \u00a0
financial \u00a0
Held for \u00a0
Managed at \u00a0
FVPL due to \u00a0
Interest rate \u00a0
Own \u00a0
(DKK billions) \u00a0
es \u00a0
assets \u00a0
trading \u00a0
fair value \u00a0
SPPI test \u00a0
Designated \u00a0
hedge*
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
137 \u00a0
-
-
-
-
-
-
137 \u00a0
-
Due from credit institutions and central banks \u00a0
86 \u00a0
-
31 \u00a0
-
-
-
-
117 \u00a0
-
Derivatives \u00a0
-
194 \u00a0
-
-
-
-
-
194 \u00a0
-
Bonds \u00a0
146 \u00a0
120 \u00a0
187 \u00a0
30 \u00a0
-
-
-
484 \u00a0
-
Shares \u00a0
-
64 \u00a0
-
-
-
-
-
64 \u00a0
-
Loans \u00a0
1,
0
-
321 \u00a0
-
740 \u00a0
-
-
-
2,083 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
76 \u00a0
-
-
-
-
77 \u00a0
-
Insurance assets \u00a0
-
-
490 \u00a0
-
-
-
24 \u00a0
-
514 \u00a0
Total financial assets, 31 December 2025 \u00a0
120 \u00a0
1,392 \u00a0
445 \u00a0
948 \u00a0
740 \u00a0
-
24 \u00a0
-
3,669 \u00a0
Total financial assets, 31 December 2024** \u00a0
105 \u00a0
1,246 \u00a0
532 \u00a0
968 \u00a0
755 \u00a0
-
28 \u00a0
-
3,633 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
59 \u00a0
-
-
-
159 \u00a0
-
-
217 \u00a0
-
Trading portfolio liabilities \u00a0
-
286 \u00a0
-
-
-
-
-
287 \u00a0
-
Deposits \u00a0
1,11
0
-
-
-
134 \u00a0
-
-
-
1,245 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
740 \u00a0
-
-
740 \u00a0
-
Issued bonds at amortised cost \u00a0
260 \u00a0
-
-
-
-
-
-
260 \u00a0
-
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
77 \u00a0
-
-
77 \u00a0
-
Insurance liabilities *** \u00a0
-
-
-
-
551 \u00a0
-
-
551 \u00a0
-
Non-preferred senior bonds \u00a0
100 \u00a0
-
-
-
-
-
-
100 \u00a0
-
Subordinated debt \u00a0
30 \u00a0
-
-
-
-
-
-
30 \u00a0
-
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
3
-
Total financial liabilities, 31 December 2025 \u00a0
1,562 \u00a0
286 \u00a0
-
-
-
1,662 \u00a0
-
-
3,510 \u00a0
Total financial liabilities, 31 December 2024**** \u00a0
357 \u00a0
-
-
-
-2 \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 \u00a0
risk on the hedged items, i.e. not a full fair value of the hedged items. \u00a0
** The value of Own shares / bonds as at 31 December 2024 has been corrected. There is no impact on Total financial assets as at 31 December 2024. \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
**** Comparative information has been restated as described in note G2(b). \u00a0
(a) Trading portfolio assets and liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Trading portfolio assets \u00a0
Derivatives with positive fair value \u00a0
193,944 \u00a0
261,046 \u00a0
Listed bonds \u00a0
187,469 \u00a0
178,017 \u00a0
Listed shares \u00a0
63,294 \u00a0
92,637 \u00a0
Unlisted shares \u00a0
273 \u00a0
131 \u00a0
Total \u00a0
444,980 \u00a0
531,831 \u00a0
Trading portfolio liabilities \u00a0
Derivatives with negative fair value \u00a0
190,818 \u00a0
254,500 \u00a0
Obligations to repurchase securities \u00a0
96,019 \u00a0
103,007 \u00a0
Total \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1079": { "value": "
Classification and measurement of financial instruments, insurance assets and insurance liabilities \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect \u00a0
and sell \u00a0
assets/Liabiliti \u00a0
financial \u00a0
Held for \u00a0
Managed at \u00a0
FVPL due to \u00a0
Interest rate \u00a0
Own \u00a0
(DKK billions) \u00a0
es \u00a0
assets \u00a0
trading \u00a0
fair value \u00a0
SPPI test \u00a0
Designated \u00a0
hedge*
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
137 \u00a0
-
-
-
-
-
-
137 \u00a0
-
Due from credit institutions and central banks \u00a0
86 \u00a0
-
31 \u00a0
-
-
-
-
117 \u00a0
-
Derivatives \u00a0
-
194 \u00a0
-
-
-
-
-
194 \u00a0
-
Bonds \u00a0
146 \u00a0
120 \u00a0
187 \u00a0
30 \u00a0
-
-
-
484 \u00a0
-
Shares \u00a0
-
64 \u00a0
-
-
-
-
-
64 \u00a0
-
Loans \u00a0
1,
0
-
321 \u00a0
-
740 \u00a0
-
-
-
2,083 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
76 \u00a0
-
-
-
-
77 \u00a0
-
Insurance assets \u00a0
-
-
490 \u00a0
-
-
-
24 \u00a0
-
514 \u00a0
Total financial assets, 31 December 2025 \u00a0
120 \u00a0
1,392 \u00a0
445 \u00a0
948 \u00a0
740 \u00a0
-
24 \u00a0
-
3,669 \u00a0
Total financial assets, 31 December 2024** \u00a0
105 \u00a0
1,246 \u00a0
532 \u00a0
968 \u00a0
755 \u00a0
-
28 \u00a0
-
3,633 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
59 \u00a0
-
-
-
159 \u00a0
-
-
217 \u00a0
-
Trading portfolio liabilities \u00a0
-
286 \u00a0
-
-
-
-
-
287 \u00a0
-
Deposits \u00a0
1,11
0
-
-
-
134 \u00a0
-
-
-
1,245 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
740 \u00a0
-
-
740 \u00a0
-
Issued bonds at amortised cost \u00a0
260 \u00a0
-
-
-
-
-
-
260 \u00a0
-
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
77 \u00a0
-
-
77 \u00a0
-
Insurance liabilities *** \u00a0
-
-
-
-
551 \u00a0
-
-
551 \u00a0
-
Non-preferred senior bonds \u00a0
100 \u00a0
-
-
-
-
-
-
100 \u00a0
-
Subordinated debt \u00a0
30 \u00a0
-
-
-
-
-
-
30 \u00a0
-
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
3
-
Total financial liabilities, 31 December 2025 \u00a0
1,562 \u00a0
286 \u00a0
-
-
-
1,662 \u00a0
-
-
3,510 \u00a0
Total financial liabilities, 31 December 2024**** \u00a0
357 \u00a0
-
-
-
-2 \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 \u00a0
risk on the hedged items, i.e. not a full fair value of the hedged items. \u00a0
** The value of Own shares / bonds as at 31 December 2024 has been corrected. There is no impact on Total financial assets as at 31 December 2024. \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
**** Comparative information has been restated as described in note G2(b). \u00a0
(a) Trading portfolio assets and liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Trading portfolio assets \u00a0
Derivatives with positive fair value \u00a0
193,944 \u00a0
261,046 \u00a0
Listed bonds \u00a0
187,469 \u00a0
178,017 \u00a0
Listed shares \u00a0
63,294 \u00a0
92,637 \u00a0
Unlisted shares \u00a0
273 \u00a0
131 \u00a0
Total \u00a0
444,980 \u00a0
531,831 \u00a0
Trading portfolio liabilities \u00a0
Derivatives with negative fair value \u00a0
190,818 \u00a0
254,500 \u00a0
Obligations to repurchase securities \u00a0
96,019 \u00a0
103,007 \u00a0
Total \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1078": { "value": "
Classification and measurement of financial instruments, insurance assets and insurance liabilities \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect \u00a0
and sell \u00a0
assets/Liabiliti \u00a0
financial \u00a0
Held for \u00a0
Managed at \u00a0
FVPL due to \u00a0
Interest rate \u00a0
Own \u00a0
(DKK billions) \u00a0
es \u00a0
assets \u00a0
trading \u00a0
fair value \u00a0
SPPI test \u00a0
Designated \u00a0
hedge*
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
137 \u00a0
-
-
-
-
-
-
137 \u00a0
-
Due from credit institutions and central banks \u00a0
86 \u00a0
-
31 \u00a0
-
-
-
-
117 \u00a0
-
Derivatives \u00a0
-
194 \u00a0
-
-
-
-
-
194 \u00a0
-
Bonds \u00a0
146 \u00a0
120 \u00a0
187 \u00a0
30 \u00a0
-
-
-
484 \u00a0
-
Shares \u00a0
-
64 \u00a0
-
-
-
-
-
64 \u00a0
-
Loans \u00a0
1,
0
-
321 \u00a0
-
740 \u00a0
-
-
-
2,083 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
76 \u00a0
-
-
-
-
77 \u00a0
-
Insurance assets \u00a0
-
-
490 \u00a0
-
-
-
24 \u00a0
-
514 \u00a0
Total financial assets, 31 December 2025 \u00a0
120 \u00a0
1,392 \u00a0
445 \u00a0
948 \u00a0
740 \u00a0
-
24 \u00a0
-
3,669 \u00a0
Total financial assets, 31 December 2024** \u00a0
105 \u00a0
1,246 \u00a0
532 \u00a0
968 \u00a0
755 \u00a0
-
28 \u00a0
-
3,633 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
59 \u00a0
-
-
-
159 \u00a0
-
-
217 \u00a0
-
Trading portfolio liabilities \u00a0
-
286 \u00a0
-
-
-
-
-
287 \u00a0
-
Deposits \u00a0
1,11
0
-
-
-
134 \u00a0
-
-
-
1,245 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
740 \u00a0
-
-
740 \u00a0
-
Issued bonds at amortised cost \u00a0
260 \u00a0
-
-
-
-
-
-
260 \u00a0
-
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
77 \u00a0
-
-
77 \u00a0
-
Insurance liabilities *** \u00a0
-
-
-
-
551 \u00a0
-
-
551 \u00a0
-
Non-preferred senior bonds \u00a0
100 \u00a0
-
-
-
-
-
-
100 \u00a0
-
Subordinated debt \u00a0
30 \u00a0
-
-
-
-
-
-
30 \u00a0
-
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
3
-
Total financial liabilities, 31 December 2025 \u00a0
1,562 \u00a0
286 \u00a0
-
-
-
1,662 \u00a0
-
-
3,510 \u00a0
Total financial liabilities, 31 December 2024**** \u00a0
357 \u00a0
-
-
-
-2 \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 \u00a0
risk on the hedged items, i.e. not a full fair value of the hedged items. \u00a0
** The value of Own shares / bonds as at 31 December 2024 has been corrected. There is no impact on Total financial assets as at 31 December 2024. \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
**** Comparative information has been restated as described in note G2(b). \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 \u00a0
derivatives with positive fair value. Trading portfolio liabilities consist of derivatives with negative fair value and obligations to deliver \u00a0
securities (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 \u00a0
dividends are recognised in the income statement under Net trading income or loss. Fair value is the amount for which a \u00a0
financial asset can be sold or a financial liability be transferred to a knowledgeable, willing third party. Note G32 provides \u00a0
information about fair value measurement and fair value adjustments. The Group uses the option in IFRS 9 to continue using the \u00a0
fair value hedge accounting model in IAS 39. The derivatives used as hedging instruments are presented in the balance sheet \u00a0
together with other derivatives. \u00a0
(a) Trading portfolio assets and liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Trading portfolio assets \u00a0
Derivatives with positive fair value \u00a0
193,944 \u00a0
261,046 \u00a0
Listed bonds \u00a0
187,469 \u00a0
178,017 \u00a0
Listed shares \u00a0
63,294 \u00a0
92,637 \u00a0
Unlisted shares \u00a0
273 \u00a0
131 \u00a0
Total \u00a0
444,980 \u00a0
531,831 \u00a0
Trading portfolio liabilities \u00a0
Derivatives with negative fair value \u00a0
190,818 \u00a0
254,500 \u00a0
Obligations to repurchase securities \u00a0
96,019 \u00a0
103,007 \u00a0
Total \u00a0
(b) Explanation of derivatives \u00a0
The Group\u2019s activities in the financial markets include trading in derivatives. Derivatives are financial instruments whose value \u00a0
depends on the value of an underlying instrument or index etc. Derivatives can be used to manage market risk exposure, for example. \u00a0
The Group trades a 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, \u00a0
such as the issuance of bonds with yields that depend on developments in equity or currency indices. The Group also uses derivatives \u00a0
to manage the Group\u2019s own exposure to foreign exchange, interest rate, equity market and credit risks. Note G39 provide additional \u00a0
information about the Group\u2019s risk management policy. Large Corporates & Institutions is responsible for the day-to-day management \u00a0
and hedging of the Group\u2019s 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 \u00a0
units and Group Treasury carry fixed rates. Generally, such fixed-rate items are recognised at amortised cost. Further, the Group \u00a0
classifies certain bonds as \u2018hold to collect and sell\u2019 financial assets. Unrealised value adjustments of such bonds are recognised under \u00a0
Other comprehensive income. The Group uses fair value hedge accounting if the interest rate risk on fixed-rate financial assets and \u00a0
liabilities or bonds measured at fair value through other comprehensive income is hedged by derivatives. \u00a0
Derivatives \u00a0
2025 \u00a0
2024 \u00a0
Nominal \u00a0
Positive \u00a0
Negative \u00a0
Nominal \u00a0
Positive \u00a0
Negative \u00a0
(DKK millions) \u00a0
amount \u00a0
fair value \u00a0
fair value \u00a0
amount \u00a0
fair value \u00a0
fair value \u00a0
Currency contracts \u00a0
Forwards and swaps \u00a0
7,193,025 \u00a0
46,643 \u00a0
49,102 \u00a0
7,548,867 \u00a0
107,823 \u00a0
101,845 \u00a0
Options \u00a0
241,484 \u00a0
1,123 \u00a0
1,461 \u00a0
293,370 \u00a0
1,618 \u00a0
1,846 \u00a0
Interest rate contracts \u00a0
Forwards/swaps/FRAs \u00a0
28,451,113 \u00a0
113,489 \u00a0
110,591 24,523,269 \u00a0
115,357 \u00a0
117,037 \u00a0
Options \u00a0
2,978,191 \u00a0
26,284 \u00a0
21,311 \u00a0
2,727,354 \u00a0
26,210 \u00a0
21,456 \u00a0
Equity contracts \u00a0
Forwards \u00a0
212,046 \u00a0
440 \u00a0
500 \u00a0
256,796 \u00a0
2,746 \u00a0
5,364 \u00a0
Options \u00a0
364,032 \u00a0
5,609 \u00a0
7,472 \u00a0
346,880 \u00a0
6,945 \u00a0
6,607 \u00a0
Other contracts \u00a0
Commodity contracts \u00a0
10 \u00a0
-
-
-
-
-
Credit derivatives bought \u00a0
27 \u00a0
6
-
143 \u00a0
90 \u00a0
-
Credit derivatives sold \u00a0
122 \u00a0
27 \u00a0
457 \u00a0
-
33 \u00a0
-113 \u00a0
Total derivatives held for trading purposes \u00a0
39,440,050 \u00a0
193,614 \u00a0
190,444 35,697,136 \u00a0
260,732 \u00a0
254,134 \u00a0
Hedging derivatives \u00a0
Currency contracts \u00a0
1,301 \u00a0
170 \u00a0
-
2,322 \u00a0
1
107 \u00a0
Interest rate contracts \u00a0
559,126 \u00a0
330 \u00a0
203 \u00a0
508,980 \u00a0
314 \u00a0
259 \u00a0
Total derivatives \u00a0
Positive and negative fair values of derivatives are offset if certain criteria are fulfilled. Note G31 provides more information. \u00a0
(c) Explanation of hedge accounting \u00a0
An overview over the risks the Group is exposed to and how they are defined is provided in note G39. For some of those risks hedge \u00a0
accounting is applied. The Group uses fair value hedge accounting for hedges of interest rate risk. Further, the Group hedges part of \u00a0
the 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 finance liabilities measured at amortised cost as a combination \u00a0
of economic hedges (matching of interest rate risk from assets and liabilities at amortised cost across the Group\u2019s banking units) and \u00a0
hedges using interest rate swaps. Group Treasury is responsible for the risk management of the interest rate risk (the so-called \u00a0
interest rate risk in the banking book). In the risk management process, economic hedges are established and/or identified. This \u00a0
includes the acquisition of \u2018hold to collect\u2019 fixed interest rate bonds in Group Treasury and the identification of fixed-rate loans \u00a0
extended by the Group\u2019s banking units to hedge the fixed interest rate risk on liabilities (including core demand deposits). Interest rate \u00a0
risk on fixed-rate liabilities (such as long dated funding via bond issuance) is generally hedged by interest rate swaps and the interest \u00a0
rate risk on certain fixed-rate assets can be hedged using derivatives as well. For further information see the sections Market risk in \u00a0
relation to non-trading portfolios at Group Treasury and Interest rate risk in the banking book (IRRBB) in G39. \u00a0
When the Group uses swaps to hedge the fixed interest rate risk on financial instruments, the Group applies fair value hedge \u00a0
accounting using the option in IFRS 9 to continue to apply the fair value hedge accounting provisions in IAS 39. Fair value hedge \u00a0
accounting can be applied if changes in the fair value of the hedging swaps are expected to be effective in offsetting changes in the \u00a0
fair value of the hedged fixed interest rate risk. This requires (1) a formal designation and documentation of the hedging relationship, \u00a0
including a risk management objective and strategy for the hedge, (2) that the hedge is expected to be highly effective in achieving \u00a0
offsetting changes in fair value of the hedged interest rate risk, (3) the effectiveness of the hedge can be reliably measured and (4) the \u00a0
hedge on an ongoing basis has proven to be effective in actually offsetting of changes in fair value. With effective hedging, the hedged \u00a0
interest rate risk on hedged assets and liabilities is measured at fair value and recognised as a value adjustment of the hedged items. \u00a0
Value adjustments on the hedged item and the hedging swaps are presented in the income statement under Net trading income or \u00a0
loss. Any ineffective portion of a hedge that lies within the range for effective hedging is therefore also included under Net trading \u00a0
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 \u00a0
financial instrument has been designated as a hedged item it will remain as hedged item for the life of the instrument. For hedged \u00a0
assets and liabilities to which a fixed rate of interest applies for a specified period of time starting at the commencement date of the \u00a0
agreement, future interest payments are split into basis interest and a customer margin and into periods of time. By entering into \u00a0
swaps or forwards with matching payment profiles in the same currencies and for the same periods, the Group hedges the risk at \u00a0
portfolio level from the commencement date of the hedged items. The fair values of the hedged interest rate risk and the hedging \u00a0
derivatives to ensure that changes in the fair value of the hedged interest rate risk lie within a band of 80-125% of the changes in the \u00a0
fair value of the hedging derivatives. Portfolios of hedging 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 \u00a0
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 \u00a0
relevant for each hedged item while the fair value of the fixed legs of the hedging derivatives are measured based on a swap curve. \u00a0
Further, the adjustment of the portfolios of hedging derivatives to changes in hedged positions is not done instantly, and some hedge \u00a0
ineffectiveness can therefore exist. \u00a0
The tables below show the hedging derivatives and the hedged fixed interest rate financial instruments. \u00a0
Hedging derivatives \u2013 fair value hedges \u00a0
Changes in fair \u00a0
value used for \u00a0
calculating \u00a0
hedge \u00a0
Hedging derivatives \u00a0
Nominal amount \u00a0
Carrying amount \u00a0
ineffectiveness \u00a0
(DKK millions) \u00a0
Assets \u00a0
Liabilities \u00a0
Interest rate swaps, 2025 \u00a0
Total \u00a0
560,427 \u00a0
330 \u00a0
374 \u00a0
1,609 \u00a0
Interest rate swaps, 2024 \u00a0
Total \u00a0
315 \u00a0
366 \u00a0
Profile of the timing of the nominal amount of the hedging derivatives \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
< 12 months \u00a0
211,574 \u00a0
177,667 \u00a0
1-5 years \u00a0
339,539 \u00a0
321,519 \u00a0
> 5 years \u00a0
9,314 \u00a0
12,117 \u00a0
Total \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 \u00a0
efficiently hedged by using derivatives. To avoid an accounting mismatch between these mortgage loans and deposits at amortised \u00a0
cost and hedging derivatives at fair value, the Group has adopted the EU\u2019s carve-out to IAS 39. The fair value adjustments on loans and \u00a0
deposits as at 31 December 2025 are DKK 38 million (2024: DKK -29 million) and DKK -169 million (2024: DKK 106 million) \u00a0
respectively. \u00a0
Hedged fixed interest rate risk \u00a0
Accumulated amount of fair value hedge \u00a0
Change in fair value \u00a0
Carrying amount of hedged items \u00a0
adjustments on the hedged item included in the \u00a0
used for calculating \u00a0
Hedged fixed interest rate risk \u00a0
carrying amount of the hedged item \u00a0
hedge ineffectiveness \u00a0
(DKK millions) \u00a0
Assets \u00a0
Liabilities \u00a0
Assets \u00a0
Liabilities \u00a0
2025 \u00a0
Loans \u00a0
30,691 \u00a0
-441 \u00a0
151 \u00a0
Bonds 'held to collect and sell' \u00a0
4,141 \u00a0
48 \u00a0
-12 \u00a0
Amounts due to credit institutions \u00a0
4,365 \u00a0
-5 \u00a0
16 \u00a0
Deposits \u00a0
30,833 \u00a0
168 \u00a0
-247 \u00a0
Issued bonds \u00a0
233,813 \u00a0
-277 \u00a0
6
Non-preferred senior debt \u00a0
83,188 \u00a0
-588 \u00a0
-1,130 \u00a0
Subordinated debt \u00a0
18,295 \u00a0
-20 \u00a0
-363 \u00a0
Total \u00a0
34,832 \u00a0
370,493 \u00a0
-393 \u00a0
-722 \u00a0
-1,578 \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
-818 \u00a0
-1,719 \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
Hedge ineffectiveness recognised in the income statement, 2025 \u00a0
31 \u00a0
Hedge ineffectiveness recognised in the income statement, 2024 \u00a0
-101 \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 \u00a0
losses from translating the net investments in foreign entities that are denominated in a foreign currency other than DKK. The net \u00a0
investment in foreign currency units includes the net assets and goodwill of the units. The Group has granted loans in the currency of \u00a0
the foreign unit to its branches in Sweden, Norway and Finland for a total of DKK 34,751 million (2024: 32,893 million). The loans \u00a0
represent the capital allocated to these units. The settlement of the loans is neither planned nor likely to occur in the foreseeable \u00a0
future and they are a part of the net investment in those units. Further, Danske Bank A/S has granted the subsidiary Northern Bank an \u00a0
additional tier 1 capital instrument that together with shareholders\u2019 equity in Northern Bank is considered part of the net investment \u00a0
in Northern Bank. The exchange differences from translating net profit in the foreign units at the date of underlying transactions and \u00a0
assets and liabilities at the closing rate and from translating the opening net assets at a closing rate that differs from the previous \u00a0
closing rate are recognised in Other comprehensive income (translation 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 \u00a0
differences on the funding arrangements are recognised in Other comprehensive income to offset the exchange differences on the \u00a0
net investments. The funding arrangements consist primarily of issued bonds. Realised net profit is hedged in the beginning of the \u00a0
next month. The Group does not hedge the expected financial results of units outside Denmark or other future transactions. In terms \u00a0
of assessing hedge effectiveness, this is applied by comparing the nominal value of the funding arrangement to the nominal value of \u00a0
the net investments. Hedge ineffectiveness can arise to the extent the funding arrangements exceed the net investments. However, \u00a0
when the net investments are decreased, e.g. when the net investments are reduced by paying out dividend, the same amount of \u00a0
funding arrangements are de-designated as hedges and the funding arrangements designated as hedges will therefore, in general, \u00a0
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 \u00a0
structural FX hedge position in accordance with banking regulation, i.e. to reduce the impact on capital ratios resulting from changes \u00a0
in the risk exposure amount due to changes in currency rates. The Group\u2019s net investment in its subsidiaries Danske Hypotek AB \u00a0
(Sweden) and Danske Mortgage Bank Plc (Finland) is included in the structural hedge position to extend the hedge to the risk exposure \u00a0
amount measured by currency for EUR, NOK and SEK across the entire Group balance sheet, although with constraints to the size of \u00a0
the loans to the foreign branches and the net investment in the foreign subsidiaries. This strategy of partly hedging the sensitivity to \u00a0
capital ratios from volatility in foreign currency rates, increases the volatility in Other comprehensive income and the Foreign \u00a0
currency translation reserve in equity under IFRS Accounting Standards since it decreases the hedge of the currency risk on the net \u00a0
investments in those units. At the end of 2025, the structural FX hedge position totalled DKK 40,018 million (2024: DKK 36,952 million) \u00a0
and a gain of DKK 1,071 million has been recognised in Other comprehensive income mainly due to a strengthening of the SEK against \u00a0
DKK. For comparison, in 2024 a loss of DKK 946 million was recognised in Other comprehensive income due to a weakening of the SEK \u00a0
and NOK against the DKK. \u00a0
The cumulative exchange differences on the hedging instrument and the translation differences related to the net investment are \u00a0
reclassified 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
2025 \u00a0
2024 \u00a0
Net investment in foreign units \u00a0
41,951 \u00a0
39,999 \u00a0
Funding arrangements designated as a hedge of net investments in foreign units \u00a0
1,933 \u00a0
3,047 \u00a0
Portion of net investment in foreign units not hedged, structural FX position \u00a0
40,018 \u00a0
36,952 \u00a0
Hedge ineffectiveness \u00a0
Exchange differences on the hedging instruments \u00a0
-957 \u00a0
635 \u00a0
Exchange differences on the net investment used for recognising hedge ineffectiveness \u00a0
957 \u00a0
-635 \u00a0
Hedge ineffectiveness recognised in the income statement (net trading income) \u00a0
-
-
Hedging gains or losses recognised in OCI \u00a0
-957 \u00a0
635 \u00a0
In the table, funding arrangements designated as a hedge of net investments in foreign units are primarily included in Issued bonds \u00a0
at amortised cost. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1077": { "value": "
Classification and measurement of financial instruments, insurance assets and insurance liabilities \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect \u00a0
and sell \u00a0
assets/Liabiliti \u00a0
financial \u00a0
Held for \u00a0
Managed at \u00a0
FVPL due to \u00a0
Interest rate \u00a0
Own \u00a0
(DKK billions) \u00a0
es \u00a0
assets \u00a0
trading \u00a0
fair value \u00a0
SPPI test \u00a0
Designated \u00a0
hedge*
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
137 \u00a0
-
-
-
-
-
-
137 \u00a0
-
Due from credit institutions and central banks \u00a0
86 \u00a0
-
31 \u00a0
-
-
-
-
117 \u00a0
-
Derivatives \u00a0
-
194 \u00a0
-
-
-
-
-
194 \u00a0
-
Bonds \u00a0
146 \u00a0
120 \u00a0
187 \u00a0
30 \u00a0
-
-
-
484 \u00a0
-
Shares \u00a0
-
64 \u00a0
-
-
-
-
-
64 \u00a0
-
Loans \u00a0
1,
0
-
321 \u00a0
-
740 \u00a0
-
-
-
2,083 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
76 \u00a0
-
-
-
-
77 \u00a0
-
Insurance assets \u00a0
-
-
490 \u00a0
-
-
-
24 \u00a0
-
514 \u00a0
Total financial assets, 31 December 2025 \u00a0
120 \u00a0
1,392 \u00a0
445 \u00a0
948 \u00a0
740 \u00a0
-
24 \u00a0
-
3,669 \u00a0
Total financial assets, 31 December 2024** \u00a0
105 \u00a0
1,246 \u00a0
532 \u00a0
968 \u00a0
755 \u00a0
-
28 \u00a0
-
3,633 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
59 \u00a0
-
-
-
159 \u00a0
-
-
217 \u00a0
-
Trading portfolio liabilities \u00a0
-
286 \u00a0
-
-
-
-
-
287 \u00a0
-
Deposits \u00a0
1,11
0
-
-
-
134 \u00a0
-
-
-
1,245 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
740 \u00a0
-
-
740 \u00a0
-
Issued bonds at amortised cost \u00a0
260 \u00a0
-
-
-
-
-
-
260 \u00a0
-
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
77 \u00a0
-
-
77 \u00a0
-
Insurance liabilities *** \u00a0
-
-
-
-
551 \u00a0
-
-
551 \u00a0
-
Non-preferred senior bonds \u00a0
100 \u00a0
-
-
-
-
-
-
100 \u00a0
-
Subordinated debt \u00a0
30 \u00a0
-
-
-
-
-
-
30 \u00a0
-
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
3
-
Total financial liabilities, 31 December 2025 \u00a0
1,562 \u00a0
286 \u00a0
-
-
-
1,662 \u00a0
-
-
3,510 \u00a0
Total financial liabilities, 31 December 2024**** \u00a0
357 \u00a0
-
-
-
-2 \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 \u00a0
risk on the hedged items, i.e. not a full fair value of the hedged items. \u00a0
** The value of Own shares / bonds as at 31 December 2024 has been corrected. There is no impact on Total financial assets as at 31 December 2024. \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
**** Comparative information has been restated as described in note G2(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 \u00a0
portfolio consists of loans granted and bonds issued by the subsidiary Realkredit Danmark, a Danish mortgage institution covered by \u00a0
Danish mortgage 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 \u00a0
principal amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which \u00a0
represents an option to prepay at fair value that can be both above and below the principal amount plus interest. This is not \u00a0
consistent with the SPPI test since changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate \u00a0
developments. Therefore,\u00a0the loans are mandatorily recognised at fair value through profit or loss. The issued bonds that are \u00a0
funding the loans are designated at fair value through profit or loss in order not to create an accounting mismatch. For the \u00a0
issued bonds, changes in fair value attributable to the Group\u2019s own credit risk is presented in the income statement, as an \u00a0
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 \u00a0
the issued bonds are illiquid, thus the fair value of these bonds is calculated on the basis of a discounted cash flow valuation \u00a0
technique. The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair \u00a0
value of the interest rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in \u00a0
the fair value of cash flows from the loans that differ from the cash flows from the issued bonds. The most important \u00a0
component is the credit risk on the borrowers (covered by the Group and not by the bond holders and therefore not priced into \u00a0
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 \u00a0
models developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, \u00a0
including the allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as \u00a0
a function of PD, EAD and LGD and incorporates forward looking information, see further in note G15. The latter reflects \u00a0
management\u2019s expectations of expected credit losses and involves multiple scenarios (base case, upside, downside and severe \u00a0
downside), including an assessment of the probability for each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other \u00a0
components in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an \u00a0
investors risk premium, compensation for administrative costs related to the loans and the possibility to increase the margin on \u00a0
the loans if the credit risk etc. increases. It is acknowledged that the possibility to increase the margin depends on the economic \u00a0
resources of the customers. The possibility to increase the margin is therefore only considered in the measurement if it is very \u00a0
likely that the margin can be increased without the customer defaulting. Further, the possibility to increase the margin is only \u00a0
relevant if it does not give the customer an incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to \u00a0
increase the margin is only relevant for the measurement of loans to customers with neither a relatively high credit risk nor a \u00a0
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 \u00a0
close to a risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher \u00a0
for customers with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value \u00a0
of the credit risk and 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 in LC&I) are managed and their performance reported on a fair value basis and \u00a0
the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an accounting \u00a0
mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities at \u00a0
amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value \u00a0
changes attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
783,618 \u00a0
794,568 \u00a0
Fair value adjustment of underlying bonds \u00a0
-40,548 \u00a0
-36,190 \u00a0
Adjustment for credit risk \u00a0
2,953 \u00a0
3,191 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
740,117 \u00a0
755,188 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
320,808 \u00a0
319,596 \u00a0
Total \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
881,628 \u00a0
875,633 \u00a0
Fair value adjustment of funding of current loans \u00a0
-42,510 \u00a0
-36,190 \u00a0
Holding of own mortgage bonds \u00a0
100,448 \u00a0
94,948 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
738,670 \u00a0
744,495 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
1,664 \u00a0
2,061 \u00a0
Total \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 \u00a0
outstanding, reference interest rate, term and currency). The borrower may repay the loan by delivering the underlying bonds to \u00a0
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 \u00a0
\u2018held to collect\u2019. The customers\u2019 right to prepay a loan by delivering the underlying bonds represents an option to prepay at fair value. \u00a0
Under this prepayment option, the prepayment amount can be both above and below the principal amount plus accrued interest. \u00a0
Changes in the fair value of the underlying bonds include other elements than the effect of changes in the relevant benchmark \u00a0
interest rate and the prepayment option 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 \u00a0
bonds at amortised cost, the issued bonds are designated at fair value through profit or loss using the fair value option for financial \u00a0
liabilities in IFRS 9. As the fair value of the loans is based on the fair value of the issued bonds, fair value changes of the issued bonds \u00a0
are offset by fair value changes of the loans, including the changes related to the fair value of the own credit risk of the issued bonds. \u00a0
For example, if the credit quality of the bonds worsens the fair value of the liability decreases and the fair value of the loans also \u00a0
decreases. Therefore, fair value changes of own credit risk on the issued bonds are recognised in the income statement, as an \u00a0
accounting mismatch would otherwise be created if 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 2025, the Group recognised DKK -258 million regarding \u00a0
changes in the credit risk on loans at fair value (2024: DKK 333 million) see note G11. At the end of 2025, the accumulated changes in \u00a0
the credit risk amounted to DKK 2,910 million (2024: DKK 3,191 million). The amounts are determined as the amount of the change in \u00a0
fair value that is not attributable to changes in market conditions that give rise to market risk, with the latter being represented by the \u00a0
fair value of the funding issued bonds. The Group does not use credit derivatives or similar instruments to mitigate the exposure to \u00a0
credit risk. \u00a0
The holding of own mortgage bonds includes pre-issued bonds of DKK 64 billion (2024: DKK 56 billion) used for FlexL\u00e5n\u00ae refinancing in \u00a0
January 2026. \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 \u00a0
to uncertainty. \u00a0
In 2025, the Danish mortgage bond yield spread decreased and the fair value of issued mortgage bonds thus increased by \u00a0
approximately DKK 5.6 billion. In 2024, the Danish mortgage bond yield spread increased, causing a decrease in the fair value of \u00a0
issued mortgage bonds. Based on the outstanding portfolio at the end of 2025, Realkredit Danmark estimates that there has been a \u00a0
net decrease of the spread since the issuance of the bonds, which produces a negative fair value of approximately DKK 6.7 billion \u00a0
(2024: positive fair value of approximately DKK 1.4 billion). Net profit and shareholders\u2019 equity remain unaffected by the change in fair \u00a0
value because the spread decrease, increase the 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 \u00a0
rated mortgage bonds offered by other Danish issuers. The market for such bonds is characterised by an absence of measurable price \u00a0
differences between bonds with similar features from different issuers. Using this method, no fair value adjustment for credit risk in \u00a0
2025 or the period 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 \u00a0
are mandatorily recognised at fair value through profit or loss as the business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and \u00a0
sell\u2019. The loans consist primarily of reverse transactions and short-term loans. In order not to introduce an accounting mismatch, the \u00a0
financial liabilities 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 \u00a0
transactions) with a maturity no longer than six months in general. Fair value changes attributable to the Group\u2019s own credit risk are \u00a0
presented in Other comprehensive income. During 2025, changes in fair value attributable to the Group\u2019s own credit risk recognised in \u00a0
Other Comprehensive Income amounted to DKK 0 million (2024: DKK 0 million). In the balance sheet, deposits in the trading units are \u00a0
presented together with other deposits. The amount that the Group would be contractually required to pay at maturity amounts to \u00a0
DKK 1,902 million (2024: DKK 2,536 million) 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 \u00a0
securities 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 \u00a0
at fair value through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is \u00a0
recognised in Other comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of \u00a0
the 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
2025 \u00a0
2024 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
158,924 \u00a0
129,910 \u00a0
Other amounts due \u00a0
-
-
Total designated at fair value \u00a0
158,924 \u00a0
129,910 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
-
-
Other amounts due \u00a0
58,498 \u00a0
84,454 \u00a0
Total amortised cost \u00a0
58,498 \u00a0
84,454 \u00a0
Total \u00a0
(b) Deposits \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
134,205 \u00a0
78,528 \u00a0
Time deposits \u00a0
-
21 \u00a0
Total designated at fair value \u00a0
134,205 \u00a0
78,550 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
623 \u00a0
618 \u00a0
Transaction accounts \u00a0
939,812 \u00a0
891,606 \u00a0
Time deposits \u00a0
157,123 \u00a0
190,046 \u00a0
Pension savings etc. \u00a0
12,820 \u00a0
12,962 \u00a0
Total amortised cost \u00a0
1,110,377 \u00a0
1,095,232 \u00a0
Total \u00a0
(c) Further explanation of 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 \u00a0
changes in the Group\u2019s own credit risk. The amount that the Group would be contractually required to pay at maturity amounts to DKK \u00a0
158.9 billion (2024: DKK 129.9 billion) for Due to credit institutions and central banks and DKK 134.2 billion (2024: DKK 78.6 billion) for \u00a0
Deposits. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1076": { "value": "
Classification and measurement of financial instruments, insurance assets and insurance liabilities \u00a0
Amortised cost \u00a0
Fair value OCI \u00a0
Fair value through profit or loss \u00a0
Held to collect \u00a0
Held to collect \u00a0
and sell \u00a0
assets/Liabiliti \u00a0
financial \u00a0
Held for \u00a0
Managed at \u00a0
FVPL due to \u00a0
Interest rate \u00a0
Own \u00a0
(DKK billions) \u00a0
es \u00a0
assets \u00a0
trading \u00a0
fair value \u00a0
SPPI test \u00a0
Designated \u00a0
hedge*
shares/bonds \u00a0
Total \u00a0
Assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
137 \u00a0
-
-
-
-
-
-
137 \u00a0
-
Due from credit institutions and central banks \u00a0
86 \u00a0
-
31 \u00a0
-
-
-
-
117 \u00a0
-
Derivatives \u00a0
-
194 \u00a0
-
-
-
-
-
194 \u00a0
-
Bonds \u00a0
146 \u00a0
120 \u00a0
187 \u00a0
30 \u00a0
-
-
-
484 \u00a0
-
Shares \u00a0
-
64 \u00a0
-
-
-
-
-
64 \u00a0
-
Loans \u00a0
1,
0
-
321 \u00a0
-
740 \u00a0
-
-
-
2,083 \u00a0
Assets under pooled schemes and investment contracts \u00a0
-
-
76 \u00a0
-
-
-
-
77 \u00a0
-
Insurance assets \u00a0
-
-
490 \u00a0
-
-
-
24 \u00a0
-
514 \u00a0
Total financial assets, 31 December 2025 \u00a0
120 \u00a0
1,392 \u00a0
445 \u00a0
948 \u00a0
740 \u00a0
-
24 \u00a0
-
3,669 \u00a0
Total financial assets, 31 December 2024** \u00a0
105 \u00a0
1,246 \u00a0
532 \u00a0
968 \u00a0
755 \u00a0
-
28 \u00a0
-
3,633 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
59 \u00a0
-
-
-
159 \u00a0
-
-
217 \u00a0
-
Trading portfolio liabilities \u00a0
-
286 \u00a0
-
-
-
-
-
287 \u00a0
-
Deposits \u00a0
1,11
0
-
-
-
134 \u00a0
-
-
-
1,245 \u00a0
Issued bonds at fair value \u00a0
-
-
-
-
740 \u00a0
-
-
740 \u00a0
-
Issued bonds at amortised cost \u00a0
260 \u00a0
-
-
-
-
-
-
260 \u00a0
-
Deposits under pooled schemes and investment contracts \u00a0
-
-
-
-
77 \u00a0
-
-
77 \u00a0
-
Insurance liabilities *** \u00a0
-
-
-
-
551 \u00a0
-
-
551 \u00a0
-
Non-preferred senior bonds \u00a0
100 \u00a0
-
-
-
-
-
-
100 \u00a0
-
Subordinated debt \u00a0
30 \u00a0
-
-
-
-
-
-
30 \u00a0
-
Loan commitments and guarantees \u00a0
3
-
-
-
-
-
-
3
-
Total financial liabilities, 31 December 2025 \u00a0
1,562 \u00a0
286 \u00a0
-
-
-
1,662 \u00a0
-
-
3,510 \u00a0
Total financial liabilities, 31 December 2024**** \u00a0
357 \u00a0
-
-
-
-2 \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 \u00a0
risk on the hedged items, i.e. not a full fair value of the hedged items. \u00a0
** The value of Own shares / bonds as at 31 December 2024 has been corrected. There is no impact on Total financial assets as at 31 December 2024. \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
**** Comparative information has been restated as described in note G2(b). \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 \u00a0
portfolios of financial instruments measured at amortised cost, fair value through other comprehensive income or fair value through \u00a0
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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net trading income or loss. \u00a0
Net interest and Net trading income 2025 \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
12,230 \u00a0
3,036 \u00a0
9,194 \u00a0
16 \u00a0
9,210 \u00a0
Loans and deposits \u00a0
33,801 \u00a0
8,205 \u00a0
25,596 \u00a0
151 \u00a0
25,747 \u00a0
Bonds held to collect (investment securities) \u00a0
3,036 \u00a0
-
3,036 \u00a0
-
3,036 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,647 \u00a0
-11,647 \u00a0
-1,125 \u00a0
-12,772 \u00a0
Subordinated debt \u00a0
-
1,329 \u00a0
-1,329 \u00a0
-363 \u00a0
-1,692 \u00a0
Other financial instruments \u00a0
1,659 \u00a0
207 \u00a0
1,453 \u00a0
-
1,453 \u00a0
Total \u00a0
50,726 \u00a0
24,423 \u00a0
26,303 \u00a0
-1,321 \u00a0
24,982 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Total \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
295 \u00a0
295 \u00a0
-
-
295 \u00a0
Loans and deposits \u00a0
19,576 \u00a0
-
19,576 \u00a0
-
19,576 \u00a0
Trading portfolio assets and liabilities \u00a0
-229 \u00a0
-229 \u00a0
-
1,503 \u00a0
1,275 \u00a0
Bonds (investment securities) \u00a0
1,195 \u00a0
-
1,195 \u00a0
2,746 \u00a0
3,942 \u00a0
Issued bonds \u00a0
-
13,904 \u00a0
-13,904 \u00a0
-
-13,904 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-45 \u00a0
-
-45 \u00a0
Total \u00a0
20,838 \u00a0
13,904 \u00a0
6,934 \u00a0
4,205 \u00a0
11,138 \u00a0
Total net interest and net trading income \u00a0
Net interest and Net trading income 2024 \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
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
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
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the \u00a0
hedged balance sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading \u00a0
income or loss under the trading portfolio. Net trading income or loss includes dividends from shares of DKK 387 million (2024: DKK \u00a0
410 million) and foreign exchange adjustments of DKK -134 million (2024: DKK 1,122 million). \u00a0
(a) Investment securities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Financial assets at fair value through profit or loss \u00a0
Listed bonds \u00a0
30,166 \u00a0
28,112 \u00a0
Unlisted shares \u00a0
354 \u00a0
519 \u00a0
Total financial assets at fair value through profit or loss \u00a0
30,520 \u00a0
28,631 \u00a0
Bonds hold to collect and sell (FVOCI) \u00a0
Listed bonds \u00a0
119,736 \u00a0
104,773 \u00a0
Total bonds hold to collect and sell (FVOCI) \u00a0
119,736 \u00a0
104,773 \u00a0
Total at fair value \u00a0
150,256 \u00a0
133,404 \u00a0
Bonds hold to collect (AMC) \u00a0
Listed bonds \u00a0
146,482 \u00a0
135,714 \u00a0
Total investment securities \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 \u00a0
be 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 \u00a0
and sell\u2019 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 \u00a0
are measured at fair value through profit or loss, depending on the business model for the management of the amounts due from \u00a0
credit institutions. \u00a0
Accounting policy \u00a0
For balances due from credit institutions in the Group\u2019s banking units (Personal Customers and Business Customers, General \u00a0
Banking in Large Corporates & Institutions and Northern Ireland), the business model is \u2018hold to collect\u2019. As the contractual cash \u00a0
flows \u00a0
represent basic lending feature, these balances are measured at amortised cost. For further information see note G15. \u00a0
For balances due from credit institutions and central banks in the Group\u2019s trading units (Markets in Large Corporates & \u00a0
Institutions) the business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and these balances are mandatorily \u00a0
recognised at fair value through profit or loss. For further information see note G16. \u00a0
Cash in hand and demand deposits with central banks \u00a0
This item includes cash in hand of DKK 7,038 million (2024: DKK 6,909 million) and demand deposits of DKK 130,143 million (2024: \u00a0
DKK 100,590 million) measured at amortised cost. \u00a0
Due from credit institutions and central banks \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Due from credit institutions and central banks measured at fair value through profit or loss: \u00a0
Reverse transactions \u00a0
28,275 \u00a0
62,039 \u00a0
Other amounts due \u00a0
2,390 \u00a0
1,000 \u00a0
Total at fair value through profit or loss \u00a0
30,664 \u00a0
63,040 \u00a0
Due from credit institutions and central banks measured at amortised cost: \u00a0
Reverse transactions \u00a0
43 \u00a0
6
Other amounts due \u00a0
85,909 \u00a0
80,536 \u00a0
Allowance account \u00a0
25 \u00a0
12 \u00a0
Total at amortised cost \u00a0
85,927 \u00a0
80,529 \u00a0
Total \u00a0
Due from credit institutions and central banks includes amounts due within three months and totalled DKK 113,145 million at the end \u00a0
of 2025 (2024: DKK 134,601 million). This amount is included under Cash and cash equivalents in the cash flow statement. \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 \u00a0
portfolio consists of loans granted and bonds issued by the subsidiary Realkredit Danmark, a Danish mortgage institution covered by \u00a0
Danish mortgage 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 \u00a0
principal amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which \u00a0
represents an option to prepay at fair value that can be both above and below the principal amount plus interest. This is not \u00a0
consistent with the SPPI test since changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate \u00a0
developments. Therefore,\u00a0the loans are mandatorily recognised at fair value through profit or loss. The issued bonds that are \u00a0
funding the loans are designated at fair value through profit or loss in order not to create an accounting mismatch. For the \u00a0
issued bonds, changes in fair value attributable to the Group\u2019s own credit risk is presented in the income statement, as an \u00a0
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 \u00a0
the issued bonds are illiquid, thus the fair value of these bonds is calculated on the basis of a discounted cash flow valuation \u00a0
technique. The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair \u00a0
value of the interest rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in \u00a0
the fair value of cash flows from the loans that differ from the cash flows from the issued bonds. The most important \u00a0
component is the credit risk on the borrowers (covered by the Group and not by the bond holders and therefore not priced into \u00a0
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 \u00a0
models developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, \u00a0
including the allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as \u00a0
a function of PD, EAD and LGD and incorporates forward looking information, see further in note G15. The latter reflects \u00a0
management\u2019s expectations of expected credit losses and involves multiple scenarios (base case, upside, downside and severe \u00a0
downside), including an assessment of the probability for each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other \u00a0
components in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an \u00a0
investors risk premium, compensation for administrative costs related to the loans and the possibility to increase the margin on \u00a0
the loans if the credit risk etc. increases. It is acknowledged that the possibility to increase the margin depends on the economic \u00a0
resources of the customers. The possibility to increase the margin is therefore only considered in the measurement if it is very \u00a0
likely that the margin can be increased without the customer defaulting. Further, the possibility to increase the margin is only \u00a0
relevant if it does not give the customer an incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to \u00a0
increase the margin is only relevant for the measurement of loans to customers with neither a relatively high credit risk nor a \u00a0
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 \u00a0
close to a risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher \u00a0
for customers with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value \u00a0
of the credit risk and 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 in LC&I) are managed and their performance reported on a fair value basis and \u00a0
the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an accounting \u00a0
mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities at \u00a0
amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value \u00a0
changes attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
783,618 \u00a0
794,568 \u00a0
Fair value adjustment of underlying bonds \u00a0
-40,548 \u00a0
-36,190 \u00a0
Adjustment for credit risk \u00a0
2,953 \u00a0
3,191 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
740,117 \u00a0
755,188 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
320,808 \u00a0
319,596 \u00a0
Total \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
881,628 \u00a0
875,633 \u00a0
Fair value adjustment of funding of current loans \u00a0
-42,510 \u00a0
-36,190 \u00a0
Holding of own mortgage bonds \u00a0
100,448 \u00a0
94,948 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
738,670 \u00a0
744,495 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
1,664 \u00a0
2,061 \u00a0
Total \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 \u00a0
outstanding, reference interest rate, term and currency). The borrower may repay the loan by delivering the underlying bonds to \u00a0
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 \u00a0
\u2018held to collect\u2019. The customers\u2019 right to prepay a loan by delivering the underlying bonds represents an option to prepay at fair value. \u00a0
Under this prepayment option, the prepayment amount can be both above and below the principal amount plus accrued interest. \u00a0
Changes in the fair value of the underlying bonds include other elements than the effect of changes in the relevant benchmark \u00a0
interest rate and the prepayment option 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 \u00a0
bonds at amortised cost, the issued bonds are designated at fair value through profit or loss using the fair value option for financial \u00a0
liabilities in IFRS 9. As the fair value of the loans is based on the fair value of the issued bonds, fair value changes of the issued bonds \u00a0
are offset by fair value changes of the loans, including the changes related to the fair value of the own credit risk of the issued bonds. \u00a0
For example, if the credit quality of the bonds worsens the fair value of the liability decreases and the fair value of the loans also \u00a0
decreases. Therefore, fair value changes of own credit risk on the issued bonds are recognised in the income statement, as an \u00a0
accounting mismatch would otherwise be created if 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 2025, the Group recognised DKK -258 million regarding \u00a0
changes in the credit risk on loans at fair value (2024: DKK 333 million) see note G11. At the end of 2025, the accumulated changes in \u00a0
the credit risk amounted to DKK 2,910 million (2024: DKK 3,191 million). The amounts are determined as the amount of the change in \u00a0
fair value that is not attributable to changes in market conditions that give rise to market risk, with the latter being represented by the \u00a0
fair value of the funding issued bonds. The Group does not use credit derivatives or similar instruments to mitigate the exposure to \u00a0
credit risk. \u00a0
The holding of own mortgage bonds includes pre-issued bonds of DKK 64 billion (2024: DKK 56 billion) used for FlexL\u00e5n\u00ae refinancing in \u00a0
January 2026. \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 \u00a0
to uncertainty. \u00a0
In 2025, the Danish mortgage bond yield spread decreased and the fair value of issued mortgage bonds thus increased by \u00a0
approximately DKK 5.6 billion. In 2024, the Danish mortgage bond yield spread increased, causing a decrease in the fair value of \u00a0
issued mortgage bonds. Based on the outstanding portfolio at the end of 2025, Realkredit Danmark estimates that there has been a \u00a0
net decrease of the spread since the issuance of the bonds, which produces a negative fair value of approximately DKK 6.7 billion \u00a0
(2024: positive fair value of approximately DKK 1.4 billion). Net profit and shareholders\u2019 equity remain unaffected by the change in fair \u00a0
value because the spread decrease, increase the 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 \u00a0
rated mortgage bonds offered by other Danish issuers. The market for such bonds is characterised by an absence of measurable price \u00a0
differences between bonds with similar features from different issuers. Using this method, no fair value adjustment for credit risk in \u00a0
2025 or the period 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 \u00a0
are mandatorily recognised at fair value through profit or loss as the business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and \u00a0
sell\u2019. The loans consist primarily of reverse transactions and short-term loans. In order not to introduce an accounting mismatch, the \u00a0
financial liabilities 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 \u00a0
transactions) with a maturity no longer than six months in general. Fair value changes attributable to the Group\u2019s own credit risk are \u00a0
presented in Other comprehensive income. During 2025, changes in fair value attributable to the Group\u2019s own credit risk recognised in \u00a0
Other Comprehensive Income amounted to DKK 0 million (2024: DKK 0 million). In the balance sheet, deposits in the trading units are \u00a0
presented together with other deposits. The amount that the Group would be contractually required to pay at maturity amounts to \u00a0
DKK 1,902 million (2024: DKK 2,536 million) 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 \u00a0
defined as investment contracts. Assets include intra-group balances, which are eliminated. Consequently, the value of the line item \u00a0
Deposits under 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 \u00a0
investment contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment \u00a0
contracts. These 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 \u00a0
pooled schemes and investment contracts includes these own shares that meet this criterion. \u00a0
Pooled schemes \u00a0
Investment contracts \u00a0
Total \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
(a) Assets \u00a0
Bonds \u00a0
5,178 \u00a0
13,204 \u00a0
5,871 \u00a0
5,834 \u00a0
11,049 \u00a0
19,038 \u00a0
Shares \u00a0
9,765 \u00a0
10,910 \u00a0
15,617 \u00a0
14,441 \u00a0
25,382 \u00a0
25,351 \u00a0
Unit trust certificates \u00a0
33,330 \u00a0
25,639 \u00a0
2,327 \u00a0
2,520 \u00a0
35,657 \u00a0
28,159 \u00a0
Other \u00a0
194 \u00a0
55 \u00a0
4,758 \u00a0
4,005 \u00a0
4,952 \u00a0
4,060 \u00a0
Total \u00a0
48,467 \u00a0
49,808 \u00a0
28,573 \u00a0
26,800 \u00a0
77,040 \u00a0
76,608 \u00a0
including \u00a0
other intra-group balances \u00a0
230 \u00a0
434 \u00a0
-
-
230 \u00a0
434 \u00a0
Total assets recognised in balance sheet \u00a0
48,237 \u00a0
49,373 \u00a0
28,573 \u00a0
26,800 \u00a0
76,810 \u00a0
76,172 \u00a0
(b) Deposits \u00a0
Assets under pooled schemes at 31 December 2025 include DKK 396 million of own shares that are not eliminated (2024: DKK 258 \u00a0
million). Assets under investment contracts include DKK 63 million of own shares that are not eliminated (2024: DKK 65 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 \u00a0
securities 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 \u00a0
at fair value through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is \u00a0
recognised in Other comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of \u00a0
the 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
2025 \u00a0
2024 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
158,924 \u00a0
129,910 \u00a0
Other amounts due \u00a0
-
-
Total designated at fair value \u00a0
158,924 \u00a0
129,910 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
-
-
Other amounts due \u00a0
58,498 \u00a0
84,454 \u00a0
Total amortised cost \u00a0
58,498 \u00a0
84,454 \u00a0
Total \u00a0
(b) Deposits \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
134,205 \u00a0
78,528 \u00a0
Time deposits \u00a0
-
21 \u00a0
Total designated at fair value \u00a0
134,205 \u00a0
78,550 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
623 \u00a0
618 \u00a0
Transaction accounts \u00a0
939,812 \u00a0
891,606 \u00a0
Time deposits \u00a0
157,123 \u00a0
190,046 \u00a0
Pension savings etc. \u00a0
12,820 \u00a0
12,962 \u00a0
Total amortised cost \u00a0
1,110,377 \u00a0
1,095,232 \u00a0
Total \u00a0
(c) Further explanation of 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 \u00a0
changes in the Group\u2019s own credit risk. The amount that the Group would be contractually required to pay at maturity amounts to DKK \u00a0
158.9 billion (2024: DKK 129.9 billion) for Due to credit institutions and central banks and DKK 134.2 billion (2024: DKK 78.6 billion) for \u00a0
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 \u00a0
Group. Note G16 provides more information about issued bonds measured at fair value through profit or loss. \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 \u00a0
subordinated debt and junior to other debt. Subordinated bonds are liabilities in the form of subordinated loan capital and other \u00a0
capital instruments which, in case of the Group\u2019s voluntary or compulsory winding-up, will not be repaid until the claims of its ordinary \u00a0
and non-preferred senior creditors have been met. Subordinated bonds include additional tier 1 capital that converts into a variable \u00a0
number of ordinary shares if the common equity tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group (the \u00a0
trigger event). The number of shares the additional tier 1 capital could potentially convert into is a function of the share price at the \u00a0
time of conversion, however, minimised to USD 23.97 per share (a maximum of 52.1 million shares for the outstanding amount of the \u00a0
capital of USD 1.25 billion). This capital utilises 35% of the Board of Directors\u2019 authorisation to issue additional tier 1 that can be \u00a0
converted into 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 \u00a0
expense is recognised according to the effective interest rate method, including amortisation of any difference between the \u00a0
amount received on issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital \u00a0
under the Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily \u00a0
or converted into a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert \u00a0
into a variable number of ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are \u00a0
accounted for as equity. For liability accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds \u00a0
are accounted for as liabilities in their entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for \u00a0
example an equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading \u00a0
portfolio. \u00a0
(a) Issued bonds \u00a0
Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Bonds issued by Realkredit Danmark (covered bonds) \u00a0
738,670 \u00a0
744,495 \u00a0
Structured retail notes \u00a0
1,664 \u00a0
2,061 \u00a0
Total \u00a0
Bonds issued by Realkredit Danmark under the Group\u2019s green finance framework amounted to a nominal value of DKK 34,824 million \u00a0
outstanding at the end of 2025 (2024: DKK 29,126 million). \u00a0
Issued bonds at amortised cost \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Commercial papers and certificates of deposits \u00a0
58,694 \u00a0
49,044 \u00a0
Preferred senior bonds \u00a0
61,164 \u00a0
66,778 \u00a0
Covered bonds \u00a0
139,857 \u00a0
126,763 \u00a0
Structured retail notes \u00a0
141 \u00a0
612 \u00a0
Issued bonds at amortised cost, total \u00a0
259,855 \u00a0
243,198 \u00a0
Non-preferred senior bonds \u00a0
The issuance and redemption of bonds (including commercial papers and certificates of deposits at fair value) during the year and \u00a0
the maturity of the outstanding bonds are presented in the following tables. \u00a0
Other issued bonds \u00a0
Other issued bonds in the following tables comprises Issued bonds at fair value, excluding bonds issued by Realkredit Danmark \u00a0
(covered bonds), Issued bonds at amortised cost and Non-preferred senior bonds. \u00a0
Nominal value of other issued bonds \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2025 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2025 \u00a0
Commercial papers and certificate of deposits \u00a0
49,002 \u00a0
114,171 \u00a0
100,109 \u00a0
-4,364 \u00a0
58,700 \u00a0
Preferred senior bonds \u00a0
68,592 \u00a0
19,374 \u00a0
22,242 \u00a0
-3,179 \u00a0
62,545 \u00a0
Covered bonds \u00a0
128,673 \u00a0
33,711 \u00a0
27,308 \u00a0
6,141 \u00a0
141,217 \u00a0
Structured retail notes \u00a0
3,117 \u00a0
403 \u00a0
1,665 \u00a0
338 \u00a0
2,194 \u00a0
Non-preferred senior bonds \u00a0
91,588 \u00a0
30,192 \u00a0
16,080 \u00a0
-4,676 \u00a0
101,024 \u00a0
Total \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
The Group has issued non-preferred senior bonds and preferred senior bonds in accordance with the Group\u2019s green bond framework. \u00a0
At the end of 2025, the nominal value of green non-preferred senior bonds issued amounted to DKK 29,875 million (2024: DKK \u00a0
20,515 million), and the nominal value of green preferred senior bonds issued amounted to DKK 7,814 million (2024: DKK 9,082 \u00a0
million). \u00a0
Broken down by maturity \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Redeemed bonds 2025 \u00a0
114,771 \u00a0
2026 \u00a0
120,891 \u00a0
64,979 \u00a0
2027 \u00a0
64,906 \u00a0
56,221 \u00a0
2028 or later \u00a0
179,883 \u00a0
105,001 \u00a0
Nominal value of other issued bonds \u00a0
365,680 \u00a0
340,972 \u00a0
Fair value hedging of interest rate risk \u00a0
-628 \u00a0
-1,781 \u00a0
Premium/discount \u00a0
-484 \u00a0
-595 \u00a0
Own holding of bonds issued \u00a0
3,368 \u00a0
3,844 \u00a0
Total other issued bonds \u00a0
(b) Subordinated debt \u00a0
Subordinated debt consists of liabilities in the form of issued subordinated bonds. Some of these bonds (presented as liability \u00a0
accounted additional tier 1 capital below) rank below other subordinated bonds. Early redemption of subordinated debt must be \u00a0
approved by the Danish 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 \u00a0
following tables. \u00a0
Nominal value of subordinated debt \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency
December \u00a0
(DKK millions) \u00a0
2025 \u00a0
Issued
Redeemed
translation \u00a0
2025 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
30,732 \u00a0
4,753 \u00a0
13,045 \u00a0
175 \u00a0
22,614 \u00a0
Liability accounted additional tier 1 capital \u00a0
10,708 \u00a0
3,576 \u00a0
4,784 \u00a0
-1,562 \u00a0
7,937 \u00a0
Total \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency
December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued
Redeemed
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
721 \u00a0
Subordinated debt \u00a0
Nominal \u00a0
Interest \u00a0
Year of \u00a0
Redemption \u00a0
2025 \u00a0
2024 \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 2025 \u00a0
13,055 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
a
750 \u00a0
1.00 \u00a0
2021
15.05.2031 \u00a0
100 \u00a0
5,602 \u00a0
5,595 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
b
750 \u00a0
4.625 \u00a0
2024
14.05.2034 \u00a0
100 \u00a0
5,602 \u00a0
5,595 \u00a0
SEK \u00a0
Danske Bank A/S \u00a0
c
4,250 \u00a0
var \u00a0
2024
23.08.2034 \u00a0
100 \u00a0
2,933 \u00a0
2,757 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
d
500 \u00a0
3.75 \u00a0
2024
19.11.2036 \u00a0
100 \u00a0
3,734 \u00a0
3,730 \u00a0
NOK \u00a0
Danske Bank A/S \u00a0
e
1,600 \u00a0
var \u00a0
2025
16.04.2035 \u00a0
100 \u00a0
1,010 \u00a0
-
EUR \u00a0
Danske Bank A/S \u00a0
f
500 \u00a0
3.50 \u00a0
2025
19.11.2035 \u00a0
100 \u00a0
3,734 \u00a0
-
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
22,614 \u00a0
30,732 \u00a0
Liability accounted additional tier 1 capital \u00a0
Redeemed in 2025 \u00a0
5,354 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
g
750 \u00a0
4.375 \u00a0
2021 \u00a0
Perpetual \u00a0
100 \u00a0
4,762 \u00a0
5,354 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
h
500 \u00a0
7.00 \u00a0
2025 \u00a0
Perpetual \u00a0
100 \u00a0
3,175 \u00a0
-
Liability accounted additional tier 1 capital \u00a0
7,937 \u00a0
10,708 \u00a0
Nominal subordinated debt \u00a0
30,552 \u00a0
41,440 \u00a0
Discount \u00a0
-96 \u00a0
-80 \u00a0
Fair value hedging of interest rate risk \u00a0
-20 \u00a0
-383 \u00a0
Own holding of subordinated debt \u00a0
-147 \u00a0
-180 \u00a0
Total subordinated debt \u00a0
30,289 \u00a0
40,798 \u00a0
Portion included in total capital as additional tier 1 or tier 2 capital instruments* \u00a0
* Portion included in total capital as additional tier 1 or tier 2 capital instruments in 2024 has been corrected. \u00a0
a) Optional\u00a0redemption in February-May 2026. If the debt is not redeemed, the annual interest rate will be reset at 1.40 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
b) Optional\u00a0redemption in February-May 2029. If the debt is not redeemed, the annual interest rate will be reset at 1.95 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
c) Optional\u00a0redemption in May-August 2029. If the debt is not redeemed, the quarterly interest rate will be reset at 1.70 \u00a0
percentage points above the 3 month STIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
d) Optional\u00a0redemption in November 2031. If the debt is not redeemed, the annual interest rate will be reset at 1.55 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
e) Optional\u00a0redemption in January-April 2030. If the debt is not redeemed, the quarterly interest rate will be reset at 1.50 \u00a0
percentage points above the 3 month NIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
f) \u00a0
Optional redemption in August-November 2030. If the debt is not redeemed, the annual interest rate will be reset at 1.18 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
g) Optional\u00a0redemption from May 2026. If the debt is not redeemed, the annual interest rate will be reset at 3.387 percentage \u00a0
points above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s or Danske \u00a0
Bank A/S\u2019s 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
h) Optional\u00a0redemption from February-August 2030. If the debt is not redeemed, the annual interest rate will be reset at 2.599 \u00a0
percentage points above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s \u00a0
or Danske Bank A/S\u2019s common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant \u00a0
additional tier 1 capital instrument in the statement of capital. \u00a0
G32. Fair value information for financial instruments \u00a0
Financial instruments are recognised in the balance sheet at fair value or amortised cost.\u00a0Group breaks down its financial \u00a0
instruments according to the valuation method. Note G1 provides additional information. \u00a0
31 December 2025 \u00a0
31 December 2024 \u00a0
Amortised \u00a0
Amortised \u00a0
(DKK millions) \u00a0
Fair value \u00a0
cost \u00a0
Fair value \u00a0
cost \u00a0
Financial assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
-
137,181 \u00a0
-
107,498 \u00a0
Due from credit institutions and central banks \u00a0
30,664 \u00a0
85,927 \u00a0
63,040 \u00a0
80,529 \u00a0
Trading portfolio assets \u00a0
444,980 \u00a0
531,831 \u00a0
-
-
Investment securities held at amortised cost \u00a0
-
146,482 \u00a0
-
135,714 \u00a0
Investment securities held at fair value \u00a0
150,256 \u00a0
-
133,404 \u00a0
-
Loans at amortised cost \u00a0
-
1,022,281 \u00a0
-
921,900 \u00a0
Loans at fair value \u00a0
1,060,925 \u00a0
-
1,074,783 \u00a0
-
Assets under pooled schemes and investment contracts \u00a0
76,809 \u00a0
-
76,173 \u00a0
-
Insurance assets \u00a0
513,957 \u00a0
-
508,045 \u00a0
-
Total \u00a0
2,277,592 \u00a0
1,391,871 \u00a0
2,387,276 \u00a0
1,245,642 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
158,924 \u00a0
58,498 \u00a0
129,910 \u00a0
84,454 \u00a0
Trading portfolio liabilities \u00a0
286,837 \u00a0
357,507 \u00a0
-
-
Deposits \u00a0
134,205 \u00a0
1,110,377 \u00a0
78,550 \u00a0
1,095,232 \u00a0
Issued bonds at fair value \u00a0
740,334 \u00a0
-
746,556 \u00a0
-
Issued bonds at amortised cost \u00a0
-
259,855 \u00a0
-
243,198 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
77,040 \u00a0
-
76,608 \u00a0
-
Insurance liabilities \u00a0
56,669 \u00a0
-
60,111 \u00a0
-
Liabilities held for sale \u00a0
-
-
-
-
Non-preferred senior bonds \u00a0
-
99,682 \u00a0
-
89,492 \u00a0
Subordinated debt \u00a0
-
30,289 \u00a0
-
40,798 \u00a0
Loan commitments and guarantees \u00a0
-
2,843 \u00a0
-
2,893 \u00a0
Total \u00a0
Insurance liabilities in the Balance sheet comprise insurance contract liabilities (as defined by IFRS 17) and Other insurance-related \u00a0
liabilities. The table above does not include insurance contract liabilities as they are measured using the General Measurement \u00a0
Model, Variable Fee Approach or Premium Allocation Approach as defined by IFRS 17. \u00a0
Financial instruments at fair value, by fair value category \u00a0
Non- \u00a0
Quoted \u00a0
Observable \u00a0
observable \u00a0
(DKK millions) \u00a0
prices \u00a0
input \u00a0
input \u00a0
Total \u00a0
31 December 2025 \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
30,664 \u00a0
-
30,664 \u00a0
Derivatives \u00a0
4,899 \u00a0
187,978 \u00a0
1,068 \u00a0
193,944 \u00a0
Interest rate contracts \u00a0
4,899 \u00a0
139,129 \u00a0
663 \u00a0
144,690 \u00a0
Currency contracts etc. \u00a0
-
48,849 \u00a0
405 \u00a0
49,254 \u00a0
Trading portfolio bonds \u00a0
174,852 \u00a0
12,616 \u00a0
-
187,468 \u00a0
Trading portfolio shares \u00a0
63,294 \u00a0
273 \u00a0
-
63,567 \u00a0
Investment securities, bonds \u00a0
133,378 \u00a0
16,527 \u00a0
-
149,904 \u00a0
Investment securities, shares \u00a0
-
353 \u00a0
-
353 \u00a0
Loans at fair value \u00a0
1,060,925 \u00a0
-
-
1,060,925 \u00a0
Assets under pooled schemes and investment contracts \u00a0
76,809 \u00a0
-
-
76,809 \u00a0
Insurance assets, bonds \u00a0
158,103 \u00a0
33,605 \u00a0
1,898 \u00a0
193,606 \u00a0
Danish mortgage bonds \u00a0
75,638 \u00a0
11,014 \u00a0
300 \u00a0
86,952 \u00a0
Other covered bonds \u00a0
82,465 \u00a0
22,591 \u00a0
1,598 \u00a0
106,654 \u00a0
Insurance assets, shares \u00a0
234,593 \u00a0
3,857 \u00a0
35,343 \u00a0
273,793 \u00a0
Insurance assets, derivatives \u00a0
2,340 \u00a0
43,651 \u00a0
567 \u00a0
46,558 \u00a0
Total \u00a0
848,267 \u00a0
1,389,824 \u00a0
39,502 \u00a0
2,277,592 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
158,924 \u00a0
-
158,924 \u00a0
Derivatives \u00a0
5,398 \u00a0
184,410 \u00a0
1,010 \u00a0
190,817 \u00a0
Interest rate contracts \u00a0
5,398 \u00a0
131,267 \u00a0
538 \u00a0
137,203 \u00a0
Currency contracts etc. \u00a0
-
53,143 \u00a0
472 \u00a0
53,615 \u00a0
Obligations to repurchase securities \u00a0
94,586 \u00a0
1,433 \u00a0
-
96,019 \u00a0
Deposits \u00a0
-
134,205 \u00a0
-
134,205 \u00a0
Issued bonds at fair value \u00a0
740,334 \u00a0
-
-
740,334 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
77,040 \u00a0
-
77,040 \u00a0
Insurance Liabilities \u00a0
566 \u00a0
55,392 \u00a0
711 \u00a0
56,669 \u00a0
Total \u00a0
Non- \u00a0
Quoted \u00a0
Observable \u00a0
observable \u00a0
(DKK millions) \u00a0
prices \u00a0
input \u00a0
input \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
If, at the balance sheet date, a financial instrument\u2019s classification differs from its classification at the beginning of the year, the \u00a0
classification of the instrument changes. Changes are considered to have taken place at the balance sheet date. Developments in the \u00a0
financial markets have resulted in reclassifications between the categories. Some bonds have become illiquid and have therefore \u00a0
been moved from the Quoted prices to the Observable input category, while other bonds have instead become liquid and have been \u00a0
moved from the Observable input to the Quoted 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 \u00a0
present value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control \u00a0
environment, valuation models are validated by units that are independent of the business units that develop the models and trade in \u00a0
the products covered by the models. Validation is made to test the implementation, quality and operating stability of models to ensure \u00a0
that the models can be used 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 \u00a0
active market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further \u00a0
in note G16. The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves \u00a0
for the full duration of the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable \u00a0
input as well as assumptions about the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance \u00a0
with the International Private Equity and Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting \u00a0
Standards. IPEV guides the calculation of the estimated fair value of unlisted shares as the price that would be received to sell an \u00a0
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation methods \u00a0
include discounted cash flow models and pricing based on a multiple of 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 \u00a0
Group makes fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer \u00a0
spreads on the net 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 \u00a0
given counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive \u00a0
exposure (EPE) and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with \u00a0
counterparties in the 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 \u00a0
derived using proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive \u00a0
exposures to the counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. \u00a0
For the calculation of LGD, the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the \u00a0
expected credit loss impairment, CVA is 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 \u00a0
cost or benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected \u00a0
future exposures. ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a \u00a0
function of expected collateral balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2025, CVA, FVA and ColVA came to a net amount of DKK 51 million (2024: DKK 173 million), including the adjustment for \u00a0
credit 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 \u00a0
prices and makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the \u00a0
end of 2025, these fair value adjustments totalled DKK 99 million (2024: DKK 106 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 \u00a0
fair value hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an \u00a0
ongoing basis. At the end of 2025, the reserve totalled DKK 1 million (2024: 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- \u00a0
observable input and actual cost (day-one profit or loss), and the difference is not the result of transaction costs, the Group adjusts \u00a0
model parameters to actual cost to take the initial margin into account. Accordingly, the valuation of derivatives includes amortisation \u00a0
of the value of initial margins over the remaining term to maturity. The initial margins relate to elements not covered by the above CVA \u00a0
and FVA adjustments, such as future administrative expenses and capital consumption. \u00a0
Unamortised initial margins \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Unamortised initial margins at 1 January \u00a0
1,229 \u00a0
1,176 \u00a0
Amortised to the income statement during the year \u00a0
-540 \u00a0
-455 \u00a0
Initial margins on new derivatives contracts \u00a0
601 \u00a0
608 \u00a0
Terminated derivatives contracts \u00a0
-78 \u00a0
-100 \u00a0
Unamortised initial margins as at 31 December \u00a0
Financial instruments valued on the basis of non-observable input \u00a0
The tables below shows financial instruments valued on the basis of non-observable input. \u00a0
Financial instruments valued on the basis of non-observable 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 2025 \u00a0
Unlisted shares allocated to insurance contract policyholders \u00a0
35,343 \u00a0
-
-683 \u00a0
-
-147 \u00a0
Unlisted shares other \u00a0
626 \u00a0
63 \u00a0
63 \u00a0
50 \u00a0
-37 \u00a0
Illiquid bonds \u00a0
1,898 \u00a0
26 \u00a0
26 \u00a0
-194 \u00a0
-
Derivatives, net fair value \u00a0
-86 \u00a0
-
-
-570 \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
-
-
615 \u00a0
-
For unlisted shares allocated to insurance contract policyholders, the policyholders assume most of the risk on the shares. \u00a0
Therefore, changes in the fair value of those shares will only to a limited extent affect the Group\u2019s net profit. The Group\u2019s remaining \u00a0
portfolio of unlisted shares consists primarily of banking-related investments and holdings in private equity funds. The sensitivity of \u00a0
the fair value measurement to changes in the unobservable input disclosed in the table is calculated as a 10 % increase or 10 % \u00a0
decrease in fair value. Under current market conditions, an additional 10% decrease in the fair value is considered to be a \u00a0
conservative adjustment compared to the estimated unrealised fair value at the end of the period. \u00a0
The estimated fair value of illiquid bonds depends significantly on the estimated credit spread. In the table, the sensitivity of the fair \u00a0
value 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 \u00a0
hedging the credit risk on bonds also valued on the basis of non-observable input. Changing one or more of the non-observable inputs \u00a0
to reflect reasonable, possible alternative assumptions would not change the fair value of the derivatives significantly above what is \u00a0
already covered by the reserve related to fair value adjustment for model risk. \u00a0
Reconciliation from beginning to end of period \u00a0
31 December 2025 \u00a0
31 December 2024 \u00a0
(DKK millions) \u00a0
Shares
Bonds
Derivatives \u00a0
Shares
Bonds
Derivatives \u00a0
Fair value at 1 January \u00a0
37,551 \u00a0
2,103 \u00a0
1,171 \u00a0
35,308 \u00a0
2,458 \u00a0
12 \u00a0
Value adjustment through profit or loss \u00a0
-817 \u00a0
-194 \u00a0
-570 \u00a0
2,274 \u00a0
-1,398 \u00a0
615 \u00a0
Acquisitions \u00a0
4,357 \u00a0
84 \u00a0
-195 \u00a0
3,658 \u00a0
372 \u00a0
707 \u00a0
Sale and redemption \u00a0
-5,121 \u00a0
-95 \u00a0
-516 \u00a0
-3,856 \u00a0
-21 \u00a0
-105 \u00a0
Transferred from quoted prices and observable input \u00a0
-
-
167 \u00a0
-
692 \u00a0
-
Transferred to quoted prices and observable input \u00a0
-
24 \u00a0
-
-
-58 \u00a0
-
Fair value end of period \u00a0
-86 \u00a0
The value adjustment through profit or loss is recognised under Net trading income or loss. The transfer of derivatives to the \u00a0
observable input 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 \u00a0
market prices, if available. If quoted prices are not available, the value is approximated to reflect the price that would have been fixed \u00a0
had the terms 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 \u00a0
exist, the 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 \u00a0
relating to 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 \u00a0
Group. The rate is adjusted only upon certain changes in market conditions. Such deposits and loans are considered to carry \u00a0
interest at a variable rate, as the standard variable rate fixed by the Group at any time applies to both new and existing \u00a0
arrangements. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1110": { "value": "
G2. Changes in accounting policies and restatements \u00a0
(a) Changes in accounting policies \u00a0
Amendment to IAS 21, The Effects of Changes in Foreign Exchange Rates \u00a0
The amendment to IAS 21 requires an entity to apply a consistent approach to assessing whether a currency is exchangeable into \u00a0
another currency and, when it is not, to determine the exchange rate to be used. The amendment also details the disclosures that are \u00a0
required if a currency is not exchangeable. The amendment has no impact on the financial statements. \u00a0
(b) Correction of liabilities under insurance contracts (part of Insurance liabilities) \u00a0
In continuation of the FSA's functional inspection of health and accident insurance, Danica identified material misinterpretations of \u00a0
data used in connection with calculating technical provisions for health and accident insurance. The misinterpretations have \u00a0
significantly affected Insurance contract liabilities in 2024 and in previous years. The Group has therefore restated the comparatives \u00a0
for 2023 or the opening balance of 2024, where it was not possible to make adjustment further back in time than 1 January 2024. \u00a0
This results in a decrease in the Group\u2019s equity of DKK 1.1 billion as at 1 January 2024. The impact of this change on the Group\u2019s result \u00a0
in 2024 is not material, and therefore Net profit in 2024 has not been adjusted. Similarly, earnings per share and diluted earnings per \u00a0
share in 2024 have not been restated. The following table shows the impact of the adjustments described above. Line items not \u00a0
included in the table have not been affected by the restatement. \u00a0
(DKK millions) \u00a0
31 December 2023 \u00a0
Adjustment \u00a0
1 January 2024 \u00a0
Assets \u00a0
Total assets \u00a0
3,729,292 \u00a0
-
3,729,292 \u00a0
Liabilities \u00a0
Insurance liabilities \u00a0
482,630 \u00a0
1,510 \u00a0
484,140 \u00a0
Tax liabilities \u00a0
1,557 \u00a0
-393 \u00a0
1,164 \u00a0
Total liabilities \u00a0
3,553,552 \u00a0
1,117 \u00a0
3,554,670 \u00a0
Equity \u00a0
-
Retained earnings \u00a0
163,596 \u00a0
-1,117 \u00a0
162,479 \u00a0
Total equity \u00a0
175,739 \u00a0
-1,117 \u00a0
174,622 \u00a0
Total liabilities and equity \u00a0
-
Restated 31 \u00a0
(DKK millions) \u00a0
31 December 2024 \u00a0
Adjustment \u00a0
December 2024 \u00a0
Assets \u00a0
Total assets \u00a0
3,716,042 \u00a0
-
3,716,042 \u00a0
Liabilities \u00a0
Insurance liabilities \u00a0
529,793 \u00a0
1,510 \u00a0
531,303 \u00a0
Tax liabilities \u00a0
2,225 \u00a0
-393 \u00a0
1,832 \u00a0
Total liabilities \u00a0
3,540,355 \u00a0
1,117 \u00a0
3,541,472 \u00a0
Equity \u00a0
-
Retained earnings \u00a0
158,157 \u00a0
-1,117 \u00a0
157,040 \u00a0
Total equity \u00a0
175,687 \u00a0
-1,117 \u00a0
174,570 \u00a0
Total liabilities and equity \u00a0
-
In the notes, all line items related to Insurance liabilities and Tax liabilities have been restated as at 31 December 2024 in the following \u00a0
notes: G3, G18, G21, G27 and G40. Furthermore, in the Highlights in note G40, Net profit and Total equity have also been adjusted by \u00a0
DKK 480 million for 2023, and ratios for 2023 have been recalculated accordingly. This results in a difference between equity as of 31 \u00a0
December 2023 in the Highlights in note G40 and equity as of 1 January 2024 in Changes in equity of DKK 637 million. \u00a0
In the financial statements for Danske Bank A/S, line items related to Holdings in group undertakings and equity have been restated \u00a0
by DKK 1.1 billion as at 31 December 2024. In addition, in the Highlights in note P30, Income from associates and group undertakings, \u00a0
Net profit, Total equity and Total assets have also been adjusted by DKK 480 million for 2023, and ratios for 2023 have been \u00a0
recalculated accordingly. \u00a0
Ratios for regulatory requirements in 2024 and 2023 have not been restated as a result of the changes described above, as the net \u00a0
impact on the Group\u2019s total capital and capital ratios is not material. Therefore the Group\u2019s total capital and capital ratios for 2024 will \u00a0
not be revised nor resubmitted to regulators, and remains as published in the Annual Report 2024. Therefore the following ratios \u00a0
throughout Annual Report 2025 that are not restated for 2024 and 2023 are: Total capital ratio, Total capital ratio, including \u00a0
conglomerate, Common equity tier 1 capital ratio, Tier 1 capital ratio and Sum of large exposures as % of CET1 capital. \u00a0
(c) Change in process of eliminations for fees \u00a0
During 2025, the Group refined the distribution of intra-Group eliminations between fee types, which has been applied retrospectively. \u00a0
Therefore Fee income and Fee expenses have both been decreased by DKK 2.0 billion for 2024. There is no impact on Net fee income \u00a0
nor net profit for 2024. \u00a0
(d) 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) 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 \u00a0
and disclosures for management-defined performance measures. IFRS 18 will replace IAS 1 and is effective for periods beginning on \u00a0
or after 1 January 2027. IFRS 18 is not yet endorsed by the EU. \u00a0
IFRS 18 introduces specific categories for the classification of income and expenses in the Income statement (Operating, Investing, \u00a0
Financing, Income taxes and Discontinued operations), which is determined by main business activities. The Group has assessed that \u00a0
it has both providing financing to customers and investing in assets as main business activities, and hence the majority of the Group\u2019s \u00a0
income and expenses are expected to be classified in the Operating category. \u00a0
IFRS 18 also introduces management-defined measures (MPMs), which are subtotals of income and expenses that are not defined in \u00a0
the IFRS standards but used in public communication.\u00a0A note is required showing a reconciliation between MPMs and the most \u00a0
directly comparable subtotals in the income statement. The Group is currently in the process of identifying MPMs. \u00a0
IFRS 18 will also have minor changes to the Balance sheet and Cash flow statement. However IFRS 18 will have no impact on the \u00a0
Group\u2019s net profit or equity on implementation. \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 \u00a0
system, assessing contractual cash flows of financial assets in respect of contingent events, disclosures relating to investments in \u00a0
equity instruments designated at FVOCI and disclosures for financial instruments with contingent features. The amendment is \u00a0
effective from 1 January 2026, and has been endorsed by the EU. \u00a0
The amendment regarding contractual cash flows is most relevant for the Group\u2019s loans with ESG features that are measured at \u00a0
amortised cost. To remain classified as amortised cost, the contractual cash flows before and after the triggering event (for example, \u00a0
meeting a contractually specified target) must pass the SPPI test, and the cash flows should not be significantly different from similar \u00a0
instruments without the contingent features. The Group\u2019s assessment is that this amendment is not expected to have a material \u00a0
impact on the classification and measurement of financial instruments, however there will need to be more disclosures for financial \u00a0
instruments with contingent features. \u00a0
Other \u00a0
IFRS 19, Subsidiaries without public accountability: disclosures and other amendments to IFRS 7 and IFRS 9 issued by IASB are not \u00a0
expected to materially impact the Bank\u2019s financial statements. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1123": { "value": "G3. Business segments \u00a0 (a) Business model and business segmentation \u00a0 Danske 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, \u00a0 mortgage finance, insurance, pension, real-estate brokerage, asset management and trading in fixed income products, foreign \u00a0 exchange and equities. The Group consists of a number of business units and support functions. The business units are segmented \u00a0 according to customers, products and services characteristics. \u00a0 The 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 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 \u00a0operations. \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 \u00a0 returns on own shares (that are held for trading) and issues. Group Treasury is responsible for the Group\u2019s liquidity management and \u00a0funding. \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 are 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 \u00a0expenses 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. \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. \u00a0In the following tables, Net income from insurance business is equivalent to Net insurance result in the IFRS financial statements, and \u00a0 Other income is equivalent to Total other income in the IFRS financial statements. \u00a0 Business segments 2025 \u00a0Large \u00a0Personal \u00a0BusinessCorporates\u00a0& \u00a0Northern \u00a0Group \u00a0(DKK millions) \u00a0CustomersCustomers \u00a0Institutions \u00a0Danica \u00a0IrelandFunctionsEliminations \u00a0Total \u00a0Net interest income \u00a013,004 \u00a011,820 \u00a08,257 \u00a0-3,358 \u00a0341 \u00a0-169 \u00a036,611 \u00a0Net fee income \u00a04,592 \u00a02,474 \u00a08,116 \u00a0309 \u00a0--171 \u00a0104 \u00a015,423 \u00a0Net trading income \u00a0108 \u00a030 \u00a02,205 \u00a0184 \u00a0-357 \u00a0-11 \u00a02,872 \u00a0Net income from insurance business \u00a0---1,357 \u00a0--1,357 \u00a0-Other income \u00a0119 \u00a0446 \u00a0613 \u00a0-3,056 \u00a0-3,064 \u00a0577 \u00a0Total income \u00a017,822 \u00a014,771 \u00a018,584 \u00a01,357 \u00a03,863 \u00a03,584 \u00a0-3,141 \u00a056,840 \u00a0Operating expenses \u00a09,292 \u00a05,684 \u00a07,440 \u00a01,591 \u00a0-4,801 \u00a0-2,960 \u00a025,848 \u00a0of which resolution fund, bank tax etc. \u00a031 \u00a082 \u00a0120 \u00a0-77 \u00a0-310 \u00a0-Profit before loan impairment charges \u00a08,530 \u00a09,086 \u00a011,144 \u00a01,357 \u00a02,272 \u00a0-1,217 \u00a0-181 \u00a030,992 \u00a0Loan impairment charges \u00a033 \u00a0-998 \u00a01,260 \u00a01--3 \u00a0294 \u00a0-Profit before tax \u00a08,497 \u00a010,085 \u00a09,883 \u00a01,357 \u00a02,271 \u00a0-1,214 \u00a0-181 \u00a030,699 \u00a0Loans, excluding reverse transactions \u00a0664,689 \u00a0689,496 \u00a0335,359 \u00a069,073 \u00a0-16,056 \u00a0-16,564 1,758,110 \u00a0Other assets \u00a0456,800 \u00a0190,168 \u00a02,753,243 607,075 \u00a067,186 4,819,007\u00a0-6,897,679 1,995,801 \u00a0Total assets \u00a01,121,489 \u00a0879,665 \u00a03,088,602 607,075\u00a0136,259 4,835,064\u00a0-6,914,243 3,753,911 \u00a0Deposits, excluding repo deposits \u00a0401,463 \u00a0264,013 \u00a0331,121 115,227\u00a010,092 -12,163\u00a01,109,754 \u00a0-Other liabilities \u00a0692,508 \u00a0569,832 \u00a02,715,540 587,629\u00a014,666 4,784,900\u00a0-6,902,080 2,462,994 \u00a0Allocated capital \u00a027,517 \u00a045,819 \u00a041,942 19,447\u00a06,365 40,072\u00a0181,162 \u00a0-Total liabilities and equity \u00a01,121,489 \u00a0879,665 \u00a03,088,602 607,075\u00a0136,259 4,835,064\u00a0-6,914,243 3,753,911 \u00a0Profit before tax as % p.a. of allocated \u00a0capital (avg.) \u00a031.6 \u00a021.6 \u00a024.2 \u00a07.1 \u00a033.3 \u00a0-2.8 \u00a0-17.4 \u00a0Cost/income ratio (%) \u00a052.1 \u00a038.5 \u00a040.0 \u00a0-41.2 \u00a0--45.5 \u00a0Full-time-equivalent staff, end of \u00a0period \u00a0984 \u00a0- Business segments 2024 \u00a0Large \u00a0Personal \u00a0BusinessCorporates\u00a0& \u00a0Northern \u00a0Group \u00a0(DKK millions) \u00a0CustomersCustomers \u00a0Institutions \u00a0Danica* \u00a0IrelandFunctionsEliminations \u00a0Total* \u00a0Net interest income \u00a014,042 \u00a011,434 \u00a07,164 \u00a0-3,025 \u00a01,227 \u00a0-195 \u00a036,697 \u00a0Net fee income \u00a04,764 \u00a02,303 \u00a07,645 \u00a0320 \u00a0--345 \u00a0224 \u00a014,912 \u00a0Net trading income \u00a0134 \u00a031 \u00a02,365 \u00a0154 \u00a0--2,145 \u00a02,129 \u00a02,668 \u00a0Net income from insurance business \u00a0---1,387 \u00a0--1,387 \u00a0-Other income \u00a0114 \u00a0639 \u00a0191 \u00a012 \u00a0-2,442 \u00a0-2,659 \u00a0741 \u00a0Total income \u00a019,054 \u00a014,408 \u00a017,365 \u00a01,387 \u00a03,511 \u00a01,180 \u00a0-501 \u00a056,405 \u00a0Operating expenses \u00a09,774 \u00a05,501 \u00a07,460 \u00a01,580 \u00a0-3,995 \u00a0-2,575 \u00a025,736 \u00a0of which resolution fund, bank tax etc. \u00a0150 \u00a0226 \u00a0459 \u00a0-71 \u00a0-906 \u00a0-Profit before loan impairment charges \u00a09,280 \u00a08,907 \u00a09,905 \u00a01,387 \u00a01,931 \u00a0-2,815 \u00a02,074 \u00a030,669 \u00a0Loan impairment charges \u00a0-440 \u00a0218 \u00a0-233 \u00a0-86 \u00a0--2 \u00a0-543 \u00a0-Profit before tax \u00a09,720 \u00a08,690 \u00a010,138 \u00a01,387 \u00a02,017 \u00a0-2,813 \u00a02,074 \u00a031,212 \u00a0Loans, excluding reverse transactions \u00a0655,785 \u00a0655,646 \u00a0303,376 \u00a063,266 \u00a0-16,567 \u00a0-19,959 1,674,680 \u00a0Other assets \u00a0444,773 \u00a0175,777 \u00a03,003,255 595,335 \u00a066,842 5,215,052\u00a0-7,459,671 2,041,362 \u00a0Total assets \u00a01,100,559 \u00a0831,423 \u00a03,306,631 595,335\u00a0130,108 5,231,618\u00a0-7,479,630 3,716,042 \u00a0Deposits, excluding repo deposits \u00a0383,544 \u00a0251,446 \u00a0355,760 108,504\u00a09,780 -14,398\u00a01,094,635 \u00a0-Other liabilities \u00a0691,488 \u00a0538,204 \u00a02,909,686 575,948\u00a015,152 5,181,592\u00a0-7,465,233 2,446,837 \u00a0Allocated capital \u00a025,527 \u00a041,774 \u00a041,185 19,386\u00a06,451 40,246\u00a0174,570 \u00a0-Total liabilities and equity \u00a01,100,559 \u00a0831,423 \u00a03,306,631 595,335\u00a0130,108 5,231,618\u00a0-7,479,630 3,716,042 \u00a0Profit before tax as % p.a. of allocated \u00a0capital (avg.) \u00a032.5 \u00a020.6 \u00a025.0 \u00a07.3 \u00a031.0 \u00a0-6.6 \u00a0-17.9 \u00a0Cost/income ratio (%) \u00a051.3 \u00a038.2 \u00a043.0 \u00a0-45.0 \u00a0--45.6 \u00a0Full-time-equivalent staff, end of \u00a0period \u00a0940 \u00a0- * Comparative information has been restated as described in note G2(b). \u00a0 (b) Total income broken down by type of product \u00a0(DKK millions) \u00a02025 \u00a02024 \u00a0Corporate and commercial banking \u00a026,811 \u00a025,792 \u00a0Personal and private banking \u00a019,549 \u00a020,705 \u00a0Trading \u00a05,402 \u00a04,641 \u00a0Asset management \u00a03,277 \u00a03,201 \u00a0Insurance \u00a01,357 \u00a01,387 \u00a0Other \u00a0443 \u00a0679 \u00a0Total \u00a0 Corporate and commercial banking comprises interest and fee income from corporate and commercial banking products and \u00a0 services. Personal and private banking comprises interest and fee income from financing products, savings products and from retail \u00a0 banking (in the form of personal loans, cards and deposits). Trading comprises income from fixed income and foreign exchange \u00a0 products and equities, including brokerage. Asset management comprises income from the management of assets. Insurance \u00a0 comprises income at Danica from the contracts issued by Danica. \u00a0 Danske Bank Group does not have any single customer that generates 10% or more of the Group\u2019s total income. \u00a0(c) Geographical segmentation \u00a0 The geographical segmentation of income from external customers is shown in compliance with IFRS Accounting Standards and does \u00a0 not reflect the Group\u2019s management structure. The geographical segmentation below reflects the customer\u2019s country of residence, \u00a0except trading income, which is broken down by the country in which the activities are carried out. Management believes that the \u00a0 business segmentation provides a more informative description of the Group\u2019s activities. \u00a0Total income from external customers, by geographical segmentation \u00a0(DKK millions) \u00a02025 \u00a02024 \u00a0Denmark \u00a031,763 \u00a033,154 \u00a0Sweden \u00a08,719 \u00a07,460 \u00a0Norway \u00a04,463 \u00a04,493 \u00a0Finland \u00a06,556 \u00a06,220 \u00a0UK \u00a04,237 \u00a03,936 \u00a0Other \u00a01,102 \u00a01,143 \u00a0Total \u00a0", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1178": { "value": "
Personal Customers serves personal customers and Private Banking customers in Denmark, Sweden 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 \u00a0
returns on own shares (that are held for trading) and issues. Group Treasury is responsible for the Group\u2019s liquidity management and \u00a0
funding. \u00a0
In the following tables, Net income from insurance business is equivalent to Net insurance result in the IFRS financial statements, and \u00a0
Other income is equivalent to Total other income in the IFRS financial statements. \u00a0
Business segments 2025 \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
(DKK millions) \u00a0
Customers
Customers \u00a0
Institutions \u00a0
Danica \u00a0
Ireland
Functions
Eliminations \u00a0
Total \u00a0
Net interest income \u00a0
13,004 \u00a0
11,820 \u00a0
8,257 \u00a0
-
3,358 \u00a0
341 \u00a0
-169 \u00a0
36,611 \u00a0
Net fee income \u00a0
4,592 \u00a0
2,474 \u00a0
8,116 \u00a0
309 \u00a0
-
-171 \u00a0
104 \u00a0
15,423 \u00a0
Net trading income \u00a0
108 \u00a0
30 \u00a0
2,205 \u00a0
184 \u00a0
-
357 \u00a0
-11 \u00a0
2,872 \u00a0
Net income from insurance business \u00a0
-
-
-
1,357 \u00a0
-
-
1,357 \u00a0
-
Other income \u00a0
119 \u00a0
446 \u00a0
6
13 \u00a0
-
3,056 \u00a0
-3,064 \u00a0
577 \u00a0
Total income \u00a0
17,822 \u00a0
14,771 \u00a0
18,584 \u00a0
1,357 \u00a0
3,863 \u00a0
3,584 \u00a0
-3,141 \u00a0
56,840 \u00a0
Operating expenses \u00a0
9,292 \u00a0
5,684 \u00a0
7,440 \u00a0
1,591 \u00a0
-
4,801 \u00a0
-2,960 \u00a0
25,848 \u00a0
of which resolution fund, bank tax etc. \u00a0
31 \u00a0
82 \u00a0
120 \u00a0
-
77 \u00a0
-
310 \u00a0
-
Profit before loan impairment charges \u00a0
8,530 \u00a0
9,086 \u00a0
11,144 \u00a0
1,357 \u00a0
2,272 \u00a0
-1,217 \u00a0
-181 \u00a0
30,992 \u00a0
Loan impairment charges \u00a0
33 \u00a0
-998 \u00a0
1,260 \u00a0
1
-
-3 \u00a0
294 \u00a0
-
Profit before tax \u00a0
8,497 \u00a0
10,085 \u00a0
9,883 \u00a0
1,357 \u00a0
2,271 \u00a0
-1,214 \u00a0
-181 \u00a0
30,699 \u00a0
Loans, excluding reverse transactions \u00a0
664,689 \u00a0
689,496 \u00a0
335,359 \u00a0
69,073 \u00a0
-
16,056 \u00a0
-16,564 1,758,110 \u00a0
Other assets \u00a0
456,800 \u00a0
190,168 \u00a0
2,753,243 607,075 \u00a0
67,186 4,819,007\u00a0-6,897,679 1,995,801 \u00a0
Total assets \u00a0
1,121,489 \u00a0
879,665 \u00a0
3,088,602 607,075\u00a0136,259 4,835,064\u00a0-6,914,243 3,753,911 \u00a0
Deposits, excluding repo deposits \u00a0
401,463 \u00a0
264,013 \u00a0
331,121 115,227\u00a010,092 -12,163\u00a01,109,754 \u00a0
-
Other liabilities \u00a0
692,508 \u00a0
569,832 \u00a0
2,715,540 587,629\u00a014,666 4,784,900\u00a0-6,902,080 2,462,994 \u00a0
Allocated capital \u00a0
27,517 \u00a0
45,819 \u00a0
41,942 19,447\u00a06,365 40,072\u00a0181,162 \u00a0
-
Total liabilities and equity \u00a0
1,121,489 \u00a0
879,665 \u00a0
3,088,602 607,075\u00a0136,259 4,835,064\u00a0-6,914,243 3,753,911 \u00a0
Profit before tax as % p.a. of allocated \u00a0
capital (avg.) \u00a0
31.6 \u00a0
21.6 \u00a0
24.2 \u00a0
7.1 \u00a0
33.3 \u00a0
-2.8 \u00a0
-
17.4 \u00a0
Cost/income ratio (%) \u00a0
52.1 \u00a0
38.5 \u00a0
40.0 \u00a0
-
41.2 \u00a0
-
-
45.5 \u00a0
Full-time-equivalent staff, end of \u00a0
period \u00a0
984 \u00a0
-
Business segments 2024 \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
(DKK millions) \u00a0
Customers
Customers \u00a0
Institutions \u00a0
Danica* \u00a0
Ireland
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 1,674,680 \u00a0
Other assets \u00a0
444,773 \u00a0
175,777 \u00a0
3,003,255 595,335 \u00a0
66,842 5,215,052\u00a0-7,459,671 2,041,362 \u00a0
Total assets \u00a0
1,100,559 \u00a0
831,423 \u00a0
3,306,631 595,335\u00a0130,108 5,231,618\u00a0-7,479,630 3,716,042 \u00a0
Deposits, excluding repo deposits \u00a0
383,544 \u00a0
251,446 \u00a0
355,760 108,504\u00a09,780 -14,398\u00a01,094,635 \u00a0
-
Other liabilities \u00a0
691,488 \u00a0
538,204 \u00a0
2,909,686 575,948\u00a015,152 5,181,592\u00a0-7,465,233 2,446,837 \u00a0
Allocated capital \u00a0
25,527 \u00a0
41,774 \u00a0
41,185 19,386\u00a06,451 40,246\u00a0174,570 \u00a0
-
Total liabilities and equity \u00a0
1,100,559 \u00a0
831,423 \u00a0
3,306,631 595,335\u00a0130,108 5,231,618\u00a0-7,479,630 3,716,042 \u00a0
Profit before tax as % p.a. of allocated \u00a0
capital (avg.) \u00a0
32.5 \u00a0
20.6 \u00a0
25.0 \u00a0
7.3 \u00a0
31.0 \u00a0
-6.6 \u00a0
-
17.9 \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 \u00a0
period \u00a0
940 \u00a0
-
* Comparative information has been restated as described in note G2(b). \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is \u00a0
obtaining collateral. The table showing collateral by type (after haircut) is included. The mitigating effect from collateral at the \u00a0
end of December 2025 can be found as the difference between the columns \u2018Net exposure\u2019 and \u2018Net exposure, ex collateral\u2019 and \u00a0
amounted to DKK 1,352.4 billion at 31 December 2025 (31 December 2024: DKK 1,319.9 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 2025 \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
449.4 \u00a0
20.3 \u00a0
6.1 \u00a0
0.7 \u00a0
0.7 \u00a0
1.3 \u00a0
448.7 \u00a0
19.6 \u00a0
4.8 \u00a0
77.2 \u00a0
1.8 \u00a0
-
Personal Customers Sweden \u00a0
103.7 \u00a0
2.6 \u00a0
0.5 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
103.6 \u00a0
2.5 \u00a0
0.4 \u00a0
31.3 \u00a0
0.4 \u00a0
-
Personal Customers Finland \u00a0
75.9 \u00a0
5.9 \u00a0
2.0 \u00a0
0.1 \u00a0
0.2 \u00a0
0.6 \u00a0
75.8 \u00a0
5.8 \u00a0
1.5 \u00a0
5.7 \u00a0
0.4 \u00a0
-
Global Private Banking \u00a0
76.8 \u00a0
3.8 \u00a0
0.7 \u00a0
0.1 \u00a0
0.3 \u00a0
0.2 \u00a0
76.7 \u00a0
3.5 \u00a0
0.6 \u00a0
13.8 \u00a0
0.5 \u00a0
0.1 \u00a0
Personal Customers Other \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Total Personal Customers \u00a0
705.8 \u00a0
32.6 \u00a0
9.4 \u00a0
1.0 \u00a0
1.3 \u00a0
2.2 \u00a0
704.8 \u00a0
31.3 \u00a0
7.2 \u00a0
128.1 \u00a0
3.1 \u00a0
0.1 \u00a0
Business Customers \u00a0
Asset Finance \u00a0
53.1 \u00a0
10.2 \u00a0
1.7 \u00a0
0.1 \u00a0
0.3 \u00a0
0.5 \u00a0
53.0 \u00a0
9.9 \u00a0
1.2 \u00a0
20.1 \u00a0
2.4 \u00a0
0.1 \u00a0
Business Customers \u00a0
277.2 \u00a0
39.1 \u00a0
8.8 \u00a0
0.7 \u00a0
3.2 \u00a0
3.6 \u00a0
276.5 \u00a0
36.0 \u00a0
5.3 \u00a0
110.9 \u00a0
15.2 \u00a0
0.9 \u00a0
Commercial Real Estate \u00a0
410.4 \u00a0
17.9 \u00a0
2.6 \u00a0
0.4 \u00a0
0.6 \u00a0
0.4 \u00a0
409.9 \u00a0
17.4 \u00a0
2.2 \u00a0
67.7 \u00a0
2.7 \u00a0
0.4 \u00a0
Business Customers Other \u00a0
0.4 \u00a0
-
-
-
-
-
0.4 \u00a0
-
-
0.4 \u00a0
-
-
Total Business Customers \u00a0
741.1 \u00a0
67.3 \u00a0
13.2 \u00a0
1.2 \u00a0
4.0 \u00a0
4.5 \u00a0
739.8 \u00a0
63.3 \u00a0
8.7 \u00a0
199.0 \u00a0
20.3 \u00a0
1.3 \u00a0
Large Corporates & Institutions \u00a0
619.6 \u00a0
52.4 \u00a0
6.7 \u00a0
0.3 \u00a0
2.1 \u00a0
2.3 \u00a0
619.2 \u00a0
50.4 \u00a0
4.4 \u00a0
540.1 \u00a0
42.2 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
101.0 \u00a0
3.5 \u00a0
1.4 \u00a0
0.3 \u00a0
0.1 \u00a0
0.4 \u00a0
100.8 \u00a0
3.4 \u00a0
1.0 \u00a0
47.5 \u00a0
0.5 \u00a0
-
Group Functions \u00a0
195.0 \u00a0
0.1 \u00a0
-
-
-
-
195.0 \u00a0
-
-
192.6 \u00a0
-
-
Total \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
-
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
0.7 \u00a0
0.2 \u00a0
0.3 \u00a0
-
-
0.1 \u00a0
0.7 \u00a0
0.2 \u00a0
0.2 \u00a0
0.3 \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
* Personal Customers Other includes credit exposure that was previously reported as Personal Customers Norway in Annual Report 2024. \u00a0
There is no change to total credit exposure as at 31 December 2024. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1179": { "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 are 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1209": { "value": "
G4. Activities by country \u00a0
Under CRD 4, 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 \u00a0
geographical segmentation presented in note G3(c), in which segmentation is based on the customer\u2019s country of residence. The \u00a0
Group has not received 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 \u00a0
(banking, trading and asset management activities), Realkredit Danmark (mortgage finance), Danske Mortgage Bank (mortgage \u00a0
finance), Danske Hypotek (mortgage finance), Northern Bank (banking), Danica (life insurance) and Danske Leasing A/S (leasing). Note \u00a0
G36 discloses the company names 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
Other activities include: Group support functions, real-estate brokerage and activities taken over by the Group under non-performing-loan \u00a0
agreements. \u00a0
In the following tables, Income is defined as interest income, fee and commission income and other operating income. \u00a0
Activities by country \u00a0
Income \u00a0
Full-time- \u00a0
Profit before tax \u00a0
Tax on profit \u00a0
2025 \u00a0
(DKK millions) \u00a0
equivalent staff \u00a0
(DKK millions) \u00a0
(DKK millions) \u00a0
Denmark \u00a0
43,980 \u00a0
9,988 \u00a0
16,866 \u00a0
4,614 \u00a0
Finland \u00a0
11,481 \u00a0
1,610 \u00a0
3,299 \u00a0
660 \u00a0
Sweden \u00a0
16,049 \u00a0
1,434 \u00a0
4,406 \u00a0
946 \u00a0
Norway \u00a0
10,002 \u00a0
618 \u00a0
2,957 \u00a0
740 \u00a0
United Kingdom \u00a0
6,475 \u00a0
1,316 \u00a0
2,406 \u00a0
610 \u00a0
Ireland \u00a0
1,204 \u00a0
44 \u00a0
400 \u00a0
7
Lithuania \u00a0
2,930 \u00a0
4,504 \u00a0
85 \u00a0
28 \u00a0
Luxembourg \u00a0
1,298 \u00a0
17 \u00a0
90 \u00a0
21 \u00a0
Poland \u00a0
286 \u00a0
480 \u00a0
160 \u00a0
31 \u00a0
USA \u00a0
62 \u00a0
16 \u00a0
29 \u00a0
6
Total \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
39,818 \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
7,277 \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
Total \u00a0
* Fee income and fee expenses in 2024 have been restated as described in note G2(c). There is no impact on Net fee income or Net profit for \u00a0
2024. \u00a0
G27. 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
2025 \u00a0
2024* \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
137,181 \u00a0
-
107,498 \u00a0
-
Due from credit institutions and central banks \u00a0
114,795 \u00a0
1,797 \u00a0
137,635 \u00a0
5,934 \u00a0
Trading portfolio assets \u00a0
289,536 \u00a0
155,445 \u00a0
352,853 \u00a0
178,978 \u00a0
Investment securities \u00a0
103,444 \u00a0
193,294 \u00a0
97,140 \u00a0
171,978 \u00a0
Loans at amortised cost \u00a0
282,410 \u00a0
739,871 \u00a0
258,166 \u00a0
663,734 \u00a0
Loans at fair value \u00a0
341,386 \u00a0
719,540 \u00a0
344,148 \u00a0
730,636 \u00a0
Assets under pooled schemes and investments contracts \u00a0
-
76,809 \u00a0
-
76,173 \u00a0
Insurance assets \u00a0
21,965 \u00a0
533,539 \u00a0
28,234 \u00a0
520,677 \u00a0
Intangible assets \u00a0
7,872 \u00a0
-
-
6,737 \u00a0
Tax assets \u00a0
5,018 \u00a0
876 \u00a0
4,784 \u00a0
1,030 \u00a0
Other assets** \u00a0
16,969 \u00a0
12,166 \u00a0
17,240 \u00a0
12,467 \u00a0
Total \u00a0
1,312,703 \u00a0
2,441,208 \u00a0
1,347,697 \u00a0
2,368,344 \u00a0
Liabilities \u00a0
Due to credit institutions and central banks \u00a0
215,064 \u00a0
2,358 \u00a0
211,823 \u00a0
2,541 \u00a0
Trading portfolio liabilities \u00a0
54,387 \u00a0
232,449 \u00a0
86,496 \u00a0
271,011 \u00a0
Deposits \u00a0
287,153 \u00a0
957,429 \u00a0
265,143 \u00a0
908,639 \u00a0
Issued bonds at fair value \u00a0
171,424 \u00a0
568,911 \u00a0
137,282 \u00a0
609,275 \u00a0
Issued bonds at amortised cost, including Non-preferred senior bonds \u00a0
118,309 \u00a0
241,228 \u00a0
108,761 \u00a0
223,928 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
12,584 \u00a0
64,455 \u00a0
13,424 \u00a0
63,183 \u00a0
Insurance liabilities \u00a0
41,492 \u00a0
509,595 \u00a0
53,671 \u00a0
477,632 \u00a0
Tax liabilities \u00a0
1,457 \u00a0
1,357 \u00a0
1,007 \u00a0
825 \u00a0
Other liabilities \u00a0
58,880 \u00a0
3,928 \u00a0
61,969 \u00a0
4,063 \u00a0
Subordinated debt \u00a0
-
30,289 \u00a0
-
40,798 \u00a0
Total \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
** Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
Deposits include fixed-term deposits and demand deposits. Fixed-term deposits are recognised according to maturity. Demand \u00a0
deposits have short contractual maturities but are considered a stable funding source with an expected maturity of more than one \u00a0
year. \u00a0
G28. 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 \u00a0
maturity analysis is based on the earliest date on which the Group can be required to pay and does not reflect the expected due date. \u00a0
The section on liquidity risk in note G39 provides information about the Group\u2019s liquidity risk and liquidity risk management. \u00a0
(DKK millions) \u00a0
0-1 month \u00a0
1-3 months
3-12 months \u00a0
1-5 years \u00a0
> 5 years \u00a0
2025 \u00a0
Due to credit institutions and central banks \u00a0
182,245 \u00a0
30,932 \u00a0
6,774 \u00a0
1,515 \u00a0
1,231 \u00a0
Deposits \u00a0
1,130,973 \u00a0
63,797 \u00a0
35,222 \u00a0
10,527 \u00a0
8,538 \u00a0
Repurchase obligation under reverse transactions \u00a0
106,465 \u00a0
-
-
-
-
Issued bonds at fair value \u00a0
94,479 \u00a0
73 \u00a0
91,495 \u00a0
385,558 \u00a0
287,700 \u00a0
Issued bonds at amortised cost \u00a0
18,511 \u00a0
14,636 \u00a0
88,250 \u00a0
225,536 \u00a0
55,313 \u00a0
Subordinated debt \u00a0
98 \u00a0
197 \u00a0
885 \u00a0
36,822 \u00a0
30,289 \u00a0
Other financial liabilities \u00a0
813 \u00a0
1,946 \u00a0
9,825 \u00a0
25,135 \u00a0
39,320 \u00a0
Financial and loss guarantees \u00a0
99,670 \u00a0
-
-
-
-
Loan commitments shorter than 1 year \u00a0
206,636 \u00a0
-
-
-
-
Loan commitments longer than 1 year \u00a0
244,547 \u00a0
-
-
-
-
Other unutilised loan commitments \u00a0
34 \u00a0
-
-
-
-
Total \u00a0
2,084,470 \u00a0
111,580 \u00a0
232,451 \u00a0
685,094 \u00a0
422,390 \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
(a) Further explanation \u00a0
Disclosures comprise agreed payments, including principal and interest. For liabilities with variable cash flows, for example variable- \u00a0
rate 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 \u00a0
disbursed largely equal deposits received. A number of loan commitments and guarantees expire without being utilised. Loan \u00a0
commitments and guarantees are included at the earliest date on which the Group can be required to pay. To take into account \u00a0
potential drawings under loan commitments, the Group factors in the effect of the unutilised portion of the facilities in the calculation \u00a0
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 \u00a0
break down the earliest dates on which such conditions are met by maturity time bands, all guarantees are included in the 0-1 month \u00a0
column. \u00a0
The table excludes investment commitments in Danica of DKK 14,372 million (2024: 16,655 million). The investment commitments \u00a0
relate primarily to commitments to participate in alternative investments where the insurance policyholders assume the majority of \u00a0
the risks on the investments. \u00a0
G38. 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 \u00a0
unconsolidated investment funds managed by the Group totalled DKK 1,008.8 billion (2024: DKK 875.5 billion). The Group retained \u00a0
holdings of DKK 196.2 billion (2024: DKK 167.1 billion) in these funds. Substantially all of these holdings are related to pooled schemes, \u00a0
investment contracts and insurance contracts. Income generated to the Group in the form of management fees amounted to \u00a0
DKK 4.0 billion (2024: DKK 3.7 billion). In addition, the Group has holdings in private equity investment funds of DKK 0.1 billion (2024: \u00a0
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 \u00a0
the Group acted as an investor. This involved the purchase of bonds and entering into facilities for securitisation assets that were \u00a0
either 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 \u00a0
orginator, and none of the assets of the structured entities were previously held on the Group's balance sheet. The remaining \u00a0
exposure consists mainly of liquidity facilities and is reported as part of the credit exposure in Non-core (part of Group Functions). At \u00a0
the end of 2025, the gross exposure amounted to DKK 2.3 billion (2024: DKK 2.5 billion). During the year, the Group did not provide any \u00a0
non-contractual financial or other support to any of the structural entities. The key risk on the portfolio relates to the underlying \u00a0
securitisation transactions, which consist mainly of commercial and 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 \u00a0
market risk and insurance risk. In addition, the operations of Danica are exposed to non-financial risk as well as sustainability and \u00a0
conduct risk. The Group runs its life insurance operations with the aim of providing best-in-class services to customers, while at the \u00a0
same time maintaining a predictable risk profile. The Group is also subject to internal pension risk through its defined benefit plans \u00a0
established for current and former employees. \u00a0
Danske Bank\u2019s financial results are affected by Danica\u2019s financial position. Earnings from Danica consist mainly of the risk allowance \u00a0
from with-profits policies, earnings from unit-linked products and from health and accident products, and the investment return on \u00a0
Danica\u2019s equity capital. \u00a0
The life insurance risk framework is governed by Danica\u2019s Board of Directors. Danica\u2019s risk management function monitors various \u00a0
risk types and limits on a daily basis. Items monitored include limits set by Danica\u2019s Board of Directors for its asset-liability \u00a0
management (ALM), solvency position and own funds loss exposure in a risk scenario defined by Danica\u2019s Board of Directors. The risk \u00a0
management function also follows up on investment limits, calculates key risk figures/ratios for ALM purposes and performs capital \u00a0
projections for Danica. \u00a0
Operating under Solvency II regulations, Danica provides pensions as well as life and health insurance products in Denmark. As part of \u00a0
its product offerings, Danica provides benefits and life annuities on retirement, insurance against death, disability and accident. \u00a0
Danica no longer writes new business on guaranteed benefits and annuities but have large portfolio on existing customers in these \u00a0
products. This exposes Danica to insurance risks (such as lapse, 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 \u00a0
assets and liabilities are not fully exposed to the same types of market risk. Pension-related market risk primarily covers changing \u00a0
market conditions, such as changes in interest rates, equity prices, property values, exchange rates and credit spreads. Pension- \u00a0
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 \u00a0
Danish 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 \u00a0
provisions 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 policyholders 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 \u00a0
pension-related 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 \u00a0
of with-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 \u00a0
are divided into homogeneous interest rate groups on basis of the technical rates, and each group has its own investment strategy \u00a0
and asset allocation. In each interest rate group, customers participate in a collective investment pool that covers a range of different \u00a0
assets (such as 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 \u00a0
buffer accounts owned by the policyholders. The balances of these buffer accounts are gradually transferred to the individual \u00a0
customer accounts in subsequent years by means of a bonus allocation mechanism. This means that high investment returns may \u00a0
lead to higher benefits than those 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 \u00a0
and based primarily on EUR swap rates plus the Volatility Adjustment spread, which is based on the yields on Danish mortgage, credit \u00a0
and government bonds. The level of the long end of the discount curve, for which no reliable market data is available, is determined by \u00a0
the European Insurance 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 \u00a0
liabilities. This will be the case if, for example, investment returns become sufficiently negative (reducing the asset values) or if the \u00a0
level of the discount curve, other things being equal, falls (increasing the value of the liabilities). Hence, the market risk on investments \u00a0
is carried by the policyholders to the extent that the negative returns can be covered by the collective buffer accounts. Once the \u00a0
buffer accounts have been depleted, negative investment returns on customer savings will force Danica to step in with funds to \u00a0
ensure that it is possible to provide the benefits guaranteed to the policyholders. In that case, Danske Bank A/S will incur a loss in the \u00a0
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 \u00a0
bonus 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 2025. \u00a0
The pension-related market risk associated with unit-linked products is primarily carried by the policyholders, particularly in respect \u00a0
of 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, \u00a0
some of 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 \u00a0
primarily a life-cycle product, meaning that the asset allocation between different risk categories (bonds or equities, for example) for \u00a0
each customer is adjusted gradually as the customer approaches retirement. \u00a0
From a Danica perspective the pension-related market risk associated with unit-linked products primarily relates to a potential \u00a0
reduction in earnings in case of lower customer savings or business volume. \u00a0
For unit-linked products with financial guarantees, Danica hedges the market risk related to the guarantees and also manages risk by \u00a0
adjusting the investment allocation during the period leading up to retirement. The investment allocation is adjusted according to the \u00a0
guaranteed amount, the investment horizon etc. However, if a guarantee is attached to the individual policy, Danica bears the risk in \u00a0
relation to the 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 \u00a0
value of provisions for these products differ from the changes in the value of the corresponding assets. The provisions are the net \u00a0
present value of expected future pay-outs and are exposed to movements in the discount curve, which is defined under Solvency II. \u00a0
The corresponding 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 \u00a0
products 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 \u00a0
materialise unfavourably from Danica\u2019s current assumptions and expectations. For example, an increase in longevity lengthens the \u00a0
period during which benefits are payable under certain pension plans and may potentially have a negative effect on Danica\u2019s profits. \u00a0
Similarly, trends in mortality, sickness and recovery affect life insurance and disability benefits. The principal insurance risks are \u00a0
longevity risk, the risk of increased surrenders (i.e. the risk of customers leaving Danica or ceasing to pay premiums) and claim risks \u00a0
related to the Health & Accident business. Most insurance risks materialise over long-time horizons during which the gradual changes \u00a0
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 \u00a0
accounts have been depleted, Danica will have to step in with funds to ensure that it is possible to provide the benefits guaranteed to \u00a0
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
Concentration risk relating to life insurance risk comprises the risk of losses as a result of high exposure to a few customer groups and \u00a0
to a few individuals. Danica limits concentration risk by means of risk diversification of the insurance portfolio and by means of \u00a0
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 \u00a0
mortality and disability. Moreover, Danica use reinsurance to reduce the risk on expected future earnings in case of an increase in \u00a0
lapse rates. \u00a0
The various risk elements are subject to ongoing actuarial assessment for the purposes of calculating insurance obligations and \u00a0
making 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 \u00a0
function 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. \u00a0
Stress 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 \u00a0
equity are especially: \u00a0
\u2022
Insurance risks related to an increase in cases / 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 \u00a0
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 \u00a0
tolerances for all significant risks. \u00a0
Sensitivity analysis SCR \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Volatility adjustment in the discount curve (VA) =0 \u00a0
-244 \u00a0
-253 \u00a0
Rates down 100 bps \u00a0
126 \u00a0
94 \u00a0
Rates up 100 bps \u00a0
-384 \u00a0
-141 \u00a0
Listed equities down 10% \u00a0
-55 \u00a0
-84 \u00a0
Property down 10% \u00a0
-289 \u00a0
-328 \u00a0
Mortgage spreads increase 40 bps \u00a0
-262 \u00a0
-295 \u00a0
DKK and EUR inflation increase 10 bps \u00a0
-9 \u00a0
-8 \u00a0
10% increase in cases in Health & Accident (H&A) \u00a0
-606 \u00a0
-578 \u00a0
10% decrease in frequency of re-activation in H&A \u00a0
-973 \u00a0
-976 \u00a0
10% increase in longevity assumptions * \u00a0
-297 \u00a0
-265 \u00a0
* 10% increase in longevity assumptions has been corrected for 2024. \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-
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
2025 \u00a0
Denmark \u00a0
11,374 \u00a0
364 \u00a0
86,952 \u00a0
-
-
16,396 \u00a0
115,086 \u00a0
Sweden \u00a0
-
-
12 \u00a0
-
193 \u00a0
-
205 \u00a0
UK \u00a0
6
9
-
-
-
1,855 \u00a0
1,870 \u00a0
Norway \u00a0
4
-
-
-
298 \u00a0
-
302 \u00a0
USA \u00a0
8,549 \u00a0
447 \u00a0
-
-
-
11,281 \u00a0
20,277 \u00a0
Spain \u00a0
1,991 \u00a0
-
-
-
541 \u00a0
-
2,532 \u00a0
France \u00a0
7,379 \u00a0
120 \u00a0
-
-
-
2,616 \u00a0
10,115 \u00a0
Luxembourg \u00a0
63 \u00a0
-
-
-
-
1,756 \u00a0
1,819 \u00a0
Canada \u00a0
15 \u00a0
-
-
-
210 \u00a0
-
225 \u00a0
Finland \u00a0
234 \u00a0
5
-
-
308 \u00a0
-
547 \u00a0
Ireland \u00a0
618 \u00a0
-
-
-
172 \u00a0
-
790 \u00a0
Italy \u00a0
3,735 \u00a0
2
-
-
914 \u00a0
-
4,651 \u00a0
Portugal \u00a0
-
-
-
-
21 \u00a0
-
21 \u00a0
Austria \u00a0
-
-
-
-
109 \u00a0
-
109 \u00a0
Netherlands \u00a0
991 \u00a0
25 \u00a0
-
-
-
2,652 \u00a0
3,668 \u00a0
Germany \u00a0
19,279 \u00a0
47 \u00a0
-
-
991 \u00a0
-
20,317 \u00a0
Other \u00a0
389 \u00a0
4,910 \u00a0
-
-
-
5,773 \u00a0
11,072 \u00a0
Total \u00a0
12 \u00a0
-
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern-
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
-
18 \u00a0
Danica has set a separate investment strategy for assets in which its shareholders\u2019 equity is invested. \u00a0
Bond portfolio (insurance business) broken down by external ratings \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern-
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
2025 \u00a0
AAA \u00a0
40,226 \u00a0
980 \u00a0
76,585 \u00a0
12 \u00a0
46 \u00a0
-
117,849 \u00a0
AA+ \u00a0
233 \u00a0
-
-
-
-
1,056 \u00a0
1,289 \u00a0
AA \u00a0
627 \u00a0
40 \u00a0
-
-
409 \u00a0
-
1,076 \u00a0
AA- \u00a0
7,351 \u00a0
239 \u00a0
29 \u00a0
-
-
1,305 \u00a0
8,924 \u00a0
A+ \u00a0
1,991 \u00a0
114 \u00a0
7,164 \u00a0
-
-
17,354 \u00a0
26,623 \u00a0
A
10 \u00a0
130 \u00a0
2,877 \u00a0
-
-
1,336 \u00a0
4,353 \u00a0
A- \u00a0
1
72 \u00a0
-
-
-
1,988 \u00a0
2,061 \u00a0
BBB+ \u00a0
3,754 \u00a0
288 \u00a0
-
-
-
2,457 \u00a0
6,499 \u00a0
BBB \u00a0
27 \u00a0
715 \u00a0
297 \u00a0
-
-
3,754 \u00a0
4,793 \u00a0
BBB- \u00a0
43 \u00a0
820 \u00a0
-
-
-
1,531 \u00a0
2,394 \u00a0
Sub-inv. grade or unrated \u00a0
286 \u00a0
2,609 \u00a0
-
-
-
14,850 \u00a0
17,745 \u00a0
Total \u00a0
12 \u00a0
-
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern-
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
-
18 \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 \u00a0
year. Net profit is stated after the deduction of interest on equity-accounted additional \u00a0
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 \u00a0
year, including the dilutive effect of share options and conditional shares granted as \u00a0
share-based payments. Net profit is stated after the deduction of interest on equity- \u00a0
accounted additional tier 1 capital. \u00a0
Return on equity (%) \u00a0
Net profit for the year divided by average equity (average equity as end of current and \u00a0
prior year), including equity-accounted additional tier 1 capital. For the definition used \u00a0
in the management report see page \u201cDefinition of alternative performance measures\u201d. \u00a0
Income/cost ratio (%) \u00a0
Total income divided by expenses, including goodwill impairment charges and \u00a0
provision for Estonia matter. \u00a0
Common equity tier 1 (CET1) capital \u00a0
Primarily paid-up share capital and retained earnings. CET1 capital is defined in the \u00a0
Capital 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 \u00a0
CRR. \u00a0
Tier 1 capital \u00a0
Common equity tier 1 capital plus additional tier 1 capital, less certain deductions, \u00a0
such as 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 \u00a0
requirements for such 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, \u00a0
market risk and operational risk as calculated in accordance with the 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 ordinary dividends, extraordinary dividends and special dividends, divided \u00a0
by the number of 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 \u00a0
of the year. For the definition used in the management report see page \u201cDefinition of \u00a0
alternative performance measures\u201d. \u00a0
Number of full-time-equivalent staff at 31 December\u00a0Number of full-time-equivalent staff (part-time staff translated into full-time staff) at \u00a0
the end of the year. \u00a0
Lending growth \u00a0
Growth in lending from the beginning to the end of the year, excluding repo \u00a0
transactions. \u00a0
Loans plus impairment charges as % of deposits \u00a0
Loans at fair value and loans at amortised cost (gross of expected credit losses) \u00a0
divided by deposits 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 \u00a0
current and prior year). \u00a0
", "dimensions": { "concept": "danskebank:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1213": { "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 \u00a0
portfolios of financial instruments measured at amortised cost, fair value through other comprehensive income or fair value through \u00a0
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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net trading income or loss. \u00a0
Net interest and Net trading income 2025 \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
12,230 \u00a0
3,036 \u00a0
9,194 \u00a0
16 \u00a0
9,210 \u00a0
Loans and deposits \u00a0
33,801 \u00a0
8,205 \u00a0
25,596 \u00a0
151 \u00a0
25,747 \u00a0
Bonds held to collect (investment securities) \u00a0
3,036 \u00a0
-
3,036 \u00a0
-
3,036 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,647 \u00a0
-11,647 \u00a0
-1,125 \u00a0
-12,772 \u00a0
Subordinated debt \u00a0
-
1,329 \u00a0
-1,329 \u00a0
-363 \u00a0
-1,692 \u00a0
Other financial instruments \u00a0
1,659 \u00a0
207 \u00a0
1,453 \u00a0
-
1,453 \u00a0
Total \u00a0
50,726 \u00a0
24,423 \u00a0
26,303 \u00a0
-1,321 \u00a0
24,982 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Total \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
295 \u00a0
295 \u00a0
-
-
295 \u00a0
Loans and deposits \u00a0
19,576 \u00a0
-
19,576 \u00a0
-
19,576 \u00a0
Trading portfolio assets and liabilities \u00a0
-229 \u00a0
-229 \u00a0
-
1,503 \u00a0
1,275 \u00a0
Bonds (investment securities) \u00a0
1,195 \u00a0
-
1,195 \u00a0
2,746 \u00a0
3,942 \u00a0
Issued bonds \u00a0
-
13,904 \u00a0
-13,904 \u00a0
-
-13,904 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-45 \u00a0
-
-45 \u00a0
Total \u00a0
20,838 \u00a0
13,904 \u00a0
6,934 \u00a0
4,205 \u00a0
11,138 \u00a0
Total net interest and net trading income \u00a0
Net interest and Net trading income 2024 \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
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
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
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the \u00a0
hedged balance sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading \u00a0
income or loss under the trading portfolio. Net trading income or loss includes dividends from shares of DKK 387 million (2024: DKK \u00a0
410 million) and foreign exchange adjustments of DKK -134 million (2024: DKK 1,122 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1214": { "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 \u00a0
portfolios of financial instruments measured at amortised cost, fair value through other comprehensive income or fair value through \u00a0
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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net trading income or loss. \u00a0
Net interest and Net trading income 2025 \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
12,230 \u00a0
3,036 \u00a0
9,194 \u00a0
16 \u00a0
9,210 \u00a0
Loans and deposits \u00a0
33,801 \u00a0
8,205 \u00a0
25,596 \u00a0
151 \u00a0
25,747 \u00a0
Bonds held to collect (investment securities) \u00a0
3,036 \u00a0
-
3,036 \u00a0
-
3,036 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,647 \u00a0
-11,647 \u00a0
-1,125 \u00a0
-12,772 \u00a0
Subordinated debt \u00a0
-
1,329 \u00a0
-1,329 \u00a0
-363 \u00a0
-1,692 \u00a0
Other financial instruments \u00a0
1,659 \u00a0
207 \u00a0
1,453 \u00a0
-
1,453 \u00a0
Total \u00a0
50,726 \u00a0
24,423 \u00a0
26,303 \u00a0
-1,321 \u00a0
24,982 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Total \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
295 \u00a0
295 \u00a0
-
-
295 \u00a0
Loans and deposits \u00a0
19,576 \u00a0
-
19,576 \u00a0
-
19,576 \u00a0
Trading portfolio assets and liabilities \u00a0
-229 \u00a0
-229 \u00a0
-
1,503 \u00a0
1,275 \u00a0
Bonds (investment securities) \u00a0
1,195 \u00a0
-
1,195 \u00a0
2,746 \u00a0
3,942 \u00a0
Issued bonds \u00a0
-
13,904 \u00a0
-13,904 \u00a0
-
-13,904 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-45 \u00a0
-
-45 \u00a0
Total \u00a0
20,838 \u00a0
13,904 \u00a0
6,934 \u00a0
4,205 \u00a0
11,138 \u00a0
Total net interest and net trading income \u00a0
Net interest and Net trading income 2024 \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
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
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
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the \u00a0
hedged balance sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading \u00a0
income or loss under the trading portfolio. Net trading income or loss includes dividends from shares of DKK 387 million (2024: DKK \u00a0
410 million) and foreign exchange adjustments of DKK -134 million (2024: DKK 1,122 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1215": { "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 \u00a0
portfolios of financial instruments measured at amortised cost, fair value through other comprehensive income or fair value through \u00a0
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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net trading income or loss. \u00a0
Net interest and Net trading income 2025 \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
12,230 \u00a0
3,036 \u00a0
9,194 \u00a0
16 \u00a0
9,210 \u00a0
Loans and deposits \u00a0
33,801 \u00a0
8,205 \u00a0
25,596 \u00a0
151 \u00a0
25,747 \u00a0
Bonds held to collect (investment securities) \u00a0
3,036 \u00a0
-
3,036 \u00a0
-
3,036 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,647 \u00a0
-11,647 \u00a0
-1,125 \u00a0
-12,772 \u00a0
Subordinated debt \u00a0
-
1,329 \u00a0
-1,329 \u00a0
-363 \u00a0
-1,692 \u00a0
Other financial instruments \u00a0
1,659 \u00a0
207 \u00a0
1,453 \u00a0
-
1,453 \u00a0
Total \u00a0
50,726 \u00a0
24,423 \u00a0
26,303 \u00a0
-1,321 \u00a0
24,982 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Total \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
295 \u00a0
295 \u00a0
-
-
295 \u00a0
Loans and deposits \u00a0
19,576 \u00a0
-
19,576 \u00a0
-
19,576 \u00a0
Trading portfolio assets and liabilities \u00a0
-229 \u00a0
-229 \u00a0
-
1,503 \u00a0
1,275 \u00a0
Bonds (investment securities) \u00a0
1,195 \u00a0
-
1,195 \u00a0
2,746 \u00a0
3,942 \u00a0
Issued bonds \u00a0
-
13,904 \u00a0
-13,904 \u00a0
-
-13,904 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-45 \u00a0
-
-45 \u00a0
Total \u00a0
20,838 \u00a0
13,904 \u00a0
6,934 \u00a0
4,205 \u00a0
11,138 \u00a0
Total net interest and net trading income \u00a0
Net interest and Net trading income 2024 \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
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
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
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the \u00a0
hedged balance sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading \u00a0
income or loss under the trading portfolio. Net trading income or loss includes dividends from shares of DKK 387 million (2024: DKK \u00a0
410 million) and foreign exchange adjustments of DKK -134 million (2024: DKK 1,122 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1216": { "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 \u00a0
portfolios of financial instruments measured at amortised cost, fair value through other comprehensive income or fair value through \u00a0
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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net trading income or loss. \u00a0
Net interest and Net trading income 2025 \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
12,230 \u00a0
3,036 \u00a0
9,194 \u00a0
16 \u00a0
9,210 \u00a0
Loans and deposits \u00a0
33,801 \u00a0
8,205 \u00a0
25,596 \u00a0
151 \u00a0
25,747 \u00a0
Bonds held to collect (investment securities) \u00a0
3,036 \u00a0
-
3,036 \u00a0
-
3,036 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,647 \u00a0
-11,647 \u00a0
-1,125 \u00a0
-12,772 \u00a0
Subordinated debt \u00a0
-
1,329 \u00a0
-1,329 \u00a0
-363 \u00a0
-1,692 \u00a0
Other financial instruments \u00a0
1,659 \u00a0
207 \u00a0
1,453 \u00a0
-
1,453 \u00a0
Total \u00a0
50,726 \u00a0
24,423 \u00a0
26,303 \u00a0
-1,321 \u00a0
24,982 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Total \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
295 \u00a0
295 \u00a0
-
-
295 \u00a0
Loans and deposits \u00a0
19,576 \u00a0
-
19,576 \u00a0
-
19,576 \u00a0
Trading portfolio assets and liabilities \u00a0
-229 \u00a0
-229 \u00a0
-
1,503 \u00a0
1,275 \u00a0
Bonds (investment securities) \u00a0
1,195 \u00a0
-
1,195 \u00a0
2,746 \u00a0
3,942 \u00a0
Issued bonds \u00a0
-
13,904 \u00a0
-13,904 \u00a0
-
-13,904 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-45 \u00a0
-
-45 \u00a0
Total \u00a0
20,838 \u00a0
13,904 \u00a0
6,934 \u00a0
4,205 \u00a0
11,138 \u00a0
Total net interest and net trading income \u00a0
Net interest and Net trading income 2024 \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
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
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
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the \u00a0
hedged balance sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading \u00a0
income or loss under the trading portfolio. Net trading income or loss includes dividends from shares of DKK 387 million (2024: DKK \u00a0
410 million) and foreign exchange adjustments of DKK -134 million (2024: DKK 1,122 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1217": { "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 \u00a0
portfolios of financial instruments measured at amortised cost, fair value through other comprehensive income or fair value through \u00a0
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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net trading income or loss. \u00a0
Net interest and Net trading income 2025 \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
12,230 \u00a0
3,036 \u00a0
9,194 \u00a0
16 \u00a0
9,210 \u00a0
Loans and deposits \u00a0
33,801 \u00a0
8,205 \u00a0
25,596 \u00a0
151 \u00a0
25,747 \u00a0
Bonds held to collect (investment securities) \u00a0
3,036 \u00a0
-
3,036 \u00a0
-
3,036 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,647 \u00a0
-11,647 \u00a0
-1,125 \u00a0
-12,772 \u00a0
Subordinated debt \u00a0
-
1,329 \u00a0
-1,329 \u00a0
-363 \u00a0
-1,692 \u00a0
Other financial instruments \u00a0
1,659 \u00a0
207 \u00a0
1,453 \u00a0
-
1,453 \u00a0
Total \u00a0
50,726 \u00a0
24,423 \u00a0
26,303 \u00a0
-1,321 \u00a0
24,982 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Total \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
295 \u00a0
295 \u00a0
-
-
295 \u00a0
Loans and deposits \u00a0
19,576 \u00a0
-
19,576 \u00a0
-
19,576 \u00a0
Trading portfolio assets and liabilities \u00a0
-229 \u00a0
-229 \u00a0
-
1,503 \u00a0
1,275 \u00a0
Bonds (investment securities) \u00a0
1,195 \u00a0
-
1,195 \u00a0
2,746 \u00a0
3,942 \u00a0
Issued bonds \u00a0
-
13,904 \u00a0
-13,904 \u00a0
-
-13,904 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-45 \u00a0
-
-45 \u00a0
Total \u00a0
20,838 \u00a0
13,904 \u00a0
6,934 \u00a0
4,205 \u00a0
11,138 \u00a0
Total net interest and net trading income \u00a0
Net interest and Net trading income 2024 \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
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
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
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the \u00a0
hedged balance sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading \u00a0
income or loss under the trading portfolio. Net trading income or loss includes dividends from shares of DKK 387 million (2024: DKK \u00a0
410 million) and foreign exchange adjustments of DKK -134 million (2024: DKK 1,122 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1218": { "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 \u00a0
portfolios of financial instruments measured at amortised cost, fair value through other comprehensive income or fair value through \u00a0
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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net trading income or loss. \u00a0
Net interest and Net trading income 2025 \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
12,230 \u00a0
3,036 \u00a0
9,194 \u00a0
16 \u00a0
9,210 \u00a0
Loans and deposits \u00a0
33,801 \u00a0
8,205 \u00a0
25,596 \u00a0
151 \u00a0
25,747 \u00a0
Bonds held to collect (investment securities) \u00a0
3,036 \u00a0
-
3,036 \u00a0
-
3,036 \u00a0
Issued bonds, including non-preferred senior \u00a0
-
11,647 \u00a0
-11,647 \u00a0
-1,125 \u00a0
-12,772 \u00a0
Subordinated debt \u00a0
-
1,329 \u00a0
-1,329 \u00a0
-363 \u00a0
-1,692 \u00a0
Other financial instruments \u00a0
1,659 \u00a0
207 \u00a0
1,453 \u00a0
-
1,453 \u00a0
Total \u00a0
50,726 \u00a0
24,423 \u00a0
26,303 \u00a0
-1,321 \u00a0
24,982 \u00a0
Financial portfolios at fair value through OCI \u00a0
Bonds held to collect and sell (investment securities) \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Total \u00a0
3,374 \u00a0
-
3,374 \u00a0
-12 \u00a0
3,362 \u00a0
Financial portfolios at fair value through profit or loss \u00a0
Due from/to credit institutions and central banks \u00a0
295 \u00a0
295 \u00a0
-
-
295 \u00a0
Loans and deposits \u00a0
19,576 \u00a0
-
19,576 \u00a0
-
19,576 \u00a0
Trading portfolio assets and liabilities \u00a0
-229 \u00a0
-229 \u00a0
-
1,503 \u00a0
1,275 \u00a0
Bonds (investment securities) \u00a0
1,195 \u00a0
-
1,195 \u00a0
2,746 \u00a0
3,942 \u00a0
Issued bonds \u00a0
-
13,904 \u00a0
-13,904 \u00a0
-
-13,904 \u00a0
Assets and deposits under pooled schemes \u00a0
-
-
-45 \u00a0
-
-45 \u00a0
Total \u00a0
20,838 \u00a0
13,904 \u00a0
6,934 \u00a0
4,205 \u00a0
11,138 \u00a0
Total net interest and net trading income \u00a0
Net interest and Net trading income 2024 \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
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
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
Changes to the fair value of the hedged interest rate risk are recognised under Net trading income or loss and shown under the \u00a0
hedged balance sheet items in the table above, whereas value adjustments of hedging derivatives are recognised under Net trading \u00a0
income or loss under the trading portfolio. Net trading income or loss includes dividends from shares of DKK 387 million (2024: DKK \u00a0
410 million) and foreign exchange adjustments of DKK -134 million (2024: DKK 1,122 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1221": { "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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net trading income or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1222": { "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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net trading income or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1223": { "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 \u00a0
through other comprehensive income are recognised according to the effective interest method on the basis of the cost of the \u00a0
individual financial instrument. Interest includes amortised amounts of fees that are an integral part of the effective yield on a \u00a0
financial instrument, such as origination fees, and amortised differences between the cost and the redemption price, if any. \u00a0
Interest on financial instruments included in stage 3 (for the calculation of expected credit losses) is recognised on the basis of \u00a0
the carrying amount (i.e. net of impairment charges). The interest rate risk on some financial portfolios recognised at amortised \u00a0
cost is hedged by derivatives using fair value hedge 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 \u00a0
to failing the SPPI test, such as loans granted by Realkredit Danmark (see note G16). However the fair value adjustments of the \u00a0
credit risk on these loans are presented under Loan impairment charges. Interest income on loans measured at fair value for \u00a0
which interest on loans 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 \u00a0
comprehensive income is presented as Interest income calculated using the effective interest method. All other interest income \u00a0
is presented as Other interest income. The line item Interest expenses includes all interest expenses. \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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net trading income or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1237": { "value": "
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 \u00a0
also includes all interest on financial instruments measured at fair value through profit or loss that do not have the business \u00a0
model \u201chold to collect\u201d or \u201chold to collect and sell\u201d under IFRS 9. This includes all interest in Markets (part of Large Corporates & \u00a0
Institutions), except for fixed income from customer transactions, and all interest in Group Treasury (part of Group Functions) \u00a0
except income at Internal Bank and returns on assets under pooled schemes (including the crediting of these returns to \u00a0
customer accounts). Further, the fair value adjustment of own credit risk on financial liabilities designated at fair value through \u00a0
profit or loss in the Group\u2019s trading unit is presented in Other comprehensive income. Net trading income or loss includes the \u00a0
fair value adjustments of own credit risk on bonds issued by Realkredit Danmark, as an accounting mismatch between the fair \u00a0
value adjustment of the loans and the bonds in Realkredit Danmark 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 \u00a0
the financial asset is derecognised, unless the derecognition relates to a credit risk event/forbearance measure, in which case \u00a0
the gain or loss is presented under Loan impairment charges (see note G15). Otherwise, the derecognition gain or loss on the \u00a0
financial asset is calculated as the difference between the carrying amount (gross of expected credit losses) and the repayment \u00a0
amount. For financial assets (bonds) at fair value through other comprehensive income, gains or losses further include amounts \u00a0
previously recognised in Other comprehensive income. For financial liabilities at amortised cost, the gain or loss is the \u00a0
difference between the carrying amount 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 \u00a0
instrument and the hedging instruments are recognised in Net trading income or loss. Any hedge ineffectiveness is also \u00a0
presented in Net trading income or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1259": { "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 \u00a0
provided to key management for decision making purposes. Fee income and Fee expenses are broken down by fee type on the basis \u00a0
of the underlying activity, 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 \u00a0
expected to be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed \u00a0
with the customer, and the consideration, and recognises income in line with the transfer of services, the performance \u00a0
obligation, agreed with the customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance \u00a0
obligation over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is \u00a0
constrained by, for instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the \u00a0
identified performance obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is \u00a0
recognised once the consideration to be received is known and it is probable that a significant reversal of the consideration will \u00a0
not occur. \u00a0
Fee expenses \u00a0
Fee expenses for services provided over a period of time, such as guarantee commissions and investment management fees, \u00a0
are accrued over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the \u00a0
individual transaction. Fees that form an integral part of the effective rates of interest on financial liabilities measured at \u00a0
amortised cost, such as origination fees, are carried under interest expense. Similar fees related to financial liabilities at fair \u00a0
value through profit or loss are recognised when the financial liability is established and are carried under fee expenses. \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
Note G3 provides details on net fee income per business segment. A description of each activity by business segment is provided \u00a0
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 \u00a0
Ireland, and it 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 \u00a0
time. \u00a0
Fee income from money transfers, account fees, cash management and other activities is generally recognised when the service is \u00a0
provided. For transactions such as money transfers and card transactions, fee income is recognised at the time of the transaction. \u00a0
Similarly, fixed income on customer transactions in foreign currencies is recognised at the time of the transaction. This includes the \u00a0
fixed margin on customer transactions in foreign currencies. Fee income charged for services provided over time, for example \u00a0
subscription fees, account packages and 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 \u00a0
the provision of trade finance guarantees, is recognised when the service has been provided to the customer at a point in time. For fee \u00a0
income for establishing loans recognised at amortised cost, although the performance obligation is satisfied when the loan is granted, \u00a0
the fee income is 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 \u00a0
Investment Banking. \u00a0
Markets share of margins on customer derivatives is presented as part of fee income. Except for margins on customer derivatives, fee \u00a0
income 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 \u00a0
recognised when 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 \u00a0
well as issuing bonds on behalf of customers. Such income is recognised at a point in time, once the agreed performance obligation \u00a0
has been fulfilled. 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 \u00a0
recognised when the individual performance obligation has been fulfilled. \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 \u00a0
probable 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 \u00a0
a specific date, such as the end of the year. The accumulated return is highly susceptible to external factors, such as the development \u00a0
in the financial markets. Fee income is recognised once the fee to be received is known. \u00a0
Fee income and expenses 2025 \u00a0
(DKK millions) \u00a0
Fee income
Fee expenses
Net fee income \u00a0
Investment \u00a0
7,403 \u00a0
1,572 \u00a0
5,832 \u00a0
Money transfers, account fee, cash management and other fees \u00a0
6,822 \u00a0
1,037 \u00a0
5,785 \u00a0
Lending and Guarantees \u00a0
2,366 \u00a0
164 \u00a0
2,201 \u00a0
Capital markets \u00a0
1,663 \u00a0
58 \u00a0
1,605 \u00a0
Total \u00a0
Fee income and expenses 2024 \u00a0
(DKK millions) \u00a0
Fee income*
Fee expenses*
Net fee income \u00a0
Investment \u00a0
6,928 \u00a0
1,390 \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
* Fee income and fee expenses in 2024 have been restated as described in note G2(c). There is no impact on Net fee income or Net profit for \u00a0
2024. \u00a0
Fees for financial instruments not recognised at fair value relate primarily to fees on loans, guarantees and issued bonds. In the table \u00a0
above, such fees are included as fee income or expense from lending and guarantee activities. Fee income on loans and guarantees \u00a0
amounted to DKK 1,957 million (2024: DKK 1,914 million), of which DKK 1,071 million relates to financial instruments not recognised \u00a0
at fair value (2024: DKK 1,077 million), whereas expenses amounted to DKK 115 million (2024: DKK 110 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1260": { "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 \u00a0
provided to key management for decision making purposes. Fee income and Fee expenses are broken down by fee type on the basis \u00a0
of the underlying activity, 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 \u00a0
expected to be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed \u00a0
with the customer, and the consideration, and recognises income in line with the transfer of services, the performance \u00a0
obligation, agreed with the customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance \u00a0
obligation over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is \u00a0
constrained by, for instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the \u00a0
identified performance obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is \u00a0
recognised once the consideration to be received is known and it is probable that a significant reversal of the consideration will \u00a0
not occur. \u00a0
Fee expenses \u00a0
Fee expenses for services provided over a period of time, such as guarantee commissions and investment management fees, \u00a0
are accrued over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the \u00a0
individual transaction. Fees that form an integral part of the effective rates of interest on financial liabilities measured at \u00a0
amortised cost, such as origination fees, are carried under interest expense. Similar fees related to financial liabilities at fair \u00a0
value through profit or loss are recognised when the financial liability is established and are carried under fee expenses. \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
Note G3 provides details on net fee income per business segment. A description of each activity by business segment is provided \u00a0
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 \u00a0
Ireland, and it 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 \u00a0
time. \u00a0
Fee income from money transfers, account fees, cash management and other activities is generally recognised when the service is \u00a0
provided. For transactions such as money transfers and card transactions, fee income is recognised at the time of the transaction. \u00a0
Similarly, fixed income on customer transactions in foreign currencies is recognised at the time of the transaction. This includes the \u00a0
fixed margin on customer transactions in foreign currencies. Fee income charged for services provided over time, for example \u00a0
subscription fees, account packages and 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 \u00a0
the provision of trade finance guarantees, is recognised when the service has been provided to the customer at a point in time. For fee \u00a0
income for establishing loans recognised at amortised cost, although the performance obligation is satisfied when the loan is granted, \u00a0
the fee income is 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 \u00a0
Investment Banking. \u00a0
Markets share of margins on customer derivatives is presented as part of fee income. Except for margins on customer derivatives, fee \u00a0
income 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 \u00a0
recognised when 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 \u00a0
well as issuing bonds on behalf of customers. Such income is recognised at a point in time, once the agreed performance obligation \u00a0
has been fulfilled. 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 \u00a0
recognised when the individual performance obligation has been fulfilled. \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 \u00a0
probable 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 \u00a0
a specific date, such as the end of the year. The accumulated return is highly susceptible to external factors, such as the development \u00a0
in the financial markets. Fee income is recognised once the fee to be received is known. \u00a0
Fee income and expenses 2025 \u00a0
(DKK millions) \u00a0
Fee income
Fee expenses
Net fee income \u00a0
Investment \u00a0
7,403 \u00a0
1,572 \u00a0
5,832 \u00a0
Money transfers, account fee, cash management and other fees \u00a0
6,822 \u00a0
1,037 \u00a0
5,785 \u00a0
Lending and Guarantees \u00a0
2,366 \u00a0
164 \u00a0
2,201 \u00a0
Capital markets \u00a0
1,663 \u00a0
58 \u00a0
1,605 \u00a0
Total \u00a0
Fee income and expenses 2024 \u00a0
(DKK millions) \u00a0
Fee income*
Fee expenses*
Net fee income \u00a0
Investment \u00a0
6,928 \u00a0
1,390 \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
* Fee income and fee expenses in 2024 have been restated as described in note G2(c). There is no impact on Net fee income or Net profit for \u00a0
2024. \u00a0
Fees for financial instruments not recognised at fair value relate primarily to fees on loans, guarantees and issued bonds. In the table \u00a0
above, such fees are included as fee income or expense from lending and guarantee activities. Fee income on loans and guarantees \u00a0
amounted to DKK 1,957 million (2024: DKK 1,914 million), of which DKK 1,071 million relates to financial instruments not recognised \u00a0
at fair value (2024: DKK 1,077 million), whereas expenses amounted to DKK 115 million (2024: DKK 110 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1261": { "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 \u00a0
expected to be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed \u00a0
with the customer, and the consideration, and recognises income in line with the transfer of services, the performance \u00a0
obligation, agreed with the customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance \u00a0
obligation over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is \u00a0
constrained by, for instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the \u00a0
identified performance obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is \u00a0
recognised once the consideration to be received is known and it is probable that a significant reversal of the consideration will \u00a0
not occur. \u00a0
Fee expenses \u00a0
Fee expenses for services provided over a period of time, such as guarantee commissions and investment management fees, \u00a0
are accrued over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the \u00a0
individual transaction. Fees that form an integral part of the effective rates of interest on financial liabilities measured at \u00a0
amortised cost, such as origination fees, are carried under interest expense. Similar fees related to financial liabilities at fair \u00a0
value through profit or loss are recognised when the financial liability is established and are carried under fee expenses. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1262": { "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 \u00a0
expected to be received in exchange for such services. The Group identifies the performance obligation, i.e. the services agreed \u00a0
with the customer, and the consideration, and recognises income in line with the transfer of services, the performance \u00a0
obligation, agreed with the customer. \u00a0
For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance \u00a0
obligation over time or at a point in time, and whether the consideration is fixed or variable, including whether consideration is \u00a0
constrained by, for instance, external factors outside the Group\u2019s influence. The consideration is subsequently allocated to the \u00a0
identified performance obligation. \u00a0
When income is highly susceptible to external factors, such as the development in the financial markets, the income is \u00a0
recognised once the consideration to be received is known and it is probable that a significant reversal of the consideration will \u00a0
not occur. \u00a0
Fee expenses \u00a0
Fee expenses for services provided over a period of time, such as guarantee commissions and investment management fees, \u00a0
are accrued over the period. Transaction fees, such as brokerage and custody fees, are recognised on settlement of the \u00a0
individual transaction. Fees that form an integral part of the effective rates of interest on financial liabilities measured at \u00a0
amortised cost, such as origination fees, are carried under interest expense. Similar fees related to financial liabilities at fair \u00a0
value through profit or loss are recognised when the financial liability is established and are carried under fee expenses. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1275": { "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 \u00a0
the balance 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 \u00a0
consideration the Group expects to be entitled to in exchange for those services provided. For insurance contracts under the \u00a0
Premium Allocation Approach (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 \u00a0
expense from insurance, which comprises the change in carrying amount of groups of insurance contracts arising from the \u00a0
effect of time value of money and the effect of financial risk of groups of insurance contracts. \u00a0
(a) Insurance revenue \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Insurance revenue from contracts not under PAA \u00a0
Contractual service margin recognised for the services provided \u00a0
1,601 \u00a0
1,542 \u00a0
Change in risk adjustment for non-financial risk for the risk expired \u00a0
17 \u00a0
28 \u00a0
Expected incurred claims and directly attributable expenses \u00a0
1,904 \u00a0
2,297 \u00a0
Insurance revenue from contracts not under PAA \u00a0
3,522 \u00a0
3,867 \u00a0
Insurance revenue from contracts under PAA \u00a0
2,688 \u00a0
2,002 \u00a0
Total insurance revenue \u00a0
(b) Insurance service expenses \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Incurred claims and other incurred insurance service expenses \u00a0
2,801 \u00a0
2,394 \u00a0
Insurance service expenses from contracts not under PAA \u00a0
2,801 \u00a0
2,394 \u00a0
Insurance service expenses from contracts under PAA \u00a0
3,565 \u00a0
3,198 \u00a0
Total insurance service expenses \u00a0
In the IFRS Income statement, Insurance service expenses also includes net expenses of DKK 19 million from reinsurance. \u00a0
(c) Net investment return for insurance \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Net return on investments backing insurance liabilities \u00a0
Income from investment property \u00a0
906 \u00a0
848 \u00a0
Interest income and dividends \u00a0
18,698 \u00a0
24,977 \u00a0
Value adjustments \u00a0
17,121 \u00a0
39,006 \u00a0
Income from holdings in associates and joint ventures \u00a0
583 \u00a0
719 \u00a0
Interest expenses \u00a0
-10,429 \u00a0
-15,630 \u00a0
Tax on pension returns \u00a0
-3,707 \u00a0
-5,164 \u00a0
Other \u00a0
-684 \u00a0
-755 \u00a0
Net return on investments backing insurance liabilities \u00a0
22,488 \u00a0
44,001 \u00a0
Net finance income or expense from insurance contracts \u00a0
Finance income or expense from insurance contracts \u00a0
-19,574 \u00a0
-39,281 \u00a0
Movement in investment contracts liabilities \u00a0
-1,432 \u00a0
-3,687 \u00a0
Net finance income or expense from insurance contracts \u00a0
-21,006 \u00a0
-42,968 \u00a0
Net investment return for insurance \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 \u00a0
compensate the policyholder if a specified uncertain future event adversely affects the policyholder. The Group issues contracts for \u00a0
life insurance and health and accident insurance. \u00a0
Insurance assets comprise assets earmarked for policyholders because most of the return accrues to policyholders. As the assets \u00a0
can be used 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 \u00a0
assets is therefore neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and the financial assets are therefore mandatorily \u00a0
recognised at fair value through profit or loss. The valuation technique used matches the Group\u2019s accounting policy for similar \u00a0
assets. \u00a0
The Group has elected to not deduct own shares and own bonds from equity and liabilities respectively that are underlying \u00a0
items of insurance contracts with direct participation features. Therefore total Insurance assets include these own shares and \u00a0
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 \u00a0
individual groups of contracts. The classification of insurance contracts in the four portfolios is based on an assessment of \u00a0
similar risks and on an 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 \u00a0
meet the definition of insurance contracts with direct participation features. GMM is used for legacy life insurance products in \u00a0
run-off. \u00a0
Insurance contracts measured using GMM or VFA are initially measured as the total of fulfilment cash flows (which comprise \u00a0
estimated future cash flows, an adjustment for time value of money and effect of financial risks, and a risk adjustment for non- \u00a0
financial risk) and contractual service margin (CSM; unearned profit that will be recognised as the Group provides insurance \u00a0
contract services).\u00a0At each reporting date, the group of insurance contracts is subsequently measured as the sum of the liability \u00a0
for remaining coverage (comprising fulfilment cash flows relating to future service and CSM) and liability for incurred claims \u00a0
(comprising fulfilment cash flows relating to past service). PAA is applied to the Health and accident insurance portfolio, which \u00a0
comprises only one-year insurance contracts. \u00a0
(a) Insurance assets \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Due from credit institutions \u00a0
17,698 \u00a0
13,872 \u00a0
Investment securities \u00a0
515,881 \u00a0
509,309 \u00a0
Holdings in associates \u00a0
11,706 \u00a0
11,873 \u00a0
Investment property \u00a0
25,479 \u00a0
23,757 \u00a0
Reinsurance contract assets \u00a0
206 \u00a0
204 \u00a0
Other assets \u00a0
6,363 \u00a0
8,258 \u00a0
Total \u00a0
577,333 \u00a0
567,273 \u00a0
including \u00a0
own bonds \u00a0
4,730 \u00a0
5,437 \u00a0
other intra-group balances \u00a0
17,099 \u00a0
12,924 \u00a0
Total assets under insurance contracts \u00a0
Insurance assets include DKK 22,923 million of own bonds that are not eliminated (2024: DKK 26,341 million) and DKK 935 million of \u00a0
own shares that are not eliminated (2024: DKK 1,147 million). \u00a0
Investment properties held on behalf of insurance customers amount to DKK 25,479 million (2024: DKK 23,757 million). Changes in \u00a0
the fair value of these investment properties will only to a limited extent affect the Group\u2019s net profit. The valuation is based on the \u00a0
same principles as investments made for own investment purposes. The required rate of return ranged between 2.5- 7.0% (2024: 2.5- \u00a0
7.0%) and averaged 4.3% (2024: 4.4%). An increase in the required rate of return of 1.0 percentage point would reduce fair value at the \u00a0
end of 2025 by DKK 5,321 million (2024: DKK 4,456 million). \u00a0
Investment securities within insurance assets \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Listed bonds \u00a0
169,215 \u00a0
190,122 \u00a0
Unlisted bonds \u00a0
1,898 \u00a0
2,103 \u00a0
Listed shares \u00a0
222,195 \u00a0
200,163 \u00a0
Unlisted shares \u00a0
35,343 \u00a0
36,911 \u00a0
Unit trust certificates \u00a0
27,446 \u00a0
26,869 \u00a0
Derivatives with positive fair value \u00a0
58,959 \u00a0
52,102 \u00a0
Other securities \u00a0
825 \u00a0
1,039 \u00a0
Total \u00a0
(b) Insurance liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Insurance contract liabilities \u00a0
Life insurance \u00a0
465,542 \u00a0
439,987 \u00a0
Health and accident \u00a0
17,279 \u00a0
17,750 \u00a0
Total insurance contract liabilities \u00a0
482,821 \u00a0
457,737 \u00a0
Other insurance-related liabilities \u00a0
Due to credit institutions \u00a0
1,847 \u00a0
12,852 \u00a0
Derivatives with negative fair value \u00a0
63,846 \u00a0
62,479 \u00a0
Other \u00a0
10,125 \u00a0
12,259 \u00a0
Total other insurance-related liabilities \u00a0
75,818 \u00a0
87,590 \u00a0
Total insurance liabilities before eliminations \u00a0
558,639 \u00a0
545,327 \u00a0
including \u00a0
Intra-group balances \u00a0
7,552 \u00a0
14,024 \u00a0
Total \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
Other insurance-related liabilities are those held within the insurance business. They comprise mostly derivatives and liabilities due to \u00a0
credit institutions, and are measured in accordance with the Group\u2019s accounting policies for such liability types. \u00a0
(c) Insurance contract liabilities \u2013 Life insurance \u00a0
Analysis by remaining coverage and incurred claims \u00a0
2025 \u00a0
2024 \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for remaining coverage \u00a0
Excluding loss
Liabilities for incurred \u00a0
Excluding loss
Liabilities for incurred \u00a0
(DKK millions) \u00a0
component \u00a0
claims \u00a0
Total \u00a0
component \u00a0
claims \u00a0
Total \u00a0
Balance as at 1 January \u00a0
439,987 \u00a0
439,987 \u00a0
-
399,33
0
399,330 \u00a0
-
Insurance revenue \u00a0
-3,483 \u00a0
-3,483 \u00a0
-
-3,736 \u00a0
-3,736 \u00a0
-
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-
2,499 \u00a0
2,499 \u00a0
-
2,124 \u00a0
2,124 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
-
-
-
22 \u00a0
22 \u00a0
-
Total insurance service expenses \u00a0
-
2,499 \u00a0
2,499 \u00a0
22 \u00a0
2,124 \u00a0
2,146 \u00a0
Investment component \u00a0
33,736 \u00a0
-33,736 \u00a0
-
29,506 \u00a0
-29,506 \u00a0
-
Net finance income or expense from insurance contracts issued \u00a0
2
0
-
20,122 \u00a0
39,829 \u00a0
-
39,829 \u00a0
Cash flows \u00a0
Premiums received \u00a0
46,226 \u00a0
-
46,226 \u00a0
37,646 \u00a0
-
37,646 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-36,235 \u00a0
-36,235 \u00a0
-
-31,630 \u00a0
-31,630 \u00a0
Changes in amounts due from policyholders \u00a0
272 \u00a0
272 \u00a0
-
-46 \u00a0
-46 \u00a0
Total cash flows \u00a0
46,498 \u00a0
-36,235 \u00a0
10,263 \u00a0
37,600 \u00a0
-31,630 \u00a0
5,970 \u00a0
Other \u00a0
-3,846 \u00a0
-3,846 \u00a0
-
-3,552 \u00a0
-3,552 \u00a0
-
Balance as at 31 December \u00a0
-
-
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was \u00a0
impracticable. DKK 3.1 billion of insurance revenue in 2025 relates to contracts that existed at the transition date (2024: DKK 3.4 \u00a0
billion). \u00a0
Analysis by measurement components - life insurance \u00a0
Estimated \u00a0
Risk \u00a0
CSM for \u00a0
present value
adjustment for \u00a0
contracts \u00a0
of future cash \u00a0
non-financial \u00a0
existing at
CSM for other \u00a0
(DKK millions) \u00a0
flows \u00a0
risk
transition\u00a0date \u00a0
contracts \u00a0
Total \u00a0
Balance as at 1 January 2025 \u00a0
422,615 \u00a0
835 \u00a0
13,666 \u00a0
2,871 \u00a0
439,987 \u00a0
Changes that relate to current service \u00a0
-
CSM recognised for services provided \u00a0
-
-
-1,321 \u00a0
-280 \u00a0
-1,601 \u00a0
Change in risk adjustment for non-financial risk for risk \u00a0
expired \u00a0
-17 \u00a0
-
-
-17 \u00a0
-
Experience adjustments \u00a0
510 \u00a0
-
-
510 \u00a0
-
Total changes that relate to current service \u00a0
510 \u00a0
-17 \u00a0
-1,321 \u00a0
-280 \u00a0
-1,108 \u00a0
Changes that relate to future service \u00a0
Contracts initially recognised during the year \u00a0
-1,043 \u00a0
-
-
1,043 \u00a0
-
Changes in estimates that adjust the CSM \u00a0
-967 \u00a0
-87 \u00a0
927 \u00a0
127 \u00a0
-
Total changes that relate to future service \u00a0
-2,010 \u00a0
-87 \u00a0
927 \u00a0
1,170 \u00a0
-
Insurance service result \u00a0
-1,500 \u00a0
-104 \u00a0
-394 \u00a0
890 \u00a0
-1,108 \u00a0
Net finance income or expense from insurance contracts \u00a0
issued \u00a0
20,126 \u00a0
-4 \u00a0
-
-
20,122 \u00a0
Cash flows \u00a0
Premiums received \u00a0
46,226 \u00a0
-
-
-
46,226 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-36,235 \u00a0
-
-
-
-36,235 \u00a0
Changes in amounts due from policyholders \u00a0
272 \u00a0
-
-
272 \u00a0
-
Total cash flows \u00a0
10,263 \u00a0
-
-
-
10,263 \u00a0
Other \u00a0
-3,722 \u00a0
-
-
-
-3,722 \u00a0
Balance as at 31 December 2025 \u00a0
727 \u00a0
Estimated \u00a0
Risk \u00a0
CSM for \u00a0
present value
adjustment for \u00a0
contracts \u00a0
of future cash \u00a0
non-financial \u00a0
existing at
CSM for other \u00a0
(DKK millions) \u00a0
flows \u00a0
risk
transition\u00a0date \u00a0
contracts \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 \u00a0
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 \u00a0
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
835 \u00a0
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was \u00a0
impracticable. As at 31 December 2025, DKK 13.3 billion of total CSM relates to contracts that existed at the transition date (31 \u00a0
December 2024: 13.7 billion). \u00a0
Life insurance contracts issued during the year \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Estimates of the present value of future cash outflows \u00a0
29,305 \u00a0
21,628 \u00a0
Estimates of the present value of future cash inflows \u00a0
-30,348 \u00a0
-22,582 \u00a0
Risk adjustment for non-financial risk \u00a0
-
-
Contractual service margin \u00a0
1,043 \u00a0
954 \u00a0
Increase in insurance contract liabilities from contracts recognised in the year \u00a0
-
-
Expected timing of contractual service margin recognition \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Less than 1 year \u00a0
1,511 \u00a0
1,396 \u00a0
1 \u2013 5 years \u00a0
5,931 \u00a0
5,635 \u00a0
5 \u2013 10 years \u00a0
3,748 \u00a0
3,742 \u00a0
More than 10 years \u00a0
5,843 \u00a0
5,764 \u00a0
Total \u00a0
(d) Insurance contract liabilities \u2013 Health and accident \u00a0
Analysis by remaining coverage and incurred claims - Health and accident \u00a0
2025 \u00a0
2024* \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Present value of
Risk adjustment \u00a0
Present value of
Risk adjustment \u00a0
Excluding loss \u00a0
Loss \u00a0
future cash \u00a0
for non- \u00a0
Excluding loss \u00a0
Loss \u00a0
future cash \u00a0
for non- \u00a0
(DKK millions) \u00a0
component \u00a0
component \u00a0
flows \u00a0
financial risk \u00a0
Total \u00a0
component \u00a0
component \u00a0
flows \u00a0
financial risk \u00a0
Total \u00a0
Balance as at 1 January \u00a0
56 \u00a0
2,038 \u00a0
812 \u00a0
14,844 \u00a0
17,750 \u00a0
63 \u00a0
2,185 \u00a0
845 \u00a0
14,501 \u00a0
17,594 \u00a0
Insurance revenue \u00a0
-2,688 \u00a0
-
-
-2,688 \u00a0
-
-2,002 \u00a0
-
-
-2,002 \u00a0
-
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-1,539 \u00a0
372 \u00a0
3,712 \u00a0
2,545 \u00a0
-
-1,287 \u00a0
359 \u00a0
3,102 \u00a0
2,174 \u00a0
Adjustments to liabilities for incurred claims (past service) \u00a0
-
409 \u00a0
-
-336 \u00a0
73 \u00a0
-
166 \u00a0
-
-385 \u00a0
-219 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
-
934 \u00a0
-
934 \u00a0
-
-
1,182 \u00a0
-
-
1,182 \u00a0
Total insurance service expenses \u00a0
-
-605 \u00a0
36 \u00a0
4,121 \u00a0
3,552 \u00a0
-
-105 \u00a0
-26 \u00a0
3,268 \u00a0
3,137 \u00a0
Investment component \u00a0
-181 \u00a0
-263 \u00a0
-39 \u00a0
-483 \u00a0
-
-33 \u00a0
78 \u00a0
-7 \u00a0
38 \u00a0
Cash flows \u00a0
Premiums received \u00a0
2,657 \u00a0
-
-
-
2,657 \u00a0
2,003 \u00a0
-
-
-
2,003 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-
-3,265 \u00a0
-
-3,265 \u00a0
-
-
-3,
0
-
-3,011 \u00a0
Changes in amounts due from policyholders \u00a0
-
-10 \u00a0
-
-10 \u00a0
-
8
-
8
-
Total cash flows \u00a0
2,657 \u00a0
-
-3,275 \u00a0
-618 \u00a0
-
2,003 \u00a0
-
-3,
0
-
-1,000 \u00a0
Other \u00a0
-
-3 \u00a0
-231 \u00a0
-234 \u00a0
-8 \u00a0
-9 \u00a0
-17 \u00a0
Balance as at 31 December \u00a0
25 \u00a0
809 \u00a0
56 \u00a0
812 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
(e) Maturity of insurance contract liabilities \u00a0
The following table shows a maturity analysis of the Group\u2019s insurance contract liabilities, reflecting the timing of estimated present \u00a0
value of future cash flows. \u00a0
Maturity analysis of insurance contract liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
1 year \u00a0
45,650 \u00a0
43,094 \u00a0
1-2 years \u00a0
39,390 \u00a0
37,311 \u00a0
2-3 years \u00a0
36,520 \u00a0
34,625 \u00a0
3-4 years \u00a0
33,604 \u00a0
32,036 \u00a0
4-5 years \u00a0
30,690 \u00a0
29,456 \u00a0
More than 5 years \u00a0
296,967 \u00a0
281,215 \u00a0
Total \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1279": { "value": "
(a) Insurance revenue \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Insurance revenue from contracts not under PAA \u00a0
Contractual service margin recognised for the services provided \u00a0
1,601 \u00a0
1,542 \u00a0
Change in risk adjustment for non-financial risk for the risk expired \u00a0
17 \u00a0
28 \u00a0
Expected incurred claims and directly attributable expenses \u00a0
1,904 \u00a0
2,297 \u00a0
Insurance revenue from contracts not under PAA \u00a0
3,522 \u00a0
3,867 \u00a0
Insurance revenue from contracts under PAA \u00a0
2,688 \u00a0
2,002 \u00a0
Total insurance revenue \u00a0
(c) Insurance contract liabilities \u2013 Life insurance \u00a0
Analysis by remaining coverage and incurred claims \u00a0
2025 \u00a0
2024 \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for remaining coverage \u00a0
Excluding loss
Liabilities for incurred \u00a0
Excluding loss
Liabilities for incurred \u00a0
(DKK millions) \u00a0
component \u00a0
claims \u00a0
Total \u00a0
component \u00a0
claims \u00a0
Total \u00a0
Balance as at 1 January \u00a0
439,987 \u00a0
439,987 \u00a0
-
399,33
0
399,330 \u00a0
-
Insurance revenue \u00a0
-3,483 \u00a0
-3,483 \u00a0
-
-3,736 \u00a0
-3,736 \u00a0
-
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-
2,499 \u00a0
2,499 \u00a0
-
2,124 \u00a0
2,124 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
-
-
-
22 \u00a0
22 \u00a0
-
Total insurance service expenses \u00a0
-
2,499 \u00a0
2,499 \u00a0
22 \u00a0
2,124 \u00a0
2,146 \u00a0
Investment component \u00a0
33,736 \u00a0
-33,736 \u00a0
-
29,506 \u00a0
-29,506 \u00a0
-
Net finance income or expense from insurance contracts issued \u00a0
2
0
-
20,122 \u00a0
39,829 \u00a0
-
39,829 \u00a0
Cash flows \u00a0
Premiums received \u00a0
46,226 \u00a0
-
46,226 \u00a0
37,646 \u00a0
-
37,646 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-36,235 \u00a0
-36,235 \u00a0
-
-31,630 \u00a0
-31,630 \u00a0
Changes in amounts due from policyholders \u00a0
272 \u00a0
272 \u00a0
-
-46 \u00a0
-46 \u00a0
Total cash flows \u00a0
46,498 \u00a0
-36,235 \u00a0
10,263 \u00a0
37,600 \u00a0
-31,630 \u00a0
5,970 \u00a0
Other \u00a0
-3,846 \u00a0
-3,846 \u00a0
-
-3,552 \u00a0
-3,552 \u00a0
-
Balance as at 31 December \u00a0
-
-
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was \u00a0
impracticable. DKK 3.1 billion of insurance revenue in 2025 relates to contracts that existed at the transition date (2024: DKK 3.4 \u00a0
billion). \u00a0
Analysis by measurement components - life insurance \u00a0
Estimated \u00a0
Risk \u00a0
CSM for \u00a0
present value
adjustment for \u00a0
contracts \u00a0
of future cash \u00a0
non-financial \u00a0
existing at
CSM for other \u00a0
(DKK millions) \u00a0
flows \u00a0
risk
transition\u00a0date \u00a0
contracts \u00a0
Total \u00a0
Balance as at 1 January 2025 \u00a0
422,615 \u00a0
835 \u00a0
13,666 \u00a0
2,871 \u00a0
439,987 \u00a0
Changes that relate to current service \u00a0
-
CSM recognised for services provided \u00a0
-
-
-1,321 \u00a0
-280 \u00a0
-1,601 \u00a0
Change in risk adjustment for non-financial risk for risk \u00a0
expired \u00a0
-17 \u00a0
-
-
-17 \u00a0
-
Experience adjustments \u00a0
510 \u00a0
-
-
510 \u00a0
-
Total changes that relate to current service \u00a0
510 \u00a0
-17 \u00a0
-1,321 \u00a0
-280 \u00a0
-1,108 \u00a0
Changes that relate to future service \u00a0
Contracts initially recognised during the year \u00a0
-1,043 \u00a0
-
-
1,043 \u00a0
-
Changes in estimates that adjust the CSM \u00a0
-967 \u00a0
-87 \u00a0
927 \u00a0
127 \u00a0
-
Total changes that relate to future service \u00a0
-2,010 \u00a0
-87 \u00a0
927 \u00a0
1,170 \u00a0
-
Insurance service result \u00a0
-1,500 \u00a0
-104 \u00a0
-394 \u00a0
890 \u00a0
-1,108 \u00a0
Net finance income or expense from insurance contracts \u00a0
issued \u00a0
20,126 \u00a0
-4 \u00a0
-
-
20,122 \u00a0
Cash flows \u00a0
Premiums received \u00a0
46,226 \u00a0
-
-
-
46,226 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-36,235 \u00a0
-
-
-
-36,235 \u00a0
Changes in amounts due from policyholders \u00a0
272 \u00a0
-
-
272 \u00a0
-
Total cash flows \u00a0
10,263 \u00a0
-
-
-
10,263 \u00a0
Other \u00a0
-3,722 \u00a0
-
-
-
-3,722 \u00a0
Balance as at 31 December 2025 \u00a0
727 \u00a0
Estimated \u00a0
Risk \u00a0
CSM for \u00a0
present value
adjustment for \u00a0
contracts \u00a0
of future cash \u00a0
non-financial \u00a0
existing at
CSM for other \u00a0
(DKK millions) \u00a0
flows \u00a0
risk
transition\u00a0date \u00a0
contracts \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 \u00a0
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 \u00a0
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
835 \u00a0
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was \u00a0
impracticable. As at 31 December 2025, DKK 13.3 billion of total CSM relates to contracts that existed at the transition date (31 \u00a0
December 2024: 13.7 billion). \u00a0
Expected timing of contractual service margin recognition \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Less than 1 year \u00a0
1,511 \u00a0
1,396 \u00a0
1 \u2013 5 years \u00a0
5,931 \u00a0
5,635 \u00a0
5 \u2013 10 years \u00a0
3,748 \u00a0
3,742 \u00a0
More than 10 years \u00a0
5,843 \u00a0
5,764 \u00a0
Total \u00a0
(d) Insurance contract liabilities \u2013 Health and accident \u00a0
Analysis by remaining coverage and incurred claims - Health and accident \u00a0
2025 \u00a0
2024* \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Present value of
Risk adjustment \u00a0
Present value of
Risk adjustment \u00a0
Excluding loss \u00a0
Loss \u00a0
future cash \u00a0
for non- \u00a0
Excluding loss \u00a0
Loss \u00a0
future cash \u00a0
for non- \u00a0
(DKK millions) \u00a0
component \u00a0
component \u00a0
flows \u00a0
financial risk \u00a0
Total \u00a0
component \u00a0
component \u00a0
flows \u00a0
financial risk \u00a0
Total \u00a0
Balance as at 1 January \u00a0
56 \u00a0
2,038 \u00a0
812 \u00a0
14,844 \u00a0
17,750 \u00a0
63 \u00a0
2,185 \u00a0
845 \u00a0
14,501 \u00a0
17,594 \u00a0
Insurance revenue \u00a0
-2,688 \u00a0
-
-
-2,688 \u00a0
-
-2,002 \u00a0
-
-
-2,002 \u00a0
-
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-1,539 \u00a0
372 \u00a0
3,712 \u00a0
2,545 \u00a0
-
-1,287 \u00a0
359 \u00a0
3,102 \u00a0
2,174 \u00a0
Adjustments to liabilities for incurred claims (past service) \u00a0
-
409 \u00a0
-
-336 \u00a0
73 \u00a0
-
166 \u00a0
-
-385 \u00a0
-219 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
-
934 \u00a0
-
934 \u00a0
-
-
1,182 \u00a0
-
-
1,182 \u00a0
Total insurance service expenses \u00a0
-
-605 \u00a0
36 \u00a0
4,121 \u00a0
3,552 \u00a0
-
-105 \u00a0
-26 \u00a0
3,268 \u00a0
3,137 \u00a0
Investment component \u00a0
-181 \u00a0
-263 \u00a0
-39 \u00a0
-483 \u00a0
-
-33 \u00a0
78 \u00a0
-7 \u00a0
38 \u00a0
Cash flows \u00a0
Premiums received \u00a0
2,657 \u00a0
-
-
-
2,657 \u00a0
2,003 \u00a0
-
-
-
2,003 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-
-3,265 \u00a0
-
-3,265 \u00a0
-
-
-3,
0
-
-3,011 \u00a0
Changes in amounts due from policyholders \u00a0
-
-10 \u00a0
-
-10 \u00a0
-
8
-
8
-
Total cash flows \u00a0
2,657 \u00a0
-
-3,275 \u00a0
-618 \u00a0
-
2,003 \u00a0
-
-3,
0
-
-1,000 \u00a0
Other \u00a0
-
-3 \u00a0
-231 \u00a0
-234 \u00a0
-8 \u00a0
-9 \u00a0
-17 \u00a0
Balance as at 31 December \u00a0
25 \u00a0
809 \u00a0
56 \u00a0
812 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
(e) Maturity of insurance contract liabilities \u00a0
The following table shows a maturity analysis of the Group\u2019s insurance contract liabilities, reflecting the timing of estimated present \u00a0
value of future cash flows. \u00a0
Maturity analysis of insurance contract liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
1 year \u00a0
45,650 \u00a0
43,094 \u00a0
1-2 years \u00a0
39,390 \u00a0
37,311 \u00a0
2-3 years \u00a0
36,520 \u00a0
34,625 \u00a0
3-4 years \u00a0
33,604 \u00a0
32,036 \u00a0
4-5 years \u00a0
30,690 \u00a0
29,456 \u00a0
More than 5 years \u00a0
296,967 \u00a0
281,215 \u00a0
Total \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1281": { "value": "
(b) Insurance service expenses \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Incurred claims and other incurred insurance service expenses \u00a0
2,801 \u00a0
2,394 \u00a0
Insurance service expenses from contracts not under PAA \u00a0
2,801 \u00a0
2,394 \u00a0
Insurance service expenses from contracts under PAA \u00a0
3,565 \u00a0
3,198 \u00a0
Total insurance service expenses \u00a0
(c) Insurance contract liabilities \u2013 Life insurance \u00a0
Analysis by remaining coverage and incurred claims \u00a0
2025 \u00a0
2024 \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for remaining coverage \u00a0
Excluding loss
Liabilities for incurred \u00a0
Excluding loss
Liabilities for incurred \u00a0
(DKK millions) \u00a0
component \u00a0
claims \u00a0
Total \u00a0
component \u00a0
claims \u00a0
Total \u00a0
Balance as at 1 January \u00a0
439,987 \u00a0
439,987 \u00a0
-
399,33
0
399,330 \u00a0
-
Insurance revenue \u00a0
-3,483 \u00a0
-3,483 \u00a0
-
-3,736 \u00a0
-3,736 \u00a0
-
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-
2,499 \u00a0
2,499 \u00a0
-
2,124 \u00a0
2,124 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
-
-
-
22 \u00a0
22 \u00a0
-
Total insurance service expenses \u00a0
-
2,499 \u00a0
2,499 \u00a0
22 \u00a0
2,124 \u00a0
2,146 \u00a0
Investment component \u00a0
33,736 \u00a0
-33,736 \u00a0
-
29,506 \u00a0
-29,506 \u00a0
-
Net finance income or expense from insurance contracts issued \u00a0
2
0
-
20,122 \u00a0
39,829 \u00a0
-
39,829 \u00a0
Cash flows \u00a0
Premiums received \u00a0
46,226 \u00a0
-
46,226 \u00a0
37,646 \u00a0
-
37,646 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-36,235 \u00a0
-36,235 \u00a0
-
-31,630 \u00a0
-31,630 \u00a0
Changes in amounts due from policyholders \u00a0
272 \u00a0
272 \u00a0
-
-46 \u00a0
-46 \u00a0
Total cash flows \u00a0
46,498 \u00a0
-36,235 \u00a0
10,263 \u00a0
37,600 \u00a0
-31,630 \u00a0
5,970 \u00a0
Other \u00a0
-3,846 \u00a0
-3,846 \u00a0
-
-3,552 \u00a0
-3,552 \u00a0
-
Balance as at 31 December \u00a0
-
-
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was \u00a0
impracticable. DKK 3.1 billion of insurance revenue in 2025 relates to contracts that existed at the transition date (2024: DKK 3.4 \u00a0
billion). \u00a0
Analysis by measurement components - life insurance \u00a0
Estimated \u00a0
Risk \u00a0
CSM for \u00a0
present value
adjustment for \u00a0
contracts \u00a0
of future cash \u00a0
non-financial \u00a0
existing at
CSM for other \u00a0
(DKK millions) \u00a0
flows \u00a0
risk
transition\u00a0date \u00a0
contracts \u00a0
Total \u00a0
Balance as at 1 January 2025 \u00a0
422,615 \u00a0
835 \u00a0
13,666 \u00a0
2,871 \u00a0
439,987 \u00a0
Changes that relate to current service \u00a0
-
CSM recognised for services provided \u00a0
-
-
-1,321 \u00a0
-280 \u00a0
-1,601 \u00a0
Change in risk adjustment for non-financial risk for risk \u00a0
expired \u00a0
-17 \u00a0
-
-
-17 \u00a0
-
Experience adjustments \u00a0
510 \u00a0
-
-
510 \u00a0
-
Total changes that relate to current service \u00a0
510 \u00a0
-17 \u00a0
-1,321 \u00a0
-280 \u00a0
-1,108 \u00a0
Changes that relate to future service \u00a0
Contracts initially recognised during the year \u00a0
-1,043 \u00a0
-
-
1,043 \u00a0
-
Changes in estimates that adjust the CSM \u00a0
-967 \u00a0
-87 \u00a0
927 \u00a0
127 \u00a0
-
Total changes that relate to future service \u00a0
-2,010 \u00a0
-87 \u00a0
927 \u00a0
1,170 \u00a0
-
Insurance service result \u00a0
-1,500 \u00a0
-104 \u00a0
-394 \u00a0
890 \u00a0
-1,108 \u00a0
Net finance income or expense from insurance contracts \u00a0
issued \u00a0
20,126 \u00a0
-4 \u00a0
-
-
20,122 \u00a0
Cash flows \u00a0
Premiums received \u00a0
46,226 \u00a0
-
-
-
46,226 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-36,235 \u00a0
-
-
-
-36,235 \u00a0
Changes in amounts due from policyholders \u00a0
272 \u00a0
-
-
272 \u00a0
-
Total cash flows \u00a0
10,263 \u00a0
-
-
-
10,263 \u00a0
Other \u00a0
-3,722 \u00a0
-
-
-
-3,722 \u00a0
Balance as at 31 December 2025 \u00a0
727 \u00a0
Estimated \u00a0
Risk \u00a0
CSM for \u00a0
present value
adjustment for \u00a0
contracts \u00a0
of future cash \u00a0
non-financial \u00a0
existing at
CSM for other \u00a0
(DKK millions) \u00a0
flows \u00a0
risk
transition\u00a0date \u00a0
contracts \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 \u00a0
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 \u00a0
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
835 \u00a0
The fair value approach was applied to insurance contracts on transition to IFRS 17, since the full retrospective approach was \u00a0
impracticable. As at 31 December 2025, DKK 13.3 billion of total CSM relates to contracts that existed at the transition date (31 \u00a0
December 2024: 13.7 billion). \u00a0
(d) Insurance contract liabilities \u2013 Health and accident \u00a0
Analysis by remaining coverage and incurred claims - Health and accident \u00a0
2025 \u00a0
2024* \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Liabilities for remaining coverage \u00a0
Liabilities for incurred claims \u00a0
Present value of
Risk adjustment \u00a0
Present value of
Risk adjustment \u00a0
Excluding loss \u00a0
Loss \u00a0
future cash \u00a0
for non- \u00a0
Excluding loss \u00a0
Loss \u00a0
future cash \u00a0
for non- \u00a0
(DKK millions) \u00a0
component \u00a0
component \u00a0
flows \u00a0
financial risk \u00a0
Total \u00a0
component \u00a0
component \u00a0
flows \u00a0
financial risk \u00a0
Total \u00a0
Balance as at 1 January \u00a0
56 \u00a0
2,038 \u00a0
812 \u00a0
14,844 \u00a0
17,750 \u00a0
63 \u00a0
2,185 \u00a0
845 \u00a0
14,501 \u00a0
17,594 \u00a0
Insurance revenue \u00a0
-2,688 \u00a0
-
-
-2,688 \u00a0
-
-2,002 \u00a0
-
-
-2,002 \u00a0
-
Insurance service expenses \u00a0
Incurred claims and other insurance service expenses \u00a0
-1,539 \u00a0
372 \u00a0
3,712 \u00a0
2,545 \u00a0
-
-1,287 \u00a0
359 \u00a0
3,102 \u00a0
2,174 \u00a0
Adjustments to liabilities for incurred claims (past service) \u00a0
-
409 \u00a0
-
-336 \u00a0
73 \u00a0
-
166 \u00a0
-
-385 \u00a0
-219 \u00a0
Losses and reversals of losses on onerous contracts (future service) \u00a0
-
934 \u00a0
-
934 \u00a0
-
-
1,182 \u00a0
-
-
1,182 \u00a0
Total insurance service expenses \u00a0
-
-605 \u00a0
36 \u00a0
4,121 \u00a0
3,552 \u00a0
-
-105 \u00a0
-26 \u00a0
3,268 \u00a0
3,137 \u00a0
Investment component \u00a0
-181 \u00a0
-263 \u00a0
-39 \u00a0
-483 \u00a0
-
-33 \u00a0
78 \u00a0
-7 \u00a0
38 \u00a0
Cash flows \u00a0
Premiums received \u00a0
2,657 \u00a0
-
-
-
2,657 \u00a0
2,003 \u00a0
-
-
-
2,003 \u00a0
Incurred claims and other insurance service expenses paid \u00a0
-
-
-3,265 \u00a0
-
-3,265 \u00a0
-
-
-3,
0
-
-3,011 \u00a0
Changes in amounts due from policyholders \u00a0
-
-10 \u00a0
-
-10 \u00a0
-
8
-
8
-
Total cash flows \u00a0
2,657 \u00a0
-
-3,275 \u00a0
-618 \u00a0
-
2,003 \u00a0
-
-3,
0
-
-1,000 \u00a0
Other \u00a0
-
-3 \u00a0
-231 \u00a0
-234 \u00a0
-8 \u00a0
-9 \u00a0
-17 \u00a0
Balance as at 31 December \u00a0
25 \u00a0
809 \u00a0
56 \u00a0
812 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
(e) Maturity of insurance contract liabilities \u00a0
The following table shows a maturity analysis of the Group\u2019s insurance contract liabilities, reflecting the timing of estimated present \u00a0
value of future cash flows. \u00a0
Maturity analysis of insurance contract liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
1 year \u00a0
45,650 \u00a0
43,094 \u00a0
1-2 years \u00a0
39,390 \u00a0
37,311 \u00a0
2-3 years \u00a0
36,520 \u00a0
34,625 \u00a0
3-4 years \u00a0
33,604 \u00a0
32,036 \u00a0
4-5 years \u00a0
30,690 \u00a0
29,456 \u00a0
More than 5 years \u00a0
296,967 \u00a0
281,215 \u00a0
Total \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1284": { "value": "
G8. Other income \u00a0
The Group uses quantitative and qualitative materiality considerations when aggregating line items in the income statement that are \u00a0
not considered individually material. Such line items are presented under Other income. Similarly, the materiality assessment includes \u00a0
presenting additional line items in the income statement. Other income includes rental income and lease payments under operating \u00a0
leases (when the Group is a lessor), fair value adjustments of investment property, income from holdings in associates, and amounts \u00a0
received on the sale of 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 \u00a0
are 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 G37. \u00a0
Other income \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Income from lease assets and investment property \u00a0
90 \u00a0
271 \u00a0
Income from real-estate brokerage \u00a0
108 \u00a0
93 \u00a0
Gain or loss on sale of disposal groups \u00a0
6
244 \u00a0
Income from holdings in associates \u00a0
-14 \u00a0
-257 \u00a0
Other income \u00a0
387 \u00a0
389 \u00a0
Total \u00a0
577 \u00a0
741 \u00a0
* Other income in 2024 is restated to include Gain or loss on sale of disposal groups, which was separately disclosed in the Income statement \u00a0
in Annual Report 2024. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1287": { "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 \u00a0
are 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 \u00a0
Group has entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured \u00a0
at the present value of the future payments from lease components, discounted using the incremental borrowing rate for the \u00a0
individual lease. The lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by \u00a0
reducing the carrying amount to reflect the lease payments made. Further lease liabilities are changed when remeasurements \u00a0
are needed, corresponding adjustment is the related right-of-use asset. Gain or loss from a lease modification that are not \u00a0
accounted for as a separate lease is recognised in profit and loss. The initial right-of-use asset comprises the amount of the \u00a0
initial measurement of the lease liability, lease payments made at or before the commencement day, initial direct costs and \u00a0
costs to restore the underlying asset. The right-of-use asset are subsequently measured at cost less accumulated depreciation \u00a0
and impairment losses. The right-of-use assets are depreciated over the shorter period of the lease term and the useful life of \u00a0
the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head lease and the sublease as two \u00a0
separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from \u00a0
the head lease. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1288": { "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 \u00a0
are 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1289": { "value": "
Income from holdings in associates \u00a0
Associates are accounted for using the equity method. Further information is provided in note G37. \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1290": { "value": "
Income from holdings in associates \u00a0
Associates are accounted for using the equity method. Further information is provided in note G37. \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1295": { "value": "
G9. Operating expenses \u00a0
Operating expenses include staff costs, administrative expenses (including Resolution fund) and depreciation, amortisation and \u00a0
impairment charges. Operating expenses also include net gain or loss on the sale of operating lease assets that have been held for \u00a0
rental purposes as part 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 \u00a0
bonuses, pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed \u00a0
when the 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 \u00a0
vest up to four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from \u00a0
the Group. In addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of \u00a0
share-based payments at the grant date is expensed over the vesting period with the intrinsic value expensed in the year in \u00a0
which the share-based payments are earned, and the time value (if any) accrued over the remaining service period. Expenses \u00a0
are set off against shareholders\u2019 equity. Fair 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 \u00a0
the employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of \u00a0
the difference between expected trends in pension assets and benefits and actual trends are recognised under Other \u00a0
comprehensive 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 \u00a0
or loss on the sale of operating lease assets is presented here. \u00a0
(a) Operating expenses \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Staff costs \u00a0
16,371 \u00a0
15,644 \u00a0
Administrative expenses \u00a0
7,855 \u00a0
8,291 \u00a0
Amortisation/depreciation and impairment charges of intangible, tangible and right-of-use assets \u00a0
1,622 \u00a0
1,799 \u00a0
Total \u00a0
An impairment loss of DKK 74 million was recognised in 2025 on software development costs (2024: DKK 61 million) and is included \u00a0
in the table above. Note G19 provides further information. \u00a0
Staff costs \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Salaries \u00a0
11,899 \u00a0
11,944 \u00a0
Share-based payments \u00a0
211 \u00a0
203 \u00a0
Pension, defined contribution plans \u00a0
1,512 \u00a0
1,454 \u00a0
Pension, defined benefit plans \u00a0
69 \u00a0
42 \u00a0
Severance payments \u00a0
629 \u00a0
213 \u00a0
Financial services employer tax and social security costs \u00a0
2,051 \u00a0
1,787 \u00a0
Total \u00a0
The table above does not include staff costs directly attributable to insurance contracts. These are included within Insurance service \u00a0
expenses. See note G7. \u00a0
Total salary costs amounted to DKK 14.3 billion (2024: DKK 13.9 billion), with variable remuneration accounting for 9.3% of this \u00a0
amount (2024: 8.8%). Share-based payments 2025 include DKK 11.5 million relating to sign-on fee. Note G34 provides more \u00a0
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, \u00a0
including Danica. Such payments are expensed regularly. The Group has, to a minor extent, entered into defined benefit pension plans. \u00a0
Under defined benefit pension plans, the Group is under an obligation to pay defined future benefits from the time of retirement. \u00a0
Defined benefit pension plans are typically funded by ordinary contributions made by employers and employees to separate pension \u00a0
funds investing the contributions on behalf of the members to fund future pension obligations. Defined benefit pension plans in \u00a0
Northern Ireland and Ireland account for most of the Group\u2019s obligations under such plans, but the Group also has a small number of \u00a0
defined benefit pension plans in Denmark and Sweden. The plans in these countries do not accept new members and, for most of the \u00a0
plans, contributions payable by existing members have been discontinued. \u00a0
At 31 December 2025, the net present value of pension obligations was DKK 10,423 million (2024: DKK 11,163 million), and the fair \u00a0
value of plan assets was DKK 11,134 million (2024: DKK 11,796 million). The present value of obligations under defined benefit \u00a0
pension plans less the fair value of pension assets is recognised for each plan under Other assets and Other liabilities. Pension plan \u00a0
net assets amounted to DKK 960 million (2024: DKK 907 million) and pension plan net liabilities amounted to DKK 250 million (2024: \u00a0
DKK 275 million). \u00a0
The Group recognises the service cost and interest on the net defined benefit pension asset/liability in the income statement, \u00a0
whereas actuarial gains or losses are recognised under Other comprehensive income. \u00a0
The calculation of the net obligation is based on valuations made by external actuaries. These valuations rely on assumptions about a \u00a0
number of variables, including discount and mortality rates and salary increases. The measurement of the net obligation is \u00a0
particularly sensitive to changes in the discount rate. The discount rate is determined by reference to yields on high-quality corporate \u00a0
bonds with terms matching the terms of the pension obligations. If the discount rate was lowered half a percentage point, the gross \u00a0
pension obligation would increase DKK 0.7 billion (2024: DKK 0.7 billion). The amount would be recognised under Other \u00a0
comprehensive income. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1296": { "value": "
G9. Operating expenses \u00a0
Operating expenses include staff costs, administrative expenses (including Resolution fund) and depreciation, amortisation and \u00a0
impairment charges. Operating expenses also include net gain or loss on the sale of operating lease assets that have been held for \u00a0
rental purposes as part 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 \u00a0
bonuses, pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed \u00a0
when the 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 \u00a0
vest up to four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from \u00a0
the Group. In addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of \u00a0
share-based payments at the grant date is expensed over the vesting period with the intrinsic value expensed in the year in \u00a0
which the share-based payments are earned, and the time value (if any) accrued over the remaining service period. Expenses \u00a0
are set off against shareholders\u2019 equity. Fair 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 \u00a0
the employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of \u00a0
the difference between expected trends in pension assets and benefits and actual trends are recognised under Other \u00a0
comprehensive 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 \u00a0
or loss on the sale of operating lease assets is presented here. \u00a0
(a) Operating expenses \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Staff costs \u00a0
16,371 \u00a0
15,644 \u00a0
Administrative expenses \u00a0
7,855 \u00a0
8,291 \u00a0
Amortisation/depreciation and impairment charges of intangible, tangible and right-of-use assets \u00a0
1,622 \u00a0
1,799 \u00a0
Total \u00a0
An impairment loss of DKK 74 million was recognised in 2025 on software development costs (2024: DKK 61 million) and is included \u00a0
in the table above. Note G19 provides further information. \u00a0
Staff costs \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Salaries \u00a0
11,899 \u00a0
11,944 \u00a0
Share-based payments \u00a0
211 \u00a0
203 \u00a0
Pension, defined contribution plans \u00a0
1,512 \u00a0
1,454 \u00a0
Pension, defined benefit plans \u00a0
69 \u00a0
42 \u00a0
Severance payments \u00a0
629 \u00a0
213 \u00a0
Financial services employer tax and social security costs \u00a0
2,051 \u00a0
1,787 \u00a0
Total \u00a0
The table above does not include staff costs directly attributable to insurance contracts. These are included within Insurance service \u00a0
expenses. See note G7. \u00a0
Total salary costs amounted to DKK 14.3 billion (2024: DKK 13.9 billion), with variable remuneration accounting for 9.3% of this \u00a0
amount (2024: 8.8%). Share-based payments 2025 include DKK 11.5 million relating to sign-on fee. Note G34 provides more \u00a0
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, \u00a0
including Danica. Such payments are expensed regularly. The Group has, to a minor extent, entered into defined benefit pension plans. \u00a0
Under defined benefit pension plans, the Group is under an obligation to pay defined future benefits from the time of retirement. \u00a0
Defined benefit pension plans are typically funded by ordinary contributions made by employers and employees to separate pension \u00a0
funds investing the contributions on behalf of the members to fund future pension obligations. Defined benefit pension plans in \u00a0
Northern Ireland and Ireland account for most of the Group\u2019s obligations under such plans, but the Group also has a small number of \u00a0
defined benefit pension plans in Denmark and Sweden. The plans in these countries do not accept new members and, for most of the \u00a0
plans, contributions payable by existing members have been discontinued. \u00a0
At 31 December 2025, the net present value of pension obligations was DKK 10,423 million (2024: DKK 11,163 million), and the fair \u00a0
value of plan assets was DKK 11,134 million (2024: DKK 11,796 million). The present value of obligations under defined benefit \u00a0
pension plans less the fair value of pension assets is recognised for each plan under Other assets and Other liabilities. Pension plan \u00a0
net assets amounted to DKK 960 million (2024: DKK 907 million) and pension plan net liabilities amounted to DKK 250 million (2024: \u00a0
DKK 275 million). \u00a0
The Group recognises the service cost and interest on the net defined benefit pension asset/liability in the income statement, \u00a0
whereas actuarial gains or losses are recognised under Other comprehensive income. \u00a0
The calculation of the net obligation is based on valuations made by external actuaries. These valuations rely on assumptions about a \u00a0
number of variables, including discount and mortality rates and salary increases. The measurement of the net obligation is \u00a0
particularly sensitive to changes in the discount rate. The discount rate is determined by reference to yields on high-quality corporate \u00a0
bonds with terms matching the terms of the pension obligations. If the discount rate was lowered half a percentage point, the gross \u00a0
pension obligation would increase DKK 0.7 billion (2024: DKK 0.7 billion). The amount would be recognised under Other \u00a0
comprehensive income. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1298": { "value": "
Accounting policy \u00a0
Staff costs \u00a0
This item includes salaries, performance-based pay, expenses for share-based payments, holiday allowances, anniversary \u00a0
bonuses, pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed \u00a0
when the 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 \u00a0
vest up to four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from \u00a0
the Group. In addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of \u00a0
share-based payments at the grant date is expensed over the vesting period with the intrinsic value expensed in the year in \u00a0
which the share-based payments are earned, and the time value (if any) accrued over the remaining service period. Expenses \u00a0
are set off against shareholders\u2019 equity. Fair 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 \u00a0
the employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of \u00a0
the difference between expected trends in pension assets and benefits and actual trends are recognised under Other \u00a0
comprehensive 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 \u00a0
or loss on the sale of operating lease assets is presented here. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1300": { "value": "
Staff costs \u00a0
This item includes salaries, performance-based pay, expenses for share-based payments, holiday allowances, anniversary \u00a0
bonuses, pension costs and other remuneration. Salaries and other remuneration that the Group expects to pay are expensed \u00a0
when the 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 \u00a0
the employees. For defined benefit pension plans, the Group expenses the standard cost. Actuarial gains or losses as a result of \u00a0
the difference between expected trends in pension assets and benefits and actual trends are recognised under Other \u00a0
comprehensive income. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1301": { "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 \u00a0
vest up to four years after the grant date, provided that the employee, with the exception of retirement, has not resigned from \u00a0
the Group. In addition to this requirement, the vesting of rights is conditional on certain targets being met. The fair value of \u00a0
share-based payments at the grant date is expensed over the vesting period with the intrinsic value expensed in the year in \u00a0
which the share-based payments are earned, and the time value (if any) accrued over the remaining service period. Expenses \u00a0
are set off against shareholders\u2019 equity. Fair 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 \u00a0
period and set off against equity. At the time of exercise, payments by employees are recognised as an increase in equity. As with \u00a0
other purchases of 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1303": { "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 \u00a0
or loss on the sale of operating lease assets is presented here. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1292": { "value": "
Other income \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Income from lease assets and investment property \u00a0
90 \u00a0
271 \u00a0
Income from real-estate brokerage \u00a0
108 \u00a0
93 \u00a0
Gain or loss on sale of disposal groups \u00a0
6
244 \u00a0
Income from holdings in associates \u00a0
-14 \u00a0
-257 \u00a0
Other income \u00a0
387 \u00a0
389 \u00a0
Total \u00a0
577 \u00a0
741 \u00a0
* Other income in 2024 is restated to include Gain or loss on sale of disposal groups, which was separately disclosed in the Income statement \u00a0
in Annual Report 2024. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1308": { "value": "
(a) Operating expenses \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Staff costs \u00a0
16,371 \u00a0
15,644 \u00a0
Administrative expenses \u00a0
7,855 \u00a0
8,291 \u00a0
Amortisation/depreciation and impairment charges of intangible, tangible and right-of-use assets \u00a0
1,622 \u00a0
1,799 \u00a0
Total \u00a0
An impairment loss of DKK 74 million was recognised in 2025 on software development costs (2024: DKK 61 million) and is included \u00a0
in the table above. Note G19 provides further information. \u00a0
(c) Software and licences \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Cost at 1 January \u00a0
12,786 \u00a0
11,554 \u00a0
Foreign currency translation \u00a0
-
-
Additions \u00a0
1,658 \u00a0
1,280 \u00a0
Disposals \u00a0
-131 \u00a0
-48 \u00a0
Cost at 31 December \u00a0
14,313 \u00a0
12,786 \u00a0
Amortisation and impairment charges at 1 January \u00a0
10,487 \u00a0
9,927 \u00a0
Foreign currency translation \u00a0
1
-1 \u00a0
Amortisation charges \u00a0
475 \u00a0
533 \u00a0
Impairment charges \u00a0
74 \u00a0
61 \u00a0
Amortisation and impairment charges for assets sold \u00a0
-131 \u00a0
-33 \u00a0
Depreciation and amortisation charges at 31 December \u00a0
10,906 \u00a0
10,487 \u00a0
Carrying amount at 31 December \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1307": { "value": "
(a) Operating expenses \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Staff costs \u00a0
16,371 \u00a0
15,644 \u00a0
Administrative expenses \u00a0
7,855 \u00a0
8,291 \u00a0
Amortisation/depreciation and impairment charges of intangible, tangible and right-of-use assets \u00a0
1,622 \u00a0
1,799 \u00a0
Total \u00a0
An impairment loss of DKK 74 million was recognised in 2025 on software development costs (2024: DKK 61 million) and is included \u00a0
in the table above. Note G19 provides further information. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1306": { "value": "
(a) Operating expenses \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Staff costs \u00a0
16,371 \u00a0
15,644 \u00a0
Administrative expenses \u00a0
7,855 \u00a0
8,291 \u00a0
Amortisation/depreciation and impairment charges of intangible, tangible and right-of-use assets \u00a0
1,622 \u00a0
1,799 \u00a0
Total \u00a0
An impairment loss of DKK 74 million was recognised in 2025 on software development costs (2024: DKK 61 million) and is included \u00a0
in the table above. Note G19 provides further information. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1317": { "value": "
Staff costs \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Salaries \u00a0
11,899 \u00a0
11,944 \u00a0
Share-based payments \u00a0
211 \u00a0
203 \u00a0
Pension, defined contribution plans \u00a0
1,512 \u00a0
1,454 \u00a0
Pension, defined benefit plans \u00a0
69 \u00a0
42 \u00a0
Severance payments \u00a0
629 \u00a0
213 \u00a0
Financial services employer tax and social security costs \u00a0
2,051 \u00a0
1,787 \u00a0
Total \u00a0
The table above does not include staff costs directly attributable to insurance contracts. These are included within Insurance service \u00a0
expenses. See note G7. \u00a0
Total salary costs amounted to DKK 14.3 billion (2024: DKK 13.9 billion), with variable remuneration accounting for 9.3% of this \u00a0
amount (2024: 8.8%). Share-based payments 2025 include DKK 11.5 million relating to sign-on fee. Note G34 provides more \u00a0
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, \u00a0
including Danica. Such payments are expensed regularly. The Group has, to a minor extent, entered into defined benefit pension plans. \u00a0
Under defined benefit pension plans, the Group is under an obligation to pay defined future benefits from the time of retirement. \u00a0
Defined benefit pension plans are typically funded by ordinary contributions made by employers and employees to separate pension \u00a0
funds investing the contributions on behalf of the members to fund future pension obligations. Defined benefit pension plans in \u00a0
Northern Ireland and Ireland account for most of the Group\u2019s obligations under such plans, but the Group also has a small number of \u00a0
defined benefit pension plans in Denmark and Sweden. The plans in these countries do not accept new members and, for most of the \u00a0
plans, contributions payable by existing members have been discontinued. \u00a0
At 31 December 2025, the net present value of pension obligations was DKK 10,423 million (2024: DKK 11,163 million), and the fair \u00a0
value of plan assets was DKK 11,134 million (2024: DKK 11,796 million). The present value of obligations under defined benefit \u00a0
pension plans less the fair value of pension assets is recognised for each plan under Other assets and Other liabilities. Pension plan \u00a0
net assets amounted to DKK 960 million (2024: DKK 907 million) and pension plan net liabilities amounted to DKK 250 million (2024: \u00a0
DKK 275 million). \u00a0
The Group recognises the service cost and interest on the net defined benefit pension asset/liability in the income statement, \u00a0
whereas actuarial gains or losses are recognised under Other comprehensive income. \u00a0
The calculation of the net obligation is based on valuations made by external actuaries. These valuations rely on assumptions about a \u00a0
number of variables, including discount and mortality rates and salary increases. The measurement of the net obligation is \u00a0
particularly sensitive to changes in the discount rate. The discount rate is determined by reference to yields on high-quality corporate \u00a0
bonds with terms matching the terms of the pension obligations. If the discount rate was lowered half a percentage point, the gross \u00a0
pension obligation would increase DKK 0.7 billion (2024: DKK 0.7 billion). The amount would be recognised under Other \u00a0
comprehensive income. \u00a0
(d) Share-based payments \u00a0
The total expense recognised as operating expenses in 2025 arising from share-based payments was DKK 211 million (2024: DKK 203 \u00a0
million). All share-based payments are equity-settled. The exact number of shares granted for 2025 will be determined at the middle \u00a0
of April 2026. \u00a0
The Group has granted rights to conditional shares under the bonus structure for material risk takers and other employees as part of \u00a0
their variable remuneration. Such employees have a performance agreement based on the performance of the Group, the business \u00a0
unit and the individual employee. Part of the Danske Bank shares granted to material risk takers are deferred, as required by the EBA \u00a0
(see section (c) above on payouts from variable remuneration). The fair value at the grant date is measured at the monetary value of \u00a0
the underlying performance 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 \u00a0
rights to 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 2025, \u00a0
there were three long-term incentive programmes running: the 2023-2025, the 2024-2026 and the 2025-2027. For the long-term \u00a0
incentive programme 2023-2025, only the total shareholder return performance relative to peers was selected as a KPI, whereas the \u00a0
long-term incentive programmes 2024-2026 and 2025-2027 are based also on the return on equity. Both KPIs are weighted equally. \u00a0
After the performance period of three years, part of the shares will be paid out. The remaining shares are deferred for five years from \u00a0
the grant date followed by a one year holding 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 12.9 million for the 2025-2027 programme and DKK \u00a0
10.4 million for the 2024-2026 programme. The fair value of the shares is calculated at the grant date and is based on relevant \u00a0
assumptions, which relate to volatility relative to peers. The fair value at grant date is expensed over the three-year vesting period. \u00a0
The increase between the 2023-2025 programme and 2024-2026 programme is due to a change to the remuneration model \u2013 see \u00a0
Remuneration Report 2025 for more details. \u00a0
In the following table, Other staff includes material risk takers and other employees eligible for share-based payments. \u00a0
Conditional shares \u00a0
Employee \u00a0
Number of \u00a0
payment
Fair\u00a0value at\u00a0
Fair value at
end of year \u00a0
shares \u00a0
price \u00a0
issue \u00a0
Executive \u00a0
Leadership \u00a0
Team \u00a0
Other staff \u00a0
Total \u00a0
(DKK)
(DKK\u00a0millions) (DKK\u00a0millions) \u00a0
Granted in 2016 \u00a0
1 January 2024 \u00a0
239 \u00a0
-
239 \u00a0
-
0.0 \u00a0
0.1 \u00a0
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-
-
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
239 \u00a0
-
239 \u00a0
-
0.0 \u00a0
0.1 \u00a0
Vested 2025 \u00a0
-
-
-
-
-
-
Forfeited 2025 \u00a0
-
-
-
-
-
-
Other changes 2025 \u00a0
-239 \u00a0
-
-239 \u00a0
-
-
-
31 December 2025 \u00a0
-
-
-
-
-
-
Granted in 2017 \u00a0
1 January 2024 \u00a0
-
2,380 \u00a0
2,380 \u00a0
-
0.6 \u00a0
0.8 \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
0.5 \u00a0
Vested 2025 \u00a0
-
-1,442 \u00a0
-1,442 \u00a0
-
-
-
Forfeited 2025 \u00a0
-
-
-
-
-
-
Other changes 2025 \u00a0
-
-
-
-
-
-
31 December 2025 \u00a0
-
-
-
-
-
-
Granted in 2019 \u00a0
1 January 2024 \u00a0
-
2,335 \u00a0
2,335 \u00a0
-
0.3 \u00a0
0.7 \u00a0
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-2,335 \u00a0
-2,335 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
-
-
-
-
-
-
Vested 2025 \u00a0
-
-
-
-
-
-
Forfeited 2025 \u00a0
-
-
-
-
-
-
Other changes 2025 \u00a0
-
-
-
-
-
-
31 December 2025 \u00a0
-
-
-
-
-
-
Employee \u00a0
Number of \u00a0
payment
Fair\u00a0value at\u00a0
Fair value at
end of year \u00a0
shares \u00a0
price \u00a0
issue \u00a0
Executive \u00a0
Leadership \u00a0
Team \u00a0
Other staff \u00a0
Total \u00a0
(DKK)
(DKK\u00a0millions) (DKK\u00a0millions) \u00a0
Granted in 2020 \u00a0
1 January 2024 \u00a0
6,405 \u00a0
59,957 \u00a0
66,362 \u00a0
-
6.4 \u00a0
21.1 \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
17.4 \u00a0
Vested 2025 \u00a0
-6,405 \u00a0
-45,031 \u00a0
-51,436 \u00a0
-
-
-
Forfeited 2025 \u00a0
-
-
-
-
-
-
Other changes 2025 \u00a0
-
-3,093 \u00a0
-3,093 \u00a0
-
-
-
31 December 2025 \u00a0
-
-
-
-
-
-
Granted in 2021 \u00a0
1 January 2024 \u00a0
112,852 \u00a0
684,755 \u00a0
797,607 \u00a0
-
94.5 \u00a0
254.1 \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
181.6 \u00a0
Vested 2025 \u00a0
-4,818 \u00a0
-328,283 \u00a0
-333,101 \u00a0
-
-
-
Forfeited 2025 \u00a0
-
-2,217 \u00a0
-2,217 \u00a0
-
-
-
Other changes 2025 \u00a0
-14,831 \u00a0
-79,361 \u00a0
-94,192 \u00a0
-
-
-
31 December 2025 \u00a0
38,937 \u00a0
101,587 \u00a0
140,524 \u00a0
-
16.4 \u00a0
44.8 \u00a0
Granted in 2022 \u00a0
1 January 2024 \u00a0
126,022 \u00a0
742,340 \u00a0
868,362 \u00a0
-
99.7 \u00a0
276.7 \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
189.6 \u00a0
Vested 2025 \u00a0
-46,340 \u00a0
-237,202 \u00a0
-283,542 \u00a0
-
-
-
Forfeited 2025 \u00a0
-5,681 \u00a0
-
-5,681 \u00a0
-
-
-
Other changes 2025 \u00a0
-10,208 \u00a0
91,259 \u00a0
81,051 \u00a0
-
-
-
31 December 2025 \u00a0
-
Employee \u00a0
Number of \u00a0
payment
Fair\u00a0value at\u00a0
Fair value at
end of year \u00a0
shares \u00a0
price \u00a0
issue \u00a0
Executive \u00a0
Leadership \u00a0
Team \u00a0
Other staff \u00a0
Total \u00a0
(DKK)
(DKK\u00a0millions) (DKK\u00a0millions) \u00a0
Granted in 2023 \u00a0
1 January 2024 \u00a0
127,579 \u00a0
368,226 \u00a0
495,805 \u00a0
-
70.2 \u00a0
158.0 \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
120.0 \u00a0
Vested 2025 \u00a0
-5,580 \u00a0
-76,457 \u00a0
-82,037 \u00a0
-
-
-
Forfeited 2025 \u00a0
-2,394 \u00a0
-
-2,394 \u00a0
-
-
-
Other changes 2025 \u00a0
-16,221 \u00a0
19,120 \u00a0
2,899 \u00a0
-
-
-
31 December 2025 \u00a0
100,198 \u00a0
194,999 \u00a0
295,197 \u00a0
-
41.8 \u00a0
94.0 \u00a0
Granted in 2024 \u00a0
Granted in 2024 \u00a0
196,016 \u00a0
1,071,957 \u00a0
1,267,973 \u00a0
-
262.7 \u00a0
404.0 \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
260.7 \u00a0
Vested 2025 \u00a0
-9,561 \u00a0
-118,904 \u00a0
-128,465 \u00a0
-
-
-
Forfeited 2025 \u00a0
-17,190 \u00a0
-
-17,190 \u00a0
-
-
-
Other changes 2025 \u00a0
-22,683 \u00a0
38,824 \u00a0
16,141 \u00a0
-
-
-
31 December 2025 \u00a0
163,772 \u00a0
525,011 \u00a0
688,783 \u00a0
-
142.7 \u00a0
219.4 \u00a0
Granted in 2025 \u00a0
Granted in 2025 \u00a0
195,184 \u00a0
783,792 \u00a0
978,976 \u00a0
-
226.4 \u00a0
311.9 \u00a0
Vested 2025 \u00a0
-268,948 \u00a0
-
-268,948 \u00a0
-
-
-
Forfeited 2025 \u00a0
-11,115 \u00a0
-
-11,115 \u00a0
-
-
-
Other changes 2025 \u00a0
-21,091 \u00a0
21,091 \u00a0
-
-
-
-
31 December 2025 \u00a0
-
There were no remaining conditional shares granted in 2018 as at 31 December 2024 or 31 December 2025. \u00a0
At the end of 2025, the Executive Leadership Team held a total of 539,085 conditional shares with fair value of DKK 171.8 million \u00a0
(2024: 501,639 conditional shares with fair value of DKK 102.2 million). See Remuneration Report 2025 for further details of the \u00a0
Executive Leadership Team\u2019s holdings. In 2025, the average price at the vesting date for rights to conditional shares was DKK 275.4 \u00a0
(2024: DKK 200.9). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1316": { "value": "
Staff costs \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Salaries \u00a0
11,899 \u00a0
11,944 \u00a0
Share-based payments \u00a0
211 \u00a0
203 \u00a0
Pension, defined contribution plans \u00a0
1,512 \u00a0
1,454 \u00a0
Pension, defined benefit plans \u00a0
69 \u00a0
42 \u00a0
Severance payments \u00a0
629 \u00a0
213 \u00a0
Financial services employer tax and social security costs \u00a0
2,051 \u00a0
1,787 \u00a0
Total \u00a0
The table above does not include staff costs directly attributable to insurance contracts. These are included within Insurance service \u00a0
expenses. See note G7. \u00a0
Total salary costs amounted to DKK 14.3 billion (2024: DKK 13.9 billion), with variable remuneration accounting for 9.3% of this \u00a0
amount (2024: 8.8%). Share-based payments 2025 include DKK 11.5 million relating to sign-on fee. Note G34 provides more \u00a0
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, \u00a0
including Danica. Such payments are expensed regularly. The Group has, to a minor extent, entered into defined benefit pension plans. \u00a0
Under defined benefit pension plans, the Group is under an obligation to pay defined future benefits from the time of retirement. \u00a0
Defined benefit pension plans are typically funded by ordinary contributions made by employers and employees to separate pension \u00a0
funds investing the contributions on behalf of the members to fund future pension obligations. Defined benefit pension plans in \u00a0
Northern Ireland and Ireland account for most of the Group\u2019s obligations under such plans, but the Group also has a small number of \u00a0
defined benefit pension plans in Denmark and Sweden. The plans in these countries do not accept new members and, for most of the \u00a0
plans, contributions payable by existing members have been discontinued. \u00a0
At 31 December 2025, the net present value of pension obligations was DKK 10,423 million (2024: DKK 11,163 million), and the fair \u00a0
value of plan assets was DKK 11,134 million (2024: DKK 11,796 million). The present value of obligations under defined benefit \u00a0
pension plans less the fair value of pension assets is recognised for each plan under Other assets and Other liabilities. Pension plan \u00a0
net assets amounted to DKK 960 million (2024: DKK 907 million) and pension plan net liabilities amounted to DKK 250 million (2024: \u00a0
DKK 275 million). \u00a0
The Group recognises the service cost and interest on the net defined benefit pension asset/liability in the income statement, \u00a0
whereas actuarial gains or losses are recognised under Other comprehensive income. \u00a0
The calculation of the net obligation is based on valuations made by external actuaries. These valuations rely on assumptions about a \u00a0
number of variables, including discount and mortality rates and salary increases. The measurement of the net obligation is \u00a0
particularly sensitive to changes in the discount rate. The discount rate is determined by reference to yields on high-quality corporate \u00a0
bonds with terms matching the terms of the pension obligations. If the discount rate was lowered half a percentage point, the gross \u00a0
pension obligation would increase DKK 0.7 billion (2024: DKK 0.7 billion). The amount would be recognised under Other \u00a0
comprehensive income. \u00a0
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,354 \u00a0
7,352 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,505 \u00a0
9,727 \u00a0
Defined benefit pension plan, net assets \u00a0
960 \u00a0
907 \u00a0
Investment property \u00a0
361 \u00a0
396 \u00a0
Tangible assets \u00a0
6,879 \u00a0
7,092 \u00a0
Right of use lease assets \u00a0
3,579 \u00a0
3,675 \u00a0
Holdings in associates \u00a0
387 \u00a0
396 \u00a0
Assets held for sale \u00a0
109 \u00a0
160 \u00a0
Total \u00a0
29,135 \u00a0
29,707 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
40,082 \u00a0
42,659 \u00a0
Accrued interest and commissions due \u00a0
13,031 \u00a0
13,265 \u00a0
Defined benefit pension plans, net liabilities \u00a0
250 \u00a0
275 \u00a0
Other staff commitments \u00a0
1,102 \u00a0
1,287 \u00a0
Lease liabilities \u00a0
3,676 \u00a0
3,787 \u00a0
Loan commitments and guarantees etc. \u00a0
2,843 \u00a0
2,893 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,822 \u00a0
1,866 \u00a0
Total \u00a0
* Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1326": { "value": "
G10. Audit fees \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Audit firm appointed by the general meeting \u00a0
Fees for statutory audit of the consolidated and parent company financial statements \u00a0
45 \u00a0
42 \u00a0
Fees for other assurance engagements \u00a0
12 \u00a0
15 \u00a0
Fees for tax advisory services \u00a0
-
-
Fees for other services \u00a0
7
12 \u00a0
Total \u00a0
64 \u00a0
69 \u00a0
Fees for non-audit services provided by Deloitte Statsautoriseret Revisionspartnerselskab (Denmark) and Deloitte Globally amounted \u00a0
to DKK 14 million (2024: DKK 13 million) and covered various assurance reports and other advisory engagements. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1328": { "value": "
G11. Loan impairment charges \u00a0
Loan impairment charges include impairment charges for expected credit losses against loans, lease receivables, bonds at amortised \u00a0
cost and fair value through other comprehensive income, certain loan commitments and financial guarantee contracts as well as fair \u00a0
value adjustments 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) \u00a0
taken over by the Group under non-performing loan agreements. Further, the item includes external costs directly attributable to the \u00a0
collection of amounts 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 \u00a0
the relevant balance sheet line items. Notes G15, G16 and G23 provide more information. \u00a0
Loan impairment charges \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
ECL impairment on Due from credit institutions and central banks \u00a0
13 \u00a0
-
ECL impairment on Loans at amortised cost \u00a0
580 \u00a0
-589 \u00a0
ECL impairment on Loan commitments and guarantees etc. \u00a0
-41 \u00a0
-287 \u00a0
ECL impairment, total \u00a0
552 \u00a0
-877 \u00a0
Fair value credit risk adjustment on Loans at fair value \u00a0
-258 \u00a0
333 \u00a0
Total \u00a0
294 \u00a0
-543 \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
ECL on new assets \u00a0
3,129 \u00a0
3,207 \u00a0
ECL on assets derecognised \u00a0
-2,493 \u00a0
-2,900 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-52 \u00a0
49 \u00a0
Write-offs charged directly to income statement \u00a0
234 \u00a0
216 \u00a0
Received on claims previously written off \u00a0
-209 \u00a0
-730 \u00a0
Interest income, effective interest method \u00a0
-316 \u00a0
-386 \u00a0
Total \u00a0
294 \u00a0
-543 \u00a0
Note G15 provides further information on changes in the allowance account. \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 \u00a0
recognition 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 \u00a0
from 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 \u00a0
lifetime 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 \u00a0
expected 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 \u00a0
default (EAD) and the loss given default (LGD) and incorporates forward looking elements. For facilities in stages 2 and 3, the \u00a0
lifetime expected 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
2025 \u00a0
2024 \u00a0
Reverse transactions \u00a0
4,288 \u00a0
2,408 \u00a0
Other loans \u00a0
1,031,860 \u00a0
933,297 \u00a0
Allowance account \u00a0
13,867 \u00a0
13,804 \u00a0
Total at amortised cost \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). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal \u00a0
models in order to ensure alignment of models across the Group. New models and calculations have been developed especially for \u00a0
IFRS 9 purposes, including models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairment charges \u00a0
are allocated to individual 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 \u00a0
undrawn commitment and where a contractual ability to demand prepayment and cancellation of the undrawn commitment does not \u00a0
limit the Group\u2019s exposure to credit losses to the contractual notice period, the expected lifetime is the period during which the Group \u00a0
expects to be exposed to credit losses. This period is estimated on the basis of the normal credit risk management actions. Products \u00a0
identified as in scope of an expected lifetime longer than the remaining contractual maturity include credit cards, overdraft balances \u00a0
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, including an assessment of the probability \u00a0
of each scenario. The purpose of using multiple scenarios is to model the non-linear impact of assumptions about macroeconomic \u00a0
factors on the expected credit losses Afterwards there is a process to ensure a review and sign-off of the scenarios. Management\u2019s \u00a0
approval of the scenarios can include adjustments to the scenarios or to which scenarios are used, the assigned probability weighting \u00a0
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 \u00a0
is used directly in the PDs through an estimate of general changes to the PDs and the LGDs in the expected credit loss calculation. \u00a0
However, for significant exposures in stage 3, an individual assessment of the scenarios, changes to expected credit losses and the \u00a0
related probabilities are 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 \u00a0
based on the macroeconomic outlook as disclosed in the Group\u2019s Nordic Outlook reports. Further information on the macroeconomic \u00a0
scenarios used can be found in note G39. \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 \u00a0
collection procedure has been completed and the loss on the individual loan can be calculated. If the full loss is not expected to be \u00a0
realised until after a number of years, for example in the event of administration of complex estates, a partial write-off is recognised, \u00a0
reflecting the Group\u2019s claim 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 \u00a0
to the 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 \u00a0
the changes are not significant, the modification is accounted for as a modification of the original loan. The assessment is based on \u00a0
the following 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 \u00a0
changed contractual cash flows represents the gross carrying amount of the financial asset after the modification. The difference \u00a0
between the net present value of the original contractual cash flows and the modified contractual cash flows is recognised in the \u00a0
income statement as a 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 \u00a0
gain or loss represents the difference between the carrying amount of the original financial asset (updated to reflect current expected \u00a0
credit losses) and the initial carrying amount of the new financial asset plus/minus any cash payments between the parties in relation \u00a0
to the modification. \u00a0
Modifications in the form of forbearance measures include interest reduction schedules, interest only schedules, temporary payment \u00a0
holidays, term extensions, cancellation of outstanding fees, waiver of covenant enforcement and debt forgiveness. For modifications \u00a0
that are not 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 \u00a0
(unless the new loan is credit-impaired at initial recognition) be recognised in stage 1 at initial recognition, i.e. the initial credit risk is \u00a0
reset. If the replacing loan is considered an amendment to the original loan, the initial credit risk is not reset. Loans modified as part of \u00a0
the Group\u2019s forbearance policy, where the modification does not result in derecognition, the loss allowance on the forborne loans will \u00a0
generally only be measured based on 12-months expected credit losses when there is evidence of the borrower\u2019s improved \u00a0
repayment behaviour. When a loan in stage 3 is modified, and the modification results in derecognition, the Group assesses if the new \u00a0
loan is originated credit impaired. The assessment includes factors such as whether the customer\u2019s repayment behaviour has \u00a0
improved significantly prior to the modification or not, and whether the pricing on the new loan reflects the actual credit risk etc. New \u00a0
loans that are originated credit impaired remains under a lifetime ECL calculation for the remaining term of the exposure. \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 2024 \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
Transferred to stage 1 \u00a0
1,228 \u00a0
-919 \u00a0
-309 \u00a0
198 \u00a0
-172 \u00a0
-26 \u00a0
144 \u00a0
-147 \u00a0
2
-
Transferred to stage 2 \u00a0
-137 \u00a0
350 \u00a0
-213 \u00a0
-48 \u00a0
88 \u00a0
-39 \u00a0
-23 \u00a0
84 \u00a0
-61 \u00a0
-
Transferred to stage 3 \u00a0
-52 \u00a0
-635 \u00a0
686 \u00a0
-9 \u00a0
-31 \u00a0
40 \u00a0
-2 \u00a0
-243 \u00a0
245 \u00a0
-
ECL on new assets \u00a0
351 \u00a0
1,177 \u00a0
885 \u00a0
138 \u00a0
51 \u00a0
26 \u00a0
116 \u00a0
332 \u00a0
53 \u00a0
3,129 \u00a0
ECL on assets derecognised \u00a0
-223 \u00a0
-808 \u00a0
-766 \u00a0
-221 \u00a0
-132 \u00a0
-149 \u00a0
-41 \u00a0
-102 \u00a0
-52 \u00a0
-2,493 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,413 \u00a0
768 \u00a0
967 \u00a0
-246 \u00a0
136 \u00a0
84 \u00a0
-158 \u00a0
-8 \u00a0
-180 \u00a0
-52 \u00a0
Write offs debited to the allowance account \u00a0
-
-828 \u00a0
-
-
-35 \u00a0
-
-
-
-
-864 \u00a0
Foreign exchange adjustments \u00a0
14 \u00a0
77 \u00a0
60 \u00a0
-
-
-
3
15 \u00a0
-25 \u00a0
145 \u00a0
Other \u00a0
-17 \u00a0
-
-169 \u00a0
-
109 \u00a0
-
13 \u00a0
2
-18 \u00a0
-80 \u00a0
As at 31 December 2025 \u00a0
832 \u00a0
718 \u00a0
623 \u00a0
824 \u00a0
The movements on the allowance account are determined by comparing the classification and amount in the balance sheet at the \u00a0
beginning and the end of the year. The table above excludes the allowance account of DKK 4 million (2024: DKK 4 million) relating to \u00a0
bonds at amortised cost or fair value through other comprehensive income (all in stage 1). It also excludes the adjustment for credit \u00a0
risk on Loans held for sale (loan portfolios where the Group has entered into sales agreements). For further information on the \u00a0
decomposition of the allowance account on facilities in stages 1-3, see the notes on credit risk. \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 \u00a0
(EAD) and the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal \u00a0
models in order to ensure alignment of models across the Group. New models and calculations have been developed especially for \u00a0
IFRS 9 purposes, including models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairments are \u00a0
allocated to individual exposures. For 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 2024 \u00a0
3,592 \u00a0
7,486 \u00a0
9,062 \u00a0
20,140 \u00a0
Transferred to stage 1 \u00a0
1,197 \u00a0
-1,063 \u00a0
-134 \u00a0
-
Transferred to stage 2 \u00a0
-317 \u00a0
629 \u00a0
-312 \u00a0
-
Transferred to stage 3 \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
Transferred to stage 1 \u00a0
1,570 \u00a0
-1,238 \u00a0
-332 \u00a0
-
Transferred to stage 2 \u00a0
-208 \u00a0
522 \u00a0
-313 \u00a0
-
Transferred to stage 3 \u00a0
-62 \u00a0
-909 \u00a0
971 \u00a0
-
ECL on new assets \u00a0
605 \u00a0
1,560 \u00a0
965 \u00a0
3,129 \u00a0
ECL on assets derecognised \u00a0
-485 \u00a0
-1,042 \u00a0
-966 \u00a0
-2,493 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,818 \u00a0
896 \u00a0
870 \u00a0
-52 \u00a0
Write-offs debited to the allowance account \u00a0
-
-
-864 \u00a0
-864 \u00a0
Foreign exchange adjustments \u00a0
17 \u00a0
92 \u00a0
35 \u00a0
145 \u00a0
Other changes \u00a0
13 \u00a0
-15 \u00a0
-78 \u00a0
-80 \u00a0
ECL allowance account as at 31 December 2025 \u00a0
The stage 3 allowance account includes DKK 1.5 billion (2024: DKK 1.9 billion) relating to originated credit impaired financial assets. \u00a0
Originated credit impaired financial assets are granted as part of restructuring non-performing loan exposures, and are otherwise \u00a0
outside the Group\u2019s 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
Corporates\u00a0& \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 2024 \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 \u00a0
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
ECL on new assets \u00a0
472 \u00a0
1,643 \u00a0
943 \u00a0
61 \u00a0
9
3,129 \u00a0
ECL on assets derecognised \u00a0
-663 \u00a0
-1,740 \u00a0
-43 \u00a0
-46 \u00a0
-1 \u00a0
-2,493 \u00a0
Impact on remeasurement of ECL (incl. change in \u00a0
models) \u00a0
243 \u00a0
-887 \u00a0
599 \u00a0
4
-10 \u00a0
-52 \u00a0
Write-offs debited to allowance account \u00a0
-182 \u00a0
-186 \u00a0
-467 \u00a0
-28 \u00a0
-
-864 \u00a0
Foreign currency translation \u00a0
25 \u00a0
154 \u00a0
1
-35 \u00a0
-
145 \u00a0
Other changes \u00a0
-81 \u00a0
31 \u00a0
-31 \u00a0
-
-
-80 \u00a0
ECL allowance account as at 31 December 2025 \u00a0
742 \u00a0
20 \u00a0
The method used for calculating expected credit losses is described in note G15. \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 2024 \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
Transferred to stage 1 \u00a0
39,957 \u00a0
-38,047 \u00a0
-1,910 \u00a0
-
Transferred to stage 2 \u00a0
-53,274 \u00a0
54,862 \u00a0
-1,588 \u00a0
-
Transferred to stage 3 \u00a0
-3,825 \u00a0
-4,862 \u00a0
8,686 \u00a0
-
New assets \u00a0
814,509 \u00a0
41,816 \u00a0
6,285 \u00a0
862,611 \u00a0
Assets derecognised \u00a0
-604,727 \u00a0
-41,239 \u00a0
-11,257 \u00a0
-657,223 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-
-
-17 \u00a0
-17 \u00a0
Other changes \u00a0
-57,506 \u00a0
-6,696 \u00a0
-2,002 \u00a0
-66,203 \u00a0
As at 31 December 2025 \u00a0
In the table above, \u2018Changes due to modifications that did not result in derecognition\u2019 includes partial forgiveness of debt assessed to \u00a0
be uncollectible. The modification loss is recognised within the income statement as part of Loan impairment charges. The \u00a0
contractual amount of loans written off in 2025 and for which the Group retains the right to enforce its claims amounted to DKK 754 \u00a0
million (2024: DKK 826 million). \u00a0
Allowance account broken down by balance sheet item \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Due from credit institutions and central banks \u00a0
25 \u00a0
15 \u00a0
Loans at amortised cost \u00a0
13,867 \u00a0
13,672 \u00a0
Loan commitments and guarantees \u00a0
2,843 \u00a0
3,245 \u00a0
ECL Impairment, Total \u00a0
16,734 \u00a0
16,932 \u00a0
Fair value credit risk adjustment on loans at fair value \u00a0
2,952 \u00a0
2,968 \u00a0
Total \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 two downside scenarios), including an assessment of the probability for each \u00a0
scenario, and post-model adjustments. The purpose of using multiple scenarios is to model the non-linear impact of assumptions \u00a0
about macroeconomic factors on the expected credit losses. Post-model adjustments are used to capture specific risks which are not \u00a0
fully covered by the macroeconomic scenarios, as well as the process related risk, which could lead to an underestimation of the \u00a0
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 \u00a0
forecast period, the macroeconomic scenarios revert slowly towards a steady state. \u00a0
The scenarios applied in the expected credit loss calculation in the fourth quarter of 2025 have been updated with the latest \u00a0
macroeconomic data. For the Nordic markets overall, compared to the end of 2024, the base case and upside scenarios have been \u00a0
revised to reflect ongoing expectations of normalised inflation levels and improved house prices, though with a slightly more subdued \u00a0
outlook for some of the Nordic countries. \u00a0
The base case is an extension of the Group\u2019s official view of the Nordic economies, as outlined in the Nordic Outlook report. At 31 \u00a0
December 2025, the base case scenario expects the Nordic economic recovery to continue, albeit at different rates across the region. \u00a0
Most interest rate reductions are anticipated to have been completed and inflation has returned to normal levels. The Nordic property \u00a0
markets remain generally robust, with house prices stable or increasing. \u00a0
The upside scenario presents a slightly more positive outlook than the base case, with global economic conditions improving, \u00a0
increased demand, and marginally higher GDP growth. This scenario also sees further support for housing markets, accompanied by a \u00a0
modest rise in interest rates. \u00a0
A second downside scenario was introduced in the second quarter of 2025 to address the ongoing uncertainty. This scenario, which is \u00a0
called the downside scenario, envisions escalating trade tensions leading to an economic slowdown with a weaker foreign demand \u00a0
and declining equity markets. \u00a0
The severe downside scenario reflect a severe global recession. A global trade war and supply chain issues trigger a deep economic \u00a0
downturn similar to the financial crisis, characterised by declining demand, negative growth rates, and higher, more persistent \u00a0
unemployment in the economies where the Group is represented. Rising import costs lead to price increases and inflation, prompting \u00a0
interest rates to be hiked in response, as current interest levels have decreased. Property prices decline for an extended period due to \u00a0
increased interests and market uncertainty. The scenario is applied in the Group\u2019s ICAAP processes, which is similar in nature to \u00a0
regulatory stress tests, capturing the risk of a recession. \u00a0
The scenario weightings have been updated to incorporate the new downside scenario and reflect a more balanced risk picture. The \u00a0
weight on the base case scenario is 50% (31 December 2024: 60%), the upside scenario is weighted 25% (31 December 2024: 20%), \u00a0
the new downside scenario is weighted 5% (31December 2024: 0%) and the severe downside scenario is weighted 20% (31 December \u00a0
2024: 20%) \u00a0
The main macroeconomic parameters in the base case, upside, downside and severe downside scenario entering into the ECL \u00a0
calculation for the forecast horizon across the Group\u2019s Nordic markets are included in the following tables. \u00a0
Macroeconomic scenarios \u00a0
31 December 2025 \u00a0
Base-case \u00a0
Upside \u00a0
Downside \u00a0
Severe downside \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
Denmark \u00a0
GDP \u00a0
2.6 \u00a0
2.7 \u00a0
2.1 \u00a0
2.6 \u00a0
2.9 \u00a0
2.6 \u00a0
2.5 \u00a0
1.5 \u00a0
1.1 \u00a0
-3.4 \u00a0
-2.0 \u00a0
-
Unemployment \u00a0
2.9 \u00a0
3.0 \u00a0
3.0 \u00a0
2.9 \u00a0
3.0 \u00a0
2.8 \u00a0
2.9 \u00a0
3.3 \u00a0
3.6 \u00a0
6.4 \u00a0
7.4 \u00a0
7.8 \u00a0
Inflation \u00a0
1.9 \u00a0
1.1 \u00a0
1.8 \u00a0
1.9 \u00a0
1.7 \u00a0
2.5 \u00a0
2.0 \u00a0
1.1 \u00a0
2.0 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
5.9 \u00a0
6.3 \u00a0
3.7 \u00a0
5.9 \u00a0
7.3 \u00a0
5.7 \u00a0
5.9 \u00a0
1.3 \u00a0
3.7 \u00a0
-19.7 \u00a0
-11.0 \u00a0
-6.0 \u00a0
Interest rate - 3 month \u00a0
2.1 \u00a0
2.1 \u00a0
2.1 \u00a0
2.1 \u00a0
2.2 \u00a0
2.5 \u00a0
2.1 \u00a0
1.8 \u00a0
1.7 \u00a0
3.9 \u00a0
4.7 \u00a0
3.4 \u00a0
Sweden \u00a0
GDP \u00a0
1.9 \u00a0
2.6 \u00a0
2.4 \u00a0
1.9 \u00a0
2.7 \u00a0
2.9 \u00a0
1.8 \u00a0
1.3 \u00a0
1.3 \u00a0
-3.5 \u00a0
-3.4 \u00a0
-1.0 \u00a0
Unemployment \u00a0
8.7 \u00a0
8.3 \u00a0
7.5 \u00a0
8.7 \u00a0
8.3 \u00a0
7.4 \u00a0
8.7 \u00a0
8.5 \u00a0
8.0 \u00a0
10.2 \u00a0
11.1 \u00a0
11.5 \u00a0
Inflation \u00a0
2.8 \u00a0
1.6 \u00a0
2.0 \u00a0
2.8 \u00a0
1.9 \u00a0
2.2 \u00a0
2.9 \u00a0
1.7 \u00a0
2.4 \u00a0
4.9 \u00a0
3.9 \u00a0
2.9 \u00a0
Property prices - Residential \u00a0
1.2 \u00a0
5.3 \u00a0
4.2 \u00a0
1.2 \u00a0
6.3 \u00a0
5.2 \u00a0
1.2 \u00a0
0.3 \u00a0
4.2 \u00a0
-22.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
2.0 \u00a0
2.2 \u00a0
2.5 \u00a0
2.0 \u00a0
2.3 \u00a0
2.9 \u00a0
2.0 \u00a0
1.9 \u00a0
2.0 \u00a0
4.8 \u00a0
5.6 \u00a0
4.3 \u00a0
Norway \u00a0
GDP \u00a0
1.7 \u00a0
1.6 \u00a0
1.6 \u00a0
1.8 \u00a0
1.7 \u00a0
1.9 \u00a0
1.7 \u00a0
1.2 \u00a0
1.2 \u00a0
-2.7 \u00a0
-1.1 \u00a0
0.6 \u00a0
Unemployment \u00a0
2.2 \u00a0
2.3 \u00a0
2.3 \u00a0
2.2 \u00a0
2.3 \u00a0
2.2 \u00a0
2.2 \u00a0
2.4 \u00a0
2.4 \u00a0
5.5 \u00a0
6.4 \u00a0
6.5 \u00a0
Inflation \u00a0
3.1 \u00a0
2.2 \u00a0
2.4 \u00a0
3.1 \u00a0
2.6 \u00a0
2.8 \u00a0
3.1 \u00a0
2.2 \u00a0
2.7 \u00a0
4.5 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
7.0 \u00a0
6.0 \u00a0
6.0 \u00a0
8.0 \u00a0
7.0 \u00a0
6.0 \u00a0
3.0 \u00a0
6.0 \u00a0
-19.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
4.2 \u00a0
3.3 \u00a0
3.3 \u00a0
4.2 \u00a0
3.4 \u00a0
3.7 \u00a0
4.2 \u00a0
3.3 \u00a0
3.4 \u00a0
4.7 \u00a0
5.2 \u00a0
4.3 \u00a0
Finland \u00a0
GDP \u00a0
0.3 \u00a0
1.5 \u00a0
1.8 \u00a0
0.3 \u00a0
1.7 \u00a0
2.2 \u00a0
0.2 \u00a0
0.2 \u00a0
0.7 \u00a0
-2.4 \u00a0
-2.0 \u00a0
-0.3 \u00a0
Unemployment \u00a0
9.5 \u00a0
9.3 \u00a0
8.7 \u00a0
9.5 \u00a0
9.2 \u00a0
8.5 \u00a0
9.5 \u00a0
9.5 \u00a0
9.1 \u00a0
10.9 \u00a0
11.9 \u00a0
11.9 \u00a0
Inflation \u00a0
0.5 \u00a0
1.4 \u00a0
1.8 \u00a0
0.5 \u00a0
1.9 \u00a0
2.4 \u00a0
0.5 \u00a0
1.4 \u00a0
2.2 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
-1.5 \u00a0
0.8 \u00a0
2.5 \u00a0
-1.5 \u00a0
1.8 \u00a0
4.5 \u00a0
-1.5 \u00a0
-3.2 \u00a0
2.5 \u00a0
-14.2 \u00a0
-7.0 \u00a0
-5.0 \u00a0
Interest rate - 3 month \u00a0
31 December 2024* \u00a0
Base-case \u00a0
Upside \u00a0
Downside \u00a0
Severe downside \u00a0
2025 \u00a0
2026 \u00a0
2027 \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
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
2.7 \u00a0
2.2 \u00a0
1.2 \u00a0
-2.0 \u00a0
-
-
Unemployment \u00a0
3.1 \u00a0
3.1 \u00a0
3.2 \u00a0
3.1 \u00a0
3.0 \u00a0
3.1 \u00a0
3.1 \u00a0
3.1 \u00a0
3.3 \u00a0
7.4 \u00a0
7.8 \u00a0
7.8 \u00a0
Inflation \u00a0
1.8 \u00a0
1.7 \u00a0
1.8 \u00a0
1.3 \u00a0
1.6 \u00a0
1.7 \u00a0
2.0 \u00a0
2.0 \u00a0
1.7 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
4.0 \u00a0
2.5 \u00a0
7.0 \u00a0
6.0 \u00a0
2.5 \u00a0
6.0 \u00a0
4.0 \u00a0
-1.5 \u00a0
-11.0 \u00a0
-6.0 \u00a0
-6.0 \u00a0
Interest rate - 3 month \u00a0
1.5 \u00a0
1.5 \u00a0
1.5 \u00a0
1.2 \u00a0
1.2 \u00a0
1.2 \u00a0
1.7 \u00a0
1.5 \u00a0
1.2 \u00a0
5.0 \u00a0
3.0 \u00a0
3.0 \u00a0
Sweden \u00a0
GDP \u00a0
2.5 \u00a0
2.2 \u00a0
1.8 \u00a0
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
2.7 \u00a0
2.1 \u00a0
0.8 \u00a0
-3.4 \u00a0
-1.0 \u00a0
-1.0 \u00a0
Unemployment \u00a0
8.2 \u00a0
7.7 \u00a0
7.4 \u00a0
8.2 \u00a0
7.6 \u00a0
7.3 \u00a0
8.2 \u00a0
7.7 \u00a0
7.6 \u00a0
10.7 \u00a0
11.1 \u00a0
11.1 \u00a0
Inflation \u00a0
1.7 \u00a0
1.2 \u00a0
1.5 \u00a0
1.2 \u00a0
1.0 \u00a0
1.4 \u00a0
1.9 \u00a0
1.5 \u00a0
1.5 \u00a0
3.9 \u00a0
2.9 \u00a0
2.9 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
5.0 \u00a0
3.0 \u00a0
7.0 \u00a0
7.0 \u00a0
3.0 \u00a0
6.0 \u00a0
5.0 \u00a0
-1.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
2.1 \u00a0
1.9 \u00a0
1.6 \u00a0
5.7 \u00a0
3.7 \u00a0
3.7 \u00a0
Norway \u00a0
GDP \u00a0
1.9 \u00a0
1.7 \u00a0
1.8 \u00a0
2.1 \u00a0
1.9 \u00a0
1.8 \u00a0
2.0 \u00a0
1.6 \u00a0
1.2 \u00a0
-1.1 \u00a0
0.6 \u00a0
0.6 \u00a0
Unemployment \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
2.3 \u00a0
2.3 \u00a0
2.4 \u00a0
2.4 \u00a0
2.5 \u00a0
6.4 \u00a0
6.5 \u00a0
6.5 \u00a0
Inflation \u00a0
2.2 \u00a0
2.0 \u00a0
2.0 \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
2.3 \u00a0
2.2 \u00a0
1.9 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
5.0 \u00a0
4.0 \u00a0
7.0 \u00a0
7.0 \u00a0
4.0 \u00a0
7.0 \u00a0
5.0 \u00a0
-
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.8 \u00a0
2.8 \u00a0
3.5 \u00a0
2.6 \u00a0
2.6 \u00a0
4.0 \u00a0
2.8 \u00a0
2.6 \u00a0
6.3 \u00a0
4.3 \u00a0
4.3 \u00a0
Finland \u00a0
GDP \u00a0
1.8 \u00a0
1.6 \u00a0
1.5 \u00a0
2.0 \u00a0
2.0 \u00a0
1.5 \u00a0
2.0 \u00a0
1.4 \u00a0
0.6 \u00a0
-2.0 \u00a0
-0.3 \u00a0
-0.3 \u00a0
Unemployment \u00a0
8.1 \u00a0
7.3 \u00a0
6.5 \u00a0
8.1 \u00a0
7.2 \u00a0
6.4 \u00a0
8.1 \u00a0
7.3 \u00a0
6.7 \u00a0
11.9 \u00a0
11.9 \u00a0
11.9 \u00a0
Inflation \u00a0
1.2 \u00a0
1.8 \u00a0
2.0 \u00a0
0.8 \u00a0
1.6 \u00a0
1.9 \u00a0
1.3 \u00a0
1.9 \u00a0
1.9 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
4.0 \u00a0
3.0 \u00a0
2.5 \u00a0
6.0 \u00a0
5.0 \u00a0
2.5 \u00a0
5.0 \u00a0
3.0 \u00a0
-1.5 \u00a0
-7.0 \u00a0
-5.0 \u00a0
-5.0 \u00a0
Interest rate - 3 month \u00a0
* The new downside macroeconomic scenario is included in the parameters above as at 31 December 2024. Its weighting was 0% as at 31 December 2024. \u00a0
With the applied macroeconomic scenarios, the allowance account as at 31 December 2025 amounted to DKK 19.7 billion (31 \u00a0
December 2024: DKK 19.9 billion). If the base case scenario was assigned a probability of 100%, the allowance account would \u00a0
decrease by DKK 2.5 billion (31 December 2024: DKK 2.5 billion). If the upside scenario was assigned a probability of 100%, the \u00a0
allowance account would decrease by DKK 0.1 billion (31 December 2024: decrease DKK 0.2 billion) compared to the base case \u00a0
scenario. If the downside scenario was assigned a probability of 100%, the allowance account would increase by DKK 0.5 billion (31 \u00a0
December 2024: DKK 0.5 billion) compared to the base case scenario. If the severe downside scenario was assigned a probability of \u00a0
100%, the allowance account would increase by DKK 12.4 billion (31 December 2024: DKK 12.9 billion) compared to the base case \u00a0
scenario. The increase reflects primarily the transfer of exposures from stage 1 to stage 2 and increased expected credit losses within \u00a0
stage 2. It should be noted that the expected credit losses in the individual scenarios (i.e. without the weighting) do not represent \u00a0
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 2025, the post-model \u00a0
adjustments amounted to DKK 5.4 billion (31 December 2024: DKK 5.9 billion). The post-model adjustments primarily relate to the \u00a0
following types of risks: \u00a0
\u2022
specific macroeconomic risks on certain industries not fully captured by the expected credit loss model, for instance the \u00a0
agriculture industry. For such industries, supplementary calculations are made to ensure sufficient impairment coverage. This \u00a0
also includes post-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 \u00a0
macroeconomic 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 \u00a0
information about the adjustments. \u00a0
Post-model adjustments by industries \u00a0
(DKK billions) \u00a0
31 December 2025
31 December 2024 \u00a0
Agriculture \u00a0
0.8 \u00a0
0.9 \u00a0
Commercial and residential real estate \u00a0
1.0 \u00a0
1.6 \u00a0
Construction and building materials \u00a0
0.6 \u00a0
1.0 \u00a0
Personal customers (including other retail exposures) \u00a0
1.0 \u00a0
1.0 \u00a0
Others* \u00a0
2.0 \u00a0
1.4 \u00a0
Total \u00a0
* No individual industry included in Others exceeds DKK 0.3 billion at 31 December 2025 (2024: DKK 0.3 billion). \u00a0
The total balance of post-model adjustments has decreased compared to the end of 2024. The post-model adjustments related to \u00a0
Commercial and residential real estate have decreased due to improved market conditions with lower interest rates, while the post- \u00a0
model adjustments related to construction have decreased following some individualisation of risks. Conversely, the post-model \u00a0
adjustments related to geopolitical tensions have been increased to reflect the heightened geopolitical and tariff risks. \u00a0
The Group continues to have significant post-model adjustments related to the current macroeconomic uncertainties characterised \u00a0
by the risk of trade wars, a slowing or declining growth environment, higher interest rates and elevated prices giving rise to a new set \u00a0
of challenges that affect economic and business activity. The post-model adjustments cut across industries that are sensitive to \u00a0
tariffs, price volatility on energy and commodities, and industries vulnerable to business cycles, higher interest rates and refinancing \u00a0
risks, which have been assessed for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group\u2019s portfolios. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1331": { "value": "
Accounting policy \u00a0
The accounting policy for when a loan impairment charge is recognised and how the charge is determined is described under \u00a0
the relevant balance sheet line items. Notes G15, G16 and G23 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 \u00a0
recognition 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 \u00a0
from 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 \u00a0
lifetime 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 \u00a0
expected 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 \u00a0
default (EAD) and the loss given default (LGD) and incorporates forward looking elements. For facilities in stages 2 and 3, the \u00a0
lifetime expected 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
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). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal \u00a0
models in order to ensure alignment of models across the Group. New models and calculations have been developed especially for \u00a0
IFRS 9 purposes, including models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairment charges \u00a0
are allocated to individual 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 \u00a0
undrawn commitment and where a contractual ability to demand prepayment and cancellation of the undrawn commitment does not \u00a0
limit the Group\u2019s exposure to credit losses to the contractual notice period, the expected lifetime is the period during which the Group \u00a0
expects to be exposed to credit losses. This period is estimated on the basis of the normal credit risk management actions. Products \u00a0
identified as in scope of an expected lifetime longer than the remaining contractual maturity include credit cards, overdraft balances \u00a0
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, including an assessment of the probability \u00a0
of each scenario. The purpose of using multiple scenarios is to model the non-linear impact of assumptions about macroeconomic \u00a0
factors on the expected credit losses Afterwards there is a process to ensure a review and sign-off of the scenarios. Management\u2019s \u00a0
approval of the scenarios can include adjustments to the scenarios or to which scenarios are used, the assigned probability weighting \u00a0
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 \u00a0
is used directly in the PDs through an estimate of general changes to the PDs and the LGDs in the expected credit loss calculation. \u00a0
However, for significant exposures in stage 3, an individual assessment of the scenarios, changes to expected credit losses and the \u00a0
related probabilities are 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 \u00a0
based on the macroeconomic outlook as disclosed in the Group\u2019s Nordic Outlook reports. Further information on the macroeconomic \u00a0
scenarios used can be found in note G39. \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 \u00a0
collection procedure has been completed and the loss on the individual loan can be calculated. If the full loss is not expected to be \u00a0
realised until after a number of years, for example in the event of administration of complex estates, a partial write-off is recognised, \u00a0
reflecting the Group\u2019s claim 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 \u00a0
to the 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 \u00a0
the changes are not significant, the modification is accounted for as a modification of the original loan. The assessment is based on \u00a0
the following 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 \u00a0
changed contractual cash flows represents the gross carrying amount of the financial asset after the modification. The difference \u00a0
between the net present value of the original contractual cash flows and the modified contractual cash flows is recognised in the \u00a0
income statement as a 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 \u00a0
gain or loss represents the difference between the carrying amount of the original financial asset (updated to reflect current expected \u00a0
credit losses) and the initial carrying amount of the new financial asset plus/minus any cash payments between the parties in relation \u00a0
to the modification. \u00a0
Modifications in the form of forbearance measures include interest reduction schedules, interest only schedules, temporary payment \u00a0
holidays, term extensions, cancellation of outstanding fees, waiver of covenant enforcement and debt forgiveness. For modifications \u00a0
that are not 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 \u00a0
(unless the new loan is credit-impaired at initial recognition) be recognised in stage 1 at initial recognition, i.e. the initial credit risk is \u00a0
reset. If the replacing loan is considered an amendment to the original loan, the initial credit risk is not reset. Loans modified as part of \u00a0
the Group\u2019s forbearance policy, where the modification does not result in derecognition, the loss allowance on the forborne loans will \u00a0
generally only be measured based on 12-months expected credit losses when there is evidence of the borrower\u2019s improved \u00a0
repayment behaviour. When a loan in stage 3 is modified, and the modification results in derecognition, the Group assesses if the new \u00a0
loan is originated credit impaired. The assessment includes factors such as whether the customer\u2019s repayment behaviour has \u00a0
improved significantly prior to the modification or not, and whether the pricing on the new loan reflects the actual credit risk etc. New \u00a0
loans that are originated credit impaired remains under a lifetime ECL 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 \u00a0
beginning and the end of the year. The table above excludes the allowance account of DKK 4 million (2024: DKK 4 million) relating to \u00a0
bonds at amortised cost or fair value through other comprehensive income (all in stage 1). It also excludes the adjustment for credit \u00a0
risk on Loans held for sale (loan portfolios where the Group has entered into sales agreements). For further information on the \u00a0
decomposition of the allowance account on facilities in stages 1-3, see the notes on credit risk. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1336": { "value": "
Accounting policy \u00a0
The trading portfolio is recognised at fair value through profit or loss. Realised and unrealised capital gains and losses and \u00a0
dividends are recognised in the income statement under Net trading income or loss. Fair value is the amount for which a \u00a0
financial asset can be sold or a financial liability be transferred to a knowledgeable, willing third party. Note G32 provides \u00a0
information about fair value measurement and fair value adjustments. The Group uses the option in IFRS 9 to continue using the \u00a0
fair value hedge accounting model in IAS 39. The derivatives used as hedging instruments are presented in the balance sheet \u00a0
together with other derivatives. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1343": { "value": "
(b) Explanation of derivatives \u00a0
The Group\u2019s activities in the financial markets include trading in derivatives. Derivatives are financial instruments whose value \u00a0
depends on the value of an underlying instrument or index etc. Derivatives can be used to manage market risk exposure, for example. \u00a0
The Group trades a 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, \u00a0
such as the issuance of bonds with yields that depend on developments in equity or currency indices. The Group also uses derivatives \u00a0
to manage the Group\u2019s own exposure to foreign exchange, interest rate, equity market and credit risks. Note G39 provide additional \u00a0
information about the Group\u2019s risk management policy. Large Corporates & Institutions is responsible for the day-to-day management \u00a0
and hedging of the Group\u2019s 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 \u00a0
units and Group Treasury carry fixed rates. Generally, such fixed-rate items are recognised at amortised cost. Further, the Group \u00a0
classifies certain bonds as \u2018hold to collect and sell\u2019 financial assets. Unrealised value adjustments of such bonds are recognised under \u00a0
Other comprehensive income. The Group uses fair value hedge accounting if the interest rate risk on fixed-rate financial assets and \u00a0
liabilities or 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1346": { "value": "
Derivatives \u00a0
2025 \u00a0
2024 \u00a0
Nominal \u00a0
Positive \u00a0
Negative \u00a0
Nominal \u00a0
Positive \u00a0
Negative \u00a0
(DKK millions) \u00a0
amount \u00a0
fair value \u00a0
fair value \u00a0
amount \u00a0
fair value \u00a0
fair value \u00a0
Currency contracts \u00a0
Forwards and swaps \u00a0
7,193,025 \u00a0
46,643 \u00a0
49,102 \u00a0
7,548,867 \u00a0
107,823 \u00a0
101,845 \u00a0
Options \u00a0
241,484 \u00a0
1,123 \u00a0
1,461 \u00a0
293,370 \u00a0
1,618 \u00a0
1,846 \u00a0
Interest rate contracts \u00a0
Forwards/swaps/FRAs \u00a0
28,451,113 \u00a0
113,489 \u00a0
110,591 24,523,269 \u00a0
115,357 \u00a0
117,037 \u00a0
Options \u00a0
2,978,191 \u00a0
26,284 \u00a0
21,311 \u00a0
2,727,354 \u00a0
26,210 \u00a0
21,456 \u00a0
Equity contracts \u00a0
Forwards \u00a0
212,046 \u00a0
440 \u00a0
500 \u00a0
256,796 \u00a0
2,746 \u00a0
5,364 \u00a0
Options \u00a0
364,032 \u00a0
5,609 \u00a0
7,472 \u00a0
346,880 \u00a0
6,945 \u00a0
6,607 \u00a0
Other contracts \u00a0
Commodity contracts \u00a0
10 \u00a0
-
-
-
-
-
Credit derivatives bought \u00a0
27 \u00a0
6
-
143 \u00a0
90 \u00a0
-
Credit derivatives sold \u00a0
122 \u00a0
27 \u00a0
457 \u00a0
-
33 \u00a0
-113 \u00a0
Total derivatives held for trading purposes \u00a0
39,440,050 \u00a0
193,614 \u00a0
190,444 35,697,136 \u00a0
260,732 \u00a0
254,134 \u00a0
Hedging derivatives \u00a0
Currency contracts \u00a0
1,301 \u00a0
170 \u00a0
-
2,322 \u00a0
1
107 \u00a0
Interest rate contracts \u00a0
559,126 \u00a0
330 \u00a0
203 \u00a0
508,980 \u00a0
314 \u00a0
259 \u00a0
Total derivatives \u00a0
Positive and negative fair values of derivatives are offset if certain criteria are fulfilled. Note G31 provides more information. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1350": { "value": "
(c) Explanation of hedge accounting \u00a0
An overview over the risks the Group is exposed to and how they are defined is provided in note G39. For some of those risks hedge \u00a0
accounting is applied. The Group uses fair value hedge accounting for hedges of interest rate risk. Further, the Group hedges part of \u00a0
the 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 finance liabilities measured at amortised cost as a combination \u00a0
of economic hedges (matching of interest rate risk from assets and liabilities at amortised cost across the Group\u2019s banking units) and \u00a0
hedges using interest rate swaps. Group Treasury is responsible for the risk management of the interest rate risk (the so-called \u00a0
interest rate risk in the banking book). In the risk management process, economic hedges are established and/or identified. This \u00a0
includes the acquisition of \u2018hold to collect\u2019 fixed interest rate bonds in Group Treasury and the identification of fixed-rate loans \u00a0
extended by the Group\u2019s banking units to hedge the fixed interest rate risk on liabilities (including core demand deposits). Interest rate \u00a0
risk on fixed-rate liabilities (such as long dated funding via bond issuance) is generally hedged by interest rate swaps and the interest \u00a0
rate risk on certain fixed-rate assets can be hedged using derivatives as well. For further information see the sections Market risk in \u00a0
relation to non-trading portfolios at Group Treasury and Interest rate risk in the banking book (IRRBB) in G39. \u00a0
When the Group uses swaps to hedge the fixed interest rate risk on financial instruments, the Group applies fair value hedge \u00a0
accounting using the option in IFRS 9 to continue to apply the fair value hedge accounting provisions in IAS 39. Fair value hedge \u00a0
accounting can be applied if changes in the fair value of the hedging swaps are expected to be effective in offsetting changes in the \u00a0
fair value of the hedged fixed interest rate risk. This requires (1) a formal designation and documentation of the hedging relationship, \u00a0
including a risk management objective and strategy for the hedge, (2) that the hedge is expected to be highly effective in achieving \u00a0
offsetting changes in fair value of the hedged interest rate risk, (3) the effectiveness of the hedge can be reliably measured and (4) the \u00a0
hedge on an ongoing basis has proven to be effective in actually offsetting of changes in fair value. With effective hedging, the hedged \u00a0
interest rate risk on hedged assets and liabilities is measured at fair value and recognised as a value adjustment of the hedged items. \u00a0
Value adjustments on the hedged item and the hedging swaps are presented in the income statement under Net trading income or \u00a0
loss. Any ineffective portion of a hedge that lies within the range for effective hedging is therefore also included under Net trading \u00a0
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 \u00a0
financial instrument has been designated as a hedged item it will remain as hedged item for the life of the instrument. For hedged \u00a0
assets and liabilities to which a fixed rate of interest applies for a specified period of time starting at the commencement date of the \u00a0
agreement, future interest payments are split into basis interest and a customer margin and into periods of time. By entering into \u00a0
swaps or forwards with matching payment profiles in the same currencies and for the same periods, the Group hedges the risk at \u00a0
portfolio level from the commencement date of the hedged items. The fair values of the hedged interest rate risk and the hedging \u00a0
derivatives to ensure that changes in the fair value of the hedged interest rate risk lie within a band of 80-125% of the changes in the \u00a0
fair value of the hedging derivatives. Portfolios of hedging 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 \u00a0
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 \u00a0
relevant for each hedged item while the fair value of the fixed legs of the hedging derivatives are measured based on a swap curve. \u00a0
Further, the adjustment of the portfolios of hedging derivatives to changes in hedged positions is not done instantly, and some hedge \u00a0
ineffectiveness can therefore exist. \u00a0
The tables below show the hedging derivatives and the hedged fixed interest rate financial instruments. \u00a0
Hedging derivatives \u2013 fair value hedges \u00a0
Changes in fair \u00a0
value used for \u00a0
calculating \u00a0
hedge \u00a0
Hedging derivatives \u00a0
Nominal amount \u00a0
Carrying amount \u00a0
ineffectiveness \u00a0
(DKK millions) \u00a0
Assets \u00a0
Liabilities \u00a0
Interest rate swaps, 2025 \u00a0
Total \u00a0
560,427 \u00a0
330 \u00a0
374 \u00a0
1,609 \u00a0
Interest rate swaps, 2024 \u00a0
Total \u00a0
315 \u00a0
366 \u00a0
Profile of the timing of the nominal amount of the hedging derivatives \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
< 12 months \u00a0
211,574 \u00a0
177,667 \u00a0
1-5 years \u00a0
339,539 \u00a0
321,519 \u00a0
> 5 years \u00a0
9,314 \u00a0
12,117 \u00a0
Total \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 \u00a0
efficiently hedged by using derivatives. To avoid an accounting mismatch between these mortgage loans and deposits at amortised \u00a0
cost and hedging derivatives at fair value, the Group has adopted the EU\u2019s carve-out to IAS 39. The fair value adjustments on loans and \u00a0
deposits as at 31 December 2025 are DKK 38 million (2024: DKK -29 million) and DKK -169 million (2024: DKK 106 million) \u00a0
respectively. \u00a0
Hedged fixed interest rate risk \u00a0
Accumulated amount of fair value hedge \u00a0
Change in fair value \u00a0
Carrying amount of hedged items \u00a0
adjustments on the hedged item included in the \u00a0
used for calculating \u00a0
Hedged fixed interest rate risk \u00a0
carrying amount of the hedged item \u00a0
hedge ineffectiveness \u00a0
(DKK millions) \u00a0
Assets \u00a0
Liabilities \u00a0
Assets \u00a0
Liabilities \u00a0
2025 \u00a0
Loans \u00a0
30,691 \u00a0
-441 \u00a0
151 \u00a0
Bonds 'held to collect and sell' \u00a0
4,141 \u00a0
48 \u00a0
-12 \u00a0
Amounts due to credit institutions \u00a0
4,365 \u00a0
-5 \u00a0
16 \u00a0
Deposits \u00a0
30,833 \u00a0
168 \u00a0
-247 \u00a0
Issued bonds \u00a0
233,813 \u00a0
-277 \u00a0
6
Non-preferred senior debt \u00a0
83,188 \u00a0
-588 \u00a0
-1,130 \u00a0
Subordinated debt \u00a0
18,295 \u00a0
-20 \u00a0
-363 \u00a0
Total \u00a0
34,832 \u00a0
370,493 \u00a0
-393 \u00a0
-722 \u00a0
-1,578 \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
-818 \u00a0
-1,719 \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
Hedge ineffectiveness recognised in the income statement, 2025 \u00a0
31 \u00a0
Hedge ineffectiveness recognised in the income statement, 2024 \u00a0
-101 \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 \u00a0
losses from translating the net investments in foreign entities that are denominated in a foreign currency other than DKK. The net \u00a0
investment in foreign currency units includes the net assets and goodwill of the units. The Group has granted loans in the currency of \u00a0
the foreign unit to its branches in Sweden, Norway and Finland for a total of DKK 34,751 million (2024: 32,893 million). The loans \u00a0
represent the capital allocated to these units. The settlement of the loans is neither planned nor likely to occur in the foreseeable \u00a0
future and they are a part of the net investment in those units. Further, Danske Bank A/S has granted the subsidiary Northern Bank an \u00a0
additional tier 1 capital instrument that together with shareholders\u2019 equity in Northern Bank is considered part of the net investment \u00a0
in Northern Bank. The exchange differences from translating net profit in the foreign units at the date of underlying transactions and \u00a0
assets and liabilities at the closing rate and from translating the opening net assets at a closing rate that differs from the previous \u00a0
closing rate are recognised in Other comprehensive income (translation 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 \u00a0
differences on the funding arrangements are recognised in Other comprehensive income to offset the exchange differences on the \u00a0
net investments. The funding arrangements consist primarily of issued bonds. Realised net profit is hedged in the beginning of the \u00a0
next month. The Group does not hedge the expected financial results of units outside Denmark or other future transactions. In terms \u00a0
of assessing hedge effectiveness, this is applied by comparing the nominal value of the funding arrangement to the nominal value of \u00a0
the net investments. Hedge ineffectiveness can arise to the extent the funding arrangements exceed the net investments. However, \u00a0
when the net investments are decreased, e.g. when the net investments are reduced by paying out dividend, the same amount of \u00a0
funding arrangements are de-designated as hedges and the funding arrangements designated as hedges will therefore, in general, \u00a0
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 \u00a0
structural FX hedge position in accordance with banking regulation, i.e. to reduce the impact on capital ratios resulting from changes \u00a0
in the risk exposure amount due to changes in currency rates. The Group\u2019s net investment in its subsidiaries Danske Hypotek AB \u00a0
(Sweden) and Danske Mortgage Bank Plc (Finland) is included in the structural hedge position to extend the hedge to the risk exposure \u00a0
amount measured by currency for EUR, NOK and SEK across the entire Group balance sheet, although with constraints to the size of \u00a0
the loans to the foreign branches and the net investment in the foreign subsidiaries. This strategy of partly hedging the sensitivity to \u00a0
capital ratios from volatility in foreign currency rates, increases the volatility in Other comprehensive income and the Foreign \u00a0
currency translation reserve in equity under IFRS Accounting Standards since it decreases the hedge of the currency risk on the net \u00a0
investments in those units. At the end of 2025, the structural FX hedge position totalled DKK 40,018 million (2024: DKK 36,952 million) \u00a0
and a gain of DKK 1,071 million has been recognised in Other comprehensive income mainly due to a strengthening of the SEK against \u00a0
DKK. For comparison, in 2024 a loss of DKK 946 million was recognised in Other comprehensive income due to a weakening of the SEK \u00a0
and NOK against the DKK. \u00a0
The cumulative exchange differences on the hedging instrument and the translation differences related to the net investment are \u00a0
reclassified 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
2025 \u00a0
2024 \u00a0
Net investment in foreign units \u00a0
41,951 \u00a0
39,999 \u00a0
Funding arrangements designated as a hedge of net investments in foreign units \u00a0
1,933 \u00a0
3,047 \u00a0
Portion of net investment in foreign units not hedged, structural FX position \u00a0
40,018 \u00a0
36,952 \u00a0
Hedge ineffectiveness \u00a0
Exchange differences on the hedging instruments \u00a0
-957 \u00a0
635 \u00a0
Exchange differences on the net investment used for recognising hedge ineffectiveness \u00a0
957 \u00a0
-635 \u00a0
Hedge ineffectiveness recognised in the income statement (net trading income) \u00a0
-
-
Hedging gains or losses recognised in OCI \u00a0
-957 \u00a0
635 \u00a0
In the table, funding arrangements designated as a hedge of net investments in foreign units are primarily included in Issued bonds \u00a0
at amortised cost. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1363": { "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 \u00a0
losses from translating the net investments in foreign entities that are denominated in a foreign currency other than DKK. The net \u00a0
investment in foreign currency units includes the net assets and goodwill of the units. The Group has granted loans in the currency of \u00a0
the foreign unit to its branches in Sweden, Norway and Finland for a total of DKK 34,751 million (2024: 32,893 million). The loans \u00a0
represent the capital allocated to these units. The settlement of the loans is neither planned nor likely to occur in the foreseeable \u00a0
future and they are a part of the net investment in those units. Further, Danske Bank A/S has granted the subsidiary Northern Bank an \u00a0
additional tier 1 capital instrument that together with shareholders\u2019 equity in Northern Bank is considered part of the net investment \u00a0
in Northern Bank. The exchange differences from translating net profit in the foreign units at the date of underlying transactions and \u00a0
assets and liabilities at the closing rate and from translating the opening net assets at a closing rate that differs from the previous \u00a0
closing rate are recognised in Other comprehensive income (translation 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 \u00a0
differences on the funding arrangements are recognised in Other comprehensive income to offset the exchange differences on the \u00a0
net investments. The funding arrangements consist primarily of issued bonds. Realised net profit is hedged in the beginning of the \u00a0
next month. The Group does not hedge the expected financial results of units outside Denmark or other future transactions. In terms \u00a0
of assessing hedge effectiveness, this is applied by comparing the nominal value of the funding arrangement to the nominal value of \u00a0
the net investments. Hedge ineffectiveness can arise to the extent the funding arrangements exceed the net investments. However, \u00a0
when the net investments are decreased, e.g. when the net investments are reduced by paying out dividend, the same amount of \u00a0
funding arrangements are de-designated as hedges and the funding arrangements designated as hedges will therefore, in general, \u00a0
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 \u00a0
structural FX hedge position in accordance with banking regulation, i.e. to reduce the impact on capital ratios resulting from changes \u00a0
in the risk exposure amount due to changes in currency rates. The Group\u2019s net investment in its subsidiaries Danske Hypotek AB \u00a0
(Sweden) and Danske Mortgage Bank Plc (Finland) is included in the structural hedge position to extend the hedge to the risk exposure \u00a0
amount measured by currency for EUR, NOK and SEK across the entire Group balance sheet, although with constraints to the size of \u00a0
the loans to the foreign branches and the net investment in the foreign subsidiaries. This strategy of partly hedging the sensitivity to \u00a0
capital ratios from volatility in foreign currency rates, increases the volatility in Other comprehensive income and the Foreign \u00a0
currency translation reserve in equity under IFRS Accounting Standards since it decreases the hedge of the currency risk on the net \u00a0
investments in those units. At the end of 2025, the structural FX hedge position totalled DKK 40,018 million (2024: DKK 36,952 million) \u00a0
and a gain of DKK 1,071 million has been recognised in Other comprehensive income mainly due to a strengthening of the SEK against \u00a0
DKK. For comparison, in 2024 a loss of DKK 946 million was recognised in Other comprehensive income due to a weakening of the SEK \u00a0
and NOK against the DKK. \u00a0
The cumulative exchange differences on the hedging instrument and the translation differences related to the net investment are \u00a0
reclassified 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
2025 \u00a0
2024 \u00a0
Net investment in foreign units \u00a0
41,951 \u00a0
39,999 \u00a0
Funding arrangements designated as a hedge of net investments in foreign units \u00a0
1,933 \u00a0
3,047 \u00a0
Portion of net investment in foreign units not hedged, structural FX position \u00a0
40,018 \u00a0
36,952 \u00a0
Hedge ineffectiveness \u00a0
Exchange differences on the hedging instruments \u00a0
-957 \u00a0
635 \u00a0
Exchange differences on the net investment used for recognising hedge ineffectiveness \u00a0
957 \u00a0
-635 \u00a0
Hedge ineffectiveness recognised in the income statement (net trading income) \u00a0
-
-
Hedging gains or losses recognised in OCI \u00a0
-957 \u00a0
635 \u00a0
In the table, funding arrangements designated as a hedge of net investments in foreign units are primarily included in Issued bonds \u00a0
at amortised cost. \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. \u00a0
Income and expenses are translated at the applicable exchange rates at the transaction date. Gains and losses arising at the \u00a0
translation of net investments in units outside Denmark are recognised under Other comprehensive income and recognised in the \u00a0
foreign currency translation reserve in equity. Net investments include the net assets and goodwill of the units as well as holdings in \u00a0
the form of subordinated loan capital and other loans to the units for which settlement is neither planned nor likely to occur in the \u00a0
foreseeable future. Exchange rate adjustments of financial liabilities used for hedging the Group\u2019s net investments are also \u00a0
recognised under Other comprehensive income and in the foreign currency translation reserve. Further information can be found in \u00a0
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 \u00a0
Other comprehensive income to the income statement. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1370": { "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 \u00a0
either \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 \u00a0
taking. Realised and unrealised capital gains and losses and dividends are carried in the income statement under Net trading \u00a0
income or loss. Further, all shares (including unlisted shares) and bonds held in Group Treasury that do not have contractual \u00a0
cash flows that are solely payments of principal and interest on the principal amount outstanding (i.e. that does not pass the \u00a0
SPPI test in IFRS 9) are mandatorily 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 \u00a0
designate equity instruments at FVOCI. The bonds are held within a business model for the purpose of collecting contractual \u00a0
cash flows and selling (hold to collect and sell). The bonds have cash flows that are solely payments of principal and interest on \u00a0
the principal amount outstanding (i.e. that pass the SPPI test in IFRS 9). FVOCI results in the assets being recognised at fair value \u00a0
in the balance sheet and at amortised cost in the income statement, including the recognition of expected credit losses as \u00a0
described in note G15. Gains and losses, except for expected credit losses and foreign exchanges gains and losses, are \u00a0
therefore recognised in Other comprehensive income until the bond is derecognised. When a fixed interest rate risk is hedged in \u00a0
a hedge that qualifies for fair value hedge accounting, the fair value changes of the hedged interest risk are presented in the \u00a0
income statement under Net trading income or loss. When bonds are sold unrealised value adjustments recognised under Other \u00a0
comprehensive income are reclassified to the income statement and presented under Net trading income or loss. The Group \u00a0
recognises interest income according to the effective interest method, including amortisation of the difference between cost \u00a0
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 \u00a0
collect) and with cash flows that are solely payments of principal and interest on the principal amount outstanding (i.e. that pass \u00a0
the SPPI test in IFRS 9). The bonds are measured at amortised cost. Interest income is recognised according to the effective \u00a0
interest method, including amortisation of the difference between cost and the redemption value over the term to maturity of \u00a0
the bonds. A change in the contractual cash flows that is required by the Interest Rate Benchmark Reform is accounted for by \u00a0
updating the effective interest rate, without recognising a gain or loss. This can only be applied if the change is necessary as a \u00a0
direct consequence of the reform, and the new basis for determining the contractual cash flows is economically equivalent to \u00a0
the previous basis. The bonds are subject to the expected credit model in IFRS 9 as described in note G15. The interest rate risk \u00a0
on fixed-rate bonds is not hedged. \u00a0
(a) Investment securities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Financial assets at fair value through profit or loss \u00a0
Listed bonds \u00a0
30,166 \u00a0
28,112 \u00a0
Unlisted shares \u00a0
354 \u00a0
519 \u00a0
Total financial assets at fair value through profit or loss \u00a0
30,520 \u00a0
28,631 \u00a0
Bonds hold to collect and sell (FVOCI) \u00a0
Listed bonds \u00a0
119,736 \u00a0
104,773 \u00a0
Total bonds hold to collect and sell (FVOCI) \u00a0
119,736 \u00a0
104,773 \u00a0
Total at fair value \u00a0
150,256 \u00a0
133,404 \u00a0
Bonds hold to collect (AMC) \u00a0
Listed bonds \u00a0
146,482 \u00a0
135,714 \u00a0
Total investment securities \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 \u00a0
Group\u2019s liquidity need. The management of the interest rate risk in the banking book is carried out through a combination of hedges \u00a0
with derivatives and partly through matching the duration on the fixed interest rate deposits (the interest risk on core deposits) with \u00a0
bond holdings with a 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 \u00a0
be 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 \u00a0
and sell\u2019 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
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 \u00a0
integral part of achieving the objectives with the acquired bond portfolio. Further, the bonds included in the portfolio have contractual \u00a0
cash flows that pass the SPPI test. The performance of the portfolio is measured on a combination of the collection of the contractual \u00a0
cash flows and sales proceeds. Sales typically occur when market opportunities arise, or when there is a need to adjust the portfolio to \u00a0
hedge part of the interest rate risk on the Group\u2019s core deposits. There is no objective of short-term profit taking and the performance \u00a0
reporting related to this portfolio reflects a combination of the collection of the contractual cash flows and realising fair value \u00a0
changes. The business model is therefore \u2018hold to collect and sell\u2019. The portfolio comprises primarily highly-rated covered, sovereign, \u00a0
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 \u00a0
purpose of generating a return until maturity. Further, the bonds included in the portfolio have contractual cash flows that pass the \u00a0
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 \u00a0
liquidity purposes as the bonds can be used in repo transactions. Sales from the portfolio are infrequent. When sales are made, they \u00a0
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. 94% of the portfolio is rated \u00a0
AA or higher (2024: 93%), 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 \u00a0
interest on the principal amount outstanding. Bonds that are included in the portfolios at FVOCI or AMC are generally plain vanilla \u00a0
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 \u00a0
recognition. In general, this will be the case if the premium/discount to the contractual par amount is insignificant at initial \u00a0
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 \u00a0
are measured at fair value through profit or loss, depending on the business model for the management of the amounts due from \u00a0
credit institutions. \u00a0
Accounting policy \u00a0
For balances due from credit institutions in the Group\u2019s banking units (Personal Customers and Business Customers, General \u00a0
Banking in Large Corporates & Institutions and Northern Ireland), the business model is \u2018hold to collect\u2019. As the contractual cash \u00a0
flows \u00a0
represent basic lending feature, these balances are measured at amortised cost. For further information see note G15. \u00a0
For balances due from credit institutions and central banks in the Group\u2019s trading units (Markets in Large Corporates & \u00a0
Institutions) the business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and these balances are mandatorily \u00a0
recognised at fair value through profit or loss. For further information see note G16. \u00a0
Cash in hand and demand deposits with central banks \u00a0
This item includes cash in hand of DKK 7,038 million (2024: DKK 6,909 million) and demand deposits of DKK 130,143 million (2024: \u00a0
DKK 100,590 million) measured at amortised cost. \u00a0
Due from credit institutions and central banks \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Due from credit institutions and central banks measured at fair value through profit or loss: \u00a0
Reverse transactions \u00a0
28,275 \u00a0
62,039 \u00a0
Other amounts due \u00a0
2,390 \u00a0
1,000 \u00a0
Total at fair value through profit or loss \u00a0
30,664 \u00a0
63,040 \u00a0
Due from credit institutions and central banks measured at amortised cost: \u00a0
Reverse transactions \u00a0
43 \u00a0
6
Other amounts due \u00a0
85,909 \u00a0
80,536 \u00a0
Allowance account \u00a0
25 \u00a0
12 \u00a0
Total at amortised cost \u00a0
85,927 \u00a0
80,529 \u00a0
Total \u00a0
Due from credit institutions and central banks includes amounts due within three months and totalled DKK 113,145 million at the end \u00a0
of 2025 (2024: DKK 134,601 million). This amount is included under Cash and cash equivalents in the cash flow statement. \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 \u00a0
securities 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 \u00a0
at fair value through profit or loss. However, the amount of the change in fair value attributable to the Group\u2019s own credit risk is \u00a0
recognised in Other comprehensive income. \u00a0
All other balances are measured at amortised cost. If fixed-rate deposits are hedged effectively by derivatives, the fair value of \u00a0
the 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
2025 \u00a0
2024 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
158,924 \u00a0
129,910 \u00a0
Other amounts due \u00a0
-
-
Total designated at fair value \u00a0
158,924 \u00a0
129,910 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
-
-
Other amounts due \u00a0
58,498 \u00a0
84,454 \u00a0
Total amortised cost \u00a0
58,498 \u00a0
84,454 \u00a0
Total \u00a0
(b) Deposits \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
134,205 \u00a0
78,528 \u00a0
Time deposits \u00a0
-
21 \u00a0
Total designated at fair value \u00a0
134,205 \u00a0
78,550 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
623 \u00a0
618 \u00a0
Transaction accounts \u00a0
939,812 \u00a0
891,606 \u00a0
Time deposits \u00a0
157,123 \u00a0
190,046 \u00a0
Pension savings etc. \u00a0
12,820 \u00a0
12,962 \u00a0
Total amortised cost \u00a0
1,110,377 \u00a0
1,095,232 \u00a0
Total \u00a0
(c) Further explanation of 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 \u00a0
changes in the Group\u2019s own credit risk. The amount that the Group would be contractually required to pay at maturity amounts to DKK \u00a0
158.9 billion (2024: DKK 129.9 billion) for Due to credit institutions and central banks and DKK 134.2 billion (2024: DKK 78.6 billion) for \u00a0
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 \u00a0
Group. Note G16 provides more information about issued bonds measured at fair value through profit or loss. \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 \u00a0
subordinated debt and junior to other debt. Subordinated bonds are liabilities in the form of subordinated loan capital and other \u00a0
capital instruments which, in case of the Group\u2019s voluntary or compulsory winding-up, will not be repaid until the claims of its ordinary \u00a0
and non-preferred senior creditors have been met. Subordinated bonds include additional tier 1 capital that converts into a variable \u00a0
number of ordinary shares if the common equity tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group (the \u00a0
trigger event). The number of shares the additional tier 1 capital could potentially convert into is a function of the share price at the \u00a0
time of conversion, however, minimised to USD 23.97 per share (a maximum of 52.1 million shares for the outstanding amount of the \u00a0
capital of USD 1.25 billion). This capital utilises 35% of the Board of Directors\u2019 authorisation to issue additional tier 1 that can be \u00a0
converted into 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 \u00a0
expense is recognised according to the effective interest rate method, including amortisation of any difference between the \u00a0
amount received on issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital \u00a0
under the Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily \u00a0
or converted into a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert \u00a0
into a variable number of ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are \u00a0
accounted for as equity. For liability accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds \u00a0
are accounted for as liabilities in their entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for \u00a0
example an equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading \u00a0
portfolio. \u00a0
(a) Issued bonds \u00a0
Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Bonds issued by Realkredit Danmark (covered bonds) \u00a0
738,670 \u00a0
744,495 \u00a0
Structured retail notes \u00a0
1,664 \u00a0
2,061 \u00a0
Total \u00a0
Bonds issued by Realkredit Danmark under the Group\u2019s green finance framework amounted to a nominal value of DKK 34,824 million \u00a0
outstanding at the end of 2025 (2024: DKK 29,126 million). \u00a0
Issued bonds at amortised cost \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Commercial papers and certificates of deposits \u00a0
58,694 \u00a0
49,044 \u00a0
Preferred senior bonds \u00a0
61,164 \u00a0
66,778 \u00a0
Covered bonds \u00a0
139,857 \u00a0
126,763 \u00a0
Structured retail notes \u00a0
141 \u00a0
612 \u00a0
Issued bonds at amortised cost, total \u00a0
259,855 \u00a0
243,198 \u00a0
Non-preferred senior bonds \u00a0
The issuance and redemption of bonds (including commercial papers and certificates of deposits at fair value) during the year and \u00a0
the maturity of the outstanding bonds are presented in the following tables. \u00a0
Other issued bonds \u00a0
Other issued bonds in the following tables comprises Issued bonds at fair value, excluding bonds issued by Realkredit Danmark \u00a0
(covered bonds), Issued bonds at amortised cost and Non-preferred senior bonds. \u00a0
Nominal value of other issued bonds \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2025 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2025 \u00a0
Commercial papers and certificate of deposits \u00a0
49,002 \u00a0
114,171 \u00a0
100,109 \u00a0
-4,364 \u00a0
58,700 \u00a0
Preferred senior bonds \u00a0
68,592 \u00a0
19,374 \u00a0
22,242 \u00a0
-3,179 \u00a0
62,545 \u00a0
Covered bonds \u00a0
128,673 \u00a0
33,711 \u00a0
27,308 \u00a0
6,141 \u00a0
141,217 \u00a0
Structured retail notes \u00a0
3,117 \u00a0
403 \u00a0
1,665 \u00a0
338 \u00a0
2,194 \u00a0
Non-preferred senior bonds \u00a0
91,588 \u00a0
30,192 \u00a0
16,080 \u00a0
-4,676 \u00a0
101,024 \u00a0
Total \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
The Group has issued non-preferred senior bonds and preferred senior bonds in accordance with the Group\u2019s green bond framework. \u00a0
At the end of 2025, the nominal value of green non-preferred senior bonds issued amounted to DKK 29,875 million (2024: DKK \u00a0
20,515 million), and the nominal value of green preferred senior bonds issued amounted to DKK 7,814 million (2024: DKK 9,082 \u00a0
million). \u00a0
Broken down by maturity \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Redeemed bonds 2025 \u00a0
114,771 \u00a0
2026 \u00a0
120,891 \u00a0
64,979 \u00a0
2027 \u00a0
64,906 \u00a0
56,221 \u00a0
2028 or later \u00a0
179,883 \u00a0
105,001 \u00a0
Nominal value of other issued bonds \u00a0
365,680 \u00a0
340,972 \u00a0
Fair value hedging of interest rate risk \u00a0
-628 \u00a0
-1,781 \u00a0
Premium/discount \u00a0
-484 \u00a0
-595 \u00a0
Own holding of bonds issued \u00a0
3,368 \u00a0
3,844 \u00a0
Total other issued bonds \u00a0
(b) Subordinated debt \u00a0
Subordinated debt consists of liabilities in the form of issued subordinated bonds. Some of these bonds (presented as liability \u00a0
accounted additional tier 1 capital below) rank below other subordinated bonds. Early redemption of subordinated debt must be \u00a0
approved by the Danish 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 \u00a0
following tables. \u00a0
Nominal value of subordinated debt \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency
December \u00a0
(DKK millions) \u00a0
2025 \u00a0
Issued
Redeemed
translation \u00a0
2025 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
30,732 \u00a0
4,753 \u00a0
13,045 \u00a0
175 \u00a0
22,614 \u00a0
Liability accounted additional tier 1 capital \u00a0
10,708 \u00a0
3,576 \u00a0
4,784 \u00a0
-1,562 \u00a0
7,937 \u00a0
Total \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency
December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued
Redeemed
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
721 \u00a0
Subordinated debt \u00a0
Nominal \u00a0
Interest \u00a0
Year of \u00a0
Redemption \u00a0
2025 \u00a0
2024 \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 2025 \u00a0
13,055 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
a
750 \u00a0
1.00 \u00a0
2021
15.05.2031 \u00a0
100 \u00a0
5,602 \u00a0
5,595 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
b
750 \u00a0
4.625 \u00a0
2024
14.05.2034 \u00a0
100 \u00a0
5,602 \u00a0
5,595 \u00a0
SEK \u00a0
Danske Bank A/S \u00a0
c
4,250 \u00a0
var \u00a0
2024
23.08.2034 \u00a0
100 \u00a0
2,933 \u00a0
2,757 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
d
500 \u00a0
3.75 \u00a0
2024
19.11.2036 \u00a0
100 \u00a0
3,734 \u00a0
3,730 \u00a0
NOK \u00a0
Danske Bank A/S \u00a0
e
1,600 \u00a0
var \u00a0
2025
16.04.2035 \u00a0
100 \u00a0
1,010 \u00a0
-
EUR \u00a0
Danske Bank A/S \u00a0
f
500 \u00a0
3.50 \u00a0
2025
19.11.2035 \u00a0
100 \u00a0
3,734 \u00a0
-
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
22,614 \u00a0
30,732 \u00a0
Liability accounted additional tier 1 capital \u00a0
Redeemed in 2025 \u00a0
5,354 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
g
750 \u00a0
4.375 \u00a0
2021 \u00a0
Perpetual \u00a0
100 \u00a0
4,762 \u00a0
5,354 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
h
500 \u00a0
7.00 \u00a0
2025 \u00a0
Perpetual \u00a0
100 \u00a0
3,175 \u00a0
-
Liability accounted additional tier 1 capital \u00a0
7,937 \u00a0
10,708 \u00a0
Nominal subordinated debt \u00a0
30,552 \u00a0
41,440 \u00a0
Discount \u00a0
-96 \u00a0
-80 \u00a0
Fair value hedging of interest rate risk \u00a0
-20 \u00a0
-383 \u00a0
Own holding of subordinated debt \u00a0
-147 \u00a0
-180 \u00a0
Total subordinated debt \u00a0
30,289 \u00a0
40,798 \u00a0
Portion included in total capital as additional tier 1 or tier 2 capital instruments* \u00a0
* Portion included in total capital as additional tier 1 or tier 2 capital instruments in 2024 has been corrected. \u00a0
a) Optional\u00a0redemption in February-May 2026. If the debt is not redeemed, the annual interest rate will be reset at 1.40 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
b) Optional\u00a0redemption in February-May 2029. If the debt is not redeemed, the annual interest rate will be reset at 1.95 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
c) Optional\u00a0redemption in May-August 2029. If the debt is not redeemed, the quarterly interest rate will be reset at 1.70 \u00a0
percentage points above the 3 month STIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
d) Optional\u00a0redemption in November 2031. If the debt is not redeemed, the annual interest rate will be reset at 1.55 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
e) Optional\u00a0redemption in January-April 2030. If the debt is not redeemed, the quarterly interest rate will be reset at 1.50 \u00a0
percentage points above the 3 month NIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
f) \u00a0
Optional redemption in August-November 2030. If the debt is not redeemed, the annual interest rate will be reset at 1.18 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
g) Optional\u00a0redemption from May 2026. If the debt is not redeemed, the annual interest rate will be reset at 3.387 percentage \u00a0
points above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s or Danske \u00a0
Bank A/S\u2019s 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
h) Optional\u00a0redemption from February-August 2030. If the debt is not redeemed, the annual interest rate will be reset at 2.599 \u00a0
percentage points above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s \u00a0
or Danske Bank A/S\u2019s common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant \u00a0
additional tier 1 capital instrument in the statement of capital. \u00a0
G32. Fair value information for financial instruments \u00a0
Financial instruments are recognised in the balance sheet at fair value or amortised cost.\u00a0Group breaks down its financial \u00a0
instruments according to the valuation method. Note G1 provides additional information. \u00a0
31 December 2025 \u00a0
31 December 2024 \u00a0
Amortised \u00a0
Amortised \u00a0
(DKK millions) \u00a0
Fair value \u00a0
cost \u00a0
Fair value \u00a0
cost \u00a0
Financial assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
-
137,181 \u00a0
-
107,498 \u00a0
Due from credit institutions and central banks \u00a0
30,664 \u00a0
85,927 \u00a0
63,040 \u00a0
80,529 \u00a0
Trading portfolio assets \u00a0
444,980 \u00a0
531,831 \u00a0
-
-
Investment securities held at amortised cost \u00a0
-
146,482 \u00a0
-
135,714 \u00a0
Investment securities held at fair value \u00a0
150,256 \u00a0
-
133,404 \u00a0
-
Loans at amortised cost \u00a0
-
1,022,281 \u00a0
-
921,900 \u00a0
Loans at fair value \u00a0
1,060,925 \u00a0
-
1,074,783 \u00a0
-
Assets under pooled schemes and investment contracts \u00a0
76,809 \u00a0
-
76,173 \u00a0
-
Insurance assets \u00a0
513,957 \u00a0
-
508,045 \u00a0
-
Total \u00a0
2,277,592 \u00a0
1,391,871 \u00a0
2,387,276 \u00a0
1,245,642 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
158,924 \u00a0
58,498 \u00a0
129,910 \u00a0
84,454 \u00a0
Trading portfolio liabilities \u00a0
286,837 \u00a0
357,507 \u00a0
-
-
Deposits \u00a0
134,205 \u00a0
1,110,377 \u00a0
78,550 \u00a0
1,095,232 \u00a0
Issued bonds at fair value \u00a0
740,334 \u00a0
-
746,556 \u00a0
-
Issued bonds at amortised cost \u00a0
-
259,855 \u00a0
-
243,198 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
77,040 \u00a0
-
76,608 \u00a0
-
Insurance liabilities \u00a0
56,669 \u00a0
-
60,111 \u00a0
-
Liabilities held for sale \u00a0
-
-
-
-
Non-preferred senior bonds \u00a0
-
99,682 \u00a0
-
89,492 \u00a0
Subordinated debt \u00a0
-
30,289 \u00a0
-
40,798 \u00a0
Loan commitments and guarantees \u00a0
-
2,843 \u00a0
-
2,893 \u00a0
Total \u00a0
Insurance liabilities in the Balance sheet comprise insurance contract liabilities (as defined by IFRS 17) and Other insurance-related \u00a0
liabilities. The table above does not include insurance contract liabilities as they are measured using the General Measurement \u00a0
Model, Variable Fee 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 \u00a0
parties. Fair 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 \u00a0
principal market. \u00a0
\u2022
Valuation based on observable input (level 2) consists of financial instruments valued substantially on the basis of observable \u00a0
input other than a quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active, the Group \u00a0
bases its measurement on the most recent transaction price. Adjustment is made for subsequent changes to market conditions, \u00a0
for instance, by including transactions in similar financial instruments that are assumed to be motivated by normal business \u00a0
considerations. For a number of financial assets and liabilities, no market exists. In such cases, the Group uses recent \u00a0
transactions in similar instruments and discounted cash flows or other generally accepted estimation and valuation techniques \u00a0
based on market conditions at the balance sheet date to calculate an estimated value. This category covers instruments such as \u00a0
derivatives valued on the basis of observable yield curves and exchange rates and illiquid mortgage bonds valued by reference to \u00a0
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 \u00a0
on non-observable input. Such instruments include unlisted shares, some unlisted bonds and a limited portion of the derivatives \u00a0
portfolio (2%). \u00a0
Financial instruments at fair value, by fair value category \u00a0
Non- \u00a0
Quoted \u00a0
Observable \u00a0
observable \u00a0
(DKK millions) \u00a0
prices \u00a0
input \u00a0
input \u00a0
Total \u00a0
31 December 2025 \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
30,664 \u00a0
-
30,664 \u00a0
Derivatives \u00a0
4,899 \u00a0
187,978 \u00a0
1,068 \u00a0
193,944 \u00a0
Interest rate contracts \u00a0
4,899 \u00a0
139,129 \u00a0
663 \u00a0
144,690 \u00a0
Currency contracts etc. \u00a0
-
48,849 \u00a0
405 \u00a0
49,254 \u00a0
Trading portfolio bonds \u00a0
174,852 \u00a0
12,616 \u00a0
-
187,468 \u00a0
Trading portfolio shares \u00a0
63,294 \u00a0
273 \u00a0
-
63,567 \u00a0
Investment securities, bonds \u00a0
133,378 \u00a0
16,527 \u00a0
-
149,904 \u00a0
Investment securities, shares \u00a0
-
353 \u00a0
-
353 \u00a0
Loans at fair value \u00a0
1,060,925 \u00a0
-
-
1,060,925 \u00a0
Assets under pooled schemes and investment contracts \u00a0
76,809 \u00a0
-
-
76,809 \u00a0
Insurance assets, bonds \u00a0
158,103 \u00a0
33,605 \u00a0
1,898 \u00a0
193,606 \u00a0
Danish mortgage bonds \u00a0
75,638 \u00a0
11,014 \u00a0
300 \u00a0
86,952 \u00a0
Other covered bonds \u00a0
82,465 \u00a0
22,591 \u00a0
1,598 \u00a0
106,654 \u00a0
Insurance assets, shares \u00a0
234,593 \u00a0
3,857 \u00a0
35,343 \u00a0
273,793 \u00a0
Insurance assets, derivatives \u00a0
2,340 \u00a0
43,651 \u00a0
567 \u00a0
46,558 \u00a0
Total \u00a0
848,267 \u00a0
1,389,824 \u00a0
39,502 \u00a0
2,277,592 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
158,924 \u00a0
-
158,924 \u00a0
Derivatives \u00a0
5,398 \u00a0
184,410 \u00a0
1,010 \u00a0
190,817 \u00a0
Interest rate contracts \u00a0
5,398 \u00a0
131,267 \u00a0
538 \u00a0
137,203 \u00a0
Currency contracts etc. \u00a0
-
53,143 \u00a0
472 \u00a0
53,615 \u00a0
Obligations to repurchase securities \u00a0
94,586 \u00a0
1,433 \u00a0
-
96,019 \u00a0
Deposits \u00a0
-
134,205 \u00a0
-
134,205 \u00a0
Issued bonds at fair value \u00a0
740,334 \u00a0
-
-
740,334 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
77,040 \u00a0
-
77,040 \u00a0
Insurance Liabilities \u00a0
566 \u00a0
55,392 \u00a0
711 \u00a0
56,669 \u00a0
Total \u00a0
Non- \u00a0
Quoted \u00a0
Observable \u00a0
observable \u00a0
(DKK millions) \u00a0
prices \u00a0
input \u00a0
input \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
If, at the balance sheet date, a financial instrument\u2019s classification differs from its classification at the beginning of the year, the \u00a0
classification of the instrument changes. Changes are considered to have taken place at the balance sheet date. Developments in the \u00a0
financial markets have resulted in reclassifications between the categories. Some bonds have become illiquid and have therefore \u00a0
been moved from the Quoted prices to the Observable input category, while other bonds have instead become liquid and have been \u00a0
moved from the Observable input to the Quoted 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 \u00a0
present value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control \u00a0
environment, valuation models are validated by units that are independent of the business units that develop the models and trade in \u00a0
the products covered by the models. Validation is made to test the implementation, quality and operating stability of models to ensure \u00a0
that the models can be used 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 \u00a0
active market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further \u00a0
in note G16. The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves \u00a0
for the full duration of the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable \u00a0
input as well as assumptions about the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance \u00a0
with the International Private Equity and Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting \u00a0
Standards. IPEV guides the calculation of the estimated fair value of unlisted shares as the price that would be received to sell an \u00a0
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation methods \u00a0
include discounted cash flow models and pricing based on a multiple of 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 \u00a0
Group makes fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer \u00a0
spreads on the net 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 \u00a0
given counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive \u00a0
exposure (EPE) and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with \u00a0
counterparties in the 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 \u00a0
derived using proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive \u00a0
exposures to the counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. \u00a0
For the calculation of LGD, the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the \u00a0
expected credit loss impairment, CVA is 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 \u00a0
cost or benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected \u00a0
future exposures. ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a \u00a0
function of expected collateral balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2025, CVA, FVA and ColVA came to a net amount of DKK 51 million (2024: DKK 173 million), including the adjustment for \u00a0
credit 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 \u00a0
prices and makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the \u00a0
end of 2025, these fair value adjustments totalled DKK 99 million (2024: DKK 106 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 \u00a0
fair value hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an \u00a0
ongoing basis. At the end of 2025, the reserve totalled DKK 1 million (2024: 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- \u00a0
observable input and actual cost (day-one profit or loss), and the difference is not the result of transaction costs, the Group adjusts \u00a0
model parameters to actual cost to take the initial margin into account. Accordingly, the valuation of derivatives includes amortisation \u00a0
of the value of initial margins over the remaining term to maturity. The initial margins relate to elements not covered by the above CVA \u00a0
and FVA adjustments, such as future administrative expenses and capital consumption. \u00a0
Unamortised initial margins \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Unamortised initial margins at 1 January \u00a0
1,229 \u00a0
1,176 \u00a0
Amortised to the income statement during the year \u00a0
-540 \u00a0
-455 \u00a0
Initial margins on new derivatives contracts \u00a0
601 \u00a0
608 \u00a0
Terminated derivatives contracts \u00a0
-78 \u00a0
-100 \u00a0
Unamortised initial margins as at 31 December \u00a0
Financial instruments valued on the basis of non-observable input \u00a0
The tables below shows financial instruments valued on the basis of non-observable input. \u00a0
Financial instruments valued on the basis of non-observable 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 2025 \u00a0
Unlisted shares allocated to insurance contract policyholders \u00a0
35,343 \u00a0
-
-683 \u00a0
-
-147 \u00a0
Unlisted shares other \u00a0
626 \u00a0
63 \u00a0
63 \u00a0
50 \u00a0
-37 \u00a0
Illiquid bonds \u00a0
1,898 \u00a0
26 \u00a0
26 \u00a0
-194 \u00a0
-
Derivatives, net fair value \u00a0
-86 \u00a0
-
-
-570 \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
-
-
615 \u00a0
-
For unlisted shares allocated to insurance contract policyholders, the policyholders assume most of the risk on the shares. \u00a0
Therefore, changes in the fair value of those shares will only to a limited extent affect the Group\u2019s net profit. The Group\u2019s remaining \u00a0
portfolio of unlisted shares consists primarily of banking-related investments and holdings in private equity funds. The sensitivity of \u00a0
the fair value measurement to changes in the unobservable input disclosed in the table is calculated as a 10 % increase or 10 % \u00a0
decrease in fair value. Under current market conditions, an additional 10% decrease in the fair value is considered to be a \u00a0
conservative adjustment compared to the estimated unrealised fair value at the end of the period. \u00a0
The estimated fair value of illiquid bonds depends significantly on the estimated credit spread. In the table, the sensitivity of the fair \u00a0
value 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 \u00a0
hedging the credit risk on bonds also valued on the basis of non-observable input. Changing one or more of the non-observable inputs \u00a0
to reflect reasonable, possible alternative assumptions would not change the fair value of the derivatives significantly above what is \u00a0
already covered by the reserve related to fair value adjustment for model risk. \u00a0
Reconciliation from beginning to end of period \u00a0
31 December 2025 \u00a0
31 December 2024 \u00a0
(DKK millions) \u00a0
Shares
Bonds
Derivatives \u00a0
Shares
Bonds
Derivatives \u00a0
Fair value at 1 January \u00a0
37,551 \u00a0
2,103 \u00a0
1,171 \u00a0
35,308 \u00a0
2,458 \u00a0
12 \u00a0
Value adjustment through profit or loss \u00a0
-817 \u00a0
-194 \u00a0
-570 \u00a0
2,274 \u00a0
-1,398 \u00a0
615 \u00a0
Acquisitions \u00a0
4,357 \u00a0
84 \u00a0
-195 \u00a0
3,658 \u00a0
372 \u00a0
707 \u00a0
Sale and redemption \u00a0
-5,121 \u00a0
-95 \u00a0
-516 \u00a0
-3,856 \u00a0
-21 \u00a0
-105 \u00a0
Transferred from quoted prices and observable input \u00a0
-
-
167 \u00a0
-
692 \u00a0
-
Transferred to quoted prices and observable input \u00a0
-
24 \u00a0
-
-
-58 \u00a0
-
Fair value end of period \u00a0
-86 \u00a0
The value adjustment through profit or loss is recognised under Net trading income or loss. The transfer of derivatives to the \u00a0
observable input 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 \u00a0
market prices, if available. If quoted prices are not available, the value is approximated to reflect the price that would have been fixed \u00a0
had the terms 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 \u00a0
exist, the 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 \u00a0
relating to 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 \u00a0
Group. The rate is adjusted only upon certain changes in market conditions. Such deposits and loans are considered to carry \u00a0
interest at a variable rate, as the standard variable rate fixed by the Group at any time applies to both new and existing \u00a0
arrangements. \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 \u00a0
liabilities. Interest rate risk not hedging the interest rate risk on liabilities is hedged by derivatives. Such hedges are accounted for \u00a0
as fair value hedges, and the fair value of the hedged interest risk is adjusted in the carrying amount of the hedged financial \u00a0
instruments. Consequently, only fair value changes related to fixed-rate loans not hedged by derivatives are adjusted in the fair \u00a0
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 \u00a0
adjustment for the fair value hedge accounting of the interest rate risk, is a reasonable approximation of fair value. This is the case for \u00a0
Due from/to credit 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 \u00a0
fair 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
Non- \u00a0
Carrying \u00a0
Observable \u00a0
observable \u00a0
(DKK millions) \u00a0
amount \u00a0
Fair value
Quoted prices \u00a0
input \u00a0
input \u00a0
31 December 2025 \u00a0
Financial assets \u00a0
Investment securities \u00a0
146,482 \u00a0
143,265 \u00a0
137,053 \u00a0
6,212 \u00a0
-
Loans at amortised cost \u00a0
1,022,281 \u00a0
1,022,270 \u00a0
89 \u00a0
-
1,022,182 \u00a0
Financial liabilities \u00a0
Issued bonds, including non-preferred senior bonds \u00a0
359,537 \u00a0
361,975 \u00a0
281,666 \u00a0
70,129 \u00a0
10,180 \u00a0
Subordinated debt \u00a0
30,289 \u00a0
30,807 \u00a0
30,041 \u00a0
765 \u00a0
-
31 December 2024 \u00a0
Financial assets \u00a0
Investment securities \u00a0
135,714 \u00a0
131,944 \u00a0
124,978 \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
-
The liquidity portfolio managed by Group Treasury includes different portfolios with different business models (note G13 provides \u00a0
further description of business models). Investment securities held within a business model for the purpose of collecting contractual \u00a0
cash flows (hold to collect) and with cash flows that are solely payments of principal and interest on the principal amount outstanding \u00a0
are measured at amortised cost. For investment securities classified as hold to collect, amortised cost exceeded fair value as of 31 \u00a0
December 2025 with DKK 3,217 million (31 December 2024: DKK 3,770 million). This portfolio mainly contains Danish mortgage bonds \u00a0
and central and local government bonds and has a weighted average rating factor of 5.3, following Moody\u2019s numerical rating factor to \u00a0
scale, which corresponds to a strong Aa1 rating. The interest rate risk duration for the portfolio is 3.0 years. Without any \u00a0
reinvestments, respectively 29%, 53% and 18% of this portfolio will reach maturity within a period of 1 year, between 1 to 5 years, and \u00a0
after 5 years. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1374": { "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 \u00a0
designate equity instruments at FVOCI. The bonds are held within a business model for the purpose of collecting contractual \u00a0
cash flows and selling (hold to collect and sell). The bonds have cash flows that are solely payments of principal and interest on \u00a0
the principal amount outstanding (i.e. that pass the SPPI test in IFRS 9). FVOCI results in the assets being recognised at fair value \u00a0
in the balance sheet and at amortised cost in the income statement, including the recognition of expected credit losses as \u00a0
described in note G15. Gains and losses, except for expected credit losses and foreign exchanges gains and losses, are \u00a0
therefore recognised in Other comprehensive income until the bond is derecognised. When a fixed interest rate risk is hedged in \u00a0
a hedge that qualifies for fair value hedge accounting, the fair value changes of the hedged interest risk are presented in the \u00a0
income statement under Net trading income or loss. When bonds are sold unrealised value adjustments recognised under Other \u00a0
comprehensive income are reclassified to the income statement and presented under Net trading income or loss. The Group \u00a0
recognises interest income according to the effective interest method, including amortisation of the difference between cost \u00a0
and the redemption value over the term to maturity of the bonds. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1381": { "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 \u00a0
are measured at fair value through profit or loss, depending on the business model for the management of the amounts due from \u00a0
credit institutions. \u00a0
Accounting policy \u00a0
For balances due from credit institutions in the Group\u2019s banking units (Personal Customers and Business Customers, General \u00a0
Banking in Large Corporates & Institutions and Northern Ireland), the business model is \u2018hold to collect\u2019. As the contractual cash \u00a0
flows \u00a0
represent basic lending feature, these balances are measured at amortised cost. For further information see note G15. \u00a0
For balances due from credit institutions and central banks in the Group\u2019s trading units (Markets in Large Corporates & \u00a0
Institutions) the business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and sell\u2019 and these balances are mandatorily \u00a0
recognised at fair value through profit or loss. For further information see note G16. \u00a0
Cash in hand and demand deposits with central banks \u00a0
This item includes cash in hand of DKK 7,038 million (2024: DKK 6,909 million) and demand deposits of DKK 130,143 million (2024: \u00a0
DKK 100,590 million) measured at amortised cost. \u00a0
Due from credit institutions and central banks \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Due from credit institutions and central banks measured at fair value through profit or loss: \u00a0
Reverse transactions \u00a0
28,275 \u00a0
62,039 \u00a0
Other amounts due \u00a0
2,390 \u00a0
1,000 \u00a0
Total at fair value through profit or loss \u00a0
30,664 \u00a0
63,040 \u00a0
Due from credit institutions and central banks measured at amortised cost: \u00a0
Reverse transactions \u00a0
43 \u00a0
6
Other amounts due \u00a0
85,909 \u00a0
80,536 \u00a0
Allowance account \u00a0
25 \u00a0
12 \u00a0
Total at amortised cost \u00a0
85,927 \u00a0
80,529 \u00a0
Total \u00a0
Due from credit institutions and central banks includes amounts due within three months and totalled DKK 113,145 million at the end \u00a0
of 2025 (2024: DKK 134,601 million). This amount is included under Cash and cash equivalents in the cash flow statement. \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 \u00a0
granted are 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 \u00a0
2025. \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 \u00a0
drivers. 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 \u00a0
in-depth assessment of sub-sectors and the customers with the largest exposure.\u00a0This enables the Group to map the most material \u00a0
sustainability risks facing the individual portfolios, monitor aggregate risk levels on an ongoing basis, and identify additional Credit \u00a0
Risk Policy requirements. When deemed necessary, the sustainability risk findings are integrated into the Group\u2019s credit risk tolerance \u00a0
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- \u00a0
specific ESG questions for both new and existing business customers. The customer-level sustainability risk assessments serve as \u00a0
input factors in the overall credit decision process and enable the Group to monitor the overall sustainability risk level. All \u00a0
counterparties with a total exposure exceeding the threshold are in scope for assessment across business units. The scope of \u00a0
analysis is adjusted to capture the size and complexity of the counterparty concerned, with higher risk and larger exposure requiring a \u00a0
more detailed analysis. This requirement covers corporate counterparties in all the Group\u2019s business units, i.e. retail customers, as \u00a0
well as mid- and large corporates. On the back of the results, relationship managers are required to engage with customers with a \u00a0
significant exposure and a high level of identified risks to agree on a future action plan to mitigate these risks. \u00a0
At the end of 2025, 92% (2024: 90%) of the Group\u2019s total business exposure in scope was assessed for sustainability risk, and the \u00a0
Group implemented a more in-depth analysis of drivers of customers\u2019 ESG risk levels. These bottom-up customer assessments will \u00a0
increasingly be tied to top-down portfolio risk management efforts at the group level. This will ensure a consistent feedback loop \u00a0
between strategic and customer considerations in the 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 \u00a0
enhanced in accordance with regulatory and industry developments. \u00a0
Climate risk is primarily categorised into transition risks, associated with moving towards a low-carbon economy, and physical risks \u00a0
stemming from projected climate changes, including both long-term shifts (chronic changes) and event-driven changes (acute \u00a0
changes) to weather patterns. Both climate-related risks will affect credit risk in the medium and long-term. To address these risks, \u00a0
the Group is actively improving 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 3 \u00a0
disclosures, 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 \u00a0
(river and coastal flooding) as the most important physical hazard applicable to the portfolio. The current mapping of exposures \u00a0
subject to flooding risk focuses on residential and commercial property and forms part of the Pillar 3 disclosures. \u00a0
In accordance with Pillar 3 transition risk disclosure requirements, the Group reports its financed emissions and the energy efficiency \u00a0
of collateral. The Group has taken into consideration the financed emissions of the sector portfolios identified as climate change \u00a0
contributors. It has been identified that the majority of emissions are attributable to only a few sectors, specifically agriculture, \u00a0
shipping, oil and gas. The Group actively monitors and manages these sectors at both the customer and portfolio levels. For instance, \u00a0
this is evidenced by the decline in the oil 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 \u00a0
physical and transition climate-related risks over short-, medium- and long-term horizons. Stress tests related to physical risks focus \u00a0
on collateral-related exposures based on expected loss calculations related to river and coastal flooding. In relation to transition risks, \u00a0
the Group has analysed scenarios for carbon taxes as a key driver for this transition in different sectors. Special focus on transition- \u00a0
risk scenario analyses is given to the Danish agricultural sector, where the introduction of a carbon tax is planned by the Danish \u00a0
government by 2030. For the Danish agricultural sector, results of the stress testing analysis are directly used in the impairment post- \u00a0
model-adjustment process. Moreover, the Group performs detailed bottom-up climate analyses on the commercial real estate sector, \u00a0
which constitutes a large part of the total Group\u2019s exposure, with a particular focus on the EU\u2019s Energy Performance of Buildings \u00a0
Directive. \u00a0
Customer transition risk assessments \u00a0
Managing climate transition risks takes place at both portfolio and customer levels. At the portfolio level, the Group sets long-term \u00a0
targets for sectors with high financed emissions, such as oil and gas, as outlined in the Group\u2019s Sustainability Statement of this Annual \u00a0
Report. Climate risks are also taken into consideration when the Group determines its risk tolerance process for high-risk segments to \u00a0
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 \u00a0
risks in relevant high-emitting sectors. The methodology considers the customers\u2019 current performance as well as their short-, \u00a0
medium-, and long-term ambitions and plans to meet their decarbonisation strategy and targets. In addition, the assessments include \u00a0
an evaluation of the customers\u2019 risk of not executing on their strategies because of external factors that affect their ability to \u00a0
transition, i.e. technology and government support factors. \u00a0
Transition risk assessment scores are divided into four categories on the basis of alignment assessment, technology and government \u00a0
factors. The transition risk assessments contribute to the overall credit evaluation of customers. \u00a0
The Group focuses on financially weak laggards in the transition process since they are subject to an increased risk of impairment. For \u00a0
these customers, the Group has identified mitigating actions, which include collaborating to develop a transition plan that ensures \u00a0
alignment with established standards. Financially weak transition laggards represent approximately 7% (2024: 10%) of the Group\u2019s \u00a0
assessed credit exposure and they will be monitored on an ongoing basis. \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 \u00a0
lending activities in the form of secured and unsecured loans. Securities positions taken by the Group\u2019s trading and investment units \u00a0
also entail credit risk and are presented as credit exposure from trading and investment securities as well as derivatives and loans at \u00a0
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 \u00a0
loans at the Group\u2019s trading units and credit risk from securities positions. \u00a0
Breakdown of credit exposure \u00a0
Trading and \u00a0
Customer- \u00a0
(DKK billions) \u00a0
Lending \u00a0
Counterparty \u00a0
investment \u00a0
funded \u00a0
31 December 2025 \u00a0
Total \u00a0
activities \u00a0
credit risk \u00a0
securities \u00a0
investments \u00a0
Balance sheet items \u00a0
Demand deposits with central banks \u00a0
130.1 \u00a0
130.1 \u00a0
-
-
-
Due from credit institutions and central banks \u00a0
116.6 \u00a0
85.9 \u00a0
30.7 \u00a0
-
-
Trading portfolio assets \u00a0
445.0 \u00a0
193.9 \u00a0
-
251.0 \u00a0
-
Investment securities \u00a0
296.7 \u00a0
-
296.7 \u00a0
-
-
Loans at amortised cost \u00a0
1,022.3 \u00a0
1,022.3 \u00a0
-
-
-
Loans at fair value \u00a0
1,060.9 \u00a0
740.1 \u00a0
320.8 \u00a0
-
-
Assets under pooled schemes and investment contracts \u00a0
76.8 \u00a0
-
-
-
76.8 \u00a0
Insurance assets \u00a0
555.5 \u00a0
-
-
-
555.5 \u00a0
Off-balance-sheet items \u00a0
Guarantees \u00a0
99.7 \u00a0
99.7 \u00a0
-
-
-
Loan commitments shorter than 1 year \u00a0
206.6 \u00a0
206.6 \u00a0
-
-
-
Loan commitments longer than 1 year \u00a0
244.5 \u00a0
244.5 \u00a0
-
-
-
Other unutilised commitments \u00a0
14.4 \u00a0
-
-
-
14.4 \u00a0
Total \u00a0
Trading and \u00a0
Customer- \u00a0
(DKK billions) \u00a0
Lending \u00a0
Counterparty \u00a0
investment \u00a0
funded \u00a0
31 December 2024 \u00a0
Total \u00a0
activities \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
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
The Group\u2019s exposure to the risk on some balance sheet items is limited. This is the case for assets under customer-funded \u00a0
investment pools, investment contracts and insurance contracts. The risk on assets under pooled schemes and investment contracts \u00a0
is assumed solely by the customers, while the risk on insurance assets is assumed primarily by the customers. The section on life \u00a0
insurance risk describes the Group\u2019s 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 \u00a0
of credit of DKK 229 billion at 31 December 2025 (31 December 2024: DKK 193 billion). These items are included in the calculation of \u00a0
the total risk 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 \u00a0
central banks, guarantees and irrevocable loan commitments. The exposure is measured net of expected credit losses and includes \u00a0
repo loans at amortised 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. \u00a0
This includes all non-performing loans. A small amount of credit exposure in stage 3 can be found outside default. This is due to \u00a0
impairment staging being updated monthly (after each month-end), whereas default is updated daily. For the same reason, some \u00a0
credit exposure in default is outside stage 3. The stage 3 coverage ratio is 73% (31 December 2024: 71%). \u00a0
For further details about the Group\u2019s credit risk management and the use of information on expected credit losses for risk \u00a0
management purposes, see Risk Management 2025. \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 \u00a0
probability of default (PD). As part of the credit process, the Group classifies customers according to risk and updates their \u00a0
classifications upon receipt of new information. Risk classification comprises rating and credit scoring of customers. While all large \u00a0
customers are rated, the Group uses fully automated and statistically-based scoring models for small customers such as personal \u00a0
customers and small businesses. Credit scores are 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 \u00a0
consists of 11 main rating categories with fixed PD bands. During a downturn, a customer\u2019s PIT PD may increase, and the customer \u00a0
may migrate to a lower rating category. The effect from a downturn is thus larger when PIT PD is used than if the classification were \u00a0
based on through-the-cycle (TTC) 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 \u00a0
whether the credit risk has increased significantly since initial recognition. The assessment of whether the credit risk has increased \u00a0
significantly since initial recognition is performed by considering the change in the risk of default occurring over the remaining life of \u00a0
the individual facility and incorporating forward-looking information. A facility is transferred from stage 1 to stage 2 on the basis of \u00a0
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 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 \u00a0
doubling of 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, \u00a0
customers subject to forbearance measures are placed in stage 2 if the Group, in the most likely outcome, expects no loss or the \u00a0
customers are in the two-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 \u00a0
events that have a detrimental impact on the estimated future cash flows have occurred. This includes observable data about (a) \u00a0
significant financial difficulty of the issuer or the borrower; (b) a breach of contract, such as a default or past due event; (c) the \u00a0
borrower, for financial or contractual reasons relating to the borrower\u2019s financial difficulty, having been granted a concession that \u00a0
would not otherwise have been considered; (d) it is becoming probable that the borrower will enter into bankruptcy or other financial \u00a0
restructuring; and (e) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit loss. It may not \u00a0
be possible to identify a single discrete event \u2013 instead, the combined effect of several events may cause a financial asset to become \u00a0
credit-impaired. Credit-impaired facilities are placed in rating category 10 or 11. For customers in rating category 10, the stage 3 \u00a0
classification applies only to customers where a loss is expected in the most likely scenario. For rating category 11 (default), all \u00a0
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 \u00a0
IFRS 9. This 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 \u00a0
Group\u2019s expected credit loss model. Besides increasing the expected credit losses, the post-model adjustments may lead to the \u00a0
transfer of part of the gross exposure covered by the post-model adjustments from stage 1 to stage 2 through targeted PD pushes \u00a0
to the current point in time estimates of PD (i.e. increases in the PD for the underlying customers in the selected portfolio s covered \u00a0
by the post-model adjustments) to ensure consistency between the methods used for disclosing information about expected \u00a0
credit losses and exposures subject to significant increase in credit risk. While the distribution of customers between the Group\u2019s \u00a0
11 rating categories is unchanged and reflects the current point-in-time estimate of the underlying customers\u2019 PDs, the PD pushes \u00a0
may lead to the transfer of gross exposures to stage 2 as the assessment of the increase in credit risk is performed by comparing \u00a0
the initial PD with the current PD (after the 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 \u00a0
(EAD) and the loss given default (LGD). For exposures in stage 1, 12- month expected credit losses are recognised, while lifetime \u00a0
expected credit losses are recognised for exposures in stage 2-3. Note G15 provides further information. \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. \u00a0
As a result, 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 \u00a0
default. This is due to impairment staging being updated monthly (after each month-end), whereas default is updated daily. For the \u00a0
same reason, some credit 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 \u00a0
management purposes, see Risk Management 2025. \u00a0
The following table breaks down the credit exposure by rating categories and stages. \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 2025 \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
188.8 \u00a0
0.1 \u00a0
-
-
-
-
188.8 \u00a0
0.1 \u00a0
-
166.4 \u00a0
-
-
2
0.01 \u00a0
0.03 \u00a0
194.0 \u00a0
-
0.2 \u00a0
-
-
-
194.0 \u00a0
0.2 \u00a0
-
96.4 \u00a0
-
-
3
0.03 \u00a0
0.06 \u00a0
510.3 \u00a0
1.
0
-
0.1 \u00a0
-
-
510.2 \u00a0
1.0 \u00a0
-
257.3 \u00a0
0.6 \u00a0
-
4
0.06 \u00a0
0.14 \u00a0
569.2 \u00a0
0.4 \u00a0
4.2 \u00a0
0.2 \u00a0
-
-
569.0 \u00a0
4.1 \u00a0
0.4 \u00a0
254.5 \u00a0
3.1 \u00a0
-
5
0.14 \u00a0
0.31 \u00a0
472.5 \u00a0
16.9 \u00a0
0.1 \u00a0
0.4 \u00a0
0.1 \u00a0
-
472.1 \u00a0
16.8 \u00a0
0.1 \u00a0
179.0 \u00a0
13.8 \u00a0
-
6
0.31 \u00a0
0.63 \u00a0
314.7 \u00a0
39.8 \u00a0
-
0.5 \u00a0
0.7 \u00a0
-
314.1 \u00a0
39.1 \u00a0
-
111.4 \u00a0
19.1 \u00a0
-
7
0.63 \u00a0
1.90 \u00a0
99.3 \u00a0
44.4 \u00a0
0.1 \u00a0
0.9 \u00a0
1.8 \u00a0
0.1 \u00a0
98.4 \u00a0
42.6 \u00a0
-
40.5 \u00a0
14.8 \u00a0
-
8
1.90 \u00a0
7.98 \u00a0
11.6 \u00a0
25.3 \u00a0
0.1 \u00a0
0.7 \u00a0
2.3 \u00a0
0.1 \u00a0
10.9 \u00a0
23.0 \u00a0
-
1.6 \u00a0
6.7 \u00a0
-
9
7.98 \u00a0
25.70 \u00a0
1.5 \u00a0
-
4.8 \u00a0
-
0.5 \u00a0
-
1.5 \u00a0
4.3 \u00a0
-
0.1 \u00a0
1.3 \u00a0
-
10 \u00a0
25.70 \u00a0
99.99 \u00a0
0.5 \u00a0
17.9 \u00a0
0.9 \u00a0
-
2.0 \u00a0
0.2 \u00a0
0.5 \u00a0
15.8 \u00a0
0.7 \u00a0
0.1 \u00a0
6.5 \u00a0
0.2 \u00a0
11 (default) \u00a0
100.00 \u00a0
100.00 \u00a0
0.2 \u00a0
1.3 \u00a0
29.2 \u00a0
-
0.1 \u00a0
9.0 \u00a0
0.2 \u00a0
1.2 \u00a0
20.1 \u00a0
0.1 \u00a0
0.1 \u00a0
3.3 \u00a0
Total \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
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 \u00a0
the Statistical Classification of Economic Activities in the European Community (NACE) standard that has been adapted to the Group\u2019s \u00a0
business risk approach used for the active management of the credit portfolio. \u00a0
Credit exposure broken down by industry \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2025 \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
250.4 \u00a0
1.3 \u00a0
0.2 \u00a0
-
-
-
250.4 \u00a0
1.3 \u00a0
0.2 \u00a0
247.3 \u00a0
-
-
Financials \u00a0
132.5 \u00a0
3.1 \u00a0
0.4 \u00a0
0.1 \u00a0
0.2 \u00a0
0.1 \u00a0
132.5 \u00a0
3.0 \u00a0
0.3 \u00a0
118.9 \u00a0
1.6 \u00a0
0.2 \u00a0
Agriculture \u00a0
52.4 \u00a0
4.8 \u00a0
1.2 \u00a0
0.2 \u00a0
0.6 \u00a0
0.4 \u00a0
52.1 \u00a0
4.2 \u00a0
0.8 \u00a0
12.6 \u00a0
1.1 \u00a0
-
Automotive \u00a0
25.7 \u00a0
8.1 \u00a0
0.6 \u00a0
-
0.6 \u00a0
0.2 \u00a0
25.7 \u00a0
7.6 \u00a0
0.4 \u00a0
19.8 \u00a0
5.3 \u00a0
0.2 \u00a0
Capital goods \u00a0
76.6 \u00a0
11.8 \u00a0
2.1 \u00a0
-
0.7 \u00a0
0.9 \u00a0
76.5 \u00a0
11.1 \u00a0
1.2 \u00a0
70.6 \u00a0
9.3 \u00a0
0.4 \u00a0
Commercial and residential real estate \u00a0
295.0 \u00a0
25.2 \u00a0
3.4 \u00a0
0.4 \u00a0
1.0 \u00a0
0.8 \u00a0
294.5 \u00a0
24.2 \u00a0
2.6 \u00a0
50.0 \u00a0
3.5 \u00a0
0.6 \u00a0
Construction and building materials \u00a0
43.8 \u00a0
11.5 \u00a0
1.9 \u00a0
0.3 \u00a0
0.8 \u00a0
1.1 \u00a0
43.5 \u00a0
10.6 \u00a0
0.8 \u00a0
32.1 \u00a0
7.0 \u00a0
0.3 \u00a0
Consumer goods \u00a0
90.0 \u00a0
9.0 \u00a0
1.3 \u00a0
-
0.4 \u00a0
0.6 \u00a0
89.9 \u00a0
8.7 \u00a0
0.7 \u00a0
68.9 \u00a0
6.5 \u00a0
0.3 \u00a0
Hotels, restaurants and leisure \u00a0
13.6 \u00a0
1.1 \u00a0
0.5 \u00a0
-
-
0.1 \u00a0
13.6 \u00a0
1.1 \u00a0
0.4 \u00a0
5.2 \u00a0
0.3 \u00a0
0.1 \u00a0
Metals and mining \u00a0
26.3 \u00a0
2.0 \u00a0
0.8 \u00a0
-
0.2 \u00a0
0.2 \u00a0
26.4 \u00a0
1.9 \u00a0
0.6 \u00a0
19.5 \u00a0
1.1 \u00a0
0.1 \u00a0
Other commercials \u00a0
1.4 \u00a0
-
-
0.2 \u00a0
-
-
1.2 \u00a0
-
-
1.1 \u00a0
-
-
Pharma and medical devices \u00a0
56.9 \u00a0
2.2 \u00a0
0.1 \u00a0
-
-
-
56.9 \u00a0
2.1 \u00a0
0.1 \u00a0
53.5 \u00a0
2.0 \u00a0
-
Non-profit housing \u00a0
210.3 \u00a0
3.1 \u00a0
0.8 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
210.2 \u00a0
3.1 \u00a0
0.7 \u00a0
32.8 \u00a0
0.3 \u00a0
-
Pulp, paper and chemicals \u00a0
41.3 \u00a0
5.5 \u00a0
0.5 \u00a0
-
0.3 \u00a0
0.2 \u00a0
41.3 \u00a0
5.3 \u00a0
0.3 \u00a0
29.4 \u00a0
3.9 \u00a0
-
Retailing \u00a0
27.4 \u00a0
2.5 \u00a0
1.6 \u00a0
0.1 \u00a0
0.2 \u00a0
0.8 \u00a0
27.3 \u00a0
2.3 \u00a0
0.8 \u00a0
18.0 \u00a0
1.5 \u00a0
0.3 \u00a0
Services \u00a0
93.1 \u00a0
5.3 \u00a0
1.3 \u00a0
0.2 \u00a0
0.4 \u00a0
0.4 \u00a0
92.9 \u00a0
4.9 \u00a0
0.9 \u00a0
77.7 \u00a0
3.2 \u00a0
0.2 \u00a0
Shipping \u00a0
18.7 \u00a0
5.9 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
18.7 \u00a0
5.8 \u00a0
0.4 \u00a0
6.9 \u00a0
1.1 \u00a0
0.1 \u00a0
Oil and gas \u00a0
17.7 \u00a0
0.3 \u00a0
-
-
-
-
17.6 \u00a0
0.3 \u00a0
-
14.6 \u00a0
0.2 \u00a0
-
Social services \u00a0
28.9 \u00a0
2.6 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
28.9 \u00a0
2.6 \u00a0
0.3 \u00a0
11.5 \u00a0
2.2 \u00a0
-
Telecom and media \u00a0
27.6 \u00a0
0.7 \u00a0
1.4 \u00a0
-
0.1 \u00a0
0.5 \u00a0
27.6 \u00a0
0.6 \u00a0
0.9 \u00a0
22.8 \u00a0
0.4 \u00a0
0.5 \u00a0
Transportation \u00a0
18.6 \u00a0
2.2 \u00a0
0.6 \u00a0
-
0.2 \u00a0
0.2 \u00a0
18.6 \u00a0
2.0 \u00a0
0.4 \u00a0
9.9 \u00a0
0.6 \u00a0
-
Utilities and infrastructure \u00a0
88.8 \u00a0
13.3 \u00a0
0.9 \u00a0
0.1 \u00a0
0.4 \u00a0
0.2 \u00a0
88.7 \u00a0
12.9 \u00a0
0.7 \u00a0
65.8 \u00a0
11.5 \u00a0
0.1 \u00a0
Personal customers \u00a0
725.6 \u00a0
34.2 \u00a0
10.3 \u00a0
1.1 \u00a0
1.2 \u00a0
2.5 \u00a0
724.6 \u00a0
32.9 \u00a0
7.8 \u00a0
118.2 \u00a0
3.4 \u00a0
-
Total \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
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
82.7 \u00a0
10.3 \u00a0
1.8 \u00a0
-
0.4 \u00a0
0.7 \u00a0
82.7 \u00a0
9.9 \u00a0
1.1 \u00a0
74.9 \u00a0
7.9 \u00a0
0.2 \u00a0
Commercial and residential real estate \u00a0
270.5 \u00a0
31.2 \u00a0
4.0 \u00a0
0.7 \u00a0
1.4 \u00a0
0.9 \u00a0
269.9 \u00a0
29.7 \u00a0
3.2 \u00a0
48.4 \u00a0
4.3 \u00a0
0.5 \u00a0
Construction and building materials \u00a0
43.5 \u00a0
8.0 \u00a0
1.9 \u00a0
0.4 \u00a0
1.1 \u00a0
0.9 \u00a0
43.1 \u00a0
6.9 \u00a0
1.0 \u00a0
31.5 \u00a0
3.2 \u00a0
0.5 \u00a0
Consumer goods \u00a0
80.8 \u00a0
10.1 \u00a0
1.2 \u00a0
0.1 \u00a0
0.5 \u00a0
0.4 \u00a0
80.8 \u00a0
9.6 \u00a0
0.8 \u00a0
64.8 \u00a0
7.6 \u00a0
0.1 \u00a0
Hotels, restaurants and leisure \u00a0
12.1 \u00a0
1.3 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
12.1 \u00a0
1.2 \u00a0
0.5 \u00a0
3.2 \u00a0
0.3 \u00a0
0.1 \u00a0
Metals and mining \u00a0
19.2 \u00a0
2.3 \u00a0
0.2 \u00a0
-
0.1 \u00a0
0.1 \u00a0
19.2 \u00a0
2.2 \u00a0
0.2 \u00a0
15.3 \u00a0
0.9 \u00a0
0.1 \u00a0
Other commercials \u00a0
1.9 \u00a0
0.3 \u00a0
0.1 \u00a0
0.1 \u00a0
-
-
1.7 \u00a0
0.3 \u00a0
0.1 \u00a0
1.7 \u00a0
0.3 \u00a0
0.1 \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
-
Non-profit housing \u00a0
199.0 \u00a0
3.2 \u00a0
0.5 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
199.0 \u00a0
3.1 \u00a0
0.4 \u00a0
25.6 \u00a0
0.5 \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
24.3 \u00a0
3.0 \u00a0
1.8 \u00a0
-
0.3 \u00a0
0.5 \u00a0
24.3 \u00a0
2.7 \u00a0
1.3 \u00a0
14.7 \u00a0
1.8 \u00a0
0.6 \u00a0
Services \u00a0
77.6 \u00a0
6.3 \u00a0
1.3 \u00a0
0.2 \u00a0
0.6 \u00a0
0.4 \u00a0
77.4 \u00a0
5.7 \u00a0
0.8 \u00a0
64.4 \u00a0
4.0 \u00a0
0.4 \u00a0
Shipping \u00a0
21.0 \u00a0
4.2 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
21.0 \u00a0
4.2 \u00a0
0.4 \u00a0
7.0 \u00a0
0.2 \u00a0
0.1 \u00a0
Oil and gas \u00a0
16.5 \u00a0
1.4 \u00a0
1.0 \u00a0
-
-
0.1 \u00a0
16.5 \u00a0
1.4 \u00a0
0.9 \u00a0
14.5 \u00a0
0.2 \u00a0
0.1 \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
90.4 \u00a0
0.3 \u00a0
-
-
-
-
90.3 \u00a0
0.3 \u00a0
-
67.3 \u00a0
0.2 \u00a0
-
Personal customers \u00a0
690.1 \u00a0
42.7 \u00a0
11.5 \u00a0
1.1 \u00a0
1.3 \u00a0
2.7 \u00a0
689.0 \u00a0
41.3 \u00a0
8.8 \u00a0
95.3 \u00a0
4.8 \u00a0
0.3 \u00a0
Total \u00a0
* Credit risk broken down by industry has been reclassified as at 31 December 2024 due to a change in NACE classifications. There is no \u00a0
change to total credit exposure as at 31 December 2024. \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is \u00a0
obtaining collateral. The table showing collateral by type (after haircut) is included. The mitigating effect from collateral at the \u00a0
end of December 2025 can be found as the difference between the columns \u2018Net exposure\u2019 and \u2018Net exposure, ex collateral\u2019 and \u00a0
amounted to DKK 1,352.4 billion at 31 December 2025 (31 December 2024: DKK 1,319.9 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 2025 \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
449.4 \u00a0
20.3 \u00a0
6.1 \u00a0
0.7 \u00a0
0.7 \u00a0
1.3 \u00a0
448.7 \u00a0
19.6 \u00a0
4.8 \u00a0
77.2 \u00a0
1.8 \u00a0
-
Personal Customers Sweden \u00a0
103.7 \u00a0
2.6 \u00a0
0.5 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
103.6 \u00a0
2.5 \u00a0
0.4 \u00a0
31.3 \u00a0
0.4 \u00a0
-
Personal Customers Finland \u00a0
75.9 \u00a0
5.9 \u00a0
2.0 \u00a0
0.1 \u00a0
0.2 \u00a0
0.6 \u00a0
75.8 \u00a0
5.8 \u00a0
1.5 \u00a0
5.7 \u00a0
0.4 \u00a0
-
Global Private Banking \u00a0
76.8 \u00a0
3.8 \u00a0
0.7 \u00a0
0.1 \u00a0
0.3 \u00a0
0.2 \u00a0
76.7 \u00a0
3.5 \u00a0
0.6 \u00a0
13.8 \u00a0
0.5 \u00a0
0.1 \u00a0
Personal Customers Other \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Total Personal Customers \u00a0
705.8 \u00a0
32.6 \u00a0
9.4 \u00a0
1.0 \u00a0
1.3 \u00a0
2.2 \u00a0
704.8 \u00a0
31.3 \u00a0
7.2 \u00a0
128.1 \u00a0
3.1 \u00a0
0.1 \u00a0
Business Customers \u00a0
Asset Finance \u00a0
53.1 \u00a0
10.2 \u00a0
1.7 \u00a0
0.1 \u00a0
0.3 \u00a0
0.5 \u00a0
53.0 \u00a0
9.9 \u00a0
1.2 \u00a0
20.1 \u00a0
2.4 \u00a0
0.1 \u00a0
Business Customers \u00a0
277.2 \u00a0
39.1 \u00a0
8.8 \u00a0
0.7 \u00a0
3.2 \u00a0
3.6 \u00a0
276.5 \u00a0
36.0 \u00a0
5.3 \u00a0
110.9 \u00a0
15.2 \u00a0
0.9 \u00a0
Commercial Real Estate \u00a0
410.4 \u00a0
17.9 \u00a0
2.6 \u00a0
0.4 \u00a0
0.6 \u00a0
0.4 \u00a0
409.9 \u00a0
17.4 \u00a0
2.2 \u00a0
67.7 \u00a0
2.7 \u00a0
0.4 \u00a0
Business Customers Other \u00a0
0.4 \u00a0
-
-
-
-
-
0.4 \u00a0
-
-
0.4 \u00a0
-
-
Total Business Customers \u00a0
741.1 \u00a0
67.3 \u00a0
13.2 \u00a0
1.2 \u00a0
4.0 \u00a0
4.5 \u00a0
739.8 \u00a0
63.3 \u00a0
8.7 \u00a0
199.0 \u00a0
20.3 \u00a0
1.3 \u00a0
Large Corporates & Institutions \u00a0
619.6 \u00a0
52.4 \u00a0
6.7 \u00a0
0.3 \u00a0
2.1 \u00a0
2.3 \u00a0
619.2 \u00a0
50.4 \u00a0
4.4 \u00a0
540.1 \u00a0
42.2 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
101.0 \u00a0
3.5 \u00a0
1.4 \u00a0
0.3 \u00a0
0.1 \u00a0
0.4 \u00a0
100.8 \u00a0
3.4 \u00a0
1.0 \u00a0
47.5 \u00a0
0.5 \u00a0
-
Group Functions \u00a0
195.0 \u00a0
0.1 \u00a0
-
-
-
-
195.0 \u00a0
-
-
192.6 \u00a0
-
-
Total \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
-
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
0.7 \u00a0
0.2 \u00a0
0.3 \u00a0
-
-
0.1 \u00a0
0.7 \u00a0
0.2 \u00a0
0.2 \u00a0
0.3 \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
* Personal Customers Other includes credit exposure that was previously reported as Personal Customers Norway in Annual Report 2024. \u00a0
There is no change to total credit exposure as at 31 December 2024. \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 \u00a0
cover 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 selected \u00a0
industries. For commercial property, this also includes reducing the number of low-quality customers to ensure creditworthiness \u00a0
within the concentration limits. The industry concentrations are updated on an ongoing basis and at least once a year. The Group \u00a0
accepts the risks on material concentrations in accordance with the industry-specific guidelines that outline the use of credit policies \u00a0
within the industry. For personal customers, the Group also manages key concentrations in relation to high loan-to-value (LTV) ratios \u00a0
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 \u00a0
counterparties in 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 \u00a0
single customer group. \u00a0
The limits on large exposures are defined within the large exposure restrictions of article 391 of the Capital Requirements Regulation \u00a0
(EU) No 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 \u00a0
obtaining collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to \u00a0
ensure it reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus \u00a0
ensuring that the 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 \u00a0
the models themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that \u00a0
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 \u00a0
value upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility \u00a0
during the sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory \u00a0
purposes, the Group also applies more conservative haircuts in order to capture the risk of an economic downturn. \u00a0
Types of collateral \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions \u00a0
Total \u00a0
31 December 2025 \u00a0
Real property \u00a0
587.6 \u00a0
468.2 \u00a0
37.7 \u00a0
51.6 \u00a0
-
1,145.1 \u00a0
- Personal \u00a0
581.7 \u00a0
2.5 \u00a0
-
31.9 \u00a0
-
616.1 \u00a0
- Commercial \u00a0
5.0 \u00a0
433.0 \u00a0
36.2 \u00a0
16.8 \u00a0
-
490.9 \u00a0
- Agricultural \u00a0
0.9 \u00a0
32.7 \u00a0
1.5 \u00a0
2.9 \u00a0
-
38.0 \u00a0
Custody account and securities \u00a0
7.2 \u00a0
3.7 \u00a0
6.8 \u00a0
-
-
17.7 \u00a0
Vehicles \u00a0
1.5 \u00a0
7.8 \u00a0
-
-
-
9.3 \u00a0
Equipment \u00a0
-
14.0 \u00a0
3.1 \u00a0
3.2 \u00a0
-
20.2 \u00a0
Vessels \u00a0
-
1.8 \u00a0
19.1 \u00a0
-
-
20.9 \u00a0
Guarantees \u00a0
6.8 \u00a0
5.3 \u00a0
14.3 \u00a0
0.7 \u00a0
-
27.0 \u00a0
Amounts due \u00a0
-
2.5 \u00a0
0.3 \u00a0
0.7 \u00a0
-
3.5 \u00a0
Other assets \u00a0
9.2 \u00a0
87.6 \u00a0
1.6 \u00a0
7.8 \u00a0
2.4 \u00a0
108.7 \u00a0
Total collateral \u00a0
612.3 \u00a0
590.9 \u00a0
89.5 \u00a0
57.2 \u00a0
2.4 \u00a0
1,352.4 \u00a0
Total unsecured credit exposure \u00a0
131.0 \u00a0
220.9 \u00a0
584.4 \u00a0
47.9 \u00a0
984.2 \u00a0
Unsecured portion of credit exposure (%) \u00a0
17.6% \u00a0
27.2% \u00a0
86.7% \u00a0
45.6% \u00a0
-
42.1% \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \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
-
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
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
3.5 \u00a0
3.3 \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
0.3 \u00a0
0.5 \u00a0
-
4.0 \u00a0
Other assets \u00a0
0.1 \u00a0
28.4 \u00a0
1.6 \u00a0
4.0 \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
Past due amounts (excluding loans in rating category 10 and 11) \u00a0
Past due amounts \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
Total past \u00a0
Total due \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions
due\u00a0amount \u00a0
under loans \u00a0
31 December 2025 \u00a0
6-30 days \u00a0
5
7
1
4
17 \u00a0
-
801 \u00a0
31-60 days \u00a0
3
2
-
-
5
-
284 \u00a0
> 60 days \u00a0
7
2
2
-
11 \u00a0
-
433 \u00a0
Total past due amounts \u00a0
16 \u00a0
11 \u00a0
3
4
34 \u00a0
-
Total due under loans \u00a0
912 \u00a0
421 \u00a0
139 \u00a0
46 \u00a0
-
1,519 \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
61 \u00a0
-
For the past due amounts, the average unsecured portion of the claims recorded was 32.2% at the end of 2025 (2024: 21.6%). Real \u00a0
property accounted for 68.8% of collateral provided (2024: 78.6%). \u00a0
Forbearance practices and repossessed assets \u00a0
The Group adopts forbearance plans to assist customers in financial difficulty. Concessions granted to customers include interest- \u00a0
reduction schedules, interest-only schedules, temporary payment holidays, term extensions, cancellation of outstanding fees, waiver \u00a0
of covenant enforcement and debt forgiveness. Forbearance plans must comply with the Group\u2019s Credit Policy. They are used as an \u00a0
instrument to retain long-term business relationships during economic downturns if there is a realistic possibility that the customer \u00a0
will be able to meet its 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 \u00a0
subject the customer\u2019s assets to a forced sale or whether the assets could be realised later at higher net proceeds. At the end of 2025, \u00a0
the Group had recognised properties taken over in Denmark at a carrying amount of DKK 7 million (2024: DKK 13 million), and there \u00a0
were no properties taken over in other countries (2024: DKK 0 million). The properties are held for sale and included under Other \u00a0
assets (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 \u00a0
definition states that a probation period of a minimum of two years must pass from the date when forborne exposures are considered \u00a0
to be performing again. Forbearance measures lead to changes in staging for impairment purposes, and impairments relating to \u00a0
forborne exposures are handled according to the principles described in note G15. \u00a0
Exposures subject to forbearance measures \u00a0
31 December \u00a0
31 December \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Stage 1 \u00a0
159 \u00a0
256 \u00a0
Stage 2 \u00a0
5,650 \u00a0
7,629 \u00a0
Stage 3 \u00a0
7,091 \u00a0
6,966 \u00a0
Total \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 \u00a0
(EAD) and the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal \u00a0
models in order to ensure alignment of models across the Group. New models and calculations have been developed especially for \u00a0
IFRS 9 purposes, including models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairments are \u00a0
allocated to individual exposures. For 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 2024 \u00a0
3,592 \u00a0
7,486 \u00a0
9,062 \u00a0
20,140 \u00a0
Transferred to stage 1 \u00a0
1,197 \u00a0
-1,063 \u00a0
-134 \u00a0
-
Transferred to stage 2 \u00a0
-317 \u00a0
629 \u00a0
-312 \u00a0
-
Transferred to stage 3 \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
Transferred to stage 1 \u00a0
1,570 \u00a0
-1,238 \u00a0
-332 \u00a0
-
Transferred to stage 2 \u00a0
-208 \u00a0
522 \u00a0
-313 \u00a0
-
Transferred to stage 3 \u00a0
-62 \u00a0
-909 \u00a0
971 \u00a0
-
ECL on new assets \u00a0
605 \u00a0
1,560 \u00a0
965 \u00a0
3,129 \u00a0
ECL on assets derecognised \u00a0
-485 \u00a0
-1,042 \u00a0
-966 \u00a0
-2,493 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,818 \u00a0
896 \u00a0
870 \u00a0
-52 \u00a0
Write-offs debited to the allowance account \u00a0
-
-
-864 \u00a0
-864 \u00a0
Foreign exchange adjustments \u00a0
17 \u00a0
92 \u00a0
35 \u00a0
145 \u00a0
Other changes \u00a0
13 \u00a0
-15 \u00a0
-78 \u00a0
-80 \u00a0
ECL allowance account as at 31 December 2025 \u00a0
The stage 3 allowance account includes DKK 1.5 billion (2024: DKK 1.9 billion) relating to originated credit impaired financial assets. \u00a0
Originated credit impaired financial assets are granted as part of restructuring non-performing loan exposures, and are otherwise \u00a0
outside the Group\u2019s 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
Corporates\u00a0& \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 2024 \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 \u00a0
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
ECL on new assets \u00a0
472 \u00a0
1,643 \u00a0
943 \u00a0
61 \u00a0
9
3,129 \u00a0
ECL on assets derecognised \u00a0
-663 \u00a0
-1,740 \u00a0
-43 \u00a0
-46 \u00a0
-1 \u00a0
-2,493 \u00a0
Impact on remeasurement of ECL (incl. change in \u00a0
models) \u00a0
243 \u00a0
-887 \u00a0
599 \u00a0
4
-10 \u00a0
-52 \u00a0
Write-offs debited to allowance account \u00a0
-182 \u00a0
-186 \u00a0
-467 \u00a0
-28 \u00a0
-
-864 \u00a0
Foreign currency translation \u00a0
25 \u00a0
154 \u00a0
1
-35 \u00a0
-
145 \u00a0
Other changes \u00a0
-81 \u00a0
31 \u00a0
-31 \u00a0
-
-
-80 \u00a0
ECL allowance account as at 31 December 2025 \u00a0
742 \u00a0
20 \u00a0
The method used for calculating expected credit losses is described in note G15. \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 2024 \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
Transferred to stage 1 \u00a0
39,957 \u00a0
-38,047 \u00a0
-1,910 \u00a0
-
Transferred to stage 2 \u00a0
-53,274 \u00a0
54,862 \u00a0
-1,588 \u00a0
-
Transferred to stage 3 \u00a0
-3,825 \u00a0
-4,862 \u00a0
8,686 \u00a0
-
New assets \u00a0
814,509 \u00a0
41,816 \u00a0
6,285 \u00a0
862,611 \u00a0
Assets derecognised \u00a0
-604,727 \u00a0
-41,239 \u00a0
-11,257 \u00a0
-657,223 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-
-
-17 \u00a0
-17 \u00a0
Other changes \u00a0
-57,506 \u00a0
-6,696 \u00a0
-2,002 \u00a0
-66,203 \u00a0
As at 31 December 2025 \u00a0
In the table above, \u2018Changes due to modifications that did not result in derecognition\u2019 includes partial forgiveness of debt assessed to \u00a0
be uncollectible. The modification loss is recognised within the income statement as part of Loan impairment charges. The \u00a0
contractual amount of loans written off in 2025 and for which the Group retains the right to enforce its claims amounted to DKK 754 \u00a0
million (2024: DKK 826 million). \u00a0
Allowance account broken down by balance sheet item \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Due from credit institutions and central banks \u00a0
25 \u00a0
15 \u00a0
Loans at amortised cost \u00a0
13,867 \u00a0
13,672 \u00a0
Loan commitments and guarantees \u00a0
2,843 \u00a0
3,245 \u00a0
ECL Impairment, Total \u00a0
16,734 \u00a0
16,932 \u00a0
Fair value credit risk adjustment on loans at fair value \u00a0
2,952 \u00a0
2,968 \u00a0
Total \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 two downside scenarios), including an assessment of the probability for each \u00a0
scenario, and post-model adjustments. The purpose of using multiple scenarios is to model the non-linear impact of assumptions \u00a0
about macroeconomic factors on the expected credit losses. Post-model adjustments are used to capture specific risks which are not \u00a0
fully covered by the macroeconomic scenarios, as well as the process related risk, which could lead to an underestimation of the \u00a0
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 \u00a0
forecast period, the macroeconomic scenarios revert slowly towards a steady state. \u00a0
The scenarios applied in the expected credit loss calculation in the fourth quarter of 2025 have been updated with the latest \u00a0
macroeconomic data. For the Nordic markets overall, compared to the end of 2024, the base case and upside scenarios have been \u00a0
revised to reflect ongoing expectations of normalised inflation levels and improved house prices, though with a slightly more subdued \u00a0
outlook for some of the Nordic countries. \u00a0
The base case is an extension of the Group\u2019s official view of the Nordic economies, as outlined in the Nordic Outlook report. At 31 \u00a0
December 2025, the base case scenario expects the Nordic economic recovery to continue, albeit at different rates across the region. \u00a0
Most interest rate reductions are anticipated to have been completed and inflation has returned to normal levels. The Nordic property \u00a0
markets remain generally robust, with house prices stable or increasing. \u00a0
The upside scenario presents a slightly more positive outlook than the base case, with global economic conditions improving, \u00a0
increased demand, and marginally higher GDP growth. This scenario also sees further support for housing markets, accompanied by a \u00a0
modest rise in interest rates. \u00a0
A second downside scenario was introduced in the second quarter of 2025 to address the ongoing uncertainty. This scenario, which is \u00a0
called the downside scenario, envisions escalating trade tensions leading to an economic slowdown with a weaker foreign demand \u00a0
and declining equity markets. \u00a0
The severe downside scenario reflect a severe global recession. A global trade war and supply chain issues trigger a deep economic \u00a0
downturn similar to the financial crisis, characterised by declining demand, negative growth rates, and higher, more persistent \u00a0
unemployment in the economies where the Group is represented. Rising import costs lead to price increases and inflation, prompting \u00a0
interest rates to be hiked in response, as current interest levels have decreased. Property prices decline for an extended period due to \u00a0
increased interests and market uncertainty. The scenario is applied in the Group\u2019s ICAAP processes, which is similar in nature to \u00a0
regulatory stress tests, capturing the risk of a recession. \u00a0
The scenario weightings have been updated to incorporate the new downside scenario and reflect a more balanced risk picture. The \u00a0
weight on the base case scenario is 50% (31 December 2024: 60%), the upside scenario is weighted 25% (31 December 2024: 20%), \u00a0
the new downside scenario is weighted 5% (31December 2024: 0%) and the severe downside scenario is weighted 20% (31 December \u00a0
2024: 20%) \u00a0
The main macroeconomic parameters in the base case, upside, downside and severe downside scenario entering into the ECL \u00a0
calculation for the forecast horizon across the Group\u2019s Nordic markets are included in the following tables. \u00a0
Macroeconomic scenarios \u00a0
31 December 2025 \u00a0
Base-case \u00a0
Upside \u00a0
Downside \u00a0
Severe downside \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
Denmark \u00a0
GDP \u00a0
2.6 \u00a0
2.7 \u00a0
2.1 \u00a0
2.6 \u00a0
2.9 \u00a0
2.6 \u00a0
2.5 \u00a0
1.5 \u00a0
1.1 \u00a0
-3.4 \u00a0
-2.0 \u00a0
-
Unemployment \u00a0
2.9 \u00a0
3.0 \u00a0
3.0 \u00a0
2.9 \u00a0
3.0 \u00a0
2.8 \u00a0
2.9 \u00a0
3.3 \u00a0
3.6 \u00a0
6.4 \u00a0
7.4 \u00a0
7.8 \u00a0
Inflation \u00a0
1.9 \u00a0
1.1 \u00a0
1.8 \u00a0
1.9 \u00a0
1.7 \u00a0
2.5 \u00a0
2.0 \u00a0
1.1 \u00a0
2.0 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
5.9 \u00a0
6.3 \u00a0
3.7 \u00a0
5.9 \u00a0
7.3 \u00a0
5.7 \u00a0
5.9 \u00a0
1.3 \u00a0
3.7 \u00a0
-19.7 \u00a0
-11.0 \u00a0
-6.0 \u00a0
Interest rate - 3 month \u00a0
2.1 \u00a0
2.1 \u00a0
2.1 \u00a0
2.1 \u00a0
2.2 \u00a0
2.5 \u00a0
2.1 \u00a0
1.8 \u00a0
1.7 \u00a0
3.9 \u00a0
4.7 \u00a0
3.4 \u00a0
Sweden \u00a0
GDP \u00a0
1.9 \u00a0
2.6 \u00a0
2.4 \u00a0
1.9 \u00a0
2.7 \u00a0
2.9 \u00a0
1.8 \u00a0
1.3 \u00a0
1.3 \u00a0
-3.5 \u00a0
-3.4 \u00a0
-1.0 \u00a0
Unemployment \u00a0
8.7 \u00a0
8.3 \u00a0
7.5 \u00a0
8.7 \u00a0
8.3 \u00a0
7.4 \u00a0
8.7 \u00a0
8.5 \u00a0
8.0 \u00a0
10.2 \u00a0
11.1 \u00a0
11.5 \u00a0
Inflation \u00a0
2.8 \u00a0
1.6 \u00a0
2.0 \u00a0
2.8 \u00a0
1.9 \u00a0
2.2 \u00a0
2.9 \u00a0
1.7 \u00a0
2.4 \u00a0
4.9 \u00a0
3.9 \u00a0
2.9 \u00a0
Property prices - Residential \u00a0
1.2 \u00a0
5.3 \u00a0
4.2 \u00a0
1.2 \u00a0
6.3 \u00a0
5.2 \u00a0
1.2 \u00a0
0.3 \u00a0
4.2 \u00a0
-22.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
2.0 \u00a0
2.2 \u00a0
2.5 \u00a0
2.0 \u00a0
2.3 \u00a0
2.9 \u00a0
2.0 \u00a0
1.9 \u00a0
2.0 \u00a0
4.8 \u00a0
5.6 \u00a0
4.3 \u00a0
Norway \u00a0
GDP \u00a0
1.7 \u00a0
1.6 \u00a0
1.6 \u00a0
1.8 \u00a0
1.7 \u00a0
1.9 \u00a0
1.7 \u00a0
1.2 \u00a0
1.2 \u00a0
-2.7 \u00a0
-1.1 \u00a0
0.6 \u00a0
Unemployment \u00a0
2.2 \u00a0
2.3 \u00a0
2.3 \u00a0
2.2 \u00a0
2.3 \u00a0
2.2 \u00a0
2.2 \u00a0
2.4 \u00a0
2.4 \u00a0
5.5 \u00a0
6.4 \u00a0
6.5 \u00a0
Inflation \u00a0
3.1 \u00a0
2.2 \u00a0
2.4 \u00a0
3.1 \u00a0
2.6 \u00a0
2.8 \u00a0
3.1 \u00a0
2.2 \u00a0
2.7 \u00a0
4.5 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
7.0 \u00a0
6.0 \u00a0
6.0 \u00a0
8.0 \u00a0
7.0 \u00a0
6.0 \u00a0
3.0 \u00a0
6.0 \u00a0
-19.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
4.2 \u00a0
3.3 \u00a0
3.3 \u00a0
4.2 \u00a0
3.4 \u00a0
3.7 \u00a0
4.2 \u00a0
3.3 \u00a0
3.4 \u00a0
4.7 \u00a0
5.2 \u00a0
4.3 \u00a0
Finland \u00a0
GDP \u00a0
0.3 \u00a0
1.5 \u00a0
1.8 \u00a0
0.3 \u00a0
1.7 \u00a0
2.2 \u00a0
0.2 \u00a0
0.2 \u00a0
0.7 \u00a0
-2.4 \u00a0
-2.0 \u00a0
-0.3 \u00a0
Unemployment \u00a0
9.5 \u00a0
9.3 \u00a0
8.7 \u00a0
9.5 \u00a0
9.2 \u00a0
8.5 \u00a0
9.5 \u00a0
9.5 \u00a0
9.1 \u00a0
10.9 \u00a0
11.9 \u00a0
11.9 \u00a0
Inflation \u00a0
0.5 \u00a0
1.4 \u00a0
1.8 \u00a0
0.5 \u00a0
1.9 \u00a0
2.4 \u00a0
0.5 \u00a0
1.4 \u00a0
2.2 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
-1.5 \u00a0
0.8 \u00a0
2.5 \u00a0
-1.5 \u00a0
1.8 \u00a0
4.5 \u00a0
-1.5 \u00a0
-3.2 \u00a0
2.5 \u00a0
-14.2 \u00a0
-7.0 \u00a0
-5.0 \u00a0
Interest rate - 3 month \u00a0
31 December 2024* \u00a0
Base-case \u00a0
Upside \u00a0
Downside \u00a0
Severe downside \u00a0
2025 \u00a0
2026 \u00a0
2027 \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
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
2.7 \u00a0
2.2 \u00a0
1.2 \u00a0
-2.0 \u00a0
-
-
Unemployment \u00a0
3.1 \u00a0
3.1 \u00a0
3.2 \u00a0
3.1 \u00a0
3.0 \u00a0
3.1 \u00a0
3.1 \u00a0
3.1 \u00a0
3.3 \u00a0
7.4 \u00a0
7.8 \u00a0
7.8 \u00a0
Inflation \u00a0
1.8 \u00a0
1.7 \u00a0
1.8 \u00a0
1.3 \u00a0
1.6 \u00a0
1.7 \u00a0
2.0 \u00a0
2.0 \u00a0
1.7 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
4.0 \u00a0
2.5 \u00a0
7.0 \u00a0
6.0 \u00a0
2.5 \u00a0
6.0 \u00a0
4.0 \u00a0
-1.5 \u00a0
-11.0 \u00a0
-6.0 \u00a0
-6.0 \u00a0
Interest rate - 3 month \u00a0
1.5 \u00a0
1.5 \u00a0
1.5 \u00a0
1.2 \u00a0
1.2 \u00a0
1.2 \u00a0
1.7 \u00a0
1.5 \u00a0
1.2 \u00a0
5.0 \u00a0
3.0 \u00a0
3.0 \u00a0
Sweden \u00a0
GDP \u00a0
2.5 \u00a0
2.2 \u00a0
1.8 \u00a0
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
2.7 \u00a0
2.1 \u00a0
0.8 \u00a0
-3.4 \u00a0
-1.0 \u00a0
-1.0 \u00a0
Unemployment \u00a0
8.2 \u00a0
7.7 \u00a0
7.4 \u00a0
8.2 \u00a0
7.6 \u00a0
7.3 \u00a0
8.2 \u00a0
7.7 \u00a0
7.6 \u00a0
10.7 \u00a0
11.1 \u00a0
11.1 \u00a0
Inflation \u00a0
1.7 \u00a0
1.2 \u00a0
1.5 \u00a0
1.2 \u00a0
1.0 \u00a0
1.4 \u00a0
1.9 \u00a0
1.5 \u00a0
1.5 \u00a0
3.9 \u00a0
2.9 \u00a0
2.9 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
5.0 \u00a0
3.0 \u00a0
7.0 \u00a0
7.0 \u00a0
3.0 \u00a0
6.0 \u00a0
5.0 \u00a0
-1.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
2.1 \u00a0
1.9 \u00a0
1.6 \u00a0
5.7 \u00a0
3.7 \u00a0
3.7 \u00a0
Norway \u00a0
GDP \u00a0
1.9 \u00a0
1.7 \u00a0
1.8 \u00a0
2.1 \u00a0
1.9 \u00a0
1.8 \u00a0
2.0 \u00a0
1.6 \u00a0
1.2 \u00a0
-1.1 \u00a0
0.6 \u00a0
0.6 \u00a0
Unemployment \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
2.3 \u00a0
2.3 \u00a0
2.4 \u00a0
2.4 \u00a0
2.5 \u00a0
6.4 \u00a0
6.5 \u00a0
6.5 \u00a0
Inflation \u00a0
2.2 \u00a0
2.0 \u00a0
2.0 \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
2.3 \u00a0
2.2 \u00a0
1.9 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
5.0 \u00a0
4.0 \u00a0
7.0 \u00a0
7.0 \u00a0
4.0 \u00a0
7.0 \u00a0
5.0 \u00a0
-
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.8 \u00a0
2.8 \u00a0
3.5 \u00a0
2.6 \u00a0
2.6 \u00a0
4.0 \u00a0
2.8 \u00a0
2.6 \u00a0
6.3 \u00a0
4.3 \u00a0
4.3 \u00a0
Finland \u00a0
GDP \u00a0
1.8 \u00a0
1.6 \u00a0
1.5 \u00a0
2.0 \u00a0
2.0 \u00a0
1.5 \u00a0
2.0 \u00a0
1.4 \u00a0
0.6 \u00a0
-2.0 \u00a0
-0.3 \u00a0
-0.3 \u00a0
Unemployment \u00a0
8.1 \u00a0
7.3 \u00a0
6.5 \u00a0
8.1 \u00a0
7.2 \u00a0
6.4 \u00a0
8.1 \u00a0
7.3 \u00a0
6.7 \u00a0
11.9 \u00a0
11.9 \u00a0
11.9 \u00a0
Inflation \u00a0
1.2 \u00a0
1.8 \u00a0
2.0 \u00a0
0.8 \u00a0
1.6 \u00a0
1.9 \u00a0
1.3 \u00a0
1.9 \u00a0
1.9 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
4.0 \u00a0
3.0 \u00a0
2.5 \u00a0
6.0 \u00a0
5.0 \u00a0
2.5 \u00a0
5.0 \u00a0
3.0 \u00a0
-1.5 \u00a0
-7.0 \u00a0
-5.0 \u00a0
-5.0 \u00a0
Interest rate - 3 month \u00a0
* The new downside macroeconomic scenario is included in the parameters above as at 31 December 2024. Its weighting was 0% as at 31 December 2024. \u00a0
With the applied macroeconomic scenarios, the allowance account as at 31 December 2025 amounted to DKK 19.7 billion (31 \u00a0
December 2024: DKK 19.9 billion). If the base case scenario was assigned a probability of 100%, the allowance account would \u00a0
decrease by DKK 2.5 billion (31 December 2024: DKK 2.5 billion). If the upside scenario was assigned a probability of 100%, the \u00a0
allowance account would decrease by DKK 0.1 billion (31 December 2024: decrease DKK 0.2 billion) compared to the base case \u00a0
scenario. If the downside scenario was assigned a probability of 100%, the allowance account would increase by DKK 0.5 billion (31 \u00a0
December 2024: DKK 0.5 billion) compared to the base case scenario. If the severe downside scenario was assigned a probability of \u00a0
100%, the allowance account would increase by DKK 12.4 billion (31 December 2024: DKK 12.9 billion) compared to the base case \u00a0
scenario. The increase reflects primarily the transfer of exposures from stage 1 to stage 2 and increased expected credit losses within \u00a0
stage 2. It should be noted that the expected credit losses in the individual scenarios (i.e. without the weighting) do not represent \u00a0
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 2025, the post-model \u00a0
adjustments amounted to DKK 5.4 billion (31 December 2024: DKK 5.9 billion). The post-model adjustments primarily relate to the \u00a0
following types of risks: \u00a0
\u2022
specific macroeconomic risks on certain industries not fully captured by the expected credit loss model, for instance the \u00a0
agriculture industry. For such industries, supplementary calculations are made to ensure sufficient impairment coverage. This \u00a0
also includes post-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 \u00a0
macroeconomic 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 \u00a0
information about the adjustments. \u00a0
Post-model adjustments by industries \u00a0
(DKK billions) \u00a0
31 December 2025
31 December 2024 \u00a0
Agriculture \u00a0
0.8 \u00a0
0.9 \u00a0
Commercial and residential real estate \u00a0
1.0 \u00a0
1.6 \u00a0
Construction and building materials \u00a0
0.6 \u00a0
1.0 \u00a0
Personal customers (including other retail exposures) \u00a0
1.0 \u00a0
1.0 \u00a0
Others* \u00a0
2.0 \u00a0
1.4 \u00a0
Total \u00a0
* No individual industry included in Others exceeds DKK 0.3 billion at 31 December 2025 (2024: DKK 0.3 billion). \u00a0
The total balance of post-model adjustments has decreased compared to the end of 2024. The post-model adjustments related to \u00a0
Commercial and residential real estate have decreased due to improved market conditions with lower interest rates, while the post- \u00a0
model adjustments related to construction have decreased following some individualisation of risks. Conversely, the post-model \u00a0
adjustments related to geopolitical tensions have been increased to reflect the heightened geopolitical and tariff risks. \u00a0
The Group continues to have significant post-model adjustments related to the current macroeconomic uncertainties characterised \u00a0
by the risk of trade wars, a slowing or declining growth environment, higher interest rates and elevated prices giving rise to a new set \u00a0
of challenges that affect economic and business activity. The post-model adjustments cut across industries that are sensitive to \u00a0
tariffs, price volatility on energy and commodities, and industries vulnerable to business cycles, higher interest rates and refinancing \u00a0
risks, which have been assessed for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group\u2019s 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
2025 \u00a0
2024 \u00a0
Counterparty credit risk \u00a0
Derivatives with positive fair value \u00a0
193.9 \u00a0
261.0 \u00a0
Reverse transactions and other loans at fair value \u00a0
351.5 \u00a0
382.6 \u00a0
Credit exposure from other trading and investment securities \u00a0
Bonds \u00a0
483.9 \u00a0
446.6 \u00a0
Shares \u00a0
63.9 \u00a0
93.3 \u00a0
Total \u00a0
Reverse transactions and other loans at fair value included as counterparty credit risk are loans at the trading units of Large \u00a0
Corporates & Institutions. These loans consist of reverse transactions of DKK 349.1 billion (31 December 2024: DKK 381.6 billion), of \u00a0
which DKK 28.3 billion relates to credit institutions and central banks (31 December 2024: DKK 62.0 billion), and other primarily short- \u00a0
term loans of DKK 2.4 billion (31 December 2024: DKK 1.0 billion), of which DKK 2.4 billion (31 December 2024: DKK 1.0 billion) relates \u00a0
to credit institutions and central banks. \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 \u00a0
flows. It is a combination of credit risk (a deterioration in the creditworthiness of a counterparty) and market risk (the potential value of \u00a0
derivatives contracts). \u00a0
Derivatives are subject to credit risk. Positive and negative fair values of derivatives with the same counterparty are offset in the \u00a0
balance sheet 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 \u00a0
transactions (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 \u00a0
and collateral agreements. Those agreements include rights to additional set-off in the event of default by a counterparty, they reduce \u00a0
the exposure further, but they do not qualify for offsetting under IFRS Accounting Standards. The net current exposure to derivatives \u00a0
with positive market value after offsetting under master netting agreements amounted to DKK 78.6 billion (2024: DKK 102.8 billion) \u00a0
(note G31 provides more information). The exposure is broken down by rating category in the following table. \u00a0
Net current exposure broken down by category \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
1
16,738 \u00a0
13,661 \u00a0
2
5,959 \u00a0
14,101 \u00a0
3
43,117 \u00a0
58,728 \u00a0
4
8,629 \u00a0
11,654 \u00a0
5
2,722 \u00a0
2,986 \u00a0
6
869 \u00a0
1,128 \u00a0
7
356 \u00a0
266 \u00a0
8
39 \u00a0
83 \u00a0
9
3
3
10 \u00a0
116 \u00a0
144 \u00a0
11 \u00a0
41 \u00a0
7
Total \u00a0
The Group uses a range of measures to capture counterparty credit risk, including current exposure, potential future exposure (PFE) \u00a0
and exposure at default (EAD). Current exposure is a simple measure of counterparty credit risk exposure that takes into account only \u00a0
current 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% \u00a0
percentile for a set of future time horizons. PFE lines are approved by the relevant credit unit and all transactions are assumed to be \u00a0
held to contractual maturity. The Group carries out daily counterparty credit risk measurement and monitoring as well as intraday line \u00a0
utilisation monitoring. \u00a0
The Danish FSA approved the Group\u2019s simulation model for calculating the regulatory capital requirement for counterparty credit risk \u00a0
in 2015. More advanced measures such as EAD, which is a regulatory measure, express potential future losses and are based on \u00a0
internal models for future scenarios of market data. EAD figures are provided in the Additional Pillar 3 Disclosures (accessible at \u00a0
danskebank.com/investor-relations). \u00a0
An overview of counterparty credit risk exposures (at counterparty and portfolio levels) is reported to the Executive Leadership Team \u00a0
and other senior management on a monthly basis. The Group uses a simulation-based model to calculate counterparty credit risk \u00a0
exposure for the 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 \u00a0
recognised in the financial statements. Note G32 provides more information. \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 2025 \u00a0
Held-for-trading (FVPL) \u00a0
119,596 \u00a0
2,958 \u00a0
26,882 \u00a0
24,219 \u00a0
7,147 \u00a0
6,666 \u00a0
187,467 \u00a0
Managed at fair value (FVPL) \u00a0
9,135 \u00a0
420 \u00a0
16,786 \u00a0
1,683 \u00a0
145 \u00a0
1,998 \u00a0
30,168 \u00a0
Held to collect and sell \u00a0
(FVOCI) \u00a0
23,425 \u00a0
9,788 \u00a0
60,801 \u00a0
1,873 \u00a0
23,849 \u00a0
-
119,736 \u00a0
Held to collect (AMC) \u00a0
42,638 \u00a0
8,761 \u00a0
90,736 \u00a0
3,429 \u00a0
917 \u00a0
-
146,482 \u00a0
Total \u00a0
194,794 \u00a0
21,928 \u00a0
195,205 \u00a0
31,204 \u00a0
32,059 \u00a0
8,664 \u00a0
483,854 \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 \u00a0
(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
At 31 December 2025, the Group had an additional bond portfolio, including bond-based unit trust certificates, worth DKK 193,606 \u00a0
million (31 December 2024: DKK 211,477 million) recognised as insurance assets and thus not included in the table above. The \u00a0
section on Life insurance risk provides more information. For bonds classified as held to collect, amortised cost exceeded fair value as \u00a0
at 31 December 2025 and 31 December 2024. Note G32 provides more information. \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 2025 \u00a0
Denmark \u00a0
26,637 \u00a0
-
195,205 \u00a0
-
-
3,304 \u00a0
225,146 \u00a0
Sweden \u00a0
43,980 \u00a0
-
-
31,204 \u00a0
-
2,543 \u00a0
77,727 \u00a0
UK \u00a0
22,474 \u00a0
434 \u00a0
-
-
6,806 \u00a0
2
29,716 \u00a0
Norway \u00a0
6,751 \u00a0
-
-
-
22,186 \u00a0
830 \u00a0
29,766 \u00a0
USA \u00a0
19,619 \u00a0
5,228 \u00a0
-
-
22 \u00a0
-
24,869 \u00a0
Spain \u00a0
488 \u00a0
-
-
-
1
-
489 \u00a0
France \u00a0
13,123 \u00a0
24 \u00a0
-
-
399 \u00a0
64 \u00a0
13,610 \u00a0
Luxembourg \u00a0
-
7,661 \u00a0
-
-
135 \u00a0
-
7,795 \u00a0
Finland \u00a0
8,564 \u00a0
3,193 \u00a0
-
-
2,007 \u00a0
985 \u00a0
14,749 \u00a0
Ireland \u00a0
722 \u00a0
-
-
-
10 \u00a0
-
732 \u00a0
Italy \u00a0
2,289 \u00a0
-
-
-
6
-
2,295 \u00a0
Portugal \u00a0
2
-
-
-
-
-
2
Austria \u00a0
2,340 \u00a0
-
-
-
104 \u00a0
106 \u00a0
2,550 \u00a0
Netherlands \u00a0
2,684 \u00a0
13 \u00a0
-
-
14 \u00a0
433 \u00a0
3,143 \u00a0
Germany \u00a0
45,043 \u00a0
149 \u00a0
-
-
466 \u00a0
130 \u00a0
45,788 \u00a0
Belgium \u00a0
79 \u00a0
4,527 \u00a0
-
-
3
-
4,609 \u00a0
Other \u00a0
701 \u00a0
-
-
-
76 \u00a0
91 \u00a0
868 \u00a0
Total \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
Bond portfolio broken down by external ratings \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern-
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 2025 \u00a0
AAA \u00a0
119,321 \u00a0
17,635 \u00a0
195,165 \u00a0
31,177 \u00a0
30,954 \u00a0
2,030 \u00a0
396,282 \u00a0
AA+ \u00a0
19,840 \u00a0
4,288 \u00a0
-
-
31 \u00a0
1
24,160 \u00a0
AA \u00a0
30,476 \u00a0
-
27 \u00a0
-
720 \u00a0
1,148 \u00a0
32,371 \u00a0
AA- \u00a0
10,195 \u00a0
40 \u00a0
-
-
188 \u00a0
-
10,423 \u00a0
A+ \u00a0
11,998 \u00a0
5
-
-
587 \u00a0
-
12,590 \u00a0
A
-
-
-
-
1,055 \u00a0
-
1,055 \u00a0
A- \u00a0
147 \u00a0
-
-
-
320 \u00a0
-
468 \u00a0
BBB+ \u00a0
-
-
-
-
841 \u00a0
-
841 \u00a0
BBB \u00a0
2,289 \u00a0
-
-
-
354 \u00a0
1,399 \u00a0
4,042 \u00a0
BBB- \u00a0
528 \u00a0
-
-
-
596 \u00a0
-
1,124 \u00a0
BB+ \u00a0
-
-
-
-
150 \u00a0
-
150 \u00a0
BB \u00a0
-
-
-
-
178 \u00a0
-
178 \u00a0
BB- \u00a0
-
-
-
-
28 \u00a0
-
28 \u00a0
Sub. \"investment-grade\" or unrated \u00a0
-
-
-
-
142 \u00a0
-
142 \u00a0
Total \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern-
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1386": { "value": "
Cash in hand and demand deposits with central banks \u00a0
This item includes cash in hand of DKK 7,038 million (2024: DKK 6,909 million) and demand deposits of DKK 130,143 million (2024: \u00a0
DKK 100,590 million) measured at amortised cost. \u00a0
Due from credit institutions and central banks includes amounts due within three months and totalled DKK 113,145 million at the end \u00a0
of 2025 (2024: DKK 134,601 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1387": { "value": "
Cash in hand and demand deposits with central banks \u00a0
This item includes cash in hand of DKK 7,038 million (2024: DKK 6,909 million) and demand deposits of DKK 130,143 million (2024: \u00a0
DKK 100,590 million) measured at amortised cost. \u00a0
Due from credit institutions and central banks includes amounts due within three months and totalled DKK 113,145 million at the end \u00a0
of 2025 (2024: DKK 134,601 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1391": { "value": "
Due from credit institutions and central banks \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Due from credit institutions and central banks measured at fair value through profit or loss: \u00a0
Reverse transactions \u00a0
28,275 \u00a0
62,039 \u00a0
Other amounts due \u00a0
2,390 \u00a0
1,000 \u00a0
Total at fair value through profit or loss \u00a0
30,664 \u00a0
63,040 \u00a0
Due from credit institutions and central banks measured at amortised cost: \u00a0
Reverse transactions \u00a0
43 \u00a0
6
Other amounts due \u00a0
85,909 \u00a0
80,536 \u00a0
Allowance account \u00a0
25 \u00a0
12 \u00a0
Total at amortised cost \u00a0
85,927 \u00a0
80,529 \u00a0
Total \u00a0
(a) Loans at amortised cost \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Reverse transactions \u00a0
4,288 \u00a0
2,408 \u00a0
Other loans \u00a0
1,031,860 \u00a0
933,297 \u00a0
Allowance account \u00a0
13,867 \u00a0
13,804 \u00a0
Total at amortised cost \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 \u00a0
portfolio consists of loans granted and bonds issued by the subsidiary Realkredit Danmark, a Danish mortgage institution covered by \u00a0
Danish mortgage 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 \u00a0
principal amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which \u00a0
represents an option to prepay at fair value that can be both above and below the principal amount plus interest. This is not \u00a0
consistent with the SPPI test since changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate \u00a0
developments. Therefore,\u00a0the loans are mandatorily recognised at fair value through profit or loss. The issued bonds that are \u00a0
funding the loans are designated at fair value through profit or loss in order not to create an accounting mismatch. For the \u00a0
issued bonds, changes in fair value attributable to the Group\u2019s own credit risk is presented in the income statement, as an \u00a0
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 \u00a0
the issued bonds are illiquid, thus the fair value of these bonds is calculated on the basis of a discounted cash flow valuation \u00a0
technique. The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair \u00a0
value of the interest rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in \u00a0
the fair value of cash flows from the loans that differ from the cash flows from the issued bonds. The most important \u00a0
component is the credit risk on the borrowers (covered by the Group and not by the bond holders and therefore not priced into \u00a0
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 \u00a0
models developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, \u00a0
including the allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as \u00a0
a function of PD, EAD and LGD and incorporates forward looking information, see further in note G15. The latter reflects \u00a0
management\u2019s expectations of expected credit losses and involves multiple scenarios (base case, upside, downside and severe \u00a0
downside), including an assessment of the probability for each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other \u00a0
components in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an \u00a0
investors risk premium, compensation for administrative costs related to the loans and the possibility to increase the margin on \u00a0
the loans if the credit risk etc. increases. It is acknowledged that the possibility to increase the margin depends on the economic \u00a0
resources of the customers. The possibility to increase the margin is therefore only considered in the measurement if it is very \u00a0
likely that the margin can be increased without the customer defaulting. Further, the possibility to increase the margin is only \u00a0
relevant if it does not give the customer an incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to \u00a0
increase the margin is only relevant for the measurement of loans to customers with neither a relatively high credit risk nor a \u00a0
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 \u00a0
close to a risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher \u00a0
for customers with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value \u00a0
of the credit risk and 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 in LC&I) are managed and their performance reported on a fair value basis and \u00a0
the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an accounting \u00a0
mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities at \u00a0
amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value \u00a0
changes attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
783,618 \u00a0
794,568 \u00a0
Fair value adjustment of underlying bonds \u00a0
-40,548 \u00a0
-36,190 \u00a0
Adjustment for credit risk \u00a0
2,953 \u00a0
3,191 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
740,117 \u00a0
755,188 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
320,808 \u00a0
319,596 \u00a0
Total \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
881,628 \u00a0
875,633 \u00a0
Fair value adjustment of funding of current loans \u00a0
-42,510 \u00a0
-36,190 \u00a0
Holding of own mortgage bonds \u00a0
100,448 \u00a0
94,948 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
738,670 \u00a0
744,495 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
1,664 \u00a0
2,061 \u00a0
Total \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 \u00a0
outstanding, reference interest rate, term and currency). The borrower may repay the loan by delivering the underlying bonds to \u00a0
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 \u00a0
\u2018held to collect\u2019. The customers\u2019 right to prepay a loan by delivering the underlying bonds represents an option to prepay at fair value. \u00a0
Under this prepayment option, the prepayment amount can be both above and below the principal amount plus accrued interest. \u00a0
Changes in the fair value of the underlying bonds include other elements than the effect of changes in the relevant benchmark \u00a0
interest rate and the prepayment option 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 \u00a0
bonds at amortised cost, the issued bonds are designated at fair value through profit or loss using the fair value option for financial \u00a0
liabilities in IFRS 9. As the fair value of the loans is based on the fair value of the issued bonds, fair value changes of the issued bonds \u00a0
are offset by fair value changes of the loans, including the changes related to the fair value of the own credit risk of the issued bonds. \u00a0
For example, if the credit quality of the bonds worsens the fair value of the liability decreases and the fair value of the loans also \u00a0
decreases. Therefore, fair value changes of own credit risk on the issued bonds are recognised in the income statement, as an \u00a0
accounting mismatch would otherwise be created if 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 2025, the Group recognised DKK -258 million regarding \u00a0
changes in the credit risk on loans at fair value (2024: DKK 333 million) see note G11. At the end of 2025, the accumulated changes in \u00a0
the credit risk amounted to DKK 2,910 million (2024: DKK 3,191 million). The amounts are determined as the amount of the change in \u00a0
fair value that is not attributable to changes in market conditions that give rise to market risk, with the latter being represented by the \u00a0
fair value of the funding issued bonds. The Group does not use credit derivatives or similar instruments to mitigate the exposure to \u00a0
credit risk. \u00a0
The holding of own mortgage bonds includes pre-issued bonds of DKK 64 billion (2024: DKK 56 billion) used for FlexL\u00e5n\u00ae refinancing in \u00a0
January 2026. \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 \u00a0
to uncertainty. \u00a0
In 2025, the Danish mortgage bond yield spread decreased and the fair value of issued mortgage bonds thus increased by \u00a0
approximately DKK 5.6 billion. In 2024, the Danish mortgage bond yield spread increased, causing a decrease in the fair value of \u00a0
issued mortgage bonds. Based on the outstanding portfolio at the end of 2025, Realkredit Danmark estimates that there has been a \u00a0
net decrease of the spread since the issuance of the bonds, which produces a negative fair value of approximately DKK 6.7 billion \u00a0
(2024: positive fair value of approximately DKK 1.4 billion). Net profit and shareholders\u2019 equity remain unaffected by the change in fair \u00a0
value because the spread decrease, increase the 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 \u00a0
rated mortgage bonds offered by other Danish issuers. The market for such bonds is characterised by an absence of measurable price \u00a0
differences between bonds with similar features from different issuers. Using this method, no fair value adjustment for credit risk in \u00a0
2025 or the period 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 \u00a0
are mandatorily recognised at fair value through profit or loss as the business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and \u00a0
sell\u2019. The loans consist primarily of reverse transactions and short-term loans. In order not to introduce an accounting mismatch, the \u00a0
financial liabilities 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 \u00a0
transactions) with a maturity no longer than six months in general. Fair value changes attributable to the Group\u2019s own credit risk are \u00a0
presented in Other comprehensive income. During 2025, changes in fair value attributable to the Group\u2019s own credit risk recognised in \u00a0
Other Comprehensive Income amounted to DKK 0 million (2024: DKK 0 million). In the balance sheet, deposits in the trading units are \u00a0
presented together with other deposits. The amount that the Group would be contractually required to pay at maturity amounts to \u00a0
DKK 1,902 million (2024: DKK 2,536 million) for bonds issued by the Group\u2019s trading units. \u00a0
(a) Due to credit institutions and central banks \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
158,924 \u00a0
129,910 \u00a0
Other amounts due \u00a0
-
-
Total designated at fair value \u00a0
158,924 \u00a0
129,910 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
-
-
Other amounts due \u00a0
58,498 \u00a0
84,454 \u00a0
Total amortised cost \u00a0
58,498 \u00a0
84,454 \u00a0
Total \u00a0
(b) Deposits \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
134,205 \u00a0
78,528 \u00a0
Time deposits \u00a0
-
21 \u00a0
Total designated at fair value \u00a0
134,205 \u00a0
78,550 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
623 \u00a0
618 \u00a0
Transaction accounts \u00a0
939,812 \u00a0
891,606 \u00a0
Time deposits \u00a0
157,123 \u00a0
190,046 \u00a0
Pension savings etc. \u00a0
12,820 \u00a0
12,962 \u00a0
Total amortised cost \u00a0
1,110,377 \u00a0
1,095,232 \u00a0
Total \u00a0
Trading portfolio \u00a0
2025 \u00a0
2024 \u00a0
(DKK millions) \u00a0
Bonds \u00a0
Shares \u00a0
Bonds \u00a0
Shares \u00a0
Carrying amount of transferred assets \u00a0
Repo transactions \u00a0
272,141 \u00a0
176,271 \u00a0
Securities lending \u00a0
5,380 \u00a0
1,811 \u00a0
Total transferred assets \u00a0
272,141 \u00a0
5,380 \u00a0
176,271 \u00a0
1,811 \u00a0
Repo transactions, own issued bonds \u00a0
20,860 \u00a0
32,146 \u00a0
Carrying amount of associated liabilities \u00a0
293,752 \u00a0
5,649 \u00a0
209,057 \u00a0
1,901 \u00a0
Net positions \u00a0
751 \u00a0
269 \u00a0
639 \u00a0
91 \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1397": { "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 \u00a0
Ireland) are held with the objective of collecting the contractual cash flows. Therefore, most of the Group\u2019s loans in the banking units \u00a0
are classified as \u2018hold to collect\u2019 under IFRS 9. Further, the loans have basic lending features with the contractual cash flows solely \u00a0
representing repayment of principal and interest on the principal amount outstanding (the SPPI test). Therefore, the loans in the \u00a0
Group\u2019s banking units are recognised at amortised cost. The only exception is loans granted by Realkredit Danmark (see note G16) \u00a0
which are recognised at fair value, as the contractual cash flows do not represent basic lending features only, i.e. they do not pass the \u00a0
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 \u00a0
integral part of the effective interest rate on loans. This usually corresponds to the amount disbursed to the customer. \u00a0
Subsequently, they are measured at amortised cost, using the effective interest method, less impairment charges for expected \u00a0
credit losses. The difference between the value at initial recognition and the redemption value is amortised over the term to \u00a0
maturity as part of the effective interest. If fixed-rate loans are hedged effectively by derivatives, the fair value of the hedged \u00a0
interest rate risk is added to the carrying amount of 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 \u00a0
recognition 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 \u00a0
from 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 \u00a0
lifetime 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 \u00a0
expected 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 \u00a0
default (EAD) and the loss given default (LGD) and incorporates forward looking elements. For facilities in stages 2 and 3, the \u00a0
lifetime expected 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
2025 \u00a0
2024 \u00a0
Reverse transactions \u00a0
4,288 \u00a0
2,408 \u00a0
Other loans \u00a0
1,031,860 \u00a0
933,297 \u00a0
Allowance account \u00a0
13,867 \u00a0
13,804 \u00a0
Total at amortised cost \u00a0
Loans included payments due under finance leases of DKK 38,164 million at the end of 2025 (2024: DKK 36,643 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 \u00a0
reportable segments. The assessment is based on observable factors for the different portfolios, such as (1) how the performance of \u00a0
the business model and the financial assets held within that business model are evaluated and reported to the Executive Board and \u00a0
the Board of Directors, (2) the risks that affect the performance of the business model and the way such risks are managed and (3) \u00a0
past and expected 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 \u00a0
management and reporting of performance are based on collecting the contractual cash flows, and loans are only very infrequently \u00a0
sold. Therefore, the business 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 \u00a0
to collect\u2019. In general, if sales are below 5% of the size of a portfolio the sales are considered to be insignificant. Larger sales are \u00a0
considered individually in relation to consistency with the business model. The following sales are consistent with the business model \u00a0
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
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 \u00a0
amount reflects the fair value at initial recognition less any subsequent changes, e.g. due to repayment. The interest represents \u00a0
consideration for the time value of money, credit risk, other basic lending risks and a margin consistent with basic lending features \u00a0
only. If the cash flows introduce more than de minimis exposure to risk or volatility that is not consistent with basic lending features, \u00a0
the loan is mandatorily recognised at fair value through profit or loss. Features that are not genuine do not affect the classification. A \u00a0
feature is not genuine if it affects the contractual cash flows only on the occurrence of an event that is extremely rare, highly \u00a0
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 \u00a0
that the reset frequency and the tenor of the reference rate do not match. It has been assessed that the mismatch does not \u00a0
significantly modify the compensation for the time value of money. No loans have interest rates that are leveraged or linked to, for \u00a0
instance, the development in share prices etc. \u00a0
\u2022
Prepayment options are consistent with the SPPI test, if the prepayment amount represents the principal amount outstanding and \u00a0
accrued interest, and may include a reasonable compensation for early repayment. This is generally the case with the Group\u2019s \u00a0
loans, except loans 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 \u00a0
solely payments of principal and interest on the principal amount outstanding. Only very few loans include a contractual right for \u00a0
the customer to 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 \u00a0
the credit risk, and it may be fixed initially. The Group does not incorporate profit sharing agreements, for example by contractual \u00a0
terms that 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 \u00a0
financial asset represents an investment in particular assets or cash flows, in which case the contractual cash flows are not solely \u00a0
payments of principal and interest on the principal amount outstanding. This could be the case when the Group\u2019s claim is limited \u00a0
to specified assets of a debtor or the cash flows from specified assets, e.g. related to loans granted to a company/a special \u00a0
purpose entity with limited assets and with no guarantee from the owner/parent company. The Group only grants such loans if the \u00a0
cash flows from the underlying asset(s) are large compared to the contractual cash flows from the loans. Therefore, non- \u00a0
recourse-like features are limited and excluded from the 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 \u00a0
breach of contract. \u00a0
\u2022
The Group grants loans with sustainability-linked features. These are loans granted to support customers in achieving \u00a0
sustainability targets. The loans include incentives in the form of a change to the margin applicable to the loan if certain \u00a0
predetermined sustainability targets specific to the customer are met. These loans have been assessed and the contractual cash \u00a0
flows are considered to fulfil the SPPI test criteria and are consistent with a basic lending arrangement. As a result, the loans are \u00a0
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 \u00a0
granted by the Realkredit Danmark subsidiary only. Borrowers may repay such loans by delivering the underlying bonds. This \u00a0
represents an option to prepay at fair value that can be both above and below the principal amount plus accrued interest and include \u00a0
other elements than the effect of changes in the relevant benchmark interest rate. The loans do not pass the SPPI test and are \u00a0
mandatorily recognised at fair value through 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 \u00a0
expected credit loss model also applies to bond portfolios included in the line item Investment securities, except for the bonds that are \u00a0
recognised at fair 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 \u00a0
impairment 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 \u00a0
credit risk has increased significantly since initial recognition. The assessment of whether credit risk has increased significantly since \u00a0
initial recognition is performed by considering the change in the risk of default occurring over the remaining life of the facility and \u00a0
incorporating forward-looking information. A facility is transferred from stage 1 to stage 2 based on observed increases in the \u00a0
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 \u00a0
of 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 or a doubling of the \u00a0
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, \u00a0
customers subject to forbearance measures are placed in stage 2, if the Group, in the most likely outcome, expects no loss, or if the \u00a0
customers are subject to the two-year probation period for performing forborne exposures. \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 \u00a0
events that have a detrimental impact on the estimated future cash flows have occurred. This includes observable data about (a) \u00a0
significant financial difficulty of the issuer or the borrower; (b) a breach of contract, such as a default or past due event; (c) the \u00a0
borrower, for financial or contractual reasons relating to the borrower\u2019s financial difficulty, having been granted a concession that \u00a0
would not otherwise have been considered; (d) it is becoming probable that the borrower will enter into bankruptcy or other financial \u00a0
restructuring; and (e) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit loss. It may not \u00a0
be possible to identify a single individual event \u2013 instead, the combined effect of several events may cause financial asset to become \u00a0
credit-impaired. Credit-impaired facilities are placed in rating category 11. For rating category 11 (default), all facilities are classified \u00a0
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 \u00a0
stages. 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) \u00a0
issued the Guidelines on the application of the definition of default, EBA/GL/2016/07, and the Regulatory Technical Standards (RTS) \u00a0
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 \u00a0
the unlikeliness to pay default triggers. A small amount of credit exposure in stage 3 can be found outside default. This is due to \u00a0
impairment 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 \u00a0
are recognised for the remaining lifetime of the asset. In general, the Group does not purchase credit-impaired financial assets and \u00a0
the 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 \u00a0
(EAD) and the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal \u00a0
models in order to ensure alignment of models across the Group. New models and calculations have been developed especially for \u00a0
IFRS 9 purposes, including models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairment charges \u00a0
are allocated to individual 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 \u00a0
undrawn commitment and where a contractual ability to demand prepayment and cancellation of the undrawn commitment does not \u00a0
limit the Group\u2019s exposure to credit losses to the contractual notice period, the expected lifetime is the period during which the Group \u00a0
expects to be exposed to credit losses. This period is estimated on the basis of the normal credit risk management actions. Products \u00a0
identified as in scope of an expected lifetime longer than the remaining contractual maturity include credit cards, overdraft balances \u00a0
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, including an assessment of the probability \u00a0
of each scenario. The purpose of using multiple scenarios is to model the non-linear impact of assumptions about macroeconomic \u00a0
factors on the expected credit losses Afterwards there is a process to ensure a review and sign-off of the scenarios. Management\u2019s \u00a0
approval of the scenarios can include adjustments to the scenarios or to which scenarios are used, the assigned probability weighting \u00a0
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 \u00a0
is used directly in the PDs through an estimate of general changes to the PDs and the LGDs in the expected credit loss calculation. \u00a0
However, for significant exposures in stage 3, an individual assessment of the scenarios, changes to expected credit losses and the \u00a0
related probabilities are 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 \u00a0
based on the macroeconomic outlook as disclosed in the Group\u2019s Nordic Outlook reports. Further information on the macroeconomic \u00a0
scenarios used can be found in note G39. \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 \u00a0
collection procedure has been completed and the loss on the individual loan can be calculated. If the full loss is not expected to be \u00a0
realised until after a number of years, for example in the event of administration of complex estates, a partial write-off is recognised, \u00a0
reflecting the Group\u2019s claim 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 \u00a0
to the 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 \u00a0
the changes are not significant, the modification is accounted for as a modification of the original loan. The assessment is based on \u00a0
the following 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 \u00a0
changed contractual cash flows represents the gross carrying amount of the financial asset after the modification. The difference \u00a0
between the net present value of the original contractual cash flows and the modified contractual cash flows is recognised in the \u00a0
income statement as a 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 \u00a0
gain or loss represents the difference between the carrying amount of the original financial asset (updated to reflect current expected \u00a0
credit losses) and the initial carrying amount of the new financial asset plus/minus any cash payments between the parties in relation \u00a0
to the modification. \u00a0
Modifications in the form of forbearance measures include interest reduction schedules, interest only schedules, temporary payment \u00a0
holidays, term extensions, cancellation of outstanding fees, waiver of covenant enforcement and debt forgiveness. For modifications \u00a0
that are not 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 \u00a0
(unless the new loan is credit-impaired at initial recognition) be recognised in stage 1 at initial recognition, i.e. the initial credit risk is \u00a0
reset. If the replacing loan is considered an amendment to the original loan, the initial credit risk is not reset. Loans modified as part of \u00a0
the Group\u2019s forbearance policy, where the modification does not result in derecognition, the loss allowance on the forborne loans will \u00a0
generally only be measured based on 12-months expected credit losses when there is evidence of the borrower\u2019s improved \u00a0
repayment behaviour. When a loan in stage 3 is modified, and the modification results in derecognition, the Group assesses if the new \u00a0
loan is originated credit impaired. The assessment includes factors such as whether the customer\u2019s repayment behaviour has \u00a0
improved significantly prior to the modification or not, and whether the pricing on the new loan reflects the actual credit risk etc. New \u00a0
loans that are originated credit impaired remains under a lifetime ECL 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 \u00a0
amortised cost includes the balance sheet line item Loans at amortised cost, as well as exposures under Due from credit institutions \u00a0
that are carried at amortised cost and demand deposits with central banks, see note G14. Loans at fair value consists of loans granted \u00a0
by Realkredit Danmark, for which the allowance account represents the fair value adjustment of the credit risk (for further information \u00a0
see note G16). \u00a0
Loan commitments and guarantees consists of guarantees, loan commitments shorter than 1 year and loan commitments longer \u00a0
than 1 year, see note G26. The allowance account for loans at amortised cost and at fair value is credited against the related loans, \u00a0
whereas the allowance account related to loan commitments and guarantees is recognised as a liability and presented under Other \u00a0
liabilities. \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 2024 \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
Transferred to stage 1 \u00a0
1,228 \u00a0
-919 \u00a0
-309 \u00a0
198 \u00a0
-172 \u00a0
-26 \u00a0
144 \u00a0
-147 \u00a0
2
-
Transferred to stage 2 \u00a0
-137 \u00a0
350 \u00a0
-213 \u00a0
-48 \u00a0
88 \u00a0
-39 \u00a0
-23 \u00a0
84 \u00a0
-61 \u00a0
-
Transferred to stage 3 \u00a0
-52 \u00a0
-635 \u00a0
686 \u00a0
-9 \u00a0
-31 \u00a0
40 \u00a0
-2 \u00a0
-243 \u00a0
245 \u00a0
-
ECL on new assets \u00a0
351 \u00a0
1,177 \u00a0
885 \u00a0
138 \u00a0
51 \u00a0
26 \u00a0
116 \u00a0
332 \u00a0
53 \u00a0
3,129 \u00a0
ECL on assets derecognised \u00a0
-223 \u00a0
-808 \u00a0
-766 \u00a0
-221 \u00a0
-132 \u00a0
-149 \u00a0
-41 \u00a0
-102 \u00a0
-52 \u00a0
-2,493 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,413 \u00a0
768 \u00a0
967 \u00a0
-246 \u00a0
136 \u00a0
84 \u00a0
-158 \u00a0
-8 \u00a0
-180 \u00a0
-52 \u00a0
Write offs debited to the allowance account \u00a0
-
-828 \u00a0
-
-
-35 \u00a0
-
-
-
-
-864 \u00a0
Foreign exchange adjustments \u00a0
14 \u00a0
77 \u00a0
60 \u00a0
-
-
-
3
15 \u00a0
-25 \u00a0
145 \u00a0
Other \u00a0
-17 \u00a0
-
-169 \u00a0
-
109 \u00a0
-
13 \u00a0
2
-18 \u00a0
-80 \u00a0
As at 31 December 2025 \u00a0
832 \u00a0
718 \u00a0
623 \u00a0
824 \u00a0
The movements on the allowance account are determined by comparing the classification and amount in the balance sheet at the \u00a0
beginning and the end of the year. The table above excludes the allowance account of DKK 4 million (2024: DKK 4 million) relating to \u00a0
bonds at amortised cost or fair value through other comprehensive income (all in stage 1). It also excludes the adjustment for credit \u00a0
risk on Loans held for sale (loan portfolios where the Group has entered into sales agreements). For further information on the \u00a0
decomposition of the allowance account on facilities in stages 1-3, see the notes on credit risk. \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 2024 \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
Transferred to stage 1 \u00a0
26,797 \u00a0
-26,070 \u00a0
-726 \u00a0
6,614 \u00a0
-6,198 \u00a0
-417 \u00a0
6,546 \u00a0
-5,779 \u00a0
-767 \u00a0
-
Transferred to stage 2 \u00a0
-29,117 \u00a0
30,012 \u00a0
-896 \u00a0
-9,032 \u00a0
9,603 \u00a0
-571 \u00a0
-15,125 \u00a0
15,247 \u00a0
-121 \u00a0
-
Transferred to stage 3 \u00a0
-2,310 \u00a0
-2,586 \u00a0
4,896 \u00a0
-1,169 \u00a0
-774 \u00a0
1,943 \u00a0
-346 \u00a0
-1,501 \u00a0
1,847 \u00a0
-
New assets \u00a0
475,654 \u00a0
27,244 \u00a0
4,826 \u00a0
94,983 \u00a0
2,518 \u00a0
795 \u00a0
243,872 \u00a0
12,055 \u00a0
664 \u00a0
862,611 \u00a0
Assets derecognised \u00a0
-320,123 \u00a0
-27,046 \u00a0
-7,625 \u00a0
-70,846 \u00a0
-5,221 \u00a0
-1,922 \u00a0
-213,757 \u00a0
-8,972 \u00a0
-1,710 \u00a0
-657,223 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-
-
-2 \u00a0
-
-15 \u00a0
-
-
-
-
-17 \u00a0
Other changes \u00a0
-11,866 \u00a0
-4,632 \u00a0
-1,022 \u00a0
-33,512 \u00a0
-1,657 \u00a0
-432 \u00a0
-12,128 \u00a0
-407 \u00a0
-548 \u00a0
-66,203 \u00a0
As at 31 December 2025 \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 during the fourth quarter of 2024. \u00a0
(d) Significant accounting estimates related to expected credit losses \u00a0
Note G1(b) provides information on significant accounting estimates related to expected credit losses. \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 \u00a0
portfolio consists of loans granted and bonds issued by the subsidiary Realkredit Danmark, a Danish mortgage institution covered by \u00a0
Danish mortgage 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 \u00a0
principal amount outstanding. This is because borrowers may repay the loans by delivering the underlying bonds, which \u00a0
represents an option to prepay at fair value that can be both above and below the principal amount plus interest. This is not \u00a0
consistent with the SPPI test since changes in the underlying bonds\u2019 fair value reflects other factors than just interest rate \u00a0
developments. Therefore,\u00a0the loans are mandatorily recognised at fair value through profit or loss. The issued bonds that are \u00a0
funding the loans are designated at fair value through profit or loss in order not to create an accounting mismatch. For the \u00a0
issued bonds, changes in fair value attributable to the Group\u2019s own credit risk is presented in the income statement, as an \u00a0
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 \u00a0
the issued bonds are illiquid, thus the fair value of these bonds is calculated on the basis of a discounted cash flow valuation \u00a0
technique. The fair value of the loans is based on the fair value of the underlying bonds which ensures that changes in the fair \u00a0
value of the interest rate risk on the loans are measured based on market implied input. This fair value is adjusted for changes in \u00a0
the fair value of cash flows from the loans that differ from the cash flows from the issued bonds. The most important \u00a0
component is the credit risk on the borrowers (covered by the Group and not by the bond holders and therefore not priced into \u00a0
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 \u00a0
models developed in connection with the Group\u2019s implementation of the expected credit loss impairment model in IFRS 9, \u00a0
including the allocation of loans between stage 1, stage 2 and stage 3. The expected credit losses are calculated for all loans as \u00a0
a function of PD, EAD and LGD and incorporates forward looking information, see further in note G15. The latter reflects \u00a0
management\u2019s expectations of expected credit losses and involves multiple scenarios (base case, upside, downside and severe \u00a0
downside), including an assessment of the probability for each scenario. \u00a0
On top of the expected credit losses, a collective assessment determines the need for further adjustments to reflect other \u00a0
components in the fair value measurement, such as an assessment of lifetime expected credit losses for loans in stage 1, an \u00a0
investors risk premium, compensation for administrative costs related to the loans and the possibility to increase the margin on \u00a0
the loans if the credit risk etc. increases. It is acknowledged that the possibility to increase the margin depends on the economic \u00a0
resources of the customers. The possibility to increase the margin is therefore only considered in the measurement if it is very \u00a0
likely that the margin can be increased without the customer defaulting. Further, the possibility to increase the margin is only \u00a0
relevant if it does not give the customer an incentive to \u201cmove\u201d to another mortgage institution. Therefore, the possibility to \u00a0
increase the margin is only relevant for the measurement of loans to customers with neither a relatively high credit risk nor a \u00a0
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 \u00a0
close to a risk-free interest rate. The risk premium is incorporated into the cash flows. The risk premium is assumed to be higher \u00a0
for customers with high credit risk than for customers with low credit risk. Further, the adjustments for changes in the fair value \u00a0
of the credit risk and 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 in LC&I) are managed and their performance reported on a fair value basis and \u00a0
the loans are under IFRS 9 mandatorily measured at fair value through profit or loss. In order not to introduce an accounting \u00a0
mismatch by measuring the financial assets in the trading units at fair value through profit or loss and the financial liabilities at \u00a0
amortised cost, the financial liabilities in the trading units are designated at fair value through profit or loss with fair value \u00a0
changes attributable to the Group\u2019s own credit risk presented in Other comprehensive income. \u00a0
(a) Loans at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Loans granted by Realkredit Danmark: \u00a0
Nominal value \u00a0
783,618 \u00a0
794,568 \u00a0
Fair value adjustment of underlying bonds \u00a0
-40,548 \u00a0
-36,190 \u00a0
Adjustment for credit risk \u00a0
2,953 \u00a0
3,191 \u00a0
Fair value of loans granted by Realkredit Danmark \u00a0
740,117 \u00a0
755,188 \u00a0
Loans in the Group's trading units: \u00a0
Reverse transactions \u00a0
320,808 \u00a0
319,596 \u00a0
Total \u00a0
(b) Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Bonds issued by Realkredit Danmark: \u00a0
Nominal value \u00a0
881,628 \u00a0
875,633 \u00a0
Fair value adjustment of funding of current loans \u00a0
-42,510 \u00a0
-36,190 \u00a0
Holding of own mortgage bonds \u00a0
100,448 \u00a0
94,948 \u00a0
Fair value of bonds issued by Realkredit Danmark \u00a0
738,670 \u00a0
744,495 \u00a0
Bonds issued by the Group's trading units: \u00a0
Commercial papers and certificates of deposit \u00a0
1,664 \u00a0
2,061 \u00a0
Total \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 \u00a0
outstanding, reference interest rate, term and currency). The borrower may repay the loan by delivering the underlying bonds to \u00a0
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 \u00a0
\u2018held to collect\u2019. The customers\u2019 right to prepay a loan by delivering the underlying bonds represents an option to prepay at fair value. \u00a0
Under this prepayment option, the prepayment amount can be both above and below the principal amount plus accrued interest. \u00a0
Changes in the fair value of the underlying bonds include other elements than the effect of changes in the relevant benchmark \u00a0
interest rate and the prepayment option 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 \u00a0
bonds at amortised cost, the issued bonds are designated at fair value through profit or loss using the fair value option for financial \u00a0
liabilities in IFRS 9. As the fair value of the loans is based on the fair value of the issued bonds, fair value changes of the issued bonds \u00a0
are offset by fair value changes of the loans, including the changes related to the fair value of the own credit risk of the issued bonds. \u00a0
For example, if the credit quality of the bonds worsens the fair value of the liability decreases and the fair value of the loans also \u00a0
decreases. Therefore, fair value changes of own credit risk on the issued bonds are recognised in the income statement, as an \u00a0
accounting mismatch would otherwise be created if 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 2025, the Group recognised DKK -258 million regarding \u00a0
changes in the credit risk on loans at fair value (2024: DKK 333 million) see note G11. At the end of 2025, the accumulated changes in \u00a0
the credit risk amounted to DKK 2,910 million (2024: DKK 3,191 million). The amounts are determined as the amount of the change in \u00a0
fair value that is not attributable to changes in market conditions that give rise to market risk, with the latter being represented by the \u00a0
fair value of the funding issued bonds. The Group does not use credit derivatives or similar instruments to mitigate the exposure to \u00a0
credit risk. \u00a0
The holding of own mortgage bonds includes pre-issued bonds of DKK 64 billion (2024: DKK 56 billion) used for FlexL\u00e5n\u00ae refinancing in \u00a0
January 2026. \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 \u00a0
to uncertainty. \u00a0
In 2025, the Danish mortgage bond yield spread decreased and the fair value of issued mortgage bonds thus increased by \u00a0
approximately DKK 5.6 billion. In 2024, the Danish mortgage bond yield spread increased, causing a decrease in the fair value of \u00a0
issued mortgage bonds. Based on the outstanding portfolio at the end of 2025, Realkredit Danmark estimates that there has been a \u00a0
net decrease of the spread since the issuance of the bonds, which produces a negative fair value of approximately DKK 6.7 billion \u00a0
(2024: positive fair value of approximately DKK 1.4 billion). Net profit and shareholders\u2019 equity remain unaffected by the change in fair \u00a0
value because the spread decrease, increase the 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 \u00a0
rated mortgage bonds offered by other Danish issuers. The market for such bonds is characterised by an absence of measurable price \u00a0
differences between bonds with similar features from different issuers. Using this method, no fair value adjustment for credit risk in \u00a0
2025 or the period 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 \u00a0
are mandatorily recognised at fair value through profit or loss as the business model is neither \u2018hold to collect\u2019 nor \u2018hold to collect and \u00a0
sell\u2019. The loans consist primarily of reverse transactions and short-term loans. In order not to introduce an accounting mismatch, the \u00a0
financial liabilities 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 \u00a0
transactions) with a maturity no longer than six months in general. Fair value changes attributable to the Group\u2019s own credit risk are \u00a0
presented in Other comprehensive income. During 2025, changes in fair value attributable to the Group\u2019s own credit risk recognised in \u00a0
Other Comprehensive Income amounted to DKK 0 million (2024: DKK 0 million). In the balance sheet, deposits in the trading units are \u00a0
presented together with other deposits. The amount that the Group would be contractually required to pay at maturity amounts to \u00a0
DKK 1,902 million (2024: DKK 2,536 million) for bonds issued by the Group\u2019s trading units. \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 \u00a0
granted are 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 \u00a0
2025. \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 \u00a0
drivers. 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 \u00a0
in-depth assessment of sub-sectors and the customers with the largest exposure.\u00a0This enables the Group to map the most material \u00a0
sustainability risks facing the individual portfolios, monitor aggregate risk levels on an ongoing basis, and identify additional Credit \u00a0
Risk Policy requirements. When deemed necessary, the sustainability risk findings are integrated into the Group\u2019s credit risk tolerance \u00a0
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- \u00a0
specific ESG questions for both new and existing business customers. The customer-level sustainability risk assessments serve as \u00a0
input factors in the overall credit decision process and enable the Group to monitor the overall sustainability risk level. All \u00a0
counterparties with a total exposure exceeding the threshold are in scope for assessment across business units. The scope of \u00a0
analysis is adjusted to capture the size and complexity of the counterparty concerned, with higher risk and larger exposure requiring a \u00a0
more detailed analysis. This requirement covers corporate counterparties in all the Group\u2019s business units, i.e. retail customers, as \u00a0
well as mid- and large corporates. On the back of the results, relationship managers are required to engage with customers with a \u00a0
significant exposure and a high level of identified risks to agree on a future action plan to mitigate these risks. \u00a0
At the end of 2025, 92% (2024: 90%) of the Group\u2019s total business exposure in scope was assessed for sustainability risk, and the \u00a0
Group implemented a more in-depth analysis of drivers of customers\u2019 ESG risk levels. These bottom-up customer assessments will \u00a0
increasingly be tied to top-down portfolio risk management efforts at the group level. This will ensure a consistent feedback loop \u00a0
between strategic and customer considerations in the 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 \u00a0
enhanced in accordance with regulatory and industry developments. \u00a0
Climate risk is primarily categorised into transition risks, associated with moving towards a low-carbon economy, and physical risks \u00a0
stemming from projected climate changes, including both long-term shifts (chronic changes) and event-driven changes (acute \u00a0
changes) to weather patterns. Both climate-related risks will affect credit risk in the medium and long-term. To address these risks, \u00a0
the Group is actively improving 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 3 \u00a0
disclosures, 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 \u00a0
(river and coastal flooding) as the most important physical hazard applicable to the portfolio. The current mapping of exposures \u00a0
subject to flooding risk focuses on residential and commercial property and forms part of the Pillar 3 disclosures. \u00a0
In accordance with Pillar 3 transition risk disclosure requirements, the Group reports its financed emissions and the energy efficiency \u00a0
of collateral. The Group has taken into consideration the financed emissions of the sector portfolios identified as climate change \u00a0
contributors. It has been identified that the majority of emissions are attributable to only a few sectors, specifically agriculture, \u00a0
shipping, oil and gas. The Group actively monitors and manages these sectors at both the customer and portfolio levels. For instance, \u00a0
this is evidenced by the decline in the oil 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 \u00a0
physical and transition climate-related risks over short-, medium- and long-term horizons. Stress tests related to physical risks focus \u00a0
on collateral-related exposures based on expected loss calculations related to river and coastal flooding. In relation to transition risks, \u00a0
the Group has analysed scenarios for carbon taxes as a key driver for this transition in different sectors. Special focus on transition- \u00a0
risk scenario analyses is given to the Danish agricultural sector, where the introduction of a carbon tax is planned by the Danish \u00a0
government by 2030. For the Danish agricultural sector, results of the stress testing analysis are directly used in the impairment post- \u00a0
model-adjustment process. Moreover, the Group performs detailed bottom-up climate analyses on the commercial real estate sector, \u00a0
which constitutes a large part of the total Group\u2019s exposure, with a particular focus on the EU\u2019s Energy Performance of Buildings \u00a0
Directive. \u00a0
Customer transition risk assessments \u00a0
Managing climate transition risks takes place at both portfolio and customer levels. At the portfolio level, the Group sets long-term \u00a0
targets for sectors with high financed emissions, such as oil and gas, as outlined in the Group\u2019s Sustainability Statement of this Annual \u00a0
Report. Climate risks are also taken into consideration when the Group determines its risk tolerance process for high-risk segments to \u00a0
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 \u00a0
risks in relevant high-emitting sectors. The methodology considers the customers\u2019 current performance as well as their short-, \u00a0
medium-, and long-term ambitions and plans to meet their decarbonisation strategy and targets. In addition, the assessments include \u00a0
an evaluation of the customers\u2019 risk of not executing on their strategies because of external factors that affect their ability to \u00a0
transition, i.e. technology and government support factors. \u00a0
Transition risk assessment scores are divided into four categories on the basis of alignment assessment, technology and government \u00a0
factors. The transition risk assessments contribute to the overall credit evaluation of customers. \u00a0
The Group focuses on financially weak laggards in the transition process since they are subject to an increased risk of impairment. For \u00a0
these customers, the Group has identified mitigating actions, which include collaborating to develop a transition plan that ensures \u00a0
alignment with established standards. Financially weak transition laggards represent approximately 7% (2024: 10%) of the Group\u2019s \u00a0
assessed credit exposure and they will be monitored on an ongoing basis. \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 \u00a0
lending activities in the form of secured and unsecured loans. Securities positions taken by the Group\u2019s trading and investment units \u00a0
also entail credit risk and are presented as credit exposure from trading and investment securities as well as derivatives and loans at \u00a0
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 \u00a0
loans at the Group\u2019s trading units and credit risk from securities positions. \u00a0
Breakdown of credit exposure \u00a0
Trading and \u00a0
Customer- \u00a0
(DKK billions) \u00a0
Lending \u00a0
Counterparty \u00a0
investment \u00a0
funded \u00a0
31 December 2025 \u00a0
Total \u00a0
activities \u00a0
credit risk \u00a0
securities \u00a0
investments \u00a0
Balance sheet items \u00a0
Demand deposits with central banks \u00a0
130.1 \u00a0
130.1 \u00a0
-
-
-
Due from credit institutions and central banks \u00a0
116.6 \u00a0
85.9 \u00a0
30.7 \u00a0
-
-
Trading portfolio assets \u00a0
445.0 \u00a0
193.9 \u00a0
-
251.0 \u00a0
-
Investment securities \u00a0
296.7 \u00a0
-
296.7 \u00a0
-
-
Loans at amortised cost \u00a0
1,022.3 \u00a0
1,022.3 \u00a0
-
-
-
Loans at fair value \u00a0
1,060.9 \u00a0
740.1 \u00a0
320.8 \u00a0
-
-
Assets under pooled schemes and investment contracts \u00a0
76.8 \u00a0
-
-
-
76.8 \u00a0
Insurance assets \u00a0
555.5 \u00a0
-
-
-
555.5 \u00a0
Off-balance-sheet items \u00a0
Guarantees \u00a0
99.7 \u00a0
99.7 \u00a0
-
-
-
Loan commitments shorter than 1 year \u00a0
206.6 \u00a0
206.6 \u00a0
-
-
-
Loan commitments longer than 1 year \u00a0
244.5 \u00a0
244.5 \u00a0
-
-
-
Other unutilised commitments \u00a0
14.4 \u00a0
-
-
-
14.4 \u00a0
Total \u00a0
Trading and \u00a0
Customer- \u00a0
(DKK billions) \u00a0
Lending \u00a0
Counterparty \u00a0
investment \u00a0
funded \u00a0
31 December 2024 \u00a0
Total \u00a0
activities \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
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
The Group\u2019s exposure to the risk on some balance sheet items is limited. This is the case for assets under customer-funded \u00a0
investment pools, investment contracts and insurance contracts. The risk on assets under pooled schemes and investment contracts \u00a0
is assumed solely by the customers, while the risk on insurance assets is assumed primarily by the customers. The section on life \u00a0
insurance risk describes the Group\u2019s 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 \u00a0
of credit of DKK 229 billion at 31 December 2025 (31 December 2024: DKK 193 billion). These items are included in the calculation of \u00a0
the total risk 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 \u00a0
central banks, guarantees and irrevocable loan commitments. The exposure is measured net of expected credit losses and includes \u00a0
repo loans at amortised 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. \u00a0
This includes all non-performing loans. A small amount of credit exposure in stage 3 can be found outside default. This is due to \u00a0
impairment staging being updated monthly (after each month-end), whereas default is updated daily. For the same reason, some \u00a0
credit exposure in default is outside stage 3. The stage 3 coverage ratio is 73% (31 December 2024: 71%). \u00a0
For further details about the Group\u2019s credit risk management and the use of information on expected credit losses for risk \u00a0
management purposes, see Risk Management 2025. \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 \u00a0
probability of default (PD). As part of the credit process, the Group classifies customers according to risk and updates their \u00a0
classifications upon receipt of new information. Risk classification comprises rating and credit scoring of customers. While all large \u00a0
customers are rated, the Group uses fully automated and statistically-based scoring models for small customers such as personal \u00a0
customers and small businesses. Credit scores are 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 \u00a0
consists of 11 main rating categories with fixed PD bands. During a downturn, a customer\u2019s PIT PD may increase, and the customer \u00a0
may migrate to a lower rating category. The effect from a downturn is thus larger when PIT PD is used than if the classification were \u00a0
based on through-the-cycle (TTC) 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 \u00a0
whether the credit risk has increased significantly since initial recognition. The assessment of whether the credit risk has increased \u00a0
significantly since initial recognition is performed by considering the change in the risk of default occurring over the remaining life of \u00a0
the individual facility and incorporating forward-looking information. A facility is transferred from stage 1 to stage 2 on the basis of \u00a0
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 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 \u00a0
doubling of 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, \u00a0
customers subject to forbearance measures are placed in stage 2 if the Group, in the most likely outcome, expects no loss or the \u00a0
customers are in the two-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 \u00a0
events that have a detrimental impact on the estimated future cash flows have occurred. This includes observable data about (a) \u00a0
significant financial difficulty of the issuer or the borrower; (b) a breach of contract, such as a default or past due event; (c) the \u00a0
borrower, for financial or contractual reasons relating to the borrower\u2019s financial difficulty, having been granted a concession that \u00a0
would not otherwise have been considered; (d) it is becoming probable that the borrower will enter into bankruptcy or other financial \u00a0
restructuring; and (e) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit loss. It may not \u00a0
be possible to identify a single discrete event \u2013 instead, the combined effect of several events may cause a financial asset to become \u00a0
credit-impaired. Credit-impaired facilities are placed in rating category 10 or 11. For customers in rating category 10, the stage 3 \u00a0
classification applies only to customers where a loss is expected in the most likely scenario. For rating category 11 (default), all \u00a0
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 \u00a0
IFRS 9. This 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 \u00a0
Group\u2019s expected credit loss model. Besides increasing the expected credit losses, the post-model adjustments may lead to the \u00a0
transfer of part of the gross exposure covered by the post-model adjustments from stage 1 to stage 2 through targeted PD pushes \u00a0
to the current point in time estimates of PD (i.e. increases in the PD for the underlying customers in the selected portfolio s covered \u00a0
by the post-model adjustments) to ensure consistency between the methods used for disclosing information about expected \u00a0
credit losses and exposures subject to significant increase in credit risk. While the distribution of customers between the Group\u2019s \u00a0
11 rating categories is unchanged and reflects the current point-in-time estimate of the underlying customers\u2019 PDs, the PD pushes \u00a0
may lead to the transfer of gross exposures to stage 2 as the assessment of the increase in credit risk is performed by comparing \u00a0
the initial PD with the current PD (after the 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 \u00a0
(EAD) and the loss given default (LGD). For exposures in stage 1, 12- month expected credit losses are recognised, while lifetime \u00a0
expected credit losses are recognised for exposures in stage 2-3. Note G15 provides further information. \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. \u00a0
As a result, 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 \u00a0
default. This is due to impairment staging being updated monthly (after each month-end), whereas default is updated daily. For the \u00a0
same reason, some credit 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 \u00a0
management purposes, see Risk Management 2025. \u00a0
The following table breaks down the credit exposure by rating categories and stages. \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 2025 \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
188.8 \u00a0
0.1 \u00a0
-
-
-
-
188.8 \u00a0
0.1 \u00a0
-
166.4 \u00a0
-
-
2
0.01 \u00a0
0.03 \u00a0
194.0 \u00a0
-
0.2 \u00a0
-
-
-
194.0 \u00a0
0.2 \u00a0
-
96.4 \u00a0
-
-
3
0.03 \u00a0
0.06 \u00a0
510.3 \u00a0
1.
0
-
0.1 \u00a0
-
-
510.2 \u00a0
1.0 \u00a0
-
257.3 \u00a0
0.6 \u00a0
-
4
0.06 \u00a0
0.14 \u00a0
569.2 \u00a0
0.4 \u00a0
4.2 \u00a0
0.2 \u00a0
-
-
569.0 \u00a0
4.1 \u00a0
0.4 \u00a0
254.5 \u00a0
3.1 \u00a0
-
5
0.14 \u00a0
0.31 \u00a0
472.5 \u00a0
16.9 \u00a0
0.1 \u00a0
0.4 \u00a0
0.1 \u00a0
-
472.1 \u00a0
16.8 \u00a0
0.1 \u00a0
179.0 \u00a0
13.8 \u00a0
-
6
0.31 \u00a0
0.63 \u00a0
314.7 \u00a0
39.8 \u00a0
-
0.5 \u00a0
0.7 \u00a0
-
314.1 \u00a0
39.1 \u00a0
-
111.4 \u00a0
19.1 \u00a0
-
7
0.63 \u00a0
1.90 \u00a0
99.3 \u00a0
44.4 \u00a0
0.1 \u00a0
0.9 \u00a0
1.8 \u00a0
0.1 \u00a0
98.4 \u00a0
42.6 \u00a0
-
40.5 \u00a0
14.8 \u00a0
-
8
1.90 \u00a0
7.98 \u00a0
11.6 \u00a0
25.3 \u00a0
0.1 \u00a0
0.7 \u00a0
2.3 \u00a0
0.1 \u00a0
10.9 \u00a0
23.0 \u00a0
-
1.6 \u00a0
6.7 \u00a0
-
9
7.98 \u00a0
25.70 \u00a0
1.5 \u00a0
-
4.8 \u00a0
-
0.5 \u00a0
-
1.5 \u00a0
4.3 \u00a0
-
0.1 \u00a0
1.3 \u00a0
-
10 \u00a0
25.70 \u00a0
99.99 \u00a0
0.5 \u00a0
17.9 \u00a0
0.9 \u00a0
-
2.0 \u00a0
0.2 \u00a0
0.5 \u00a0
15.8 \u00a0
0.7 \u00a0
0.1 \u00a0
6.5 \u00a0
0.2 \u00a0
11 (default) \u00a0
100.00 \u00a0
100.00 \u00a0
0.2 \u00a0
1.3 \u00a0
29.2 \u00a0
-
0.1 \u00a0
9.0 \u00a0
0.2 \u00a0
1.2 \u00a0
20.1 \u00a0
0.1 \u00a0
0.1 \u00a0
3.3 \u00a0
Total \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
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 \u00a0
the Statistical Classification of Economic Activities in the European Community (NACE) standard that has been adapted to the Group\u2019s \u00a0
business risk approach used for the active management of the credit portfolio. \u00a0
Credit exposure broken down by industry \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2025 \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
250.4 \u00a0
1.3 \u00a0
0.2 \u00a0
-
-
-
250.4 \u00a0
1.3 \u00a0
0.2 \u00a0
247.3 \u00a0
-
-
Financials \u00a0
132.5 \u00a0
3.1 \u00a0
0.4 \u00a0
0.1 \u00a0
0.2 \u00a0
0.1 \u00a0
132.5 \u00a0
3.0 \u00a0
0.3 \u00a0
118.9 \u00a0
1.6 \u00a0
0.2 \u00a0
Agriculture \u00a0
52.4 \u00a0
4.8 \u00a0
1.2 \u00a0
0.2 \u00a0
0.6 \u00a0
0.4 \u00a0
52.1 \u00a0
4.2 \u00a0
0.8 \u00a0
12.6 \u00a0
1.1 \u00a0
-
Automotive \u00a0
25.7 \u00a0
8.1 \u00a0
0.6 \u00a0
-
0.6 \u00a0
0.2 \u00a0
25.7 \u00a0
7.6 \u00a0
0.4 \u00a0
19.8 \u00a0
5.3 \u00a0
0.2 \u00a0
Capital goods \u00a0
76.6 \u00a0
11.8 \u00a0
2.1 \u00a0
-
0.7 \u00a0
0.9 \u00a0
76.5 \u00a0
11.1 \u00a0
1.2 \u00a0
70.6 \u00a0
9.3 \u00a0
0.4 \u00a0
Commercial and residential real estate \u00a0
295.0 \u00a0
25.2 \u00a0
3.4 \u00a0
0.4 \u00a0
1.0 \u00a0
0.8 \u00a0
294.5 \u00a0
24.2 \u00a0
2.6 \u00a0
50.0 \u00a0
3.5 \u00a0
0.6 \u00a0
Construction and building materials \u00a0
43.8 \u00a0
11.5 \u00a0
1.9 \u00a0
0.3 \u00a0
0.8 \u00a0
1.1 \u00a0
43.5 \u00a0
10.6 \u00a0
0.8 \u00a0
32.1 \u00a0
7.0 \u00a0
0.3 \u00a0
Consumer goods \u00a0
90.0 \u00a0
9.0 \u00a0
1.3 \u00a0
-
0.4 \u00a0
0.6 \u00a0
89.9 \u00a0
8.7 \u00a0
0.7 \u00a0
68.9 \u00a0
6.5 \u00a0
0.3 \u00a0
Hotels, restaurants and leisure \u00a0
13.6 \u00a0
1.1 \u00a0
0.5 \u00a0
-
-
0.1 \u00a0
13.6 \u00a0
1.1 \u00a0
0.4 \u00a0
5.2 \u00a0
0.3 \u00a0
0.1 \u00a0
Metals and mining \u00a0
26.3 \u00a0
2.0 \u00a0
0.8 \u00a0
-
0.2 \u00a0
0.2 \u00a0
26.4 \u00a0
1.9 \u00a0
0.6 \u00a0
19.5 \u00a0
1.1 \u00a0
0.1 \u00a0
Other commercials \u00a0
1.4 \u00a0
-
-
0.2 \u00a0
-
-
1.2 \u00a0
-
-
1.1 \u00a0
-
-
Pharma and medical devices \u00a0
56.9 \u00a0
2.2 \u00a0
0.1 \u00a0
-
-
-
56.9 \u00a0
2.1 \u00a0
0.1 \u00a0
53.5 \u00a0
2.0 \u00a0
-
Non-profit housing \u00a0
210.3 \u00a0
3.1 \u00a0
0.8 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
210.2 \u00a0
3.1 \u00a0
0.7 \u00a0
32.8 \u00a0
0.3 \u00a0
-
Pulp, paper and chemicals \u00a0
41.3 \u00a0
5.5 \u00a0
0.5 \u00a0
-
0.3 \u00a0
0.2 \u00a0
41.3 \u00a0
5.3 \u00a0
0.3 \u00a0
29.4 \u00a0
3.9 \u00a0
-
Retailing \u00a0
27.4 \u00a0
2.5 \u00a0
1.6 \u00a0
0.1 \u00a0
0.2 \u00a0
0.8 \u00a0
27.3 \u00a0
2.3 \u00a0
0.8 \u00a0
18.0 \u00a0
1.5 \u00a0
0.3 \u00a0
Services \u00a0
93.1 \u00a0
5.3 \u00a0
1.3 \u00a0
0.2 \u00a0
0.4 \u00a0
0.4 \u00a0
92.9 \u00a0
4.9 \u00a0
0.9 \u00a0
77.7 \u00a0
3.2 \u00a0
0.2 \u00a0
Shipping \u00a0
18.7 \u00a0
5.9 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
18.7 \u00a0
5.8 \u00a0
0.4 \u00a0
6.9 \u00a0
1.1 \u00a0
0.1 \u00a0
Oil and gas \u00a0
17.7 \u00a0
0.3 \u00a0
-
-
-
-
17.6 \u00a0
0.3 \u00a0
-
14.6 \u00a0
0.2 \u00a0
-
Social services \u00a0
28.9 \u00a0
2.6 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
28.9 \u00a0
2.6 \u00a0
0.3 \u00a0
11.5 \u00a0
2.2 \u00a0
-
Telecom and media \u00a0
27.6 \u00a0
0.7 \u00a0
1.4 \u00a0
-
0.1 \u00a0
0.5 \u00a0
27.6 \u00a0
0.6 \u00a0
0.9 \u00a0
22.8 \u00a0
0.4 \u00a0
0.5 \u00a0
Transportation \u00a0
18.6 \u00a0
2.2 \u00a0
0.6 \u00a0
-
0.2 \u00a0
0.2 \u00a0
18.6 \u00a0
2.0 \u00a0
0.4 \u00a0
9.9 \u00a0
0.6 \u00a0
-
Utilities and infrastructure \u00a0
88.8 \u00a0
13.3 \u00a0
0.9 \u00a0
0.1 \u00a0
0.4 \u00a0
0.2 \u00a0
88.7 \u00a0
12.9 \u00a0
0.7 \u00a0
65.8 \u00a0
11.5 \u00a0
0.1 \u00a0
Personal customers \u00a0
725.6 \u00a0
34.2 \u00a0
10.3 \u00a0
1.1 \u00a0
1.2 \u00a0
2.5 \u00a0
724.6 \u00a0
32.9 \u00a0
7.8 \u00a0
118.2 \u00a0
3.4 \u00a0
-
Total \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
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
82.7 \u00a0
10.3 \u00a0
1.8 \u00a0
-
0.4 \u00a0
0.7 \u00a0
82.7 \u00a0
9.9 \u00a0
1.1 \u00a0
74.9 \u00a0
7.9 \u00a0
0.2 \u00a0
Commercial and residential real estate \u00a0
270.5 \u00a0
31.2 \u00a0
4.0 \u00a0
0.7 \u00a0
1.4 \u00a0
0.9 \u00a0
269.9 \u00a0
29.7 \u00a0
3.2 \u00a0
48.4 \u00a0
4.3 \u00a0
0.5 \u00a0
Construction and building materials \u00a0
43.5 \u00a0
8.0 \u00a0
1.9 \u00a0
0.4 \u00a0
1.1 \u00a0
0.9 \u00a0
43.1 \u00a0
6.9 \u00a0
1.0 \u00a0
31.5 \u00a0
3.2 \u00a0
0.5 \u00a0
Consumer goods \u00a0
80.8 \u00a0
10.1 \u00a0
1.2 \u00a0
0.1 \u00a0
0.5 \u00a0
0.4 \u00a0
80.8 \u00a0
9.6 \u00a0
0.8 \u00a0
64.8 \u00a0
7.6 \u00a0
0.1 \u00a0
Hotels, restaurants and leisure \u00a0
12.1 \u00a0
1.3 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
12.1 \u00a0
1.2 \u00a0
0.5 \u00a0
3.2 \u00a0
0.3 \u00a0
0.1 \u00a0
Metals and mining \u00a0
19.2 \u00a0
2.3 \u00a0
0.2 \u00a0
-
0.1 \u00a0
0.1 \u00a0
19.2 \u00a0
2.2 \u00a0
0.2 \u00a0
15.3 \u00a0
0.9 \u00a0
0.1 \u00a0
Other commercials \u00a0
1.9 \u00a0
0.3 \u00a0
0.1 \u00a0
0.1 \u00a0
-
-
1.7 \u00a0
0.3 \u00a0
0.1 \u00a0
1.7 \u00a0
0.3 \u00a0
0.1 \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
-
Non-profit housing \u00a0
199.0 \u00a0
3.2 \u00a0
0.5 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
199.0 \u00a0
3.1 \u00a0
0.4 \u00a0
25.6 \u00a0
0.5 \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
24.3 \u00a0
3.0 \u00a0
1.8 \u00a0
-
0.3 \u00a0
0.5 \u00a0
24.3 \u00a0
2.7 \u00a0
1.3 \u00a0
14.7 \u00a0
1.8 \u00a0
0.6 \u00a0
Services \u00a0
77.6 \u00a0
6.3 \u00a0
1.3 \u00a0
0.2 \u00a0
0.6 \u00a0
0.4 \u00a0
77.4 \u00a0
5.7 \u00a0
0.8 \u00a0
64.4 \u00a0
4.0 \u00a0
0.4 \u00a0
Shipping \u00a0
21.0 \u00a0
4.2 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
21.0 \u00a0
4.2 \u00a0
0.4 \u00a0
7.0 \u00a0
0.2 \u00a0
0.1 \u00a0
Oil and gas \u00a0
16.5 \u00a0
1.4 \u00a0
1.0 \u00a0
-
-
0.1 \u00a0
16.5 \u00a0
1.4 \u00a0
0.9 \u00a0
14.5 \u00a0
0.2 \u00a0
0.1 \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
90.4 \u00a0
0.3 \u00a0
-
-
-
-
90.3 \u00a0
0.3 \u00a0
-
67.3 \u00a0
0.2 \u00a0
-
Personal customers \u00a0
690.1 \u00a0
42.7 \u00a0
11.5 \u00a0
1.1 \u00a0
1.3 \u00a0
2.7 \u00a0
689.0 \u00a0
41.3 \u00a0
8.8 \u00a0
95.3 \u00a0
4.8 \u00a0
0.3 \u00a0
Total \u00a0
* Credit risk broken down by industry has been reclassified as at 31 December 2024 due to a change in NACE classifications. There is no \u00a0
change to total credit exposure as at 31 December 2024. \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is \u00a0
obtaining collateral. The table showing collateral by type (after haircut) is included. The mitigating effect from collateral at the \u00a0
end of December 2025 can be found as the difference between the columns \u2018Net exposure\u2019 and \u2018Net exposure, ex collateral\u2019 and \u00a0
amounted to DKK 1,352.4 billion at 31 December 2025 (31 December 2024: DKK 1,319.9 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 2025 \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
449.4 \u00a0
20.3 \u00a0
6.1 \u00a0
0.7 \u00a0
0.7 \u00a0
1.3 \u00a0
448.7 \u00a0
19.6 \u00a0
4.8 \u00a0
77.2 \u00a0
1.8 \u00a0
-
Personal Customers Sweden \u00a0
103.7 \u00a0
2.6 \u00a0
0.5 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
103.6 \u00a0
2.5 \u00a0
0.4 \u00a0
31.3 \u00a0
0.4 \u00a0
-
Personal Customers Finland \u00a0
75.9 \u00a0
5.9 \u00a0
2.0 \u00a0
0.1 \u00a0
0.2 \u00a0
0.6 \u00a0
75.8 \u00a0
5.8 \u00a0
1.5 \u00a0
5.7 \u00a0
0.4 \u00a0
-
Global Private Banking \u00a0
76.8 \u00a0
3.8 \u00a0
0.7 \u00a0
0.1 \u00a0
0.3 \u00a0
0.2 \u00a0
76.7 \u00a0
3.5 \u00a0
0.6 \u00a0
13.8 \u00a0
0.5 \u00a0
0.1 \u00a0
Personal Customers Other \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Total Personal Customers \u00a0
705.8 \u00a0
32.6 \u00a0
9.4 \u00a0
1.0 \u00a0
1.3 \u00a0
2.2 \u00a0
704.8 \u00a0
31.3 \u00a0
7.2 \u00a0
128.1 \u00a0
3.1 \u00a0
0.1 \u00a0
Business Customers \u00a0
Asset Finance \u00a0
53.1 \u00a0
10.2 \u00a0
1.7 \u00a0
0.1 \u00a0
0.3 \u00a0
0.5 \u00a0
53.0 \u00a0
9.9 \u00a0
1.2 \u00a0
20.1 \u00a0
2.4 \u00a0
0.1 \u00a0
Business Customers \u00a0
277.2 \u00a0
39.1 \u00a0
8.8 \u00a0
0.7 \u00a0
3.2 \u00a0
3.6 \u00a0
276.5 \u00a0
36.0 \u00a0
5.3 \u00a0
110.9 \u00a0
15.2 \u00a0
0.9 \u00a0
Commercial Real Estate \u00a0
410.4 \u00a0
17.9 \u00a0
2.6 \u00a0
0.4 \u00a0
0.6 \u00a0
0.4 \u00a0
409.9 \u00a0
17.4 \u00a0
2.2 \u00a0
67.7 \u00a0
2.7 \u00a0
0.4 \u00a0
Business Customers Other \u00a0
0.4 \u00a0
-
-
-
-
-
0.4 \u00a0
-
-
0.4 \u00a0
-
-
Total Business Customers \u00a0
741.1 \u00a0
67.3 \u00a0
13.2 \u00a0
1.2 \u00a0
4.0 \u00a0
4.5 \u00a0
739.8 \u00a0
63.3 \u00a0
8.7 \u00a0
199.0 \u00a0
20.3 \u00a0
1.3 \u00a0
Large Corporates & Institutions \u00a0
619.6 \u00a0
52.4 \u00a0
6.7 \u00a0
0.3 \u00a0
2.1 \u00a0
2.3 \u00a0
619.2 \u00a0
50.4 \u00a0
4.4 \u00a0
540.1 \u00a0
42.2 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
101.0 \u00a0
3.5 \u00a0
1.4 \u00a0
0.3 \u00a0
0.1 \u00a0
0.4 \u00a0
100.8 \u00a0
3.4 \u00a0
1.0 \u00a0
47.5 \u00a0
0.5 \u00a0
-
Group Functions \u00a0
195.0 \u00a0
0.1 \u00a0
-
-
-
-
195.0 \u00a0
-
-
192.6 \u00a0
-
-
Total \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
-
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
0.7 \u00a0
0.2 \u00a0
0.3 \u00a0
-
-
0.1 \u00a0
0.7 \u00a0
0.2 \u00a0
0.2 \u00a0
0.3 \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
* Personal Customers Other includes credit exposure that was previously reported as Personal Customers Norway in Annual Report 2024. \u00a0
There is no change to total credit exposure as at 31 December 2024. \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 \u00a0
cover 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 selected \u00a0
industries. For commercial property, this also includes reducing the number of low-quality customers to ensure creditworthiness \u00a0
within the concentration limits. The industry concentrations are updated on an ongoing basis and at least once a year. The Group \u00a0
accepts the risks on material concentrations in accordance with the industry-specific guidelines that outline the use of credit policies \u00a0
within the industry. For personal customers, the Group also manages key concentrations in relation to high loan-to-value (LTV) ratios \u00a0
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 \u00a0
counterparties in 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 \u00a0
single customer group. \u00a0
The limits on large exposures are defined within the large exposure restrictions of article 391 of the Capital Requirements Regulation \u00a0
(EU) No 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 \u00a0
obtaining collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to \u00a0
ensure it reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus \u00a0
ensuring that the 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 \u00a0
the models themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that \u00a0
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 \u00a0
value upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility \u00a0
during the sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory \u00a0
purposes, the Group also applies more conservative haircuts in order to capture the risk of an economic downturn. \u00a0
Types of collateral \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions \u00a0
Total \u00a0
31 December 2025 \u00a0
Real property \u00a0
587.6 \u00a0
468.2 \u00a0
37.7 \u00a0
51.6 \u00a0
-
1,145.1 \u00a0
- Personal \u00a0
581.7 \u00a0
2.5 \u00a0
-
31.9 \u00a0
-
616.1 \u00a0
- Commercial \u00a0
5.0 \u00a0
433.0 \u00a0
36.2 \u00a0
16.8 \u00a0
-
490.9 \u00a0
- Agricultural \u00a0
0.9 \u00a0
32.7 \u00a0
1.5 \u00a0
2.9 \u00a0
-
38.0 \u00a0
Custody account and securities \u00a0
7.2 \u00a0
3.7 \u00a0
6.8 \u00a0
-
-
17.7 \u00a0
Vehicles \u00a0
1.5 \u00a0
7.8 \u00a0
-
-
-
9.3 \u00a0
Equipment \u00a0
-
14.0 \u00a0
3.1 \u00a0
3.2 \u00a0
-
20.2 \u00a0
Vessels \u00a0
-
1.8 \u00a0
19.1 \u00a0
-
-
20.9 \u00a0
Guarantees \u00a0
6.8 \u00a0
5.3 \u00a0
14.3 \u00a0
0.7 \u00a0
-
27.0 \u00a0
Amounts due \u00a0
-
2.5 \u00a0
0.3 \u00a0
0.7 \u00a0
-
3.5 \u00a0
Other assets \u00a0
9.2 \u00a0
87.6 \u00a0
1.6 \u00a0
7.8 \u00a0
2.4 \u00a0
108.7 \u00a0
Total collateral \u00a0
612.3 \u00a0
590.9 \u00a0
89.5 \u00a0
57.2 \u00a0
2.4 \u00a0
1,352.4 \u00a0
Total unsecured credit exposure \u00a0
131.0 \u00a0
220.9 \u00a0
584.4 \u00a0
47.9 \u00a0
984.2 \u00a0
Unsecured portion of credit exposure (%) \u00a0
17.6% \u00a0
27.2% \u00a0
86.7% \u00a0
45.6% \u00a0
-
42.1% \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \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
-
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
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
3.5 \u00a0
3.3 \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
0.3 \u00a0
0.5 \u00a0
-
4.0 \u00a0
Other assets \u00a0
0.1 \u00a0
28.4 \u00a0
1.6 \u00a0
4.0 \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
Past due amounts (excluding loans in rating category 10 and 11) \u00a0
Past due amounts \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
Total past \u00a0
Total due \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions
due\u00a0amount \u00a0
under loans \u00a0
31 December 2025 \u00a0
6-30 days \u00a0
5
7
1
4
17 \u00a0
-
801 \u00a0
31-60 days \u00a0
3
2
-
-
5
-
284 \u00a0
> 60 days \u00a0
7
2
2
-
11 \u00a0
-
433 \u00a0
Total past due amounts \u00a0
16 \u00a0
11 \u00a0
3
4
34 \u00a0
-
Total due under loans \u00a0
912 \u00a0
421 \u00a0
139 \u00a0
46 \u00a0
-
1,519 \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
61 \u00a0
-
For the past due amounts, the average unsecured portion of the claims recorded was 32.2% at the end of 2025 (2024: 21.6%). Real \u00a0
property accounted for 68.8% of collateral provided (2024: 78.6%). \u00a0
Forbearance practices and repossessed assets \u00a0
The Group adopts forbearance plans to assist customers in financial difficulty. Concessions granted to customers include interest- \u00a0
reduction schedules, interest-only schedules, temporary payment holidays, term extensions, cancellation of outstanding fees, waiver \u00a0
of covenant enforcement and debt forgiveness. Forbearance plans must comply with the Group\u2019s Credit Policy. They are used as an \u00a0
instrument to retain long-term business relationships during economic downturns if there is a realistic possibility that the customer \u00a0
will be able to meet its 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 \u00a0
subject the customer\u2019s assets to a forced sale or whether the assets could be realised later at higher net proceeds. At the end of 2025, \u00a0
the Group had recognised properties taken over in Denmark at a carrying amount of DKK 7 million (2024: DKK 13 million), and there \u00a0
were no properties taken over in other countries (2024: DKK 0 million). The properties are held for sale and included under Other \u00a0
assets (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 \u00a0
definition states that a probation period of a minimum of two years must pass from the date when forborne exposures are considered \u00a0
to be performing again. Forbearance measures lead to changes in staging for impairment purposes, and impairments relating to \u00a0
forborne exposures are handled according to the principles described in note G15. \u00a0
Exposures subject to forbearance measures \u00a0
31 December \u00a0
31 December \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Stage 1 \u00a0
159 \u00a0
256 \u00a0
Stage 2 \u00a0
5,650 \u00a0
7,629 \u00a0
Stage 3 \u00a0
7,091 \u00a0
6,966 \u00a0
Total \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 \u00a0
(EAD) and the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal \u00a0
models in order to ensure alignment of models across the Group. New models and calculations have been developed especially for \u00a0
IFRS 9 purposes, including models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairments are \u00a0
allocated to individual exposures. For 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 2024 \u00a0
3,592 \u00a0
7,486 \u00a0
9,062 \u00a0
20,140 \u00a0
Transferred to stage 1 \u00a0
1,197 \u00a0
-1,063 \u00a0
-134 \u00a0
-
Transferred to stage 2 \u00a0
-317 \u00a0
629 \u00a0
-312 \u00a0
-
Transferred to stage 3 \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
Transferred to stage 1 \u00a0
1,570 \u00a0
-1,238 \u00a0
-332 \u00a0
-
Transferred to stage 2 \u00a0
-208 \u00a0
522 \u00a0
-313 \u00a0
-
Transferred to stage 3 \u00a0
-62 \u00a0
-909 \u00a0
971 \u00a0
-
ECL on new assets \u00a0
605 \u00a0
1,560 \u00a0
965 \u00a0
3,129 \u00a0
ECL on assets derecognised \u00a0
-485 \u00a0
-1,042 \u00a0
-966 \u00a0
-2,493 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,818 \u00a0
896 \u00a0
870 \u00a0
-52 \u00a0
Write-offs debited to the allowance account \u00a0
-
-
-864 \u00a0
-864 \u00a0
Foreign exchange adjustments \u00a0
17 \u00a0
92 \u00a0
35 \u00a0
145 \u00a0
Other changes \u00a0
13 \u00a0
-15 \u00a0
-78 \u00a0
-80 \u00a0
ECL allowance account as at 31 December 2025 \u00a0
The stage 3 allowance account includes DKK 1.5 billion (2024: DKK 1.9 billion) relating to originated credit impaired financial assets. \u00a0
Originated credit impaired financial assets are granted as part of restructuring non-performing loan exposures, and are otherwise \u00a0
outside the Group\u2019s 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
Corporates\u00a0& \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 2024 \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 \u00a0
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
ECL on new assets \u00a0
472 \u00a0
1,643 \u00a0
943 \u00a0
61 \u00a0
9
3,129 \u00a0
ECL on assets derecognised \u00a0
-663 \u00a0
-1,740 \u00a0
-43 \u00a0
-46 \u00a0
-1 \u00a0
-2,493 \u00a0
Impact on remeasurement of ECL (incl. change in \u00a0
models) \u00a0
243 \u00a0
-887 \u00a0
599 \u00a0
4
-10 \u00a0
-52 \u00a0
Write-offs debited to allowance account \u00a0
-182 \u00a0
-186 \u00a0
-467 \u00a0
-28 \u00a0
-
-864 \u00a0
Foreign currency translation \u00a0
25 \u00a0
154 \u00a0
1
-35 \u00a0
-
145 \u00a0
Other changes \u00a0
-81 \u00a0
31 \u00a0
-31 \u00a0
-
-
-80 \u00a0
ECL allowance account as at 31 December 2025 \u00a0
742 \u00a0
20 \u00a0
The method used for calculating expected credit losses is described in note G15. \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 2024 \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
Transferred to stage 1 \u00a0
39,957 \u00a0
-38,047 \u00a0
-1,910 \u00a0
-
Transferred to stage 2 \u00a0
-53,274 \u00a0
54,862 \u00a0
-1,588 \u00a0
-
Transferred to stage 3 \u00a0
-3,825 \u00a0
-4,862 \u00a0
8,686 \u00a0
-
New assets \u00a0
814,509 \u00a0
41,816 \u00a0
6,285 \u00a0
862,611 \u00a0
Assets derecognised \u00a0
-604,727 \u00a0
-41,239 \u00a0
-11,257 \u00a0
-657,223 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-
-
-17 \u00a0
-17 \u00a0
Other changes \u00a0
-57,506 \u00a0
-6,696 \u00a0
-2,002 \u00a0
-66,203 \u00a0
As at 31 December 2025 \u00a0
In the table above, \u2018Changes due to modifications that did not result in derecognition\u2019 includes partial forgiveness of debt assessed to \u00a0
be uncollectible. The modification loss is recognised within the income statement as part of Loan impairment charges. The \u00a0
contractual amount of loans written off in 2025 and for which the Group retains the right to enforce its claims amounted to DKK 754 \u00a0
million (2024: DKK 826 million). \u00a0
Allowance account broken down by balance sheet item \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Due from credit institutions and central banks \u00a0
25 \u00a0
15 \u00a0
Loans at amortised cost \u00a0
13,867 \u00a0
13,672 \u00a0
Loan commitments and guarantees \u00a0
2,843 \u00a0
3,245 \u00a0
ECL Impairment, Total \u00a0
16,734 \u00a0
16,932 \u00a0
Fair value credit risk adjustment on loans at fair value \u00a0
2,952 \u00a0
2,968 \u00a0
Total \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 two downside scenarios), including an assessment of the probability for each \u00a0
scenario, and post-model adjustments. The purpose of using multiple scenarios is to model the non-linear impact of assumptions \u00a0
about macroeconomic factors on the expected credit losses. Post-model adjustments are used to capture specific risks which are not \u00a0
fully covered by the macroeconomic scenarios, as well as the process related risk, which could lead to an underestimation of the \u00a0
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 \u00a0
forecast period, the macroeconomic scenarios revert slowly towards a steady state. \u00a0
The scenarios applied in the expected credit loss calculation in the fourth quarter of 2025 have been updated with the latest \u00a0
macroeconomic data. For the Nordic markets overall, compared to the end of 2024, the base case and upside scenarios have been \u00a0
revised to reflect ongoing expectations of normalised inflation levels and improved house prices, though with a slightly more subdued \u00a0
outlook for some of the Nordic countries. \u00a0
The base case is an extension of the Group\u2019s official view of the Nordic economies, as outlined in the Nordic Outlook report. At 31 \u00a0
December 2025, the base case scenario expects the Nordic economic recovery to continue, albeit at different rates across the region. \u00a0
Most interest rate reductions are anticipated to have been completed and inflation has returned to normal levels. The Nordic property \u00a0
markets remain generally robust, with house prices stable or increasing. \u00a0
The upside scenario presents a slightly more positive outlook than the base case, with global economic conditions improving, \u00a0
increased demand, and marginally higher GDP growth. This scenario also sees further support for housing markets, accompanied by a \u00a0
modest rise in interest rates. \u00a0
A second downside scenario was introduced in the second quarter of 2025 to address the ongoing uncertainty. This scenario, which is \u00a0
called the downside scenario, envisions escalating trade tensions leading to an economic slowdown with a weaker foreign demand \u00a0
and declining equity markets. \u00a0
The severe downside scenario reflect a severe global recession. A global trade war and supply chain issues trigger a deep economic \u00a0
downturn similar to the financial crisis, characterised by declining demand, negative growth rates, and higher, more persistent \u00a0
unemployment in the economies where the Group is represented. Rising import costs lead to price increases and inflation, prompting \u00a0
interest rates to be hiked in response, as current interest levels have decreased. Property prices decline for an extended period due to \u00a0
increased interests and market uncertainty. The scenario is applied in the Group\u2019s ICAAP processes, which is similar in nature to \u00a0
regulatory stress tests, capturing the risk of a recession. \u00a0
The scenario weightings have been updated to incorporate the new downside scenario and reflect a more balanced risk picture. The \u00a0
weight on the base case scenario is 50% (31 December 2024: 60%), the upside scenario is weighted 25% (31 December 2024: 20%), \u00a0
the new downside scenario is weighted 5% (31December 2024: 0%) and the severe downside scenario is weighted 20% (31 December \u00a0
2024: 20%) \u00a0
The main macroeconomic parameters in the base case, upside, downside and severe downside scenario entering into the ECL \u00a0
calculation for the forecast horizon across the Group\u2019s Nordic markets are included in the following tables. \u00a0
Macroeconomic scenarios \u00a0
31 December 2025 \u00a0
Base-case \u00a0
Upside \u00a0
Downside \u00a0
Severe downside \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
Denmark \u00a0
GDP \u00a0
2.6 \u00a0
2.7 \u00a0
2.1 \u00a0
2.6 \u00a0
2.9 \u00a0
2.6 \u00a0
2.5 \u00a0
1.5 \u00a0
1.1 \u00a0
-3.4 \u00a0
-2.0 \u00a0
-
Unemployment \u00a0
2.9 \u00a0
3.0 \u00a0
3.0 \u00a0
2.9 \u00a0
3.0 \u00a0
2.8 \u00a0
2.9 \u00a0
3.3 \u00a0
3.6 \u00a0
6.4 \u00a0
7.4 \u00a0
7.8 \u00a0
Inflation \u00a0
1.9 \u00a0
1.1 \u00a0
1.8 \u00a0
1.9 \u00a0
1.7 \u00a0
2.5 \u00a0
2.0 \u00a0
1.1 \u00a0
2.0 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
5.9 \u00a0
6.3 \u00a0
3.7 \u00a0
5.9 \u00a0
7.3 \u00a0
5.7 \u00a0
5.9 \u00a0
1.3 \u00a0
3.7 \u00a0
-19.7 \u00a0
-11.0 \u00a0
-6.0 \u00a0
Interest rate - 3 month \u00a0
2.1 \u00a0
2.1 \u00a0
2.1 \u00a0
2.1 \u00a0
2.2 \u00a0
2.5 \u00a0
2.1 \u00a0
1.8 \u00a0
1.7 \u00a0
3.9 \u00a0
4.7 \u00a0
3.4 \u00a0
Sweden \u00a0
GDP \u00a0
1.9 \u00a0
2.6 \u00a0
2.4 \u00a0
1.9 \u00a0
2.7 \u00a0
2.9 \u00a0
1.8 \u00a0
1.3 \u00a0
1.3 \u00a0
-3.5 \u00a0
-3.4 \u00a0
-1.0 \u00a0
Unemployment \u00a0
8.7 \u00a0
8.3 \u00a0
7.5 \u00a0
8.7 \u00a0
8.3 \u00a0
7.4 \u00a0
8.7 \u00a0
8.5 \u00a0
8.0 \u00a0
10.2 \u00a0
11.1 \u00a0
11.5 \u00a0
Inflation \u00a0
2.8 \u00a0
1.6 \u00a0
2.0 \u00a0
2.8 \u00a0
1.9 \u00a0
2.2 \u00a0
2.9 \u00a0
1.7 \u00a0
2.4 \u00a0
4.9 \u00a0
3.9 \u00a0
2.9 \u00a0
Property prices - Residential \u00a0
1.2 \u00a0
5.3 \u00a0
4.2 \u00a0
1.2 \u00a0
6.3 \u00a0
5.2 \u00a0
1.2 \u00a0
0.3 \u00a0
4.2 \u00a0
-22.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
2.0 \u00a0
2.2 \u00a0
2.5 \u00a0
2.0 \u00a0
2.3 \u00a0
2.9 \u00a0
2.0 \u00a0
1.9 \u00a0
2.0 \u00a0
4.8 \u00a0
5.6 \u00a0
4.3 \u00a0
Norway \u00a0
GDP \u00a0
1.7 \u00a0
1.6 \u00a0
1.6 \u00a0
1.8 \u00a0
1.7 \u00a0
1.9 \u00a0
1.7 \u00a0
1.2 \u00a0
1.2 \u00a0
-2.7 \u00a0
-1.1 \u00a0
0.6 \u00a0
Unemployment \u00a0
2.2 \u00a0
2.3 \u00a0
2.3 \u00a0
2.2 \u00a0
2.3 \u00a0
2.2 \u00a0
2.2 \u00a0
2.4 \u00a0
2.4 \u00a0
5.5 \u00a0
6.4 \u00a0
6.5 \u00a0
Inflation \u00a0
3.1 \u00a0
2.2 \u00a0
2.4 \u00a0
3.1 \u00a0
2.6 \u00a0
2.8 \u00a0
3.1 \u00a0
2.2 \u00a0
2.7 \u00a0
4.5 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
7.0 \u00a0
6.0 \u00a0
6.0 \u00a0
8.0 \u00a0
7.0 \u00a0
6.0 \u00a0
3.0 \u00a0
6.0 \u00a0
-19.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
4.2 \u00a0
3.3 \u00a0
3.3 \u00a0
4.2 \u00a0
3.4 \u00a0
3.7 \u00a0
4.2 \u00a0
3.3 \u00a0
3.4 \u00a0
4.7 \u00a0
5.2 \u00a0
4.3 \u00a0
Finland \u00a0
GDP \u00a0
0.3 \u00a0
1.5 \u00a0
1.8 \u00a0
0.3 \u00a0
1.7 \u00a0
2.2 \u00a0
0.2 \u00a0
0.2 \u00a0
0.7 \u00a0
-2.4 \u00a0
-2.0 \u00a0
-0.3 \u00a0
Unemployment \u00a0
9.5 \u00a0
9.3 \u00a0
8.7 \u00a0
9.5 \u00a0
9.2 \u00a0
8.5 \u00a0
9.5 \u00a0
9.5 \u00a0
9.1 \u00a0
10.9 \u00a0
11.9 \u00a0
11.9 \u00a0
Inflation \u00a0
0.5 \u00a0
1.4 \u00a0
1.8 \u00a0
0.5 \u00a0
1.9 \u00a0
2.4 \u00a0
0.5 \u00a0
1.4 \u00a0
2.2 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
-1.5 \u00a0
0.8 \u00a0
2.5 \u00a0
-1.5 \u00a0
1.8 \u00a0
4.5 \u00a0
-1.5 \u00a0
-3.2 \u00a0
2.5 \u00a0
-14.2 \u00a0
-7.0 \u00a0
-5.0 \u00a0
Interest rate - 3 month \u00a0
31 December 2024* \u00a0
Base-case \u00a0
Upside \u00a0
Downside \u00a0
Severe downside \u00a0
2025 \u00a0
2026 \u00a0
2027 \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
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
2.7 \u00a0
2.2 \u00a0
1.2 \u00a0
-2.0 \u00a0
-
-
Unemployment \u00a0
3.1 \u00a0
3.1 \u00a0
3.2 \u00a0
3.1 \u00a0
3.0 \u00a0
3.1 \u00a0
3.1 \u00a0
3.1 \u00a0
3.3 \u00a0
7.4 \u00a0
7.8 \u00a0
7.8 \u00a0
Inflation \u00a0
1.8 \u00a0
1.7 \u00a0
1.8 \u00a0
1.3 \u00a0
1.6 \u00a0
1.7 \u00a0
2.0 \u00a0
2.0 \u00a0
1.7 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
4.0 \u00a0
2.5 \u00a0
7.0 \u00a0
6.0 \u00a0
2.5 \u00a0
6.0 \u00a0
4.0 \u00a0
-1.5 \u00a0
-11.0 \u00a0
-6.0 \u00a0
-6.0 \u00a0
Interest rate - 3 month \u00a0
1.5 \u00a0
1.5 \u00a0
1.5 \u00a0
1.2 \u00a0
1.2 \u00a0
1.2 \u00a0
1.7 \u00a0
1.5 \u00a0
1.2 \u00a0
5.0 \u00a0
3.0 \u00a0
3.0 \u00a0
Sweden \u00a0
GDP \u00a0
2.5 \u00a0
2.2 \u00a0
1.8 \u00a0
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
2.7 \u00a0
2.1 \u00a0
0.8 \u00a0
-3.4 \u00a0
-1.0 \u00a0
-1.0 \u00a0
Unemployment \u00a0
8.2 \u00a0
7.7 \u00a0
7.4 \u00a0
8.2 \u00a0
7.6 \u00a0
7.3 \u00a0
8.2 \u00a0
7.7 \u00a0
7.6 \u00a0
10.7 \u00a0
11.1 \u00a0
11.1 \u00a0
Inflation \u00a0
1.7 \u00a0
1.2 \u00a0
1.5 \u00a0
1.2 \u00a0
1.0 \u00a0
1.4 \u00a0
1.9 \u00a0
1.5 \u00a0
1.5 \u00a0
3.9 \u00a0
2.9 \u00a0
2.9 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
5.0 \u00a0
3.0 \u00a0
7.0 \u00a0
7.0 \u00a0
3.0 \u00a0
6.0 \u00a0
5.0 \u00a0
-1.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
2.1 \u00a0
1.9 \u00a0
1.6 \u00a0
5.7 \u00a0
3.7 \u00a0
3.7 \u00a0
Norway \u00a0
GDP \u00a0
1.9 \u00a0
1.7 \u00a0
1.8 \u00a0
2.1 \u00a0
1.9 \u00a0
1.8 \u00a0
2.0 \u00a0
1.6 \u00a0
1.2 \u00a0
-1.1 \u00a0
0.6 \u00a0
0.6 \u00a0
Unemployment \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
2.3 \u00a0
2.3 \u00a0
2.4 \u00a0
2.4 \u00a0
2.5 \u00a0
6.4 \u00a0
6.5 \u00a0
6.5 \u00a0
Inflation \u00a0
2.2 \u00a0
2.0 \u00a0
2.0 \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
2.3 \u00a0
2.2 \u00a0
1.9 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
5.0 \u00a0
4.0 \u00a0
7.0 \u00a0
7.0 \u00a0
4.0 \u00a0
7.0 \u00a0
5.0 \u00a0
-
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.8 \u00a0
2.8 \u00a0
3.5 \u00a0
2.6 \u00a0
2.6 \u00a0
4.0 \u00a0
2.8 \u00a0
2.6 \u00a0
6.3 \u00a0
4.3 \u00a0
4.3 \u00a0
Finland \u00a0
GDP \u00a0
1.8 \u00a0
1.6 \u00a0
1.5 \u00a0
2.0 \u00a0
2.0 \u00a0
1.5 \u00a0
2.0 \u00a0
1.4 \u00a0
0.6 \u00a0
-2.0 \u00a0
-0.3 \u00a0
-0.3 \u00a0
Unemployment \u00a0
8.1 \u00a0
7.3 \u00a0
6.5 \u00a0
8.1 \u00a0
7.2 \u00a0
6.4 \u00a0
8.1 \u00a0
7.3 \u00a0
6.7 \u00a0
11.9 \u00a0
11.9 \u00a0
11.9 \u00a0
Inflation \u00a0
1.2 \u00a0
1.8 \u00a0
2.0 \u00a0
0.8 \u00a0
1.6 \u00a0
1.9 \u00a0
1.3 \u00a0
1.9 \u00a0
1.9 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
4.0 \u00a0
3.0 \u00a0
2.5 \u00a0
6.0 \u00a0
5.0 \u00a0
2.5 \u00a0
5.0 \u00a0
3.0 \u00a0
-1.5 \u00a0
-7.0 \u00a0
-5.0 \u00a0
-5.0 \u00a0
Interest rate - 3 month \u00a0
* The new downside macroeconomic scenario is included in the parameters above as at 31 December 2024. Its weighting was 0% as at 31 December 2024. \u00a0
With the applied macroeconomic scenarios, the allowance account as at 31 December 2025 amounted to DKK 19.7 billion (31 \u00a0
December 2024: DKK 19.9 billion). If the base case scenario was assigned a probability of 100%, the allowance account would \u00a0
decrease by DKK 2.5 billion (31 December 2024: DKK 2.5 billion). If the upside scenario was assigned a probability of 100%, the \u00a0
allowance account would decrease by DKK 0.1 billion (31 December 2024: decrease DKK 0.2 billion) compared to the base case \u00a0
scenario. If the downside scenario was assigned a probability of 100%, the allowance account would increase by DKK 0.5 billion (31 \u00a0
December 2024: DKK 0.5 billion) compared to the base case scenario. If the severe downside scenario was assigned a probability of \u00a0
100%, the allowance account would increase by DKK 12.4 billion (31 December 2024: DKK 12.9 billion) compared to the base case \u00a0
scenario. The increase reflects primarily the transfer of exposures from stage 1 to stage 2 and increased expected credit losses within \u00a0
stage 2. It should be noted that the expected credit losses in the individual scenarios (i.e. without the weighting) do not represent \u00a0
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 2025, the post-model \u00a0
adjustments amounted to DKK 5.4 billion (31 December 2024: DKK 5.9 billion). The post-model adjustments primarily relate to the \u00a0
following types of risks: \u00a0
\u2022
specific macroeconomic risks on certain industries not fully captured by the expected credit loss model, for instance the \u00a0
agriculture industry. For such industries, supplementary calculations are made to ensure sufficient impairment coverage. This \u00a0
also includes post-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 \u00a0
macroeconomic 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 \u00a0
information about the adjustments. \u00a0
Post-model adjustments by industries \u00a0
(DKK billions) \u00a0
31 December 2025
31 December 2024 \u00a0
Agriculture \u00a0
0.8 \u00a0
0.9 \u00a0
Commercial and residential real estate \u00a0
1.0 \u00a0
1.6 \u00a0
Construction and building materials \u00a0
0.6 \u00a0
1.0 \u00a0
Personal customers (including other retail exposures) \u00a0
1.0 \u00a0
1.0 \u00a0
Others* \u00a0
2.0 \u00a0
1.4 \u00a0
Total \u00a0
* No individual industry included in Others exceeds DKK 0.3 billion at 31 December 2025 (2024: DKK 0.3 billion). \u00a0
The total balance of post-model adjustments has decreased compared to the end of 2024. The post-model adjustments related to \u00a0
Commercial and residential real estate have decreased due to improved market conditions with lower interest rates, while the post- \u00a0
model adjustments related to construction have decreased following some individualisation of risks. Conversely, the post-model \u00a0
adjustments related to geopolitical tensions have been increased to reflect the heightened geopolitical and tariff risks. \u00a0
The Group continues to have significant post-model adjustments related to the current macroeconomic uncertainties characterised \u00a0
by the risk of trade wars, a slowing or declining growth environment, higher interest rates and elevated prices giving rise to a new set \u00a0
of challenges that affect economic and business activity. The post-model adjustments cut across industries that are sensitive to \u00a0
tariffs, price volatility on energy and commodities, and industries vulnerable to business cycles, higher interest rates and refinancing \u00a0
risks, which have been assessed for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group\u2019s 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
2025 \u00a0
2024 \u00a0
Counterparty credit risk \u00a0
Derivatives with positive fair value \u00a0
193.9 \u00a0
261.0 \u00a0
Reverse transactions and other loans at fair value \u00a0
351.5 \u00a0
382.6 \u00a0
Credit exposure from other trading and investment securities \u00a0
Bonds \u00a0
483.9 \u00a0
446.6 \u00a0
Shares \u00a0
63.9 \u00a0
93.3 \u00a0
Total \u00a0
Reverse transactions and other loans at fair value included as counterparty credit risk are loans at the trading units of Large \u00a0
Corporates & Institutions. These loans consist of reverse transactions of DKK 349.1 billion (31 December 2024: DKK 381.6 billion), of \u00a0
which DKK 28.3 billion relates to credit institutions and central banks (31 December 2024: DKK 62.0 billion), and other primarily short- \u00a0
term loans of DKK 2.4 billion (31 December 2024: DKK 1.0 billion), of which DKK 2.4 billion (31 December 2024: DKK 1.0 billion) relates \u00a0
to credit institutions and central banks. \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 \u00a0
flows. It is a combination of credit risk (a deterioration in the creditworthiness of a counterparty) and market risk (the potential value of \u00a0
derivatives contracts). \u00a0
Derivatives are subject to credit risk. Positive and negative fair values of derivatives with the same counterparty are offset in the \u00a0
balance sheet 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 \u00a0
transactions (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 \u00a0
and collateral agreements. Those agreements include rights to additional set-off in the event of default by a counterparty, they reduce \u00a0
the exposure further, but they do not qualify for offsetting under IFRS Accounting Standards. The net current exposure to derivatives \u00a0
with positive market value after offsetting under master netting agreements amounted to DKK 78.6 billion (2024: DKK 102.8 billion) \u00a0
(note G31 provides more information). The exposure is broken down by rating category in the following table. \u00a0
Net current exposure broken down by category \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
1
16,738 \u00a0
13,661 \u00a0
2
5,959 \u00a0
14,101 \u00a0
3
43,117 \u00a0
58,728 \u00a0
4
8,629 \u00a0
11,654 \u00a0
5
2,722 \u00a0
2,986 \u00a0
6
869 \u00a0
1,128 \u00a0
7
356 \u00a0
266 \u00a0
8
39 \u00a0
83 \u00a0
9
3
3
10 \u00a0
116 \u00a0
144 \u00a0
11 \u00a0
41 \u00a0
7
Total \u00a0
The Group uses a range of measures to capture counterparty credit risk, including current exposure, potential future exposure (PFE) \u00a0
and exposure at default (EAD). Current exposure is a simple measure of counterparty credit risk exposure that takes into account only \u00a0
current 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% \u00a0
percentile for a set of future time horizons. PFE lines are approved by the relevant credit unit and all transactions are assumed to be \u00a0
held to contractual maturity. The Group carries out daily counterparty credit risk measurement and monitoring as well as intraday line \u00a0
utilisation monitoring. \u00a0
The Danish FSA approved the Group\u2019s simulation model for calculating the regulatory capital requirement for counterparty credit risk \u00a0
in 2015. More advanced measures such as EAD, which is a regulatory measure, express potential future losses and are based on \u00a0
internal models for future scenarios of market data. EAD figures are provided in the Additional Pillar 3 Disclosures (accessible at \u00a0
danskebank.com/investor-relations). \u00a0
An overview of counterparty credit risk exposures (at counterparty and portfolio levels) is reported to the Executive Leadership Team \u00a0
and other senior management on a monthly basis. The Group uses a simulation-based model to calculate counterparty credit risk \u00a0
exposure for the 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 \u00a0
recognised in the financial statements. Note G32 provides more information. \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 2025 \u00a0
Held-for-trading (FVPL) \u00a0
119,596 \u00a0
2,958 \u00a0
26,882 \u00a0
24,219 \u00a0
7,147 \u00a0
6,666 \u00a0
187,467 \u00a0
Managed at fair value (FVPL) \u00a0
9,135 \u00a0
420 \u00a0
16,786 \u00a0
1,683 \u00a0
145 \u00a0
1,998 \u00a0
30,168 \u00a0
Held to collect and sell \u00a0
(FVOCI) \u00a0
23,425 \u00a0
9,788 \u00a0
60,801 \u00a0
1,873 \u00a0
23,849 \u00a0
-
119,736 \u00a0
Held to collect (AMC) \u00a0
42,638 \u00a0
8,761 \u00a0
90,736 \u00a0
3,429 \u00a0
917 \u00a0
-
146,482 \u00a0
Total \u00a0
194,794 \u00a0
21,928 \u00a0
195,205 \u00a0
31,204 \u00a0
32,059 \u00a0
8,664 \u00a0
483,854 \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 \u00a0
(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
At 31 December 2025, the Group had an additional bond portfolio, including bond-based unit trust certificates, worth DKK 193,606 \u00a0
million (31 December 2024: DKK 211,477 million) recognised as insurance assets and thus not included in the table above. The \u00a0
section on Life insurance risk provides more information. For bonds classified as held to collect, amortised cost exceeded fair value as \u00a0
at 31 December 2025 and 31 December 2024. Note G32 provides more information. \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 2025 \u00a0
Denmark \u00a0
26,637 \u00a0
-
195,205 \u00a0
-
-
3,304 \u00a0
225,146 \u00a0
Sweden \u00a0
43,980 \u00a0
-
-
31,204 \u00a0
-
2,543 \u00a0
77,727 \u00a0
UK \u00a0
22,474 \u00a0
434 \u00a0
-
-
6,806 \u00a0
2
29,716 \u00a0
Norway \u00a0
6,751 \u00a0
-
-
-
22,186 \u00a0
830 \u00a0
29,766 \u00a0
USA \u00a0
19,619 \u00a0
5,228 \u00a0
-
-
22 \u00a0
-
24,869 \u00a0
Spain \u00a0
488 \u00a0
-
-
-
1
-
489 \u00a0
France \u00a0
13,123 \u00a0
24 \u00a0
-
-
399 \u00a0
64 \u00a0
13,610 \u00a0
Luxembourg \u00a0
-
7,661 \u00a0
-
-
135 \u00a0
-
7,795 \u00a0
Finland \u00a0
8,564 \u00a0
3,193 \u00a0
-
-
2,007 \u00a0
985 \u00a0
14,749 \u00a0
Ireland \u00a0
722 \u00a0
-
-
-
10 \u00a0
-
732 \u00a0
Italy \u00a0
2,289 \u00a0
-
-
-
6
-
2,295 \u00a0
Portugal \u00a0
2
-
-
-
-
-
2
Austria \u00a0
2,340 \u00a0
-
-
-
104 \u00a0
106 \u00a0
2,550 \u00a0
Netherlands \u00a0
2,684 \u00a0
13 \u00a0
-
-
14 \u00a0
433 \u00a0
3,143 \u00a0
Germany \u00a0
45,043 \u00a0
149 \u00a0
-
-
466 \u00a0
130 \u00a0
45,788 \u00a0
Belgium \u00a0
79 \u00a0
4,527 \u00a0
-
-
3
-
4,609 \u00a0
Other \u00a0
701 \u00a0
-
-
-
76 \u00a0
91 \u00a0
868 \u00a0
Total \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
Bond portfolio broken down by external ratings \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern-
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 2025 \u00a0
AAA \u00a0
119,321 \u00a0
17,635 \u00a0
195,165 \u00a0
31,177 \u00a0
30,954 \u00a0
2,030 \u00a0
396,282 \u00a0
AA+ \u00a0
19,840 \u00a0
4,288 \u00a0
-
-
31 \u00a0
1
24,160 \u00a0
AA \u00a0
30,476 \u00a0
-
27 \u00a0
-
720 \u00a0
1,148 \u00a0
32,371 \u00a0
AA- \u00a0
10,195 \u00a0
40 \u00a0
-
-
188 \u00a0
-
10,423 \u00a0
A+ \u00a0
11,998 \u00a0
5
-
-
587 \u00a0
-
12,590 \u00a0
A
-
-
-
-
1,055 \u00a0
-
1,055 \u00a0
A- \u00a0
147 \u00a0
-
-
-
320 \u00a0
-
468 \u00a0
BBB+ \u00a0
-
-
-
-
841 \u00a0
-
841 \u00a0
BBB \u00a0
2,289 \u00a0
-
-
-
354 \u00a0
1,399 \u00a0
4,042 \u00a0
BBB- \u00a0
528 \u00a0
-
-
-
596 \u00a0
-
1,124 \u00a0
BB+ \u00a0
-
-
-
-
150 \u00a0
-
150 \u00a0
BB \u00a0
-
-
-
-
178 \u00a0
-
178 \u00a0
BB- \u00a0
-
-
-
-
28 \u00a0
-
28 \u00a0
Sub. \"investment-grade\" or unrated \u00a0
-
-
-
-
142 \u00a0
-
142 \u00a0
Total \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern-
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1458": { "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 \u00a0
defined as investment contracts. Assets include intra-group balances, which are eliminated. Consequently, the value of the line item \u00a0
Deposits under 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 \u00a0
investment contracts. Deposits made by customers are recognised under Deposits under pooled schemes and investment \u00a0
contracts. These 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 \u00a0
pooled schemes and investment contracts includes these own shares that meet this criterion. \u00a0
Pooled schemes \u00a0
Investment contracts \u00a0
Total \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
(a) Assets \u00a0
Bonds \u00a0
5,178 \u00a0
13,204 \u00a0
5,871 \u00a0
5,834 \u00a0
11,049 \u00a0
19,038 \u00a0
Shares \u00a0
9,765 \u00a0
10,910 \u00a0
15,617 \u00a0
14,441 \u00a0
25,382 \u00a0
25,351 \u00a0
Unit trust certificates \u00a0
33,330 \u00a0
25,639 \u00a0
2,327 \u00a0
2,520 \u00a0
35,657 \u00a0
28,159 \u00a0
Other \u00a0
194 \u00a0
55 \u00a0
4,758 \u00a0
4,005 \u00a0
4,952 \u00a0
4,060 \u00a0
Total \u00a0
48,467 \u00a0
49,808 \u00a0
28,573 \u00a0
26,800 \u00a0
77,040 \u00a0
76,608 \u00a0
including \u00a0
other intra-group balances \u00a0
230 \u00a0
434 \u00a0
-
-
230 \u00a0
434 \u00a0
Total assets recognised in balance sheet \u00a0
48,237 \u00a0
49,373 \u00a0
28,573 \u00a0
26,800 \u00a0
76,810 \u00a0
76,172 \u00a0
(b) Deposits \u00a0
Assets under pooled schemes at 31 December 2025 include DKK 396 million of own shares that are not eliminated (2024: DKK 258 \u00a0
million). Assets under investment contracts include DKK 63 million of own shares that are not eliminated (2024: DKK 65 million). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1474": { "value": "
(a) Insurance assets \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Due from credit institutions \u00a0
17,698 \u00a0
13,872 \u00a0
Investment securities \u00a0
515,881 \u00a0
509,309 \u00a0
Holdings in associates \u00a0
11,706 \u00a0
11,873 \u00a0
Investment property \u00a0
25,479 \u00a0
23,757 \u00a0
Reinsurance contract assets \u00a0
206 \u00a0
204 \u00a0
Other assets \u00a0
6,363 \u00a0
8,258 \u00a0
Total \u00a0
577,333 \u00a0
567,273 \u00a0
including \u00a0
own bonds \u00a0
4,730 \u00a0
5,437 \u00a0
other intra-group balances \u00a0
17,099 \u00a0
12,924 \u00a0
Total assets under insurance contracts \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1519": { "value": "
G19. Intangible assets \u00a0
Intangible assets consist of goodwill, acquired and internally developed software and licences. \u00a0
Accounting policy \u00a0
Goodwill \u00a0
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost of the undertaking and \u00a0
the fair value of its net assets, including contingent liabilities, at the time of acquisition. Goodwill is allocated to cash-generating \u00a0
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 \u00a0
indications of impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying \u00a0
amount of the net assets of the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value \u00a0
in use, which equals the present value of the future cash flows expected from the unit. \u00a0
Goodwill on associates is recognised under Holdings in associates. \u00a0
Software and licences \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software \u00a0
(both acquired and internally developed) is amortised over its expected useful life, usually three to five years, using the straight- \u00a0
line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show \u00a0
that future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a \u00a0
software application ready for use. Once a software application has been developed, the cost is amortised over its expected \u00a0
useful life. The cost of development consists primarily of direct remuneration and other directly attributable development costs. \u00a0
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
Licences are measured at cost and amortised over the expected useful life, usually three to five years, using the straight-line \u00a0
method. \u00a0
(a) Intangible assets \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Goodwill \u00a0
4,465 \u00a0
4,438 \u00a0
Software and licences \u00a0
3,407 \u00a0
2,299 \u00a0
Total \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 \u00a0
goodwill has been allocated. Further, if goodwill in a cash-generating unit is fully impaired, a further impairment loss is recognised as \u00a0
an impairment loss on intangible or tangible assets, if any. \u00a0
1 January \u00a0
Foreign
31\u00a0December \u00a0
Foreign
31\u00a0December \u00a0
2024 \u00a0
currency \u00a0
2024 \u00a0
currency \u00a0
2025 \u00a0
(DKK millions) \u00a0
Goodwill \u00a0
translation \u00a0
Goodwill \u00a0
Addition \u00a0
translation \u00a0
Goodwill \u00a0
LC&I, General Banking \u00a0
508 \u00a0
508 \u00a0
-
1
-
509 \u00a0
LC&I, Markets and Investment Banking \u00a0
2,099 \u00a0
2
2,101 \u00a0
2
-
2,103 \u00a0
LC&I, Asset Management \u00a0
1,811 \u00a0
2
1,813 \u00a0
21 \u00a0
3
1,836 \u00a0
Others \u00a0
19 \u00a0
-3 \u00a0
16 \u00a0
-
16 \u00a0
-
Total \u00a0
1
21 \u00a0
6
On 1 January 2025, Danske Bank acquired the right to the management of the billion kroner funds Dansk V\u00e6kstkapital I, Dansk \u00a0
V\u00e6kstkapital II and Dansk V\u00e6kstkapital III, as well as potential future Dansk V\u00e6kstkapital funds from the state-owned Export and \u00a0
Investment Fund of Denmark (EIFO) for a purchase consideration of DKK 21 million. This acquisition led to an increase in goodwill in \u00a0
Asset Management of DKK 21 million. The Group did not make any acquisitions of undertakings in 2024. No goodwill impairment \u00a0
charge was recognised in 2025 (2024: DKK 0 billion). \u00a0
Model applied in the goodwill impairment tests for 2025 and 2024 \u00a0
The impairment test compares the recoverable amount and the carrying amount for each cash-generating unit. The recoverable \u00a0
amount is represented by the present value of expected future cash flows (value in use). The special debt structure of financial \u00a0
institutions requires the use of a discounted dividend (equity) model to calculate the present value of expected future cash flows, as \u00a0
the interest on lending and 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 \u00a0
cash-generating unit\u2019s allocated capital is derived using the Group\u2019s capital allocation framework. The capital framework is based on a \u00a0
regulatory approach to identify the individual business unit\u2019s capital consumption and is in accordance with the Group\u2019s capital \u00a0
targets. In the 2025 test, allocated capital is allocated as 14% of the cash-generating unit`s risk exposure amount (2024: 14%). \u00a0
For each cash generating unit, the expected future cash flow is based on approved strategies and earnings estimates for the budget \u00a0
period representing the first five years. For the terminal period, the steady state normalised level of earnings (expected dividend) is \u00a0
expected to grow at a constant growth rate equal to expected real GDP growth. Cash flow estimates are post-tax, and the risks of the \u00a0
individual cash-generating units are reflected in the estimated earnings. Accordingly, the risk-adjusted cash flows carry a similar risk \u00a0
profile. The estimated cash flows are discounted at the Group\u2019s risk-adjusted required rates of return post-tax. \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 \u00a0
of Danske Bank\u2019s banking activities. In the beginning of 2011, General Banking was separated from banking activities into an \u00a0
independent unit, resulting in reallocation of goodwill to the unit. As a result of organisational changes in 2012, General Banking \u00a0
became part of Corporates & Institutions as a separate cash generating unit. At the organisational changes in 2021, Corporates & \u00a0
Institutions was renamed to Large 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 \u00a0
organisational changes in 2012, Danske Markets became part of Corporates & Institutions as a separate cash generating unit. In 2015, \u00a0
the unit was renamed to FI&C and Capital Markets. At the organisation changes in 2021, Corporates & Institutions was renamed to \u00a0
Large Corporates & Institutions 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 \u00a0
to the acquisition of Sampo Bank, goodwill recognised by Danske Capital is attributable to a number of smaller acquisitions. As a result \u00a0
of organisational changes in 2016, Danske Capital became part of Wealth Management as a separate cash generating unit. At the \u00a0
organisational changes in 2021, the Wealth Management segment was dissolved and the asset management activities were \u00a0
transferred to Large Corporates & 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 2025 unchanged 9% after tax \u00a0
compared to the test in 2024. The discount rate has been determined on the basis of the Capital Asset Pricing Model and comprises a \u00a0
risk-free interest rate, the market risk premium and a factor covering the systematic market risk (beta factor). The values for the risk- \u00a0
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 \u00a0
are 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 \u00a0
estimates are determined on the basis of Danske Research\u2019s forecasts of real GDP growth for the relevant markets. For Asset \u00a0
Management, General Banking as well as for Markets and Investment Banking & Securities, the assumed growth rate in the terminal \u00a0
period is 1.3% (2024: 1.3%). Around 72% of the net present value of future cash flows is expected to be generated in the terminal \u00a0
period (2024: 73%). \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 \u00a0
expectations for 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 \u00a0
money market interest rates. When interest rate levels increase, the return on allocated capital will increase. Earnings on lending and \u00a0
deposits depend on the growth in lending and deposits volumes and on changes in lending and deposit margins. The growth in lending \u00a0
is 7% in 2026 and from 2027 to 2028 around 6%, and then in year 2029 and 2030 the growth is equal to GDP growth at 2%. Deposit \u00a0
volumes are expected to be relatively stable to the end of 2030 also taking into consideration the expected development in existing \u00a0
deposits over time, while deposit margin is expected to be lower compared to the test last year. \u00a0
Fee income is in especially 2026-2028 expected to increase driven by growth in corporate daily banking fees assumed to be above \u00a0
GDP due to the announced Forward \u201928 strategy ambition of 5% growth. For the years 2029-2030, the net fee income is expected to \u00a0
grow in line with GDP. In addition, net fees have decreased compared to the test in 2024 due to a reclassification between General \u00a0
Banking and Markets on FX related income. \u00a0
For 2026-2030, operating expenses are expected to increase due to the Forward \u201928 strategy. Compared to the test last year, the \u00a0
expected costs for the period have decreased due to lower expected inflation for the period. \u00a0
The expectations for credit losses are for the budget period based on Danske Bank\u2019s estimates and have been reduced compared to \u00a0
previous years\u2019 impairment test, as the provisions have shown to be overly conservative. \u00a0
Allocated capital has increased compared to the test last year, which is mainly driven by increased lending but partly offset by Basel 4 \u00a0
regulation, which has resulted in a lower capital increase than anticipated one year ago. \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
Income growth from 2026-2030 is expected to be above GDP growth rate at an average 3.9% yearly growth. Income is impacted by \u00a0
interest on calculated capital cost assigned to the trading income line in Markets. Interest on calculated equity and Capital cost is \u00a0
forecasted by Group balance sheet management. \u00a0
Costs are expected to increase from 2026 in general due to investment in the strategy and the general assumptions on inflation, \u00a0
salary (including bonus). In year 2027, a decrease in other costs is explained by a massive investment in GenAI in the year 2025 and \u00a0
2026 which is reduced in year 2027 together 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 \u00a0
therefore depend on expectations for changes in assets under management and the average margin on those assets. For the period \u00a0
until the terminal period, changes in assets under management depend on net sales and on the accumulation of market returns on \u00a0
the assets. Asset under management is expected to grow using R\u00e5det for Afkastforventningers\u2019 assumptions. The average margin on \u00a0
assets under management is at the same level as last year. Staff related costs are forecasted based on expectations about inflation \u00a0
for wages and other costs based on general inflation. In year 2025, the inflation rate is especially for other costs at a lower rate than \u00a0
for the test in 2024. All assumptions reflect management\u2019s expectations. \u00a0
Sensitivity analysis \u00a0
For General Banking, the excess value (the amount by which the recoverable amount exceeds the carrying amount of goodwill) \u00a0
amounts to DKK 21,357 million (2024: DKK 12,015 million). The excess value increased compared to last year\u2019s test especially due to \u00a0
higher level of strategic growth contributing to net interest income, due to both increased lending and higher margins, but also \u00a0
improved macroeconomic environment with a higher GDP growth and a lower inflation compared to the test last year.\u00a0If the growth in \u00a0
the terminal period is reduced from 1.3% to -8.3% (2024: from 1.3% to \u20133.8%) or the discount rate is increased from 9.0% to 14.5% \u00a0
(2024: increased from 9.0% to 12.3%) the excess value would be zero. \u00a0
For Markets and Investment Banking, the excess value amounts to DKK 20,450 million (2024: DKK 8,400 million). The increase in the \u00a0
excess value for this year, is mainly caused by consolidating FX income in Markets by reclassifying the income from General Banking. \u00a0
This leads to an increase in the profit after tax generated by a CGU, which significantly increases the terminal period value. If the \u00a0
growth in the terminal period is reduced from 1.3 % to \u201330.7% (2024: from 1.3 % to \u20137.0%) or the discount rate is increased from 9.0% \u00a0
to 20.9% (2024: increase from 9.0% to 13.9%), the excess value would be zero. \u00a0
For Asset Management, the excess value amounts to DKK 2,322 million (2024: DKK 2,038 million). The increase in excess value is \u00a0
mainly driven by higher income due to increased expectations to level for growth in AuM, and stable costs base. If the growth in the \u00a0
terminal period is reduced from 1.3% to \u201313.1% (2024: from 1.3% to \u201313.2%) or the discount rate is increased from 9.0% to 16.6% \u00a0
(2024: from 9.0% to 16.6%), the excess value would be zero. \u00a0
(c) Software and licences \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Cost at 1 January \u00a0
12,786 \u00a0
11,554 \u00a0
Foreign currency translation \u00a0
-
-
Additions \u00a0
1,658 \u00a0
1,280 \u00a0
Disposals \u00a0
-131 \u00a0
-48 \u00a0
Cost at 31 December \u00a0
14,313 \u00a0
12,786 \u00a0
Amortisation and impairment charges at 1 January \u00a0
10,487 \u00a0
9,927 \u00a0
Foreign currency translation \u00a0
1
-1 \u00a0
Amortisation charges \u00a0
475 \u00a0
533 \u00a0
Impairment charges \u00a0
74 \u00a0
61 \u00a0
Amortisation and impairment charges for assets sold \u00a0
-131 \u00a0
-33 \u00a0
Depreciation and amortisation charges at 31 December \u00a0
10,906 \u00a0
10,487 \u00a0
Carrying amount at 31 December \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1520": { "value": "
Accounting policy \u00a0
Goodwill \u00a0
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost of the undertaking and \u00a0
the fair value of its net assets, including contingent liabilities, at the time of acquisition. Goodwill is allocated to cash-generating \u00a0
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 \u00a0
indications of impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying \u00a0
amount of the net assets of the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value \u00a0
in use, which equals the present value of the future cash flows expected from the unit. \u00a0
Goodwill on associates is recognised under Holdings in associates. \u00a0
Software and licences \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software \u00a0
(both acquired and internally developed) is amortised over its expected useful life, usually three to five years, using the straight- \u00a0
line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show \u00a0
that future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a \u00a0
software application ready for use. Once a software application has been developed, the cost is amortised over its expected \u00a0
useful life. The cost of development consists primarily of direct remuneration and other directly attributable development costs. \u00a0
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
Licences are measured at cost and amortised over the expected useful life, usually three to five years, using the straight-line \u00a0
method. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1523": { "value": "
Goodwill \u00a0
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost of the undertaking and \u00a0
the fair value of its net assets, including contingent liabilities, at the time of acquisition. Goodwill is allocated to cash-generating \u00a0
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 \u00a0
indications of impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying \u00a0
amount of the net assets of the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value \u00a0
in use, which equals the present 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1524": { "value": "
Goodwill \u00a0
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost of the undertaking and \u00a0
the fair value of its net assets, including contingent liabilities, at the time of acquisition. Goodwill is allocated to cash-generating \u00a0
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 \u00a0
indications of impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying \u00a0
amount of the net assets of the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value \u00a0
in use, which equals the present 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 \u00a0
and operating policy decisions. Control is said to exist if Danske Bank A/S, directly or indirectly, is exposed, or has rights, to \u00a0
variable returns from the involvement with the entity and has the ability to affect these returns through the power over the \u00a0
entity. Power exists if Danske Bank A/S, directly or indirectly, holds more than half of the voting rights in an undertaking or \u00a0
otherwise has power to control management and operating policy decisions. Operating policy control may be exercised through \u00a0
agreements about the undertaking\u2019s activities. In the rare situations where potential voting rights exist, these are taken into \u00a0
account if Danske Bank has the practical ability to exercise these rights. \u00a0
When assessing whether to consolidate investment funds, the Group reviews all facts and circumstances to determine whether \u00a0
the Group, as fund manager, is acting as agent or principal. The Group is deemed to be a principal, and the Group controls and \u00a0
consolidates a fund when it acts as fund manager and cannot be removed without cause (i.e. when kick-out rights are weak), has \u00a0
variable returns through significant holdings, and is able to influence the returns of the funds by exercising its power. Holdings \u00a0
where all returns belong to customers (pooled schemes and investment contracts) are not considered as exposure to variable \u00a0
returns, whereas holdings where the majority of the returns belong to customers (holdings related to insurance contracts) are \u00a0
considered only limited exposure to variable returns. \u00a0
The consolidated financial statements are prepared by consolidating items of the same nature and eliminating intra-group \u00a0
transactions, 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 \u00a0
(assets, including identifiable intangible assets, less liabilities and contingent liabilities) are measured at fair value at the date of \u00a0
acquisition according to the acquisition method. \u00a0
If the cost of acquisition exceeds the fair value of the net assets acquired, the excess amount is recognised as goodwill. Goodwill \u00a0
is recognised in the functional currency of the undertaking acquired. The portion of the acquisition that is attributable to non- \u00a0
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 \u00a0
subsidiary that do not result in loss of control are accounted for as equity transactions. This implies that the carrying amounts of \u00a0
the controlling and non-controlling interests are adjusted to reflect the changes in the relative interest in the subsidiary, and any \u00a0
difference between the fair value of the consideration paid/received and the adjustment made to non-controlling interests is \u00a0
attributed to the shareholders of Danske Bank A/S. If changes in the ownership share in a subsidiary result in the loss of control, \u00a0
any investment retained in the former subsidiary is recognised at fair value, and amounts recognised under Other \u00a0
comprehensive income are reclassified to the income statement or transferred directly to retained earnings if so required by \u00a0
other IFRS Accounting Standards. The difference between the fair value of the consideration received plus any investment. \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 \u00a0
sold within 12 months of classification are recognised as held for sale. Assets and liabilities in such companies are presented \u00a0
under Assets held for sale and Liabilities in disposal groups held for sale. The assets are recognised at the lower of cost and fair \u00a0
value less expected costs to sell. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1525": { "value": "
Goodwill \u00a0
Goodwill arises on the acquisition of an undertaking and is calculated as the difference between the cost of the undertaking and \u00a0
the fair value of its net assets, including contingent liabilities, at the time of acquisition. Goodwill is allocated to cash-generating \u00a0
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 \u00a0
indications of impairment exist. Goodwill is written down to its recoverable amount through profit and loss if the carrying \u00a0
amount of the net assets of the cash-generating unit exceeds the higher of the assets\u2019 fair value less costs to sell and their value \u00a0
in use, which equals the present 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1526": { "value": "
Software and licences \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software \u00a0
(both acquired and internally developed) is amortised over its expected useful life, usually three to five years, using the straight- \u00a0
line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show \u00a0
that future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a \u00a0
software application ready for use. Once a software application has been developed, the cost is amortised over its expected \u00a0
useful life. The cost of development consists primarily of direct remuneration and other directly attributable development costs. \u00a0
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
Licences are measured at cost and amortised over the expected useful life, usually three to five years, using the straight-line \u00a0
method. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1527": { "value": "
Software and licences \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software \u00a0
(both acquired and internally developed) is amortised over its expected useful life, usually three to five years, using the straight- \u00a0
line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show \u00a0
that future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a \u00a0
software application ready for use. Once a software application has been developed, the cost is amortised over its expected \u00a0
useful life. The cost of development consists primarily of direct remuneration and other directly attributable development costs. \u00a0
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
Licences are measured at cost and amortised over the expected useful life, usually three to five years, using the straight-line \u00a0
method. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1528": { "value": "
Software and licences \u00a0
Software acquired is measured at cost, including expenses incurred to make a software application ready for use. Software \u00a0
(both acquired and internally developed) is amortised over its expected useful life, usually three to five years, using the straight- \u00a0
line method. \u00a0
Software developed by the Group is recognised as an asset if the cost of development is reliably measurable and analyses show \u00a0
that future earnings from using the individual software applications exceed the cost. Cost includes expenses incurred to make a \u00a0
software application ready for use. Once a software application has been developed, the cost is amortised over its expected \u00a0
useful life. The cost of development consists primarily of direct remuneration and other directly attributable development costs. \u00a0
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
Licences are measured at cost and amortised over the expected useful life, usually three to five years, using the straight-line \u00a0
method. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1532": { "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 \u00a0
goodwill has been allocated. Further, if goodwill in a cash-generating unit is fully impaired, a further impairment loss is recognised as \u00a0
an impairment loss on intangible or tangible assets, if any. \u00a0
1 January \u00a0
Foreign
31\u00a0December \u00a0
Foreign
31\u00a0December \u00a0
2024 \u00a0
currency \u00a0
2024 \u00a0
currency \u00a0
2025 \u00a0
(DKK millions) \u00a0
Goodwill \u00a0
translation \u00a0
Goodwill \u00a0
Addition \u00a0
translation \u00a0
Goodwill \u00a0
LC&I, General Banking \u00a0
508 \u00a0
508 \u00a0
-
1
-
509 \u00a0
LC&I, Markets and Investment Banking \u00a0
2,099 \u00a0
2
2,101 \u00a0
2
-
2,103 \u00a0
LC&I, Asset Management \u00a0
1,811 \u00a0
2
1,813 \u00a0
21 \u00a0
3
1,836 \u00a0
Others \u00a0
19 \u00a0
-3 \u00a0
16 \u00a0
-
16 \u00a0
-
Total \u00a0
1
21 \u00a0
6
On 1 January 2025, Danske Bank acquired the right to the management of the billion kroner funds Dansk V\u00e6kstkapital I, Dansk \u00a0
V\u00e6kstkapital II and Dansk V\u00e6kstkapital III, as well as potential future Dansk V\u00e6kstkapital funds from the state-owned Export and \u00a0
Investment Fund of Denmark (EIFO) for a purchase consideration of DKK 21 million. This acquisition led to an increase in goodwill in \u00a0
Asset Management of DKK 21 million. The Group did not make any acquisitions of undertakings in 2024. No goodwill impairment \u00a0
charge was recognised in 2025 (2024: DKK 0 billion). \u00a0
Model applied in the goodwill impairment tests for 2025 and 2024 \u00a0
The impairment test compares the recoverable amount and the carrying amount for each cash-generating unit. The recoverable \u00a0
amount is represented by the present value of expected future cash flows (value in use). The special debt structure of financial \u00a0
institutions requires the use of a discounted dividend (equity) model to calculate the present value of expected future cash flows, as \u00a0
the interest on lending and 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 \u00a0
cash-generating unit\u2019s allocated capital is derived using the Group\u2019s capital allocation framework. The capital framework is based on a \u00a0
regulatory approach to identify the individual business unit\u2019s capital consumption and is in accordance with the Group\u2019s capital \u00a0
targets. In the 2025 test, allocated capital is allocated as 14% of the cash-generating unit`s risk exposure amount (2024: 14%). \u00a0
For each cash generating unit, the expected future cash flow is based on approved strategies and earnings estimates for the budget \u00a0
period representing the first five years. For the terminal period, the steady state normalised level of earnings (expected dividend) is \u00a0
expected to grow at a constant growth rate equal to expected real GDP growth. Cash flow estimates are post-tax, and the risks of the \u00a0
individual cash-generating units are reflected in the estimated earnings. Accordingly, the risk-adjusted cash flows carry a similar risk \u00a0
profile. The estimated cash flows are discounted at the Group\u2019s risk-adjusted required rates of return post-tax. \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 \u00a0
of Danske Bank\u2019s banking activities. In the beginning of 2011, General Banking was separated from banking activities into an \u00a0
independent unit, resulting in reallocation of goodwill to the unit. As a result of organisational changes in 2012, General Banking \u00a0
became part of Corporates & Institutions as a separate cash generating unit. At the organisational changes in 2021, Corporates & \u00a0
Institutions was renamed to Large 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 \u00a0
organisational changes in 2012, Danske Markets became part of Corporates & Institutions as a separate cash generating unit. In 2015, \u00a0
the unit was renamed to FI&C and Capital Markets. At the organisation changes in 2021, Corporates & Institutions was renamed to \u00a0
Large Corporates & Institutions 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 \u00a0
to the acquisition of Sampo Bank, goodwill recognised by Danske Capital is attributable to a number of smaller acquisitions. As a result \u00a0
of organisational changes in 2016, Danske Capital became part of Wealth Management as a separate cash generating unit. At the \u00a0
organisational changes in 2021, the Wealth Management segment was dissolved and the asset management activities were \u00a0
transferred to Large Corporates & 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 2025 unchanged 9% after tax \u00a0
compared to the test in 2024. The discount rate has been determined on the basis of the Capital Asset Pricing Model and comprises a \u00a0
risk-free interest rate, the market risk premium and a factor covering the systematic market risk (beta factor). The values for the risk- \u00a0
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 \u00a0
are 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 \u00a0
estimates are determined on the basis of Danske Research\u2019s forecasts of real GDP growth for the relevant markets. For Asset \u00a0
Management, General Banking as well as for Markets and Investment Banking & Securities, the assumed growth rate in the terminal \u00a0
period is 1.3% (2024: 1.3%). Around 72% of the net present value of future cash flows is expected to be generated in the terminal \u00a0
period (2024: 73%). \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 \u00a0
expectations for 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 \u00a0
money market interest rates. When interest rate levels increase, the return on allocated capital will increase. Earnings on lending and \u00a0
deposits depend on the growth in lending and deposits volumes and on changes in lending and deposit margins. The growth in lending \u00a0
is 7% in 2026 and from 2027 to 2028 around 6%, and then in year 2029 and 2030 the growth is equal to GDP growth at 2%. Deposit \u00a0
volumes are expected to be relatively stable to the end of 2030 also taking into consideration the expected development in existing \u00a0
deposits over time, while deposit margin is expected to be lower compared to the test last year. \u00a0
Fee income is in especially 2026-2028 expected to increase driven by growth in corporate daily banking fees assumed to be above \u00a0
GDP due to the announced Forward \u201928 strategy ambition of 5% growth. For the years 2029-2030, the net fee income is expected to \u00a0
grow in line with GDP. In addition, net fees have decreased compared to the test in 2024 due to a reclassification between General \u00a0
Banking and Markets on FX related income. \u00a0
For 2026-2030, operating expenses are expected to increase due to the Forward \u201928 strategy. Compared to the test last year, the \u00a0
expected costs for the period have decreased due to lower expected inflation for the period. \u00a0
The expectations for credit losses are for the budget period based on Danske Bank\u2019s estimates and have been reduced compared to \u00a0
previous years\u2019 impairment test, as the provisions have shown to be overly conservative. \u00a0
Allocated capital has increased compared to the test last year, which is mainly driven by increased lending but partly offset by Basel 4 \u00a0
regulation, which has resulted in a lower capital increase than anticipated one year ago. \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
Income growth from 2026-2030 is expected to be above GDP growth rate at an average 3.9% yearly growth. Income is impacted by \u00a0
interest on calculated capital cost assigned to the trading income line in Markets. Interest on calculated equity and Capital cost is \u00a0
forecasted by Group balance sheet management. \u00a0
Costs are expected to increase from 2026 in general due to investment in the strategy and the general assumptions on inflation, \u00a0
salary (including bonus). In year 2027, a decrease in other costs is explained by a massive investment in GenAI in the year 2025 and \u00a0
2026 which is reduced in year 2027 together 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 \u00a0
therefore depend on expectations for changes in assets under management and the average margin on those assets. For the period \u00a0
until the terminal period, changes in assets under management depend on net sales and on the accumulation of market returns on \u00a0
the assets. Asset under management is expected to grow using R\u00e5det for Afkastforventningers\u2019 assumptions. The average margin on \u00a0
assets under management is at the same level as last year. Staff related costs are forecasted based on expectations about inflation \u00a0
for wages and other costs based on general inflation. In year 2025, the inflation rate is especially for other costs at a lower rate than \u00a0
for the test in 2024. All assumptions reflect management\u2019s expectations. \u00a0
Sensitivity analysis \u00a0
For General Banking, the excess value (the amount by which the recoverable amount exceeds the carrying amount of goodwill) \u00a0
amounts to DKK 21,357 million (2024: DKK 12,015 million). The excess value increased compared to last year\u2019s test especially due to \u00a0
higher level of strategic growth contributing to net interest income, due to both increased lending and higher margins, but also \u00a0
improved macroeconomic environment with a higher GDP growth and a lower inflation compared to the test last year.\u00a0If the growth in \u00a0
the terminal period is reduced from 1.3% to -8.3% (2024: from 1.3% to \u20133.8%) or the discount rate is increased from 9.0% to 14.5% \u00a0
(2024: increased from 9.0% to 12.3%) the excess value would be zero. \u00a0
For Markets and Investment Banking, the excess value amounts to DKK 20,450 million (2024: DKK 8,400 million). The increase in the \u00a0
excess value for this year, is mainly caused by consolidating FX income in Markets by reclassifying the income from General Banking. \u00a0
This leads to an increase in the profit after tax generated by a CGU, which significantly increases the terminal period value. If the \u00a0
growth in the terminal period is reduced from 1.3 % to \u201330.7% (2024: from 1.3 % to \u20137.0%) or the discount rate is increased from 9.0% \u00a0
to 20.9% (2024: increase from 9.0% to 13.9%), the excess value would be zero. \u00a0
For Asset Management, the excess value amounts to DKK 2,322 million (2024: DKK 2,038 million). The increase in excess value is \u00a0
mainly driven by higher income due to increased expectations to level for growth in AuM, and stable costs base. If the growth in the \u00a0
terminal period is reduced from 1.3% to \u201313.1% (2024: from 1.3% to \u201313.2%) or the discount rate is increased from 9.0% to 16.6% \u00a0
(2024: from 9.0% to 16.6%), the excess value would be zero. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1530": { "value": "
(a) Intangible assets \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Goodwill \u00a0
4,465 \u00a0
4,438 \u00a0
Software and licences \u00a0
3,407 \u00a0
2,299 \u00a0
Total \u00a0
(c) Software and licences \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Cost at 1 January \u00a0
12,786 \u00a0
11,554 \u00a0
Foreign currency translation \u00a0
-
-
Additions \u00a0
1,658 \u00a0
1,280 \u00a0
Disposals \u00a0
-131 \u00a0
-48 \u00a0
Cost at 31 December \u00a0
14,313 \u00a0
12,786 \u00a0
Amortisation and impairment charges at 1 January \u00a0
10,487 \u00a0
9,927 \u00a0
Foreign currency translation \u00a0
1
-1 \u00a0
Amortisation charges \u00a0
475 \u00a0
533 \u00a0
Impairment charges \u00a0
74 \u00a0
61 \u00a0
Amortisation and impairment charges for assets sold \u00a0
-131 \u00a0
-33 \u00a0
Depreciation and amortisation charges at 31 December \u00a0
10,906 \u00a0
10,487 \u00a0
Carrying amount at 31 December \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1555": { "value": "
(a) Due to credit institutions and central banks \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
158,924 \u00a0
129,910 \u00a0
Other amounts due \u00a0
-
-
Total designated at fair value \u00a0
158,924 \u00a0
129,910 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
-
-
Other amounts due \u00a0
58,498 \u00a0
84,454 \u00a0
Total amortised cost \u00a0
58,498 \u00a0
84,454 \u00a0
Total \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1560": { "value": "
(b) Deposits \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Designated at fair value: \u00a0
Repo transactions \u00a0
134,205 \u00a0
78,528 \u00a0
Time deposits \u00a0
-
21 \u00a0
Total designated at fair value \u00a0
134,205 \u00a0
78,550 \u00a0
Amortised cost: \u00a0
Repo transactions \u00a0
623 \u00a0
618 \u00a0
Transaction accounts \u00a0
939,812 \u00a0
891,606 \u00a0
Time deposits \u00a0
157,123 \u00a0
190,046 \u00a0
Pension savings etc. \u00a0
12,820 \u00a0
12,962 \u00a0
Total amortised cost \u00a0
1,110,377 \u00a0
1,095,232 \u00a0
Total \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1565": { "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 \u00a0
profit for the year, whereas deferred tax relates to temporary differences between the tax base of assets and liabilities and their \u00a0
carrying amount in the balance sheet. Further, this note gives an overview of the Group\u2019s tax expense for the year and the effective tax \u00a0
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 \u00a0
adjusted for prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a \u00a0
legally enforceable right to set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis \u00a0
or to realise the assets and settle the 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 \u00a0
for in accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially \u00a0
enacted tax regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to \u00a0
crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on \u00a0
the basis of expected cash flows. The Group does not recognise deferred tax on temporary differences between the tax base \u00a0
and the carrying amounts of goodwill not subject to amortisation for tax purposes and other items if the temporary differences \u00a0
arose at the time of acquisition without effect on net profit or taxable income. If the tax base may be calculated according to \u00a0
several sets of tax regulations, deferred tax is measured in accordance with the regulations that apply to the use of the asset or \u00a0
settlement of the liability as planned by management. Tax assets arising from unused tax losses are only recognised if it is \u00a0
expected that such tax losses can be offset against tax on future profit in the next five years. Deferred tax assets and liabilities \u00a0
are offset when they relate to the same tax jurisdiction, a legally enforceable right to offset exists and the Group intends to \u00a0
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 \u00a0
income statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive \u00a0
income. Similarly, tax on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the \u00a0
uncertainty is reflected by using either the most likely outcome (if the possible outcomes are binary or are concentrated on one \u00a0
value) or the expected value, probability weighted amounts in a range of possible outcomes (if there is a range of possible \u00a0
outcomes that are neither binary nor concentrated on one value). \u00a0
(a) Tax assets and liabilities \u00a0
(DKK millions) \u00a0
Tax assets \u00a0
Tax liabilities \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024* \u00a0
Current tax charge \u00a0
5,018 \u00a0
4,784 \u00a0
1,457 \u00a0
1,007 \u00a0
Deferred tax \u00a0
876 \u00a0
1,030 \u00a0
1,357 \u00a0
825 \u00a0
Total \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
(b) Change in deferred tax \u00a0
Recognised \u00a0
Foreign \u00a0
Recognised \u00a0
in \u00a0
currency \u00a0
in profit for
shareholders' \u00a0
(DKK millions) \u00a0
1 January \u00a0
translation \u00a0
the year \u00a0
equity
31\u00a0December \u00a0
2025 \u00a0
Intangible assets \u00a0
398 \u00a0
1
-323 \u00a0
76 \u00a0
-
Tangible assets \u00a0
-27 \u00a0
1
838 \u00a0
-4 \u00a0
808 \u00a0
Securities \u00a0
218 \u00a0
1
-305 \u00a0
-86 \u00a0
-
Provisions for obligations \u00a0
416 \u00a0
4
345 \u00a0
106 \u00a0
871 \u00a0
Tax loss carry forwards \u00a0
-598 \u00a0
13 \u00a0
125 \u00a0
-460 \u00a0
-
Other \u00a0
-612 \u00a0
1
-40 \u00a0
-76 \u00a0
-727 \u00a0
Total \u00a0
-205 \u00a0
21 \u00a0
640 \u00a0
26 \u00a0
481 \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
-381 \u00a0
416 \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
-371 \u00a0
-205 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
Recognition of deferred tax requires management to assess the probability and amount of future profit. Deferred tax assets arising \u00a0
from unused tax losses are recognised to the extent that such losses can be offset against tax on future profit in the next five years. \u00a0
The tax base of unrecognised tax loss carry forwards, relating primarily to the Group\u2019s banking operations in Ireland, amounted to \u00a0
DKK 2.2 billion (2024: DKK 2.3 billion). \u00a0
(c) Tax expense \u00a0
Tax expense 2025 \u00a0
(DKK millions) \u00a0
Denmark \u00a0
Finland \u00a0
Sweden \u00a0
Norway \u00a0
UK \u00a0
Ireland \u00a0
Other \u00a0
Total \u00a0
Profit before tax \u00a0
16,866 \u00a0
3,300 \u00a0
4,406 \u00a0
2,957 \u00a0
2,406 \u00a0
400 \u00a0
364 \u00a0
30,699 \u00a0
Tax on profit for the year \u00a0
Current tax charge \u00a0
3,638 \u00a0
680 \u00a0
936 \u00a0
1,159 \u00a0
440 \u00a0
-
87 \u00a0
6,940 \u00a0
Transferred to other comprehensive income \u00a0
216 \u00a0
-
1
-
20 \u00a0
-
-
237 \u00a0
Change in deferred tax \u00a0
767 \u00a0
-23 \u00a0
-6 \u00a0
-450 \u00a0
154 \u00a0
-7 \u00a0
-2 \u00a0
433 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
3
7
-
10 \u00a0
Adjustment of prior-year tax charges \u00a0
-7 \u00a0
3
15 \u00a0
31 \u00a0
-7 \u00a0
7
-
42 \u00a0
Total \u00a0
4,614 \u00a0
660 \u00a0
946 \u00a0
740 \u00a0
610 \u00a0
7
85 \u00a0
7,662 \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
-0.9 \u00a0
-0.2 \u00a0
-0.1 \u00a0
-1.1 \u00a0
-2.0 \u00a0
-
Non-deductible expenses \u00a0
2.3 \u00a0
0.1 \u00a0
0.7 \u00a0
0.1 \u00a0
0.7 \u00a0
-
Tax on profit for the year \u00a0
27.4 \u00a0
19.9 \u00a0
21.2 \u00a0
24.0 \u00a0
25.5 \u00a0
-
Adjustment of prior-year tax charges \u00a0
-
0.1 \u00a0
0.3 \u00a0
1.0 \u00a0
-0.3 \u00a0
1.8 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
0.1 \u00a0
-
Effective tax rate \u00a0
27.4 \u00a0
20.0 \u00a0
21.5 \u00a0
25.0 \u00a0
25.3 \u00a0
1.8 \u00a0
-
25.0 \u00a0
Tax on other comprehensive income \u00a0
Remeasurement of defined benefit plans \u00a0
6
-
1
-
14 \u00a0
-
-
21 \u00a0
Hedging of units outside Denmark \u00a0
291 \u00a0
-
-
-
-
-
-
291 \u00a0
Unrealised value adjustments of bonds \u00a0
-81 \u00a0
-
-
-
6
-
-
-75 \u00a0
Total \u00a0
216 \u00a0
-
1
-
20 \u00a0
-
-
237 \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
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
-
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
(d) Pillar 2 disclosure \u00a0
The Global Anti-Base Erosion Model Rules (GloBE Rules or Pillar Two model rules) apply to multinational enterprises (MNEs) with \u00a0
revenue in excess of EUR 750 million per their consolidated financial statements. The Pillar Two model rules introduce taxing \u00a0
mechanisms under which MNEs would pay a minimum level of tax. The taxing mechanisms impose a minimum tax on the income \u00a0
arising in each jurisdiction in which an MNE operates by imposing a Top-up Tax in a jurisdiction whenever the effective tax rate, \u00a0
determined on a jurisdictional basis under 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 from the accounting requirements \u00a0
for deferred taxes in IAS 12. Consequently, the Group neither recognises nor discloses information about deferred tax assets and \u00a0
liabilities related to Pillar Two income taxes. \u00a0
The Group has estimated that the effective tax rates exceed 16% in all jurisdictions, except for Ireland, where one of the Group\u2019s \u00a0
branches operates. \u00a0
The Group\u2019s assessment indicates for Ireland that the weighted average effective tax rate based on accounting profit is 2% for the \u00a0
annual financial year ended 31 December 2025. However, due to the effect of tax losses carried forward in the Ireland branch, no \u00a0
Pillar Two tax has been included in the income tax in the statement of profit or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1566": { "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 \u00a0
profit for the year, whereas deferred tax relates to temporary differences between the tax base of assets and liabilities and their \u00a0
carrying amount in the balance sheet. Further, this note gives an overview of the Group\u2019s tax expense for the year and the effective tax \u00a0
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 \u00a0
adjusted for prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a \u00a0
legally enforceable right to set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis \u00a0
or to realise the assets and settle the 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 \u00a0
for in accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially \u00a0
enacted tax regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to \u00a0
crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on \u00a0
the basis of expected cash flows. The Group does not recognise deferred tax on temporary differences between the tax base \u00a0
and the carrying amounts of goodwill not subject to amortisation for tax purposes and other items if the temporary differences \u00a0
arose at the time of acquisition without effect on net profit or taxable income. If the tax base may be calculated according to \u00a0
several sets of tax regulations, deferred tax is measured in accordance with the regulations that apply to the use of the asset or \u00a0
settlement of the liability as planned by management. Tax assets arising from unused tax losses are only recognised if it is \u00a0
expected that such tax losses can be offset against tax on future profit in the next five years. Deferred tax assets and liabilities \u00a0
are offset when they relate to the same tax jurisdiction, a legally enforceable right to offset exists and the Group intends to \u00a0
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 \u00a0
income statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive \u00a0
income. Similarly, tax on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the \u00a0
uncertainty is reflected by using either the most likely outcome (if the possible outcomes are binary or are concentrated on one \u00a0
value) or the expected value, probability weighted amounts in a range of possible outcomes (if there is a range of possible \u00a0
outcomes that are neither binary nor concentrated on one value). \u00a0
(a) Tax assets and liabilities \u00a0
(DKK millions) \u00a0
Tax assets \u00a0
Tax liabilities \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024* \u00a0
Current tax charge \u00a0
5,018 \u00a0
4,784 \u00a0
1,457 \u00a0
1,007 \u00a0
Deferred tax \u00a0
876 \u00a0
1,030 \u00a0
1,357 \u00a0
825 \u00a0
Total \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
(b) Change in deferred tax \u00a0
Recognised \u00a0
Foreign \u00a0
Recognised \u00a0
in \u00a0
currency \u00a0
in profit for
shareholders' \u00a0
(DKK millions) \u00a0
1 January \u00a0
translation \u00a0
the year \u00a0
equity
31\u00a0December \u00a0
2025 \u00a0
Intangible assets \u00a0
398 \u00a0
1
-323 \u00a0
76 \u00a0
-
Tangible assets \u00a0
-27 \u00a0
1
838 \u00a0
-4 \u00a0
808 \u00a0
Securities \u00a0
218 \u00a0
1
-305 \u00a0
-86 \u00a0
-
Provisions for obligations \u00a0
416 \u00a0
4
345 \u00a0
106 \u00a0
871 \u00a0
Tax loss carry forwards \u00a0
-598 \u00a0
13 \u00a0
125 \u00a0
-460 \u00a0
-
Other \u00a0
-612 \u00a0
1
-40 \u00a0
-76 \u00a0
-727 \u00a0
Total \u00a0
-205 \u00a0
21 \u00a0
640 \u00a0
26 \u00a0
481 \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
-381 \u00a0
416 \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
-371 \u00a0
-205 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
Recognition of deferred tax requires management to assess the probability and amount of future profit. Deferred tax assets arising \u00a0
from unused tax losses are recognised to the extent that such losses can be offset against tax on future profit in the next five years. \u00a0
The tax base of unrecognised tax loss carry forwards, relating primarily to the Group\u2019s banking operations in Ireland, amounted to \u00a0
DKK 2.2 billion (2024: DKK 2.3 billion). \u00a0
(c) Tax expense \u00a0
Tax expense 2025 \u00a0
(DKK millions) \u00a0
Denmark \u00a0
Finland \u00a0
Sweden \u00a0
Norway \u00a0
UK \u00a0
Ireland \u00a0
Other \u00a0
Total \u00a0
Profit before tax \u00a0
16,866 \u00a0
3,300 \u00a0
4,406 \u00a0
2,957 \u00a0
2,406 \u00a0
400 \u00a0
364 \u00a0
30,699 \u00a0
Tax on profit for the year \u00a0
Current tax charge \u00a0
3,638 \u00a0
680 \u00a0
936 \u00a0
1,159 \u00a0
440 \u00a0
-
87 \u00a0
6,940 \u00a0
Transferred to other comprehensive income \u00a0
216 \u00a0
-
1
-
20 \u00a0
-
-
237 \u00a0
Change in deferred tax \u00a0
767 \u00a0
-23 \u00a0
-6 \u00a0
-450 \u00a0
154 \u00a0
-7 \u00a0
-2 \u00a0
433 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
3
7
-
10 \u00a0
Adjustment of prior-year tax charges \u00a0
-7 \u00a0
3
15 \u00a0
31 \u00a0
-7 \u00a0
7
-
42 \u00a0
Total \u00a0
4,614 \u00a0
660 \u00a0
946 \u00a0
740 \u00a0
610 \u00a0
7
85 \u00a0
7,662 \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
-0.9 \u00a0
-0.2 \u00a0
-0.1 \u00a0
-1.1 \u00a0
-2.0 \u00a0
-
Non-deductible expenses \u00a0
2.3 \u00a0
0.1 \u00a0
0.7 \u00a0
0.1 \u00a0
0.7 \u00a0
-
Tax on profit for the year \u00a0
27.4 \u00a0
19.9 \u00a0
21.2 \u00a0
24.0 \u00a0
25.5 \u00a0
-
Adjustment of prior-year tax charges \u00a0
-
0.1 \u00a0
0.3 \u00a0
1.0 \u00a0
-0.3 \u00a0
1.8 \u00a0
Adjustment recognised tax loss \u00a0
-
-
-
-
0.1 \u00a0
-
Effective tax rate \u00a0
27.4 \u00a0
20.0 \u00a0
21.5 \u00a0
25.0 \u00a0
25.3 \u00a0
1.8 \u00a0
-
25.0 \u00a0
Tax on other comprehensive income \u00a0
Remeasurement of defined benefit plans \u00a0
6
-
1
-
14 \u00a0
-
-
21 \u00a0
Hedging of units outside Denmark \u00a0
291 \u00a0
-
-
-
-
-
-
291 \u00a0
Unrealised value adjustments of bonds \u00a0
-81 \u00a0
-
-
-
6
-
-
-75 \u00a0
Total \u00a0
216 \u00a0
-
1
-
20 \u00a0
-
-
237 \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
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
-
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
(d) Pillar 2 disclosure \u00a0
The Global Anti-Base Erosion Model Rules (GloBE Rules or Pillar Two model rules) apply to multinational enterprises (MNEs) with \u00a0
revenue in excess of EUR 750 million per their consolidated financial statements. The Pillar Two model rules introduce taxing \u00a0
mechanisms under which MNEs would pay a minimum level of tax. The taxing mechanisms impose a minimum tax on the income \u00a0
arising in each jurisdiction in which an MNE operates by imposing a Top-up Tax in a jurisdiction whenever the effective tax rate, \u00a0
determined on a jurisdictional basis under 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 from the accounting requirements \u00a0
for deferred taxes in IAS 12. Consequently, the Group neither recognises nor discloses information about deferred tax assets and \u00a0
liabilities related to Pillar Two income taxes. \u00a0
The Group has estimated that the effective tax rates exceed 16% in all jurisdictions, except for Ireland, where one of the Group\u2019s \u00a0
branches operates. \u00a0
The Group\u2019s assessment indicates for Ireland that the weighted average effective tax rate based on accounting profit is 2% for the \u00a0
annual financial year ended 31 December 2025. However, due to the effect of tax losses carried forward in the Ireland branch, no \u00a0
Pillar Two tax has been included in the income tax in the statement of profit or loss. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1567": { "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 \u00a0
adjusted for prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a \u00a0
legally enforceable right to set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis \u00a0
or to realise the assets and settle the 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 \u00a0
for in accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially \u00a0
enacted tax regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to \u00a0
crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on \u00a0
the basis of expected cash flows. The Group does not recognise deferred tax on temporary differences between the tax base \u00a0
and the carrying amounts of goodwill not subject to amortisation for tax purposes and other items if the temporary differences \u00a0
arose at the time of acquisition without effect on net profit or taxable income. If the tax base may be calculated according to \u00a0
several sets of tax regulations, deferred tax is measured in accordance with the regulations that apply to the use of the asset or \u00a0
settlement of the liability as planned by management. Tax assets arising from unused tax losses are only recognised if it is \u00a0
expected that such tax losses can be offset against tax on future profit in the next five years. Deferred tax assets and liabilities \u00a0
are offset when they relate to the same tax jurisdiction, a legally enforceable right to offset exists and the Group intends to \u00a0
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 \u00a0
income statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive \u00a0
income. Similarly, tax on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the \u00a0
uncertainty is reflected by using either the most likely outcome (if the possible outcomes are binary or are concentrated on one \u00a0
value) or the expected value, probability weighted amounts in a range of possible outcomes (if there is a range of possible \u00a0
outcomes that are neither binary nor concentrated on one value). \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1569": { "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 \u00a0
adjusted for prepaid tax and prior-year tax payables and receivables. Tax assets and liabilities are offset if the Group has a \u00a0
legally enforceable right to set off such assets and liabilities and intends either to settle the assets and liabilities on a net basis \u00a0
or to realise the assets and settle the 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 \u00a0
for in accordance with the balance sheet liability method. Deferred tax is measured on the basis of enacted or substantially \u00a0
enacted tax regulations and rates that are applicable in the relevant countries at the time the deferred tax is expected to \u00a0
crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement on \u00a0
the basis of expected cash flows. The Group does not recognise deferred tax on temporary differences between the tax base \u00a0
and the carrying amounts of goodwill not subject to amortisation for tax purposes and other items if the temporary differences \u00a0
arose at the time of acquisition without effect on net profit or taxable income. If the tax base may be calculated according to \u00a0
several sets of tax regulations, deferred tax is measured in accordance with the regulations that apply to the use of the asset or \u00a0
settlement of the liability as planned by management. Tax assets arising from unused tax losses are only recognised if it is \u00a0
expected that such tax losses can be offset against tax on future profit in the next five years. Deferred tax assets and liabilities \u00a0
are offset when they relate to the same tax jurisdiction, a legally enforceable right to offset exists and the Group intends to \u00a0
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 \u00a0
income statement. Tax on items recognised under Other comprehensive income is recognised under Other comprehensive \u00a0
income. Similarly, tax on items recognised in equity is recognised in equity. When uncertainty over tax treatment exists, the \u00a0
uncertainty is reflected by using either the most likely outcome (if the possible outcomes are binary or are concentrated on one \u00a0
value) or the expected value, probability weighted amounts in a range of possible outcomes (if there is a range of possible \u00a0
outcomes that are neither binary nor concentrated on one value). \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1573": { "value": "
(a) Tax assets and liabilities \u00a0
(DKK millions) \u00a0
Tax assets \u00a0
Tax liabilities \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024* \u00a0
Current tax charge \u00a0
5,018 \u00a0
4,784 \u00a0
1,457 \u00a0
1,007 \u00a0
Deferred tax \u00a0
876 \u00a0
1,030 \u00a0
1,357 \u00a0
825 \u00a0
Total \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
(b) Change in deferred tax \u00a0
Recognised \u00a0
Foreign \u00a0
Recognised \u00a0
in \u00a0
currency \u00a0
in profit for
shareholders' \u00a0
(DKK millions) \u00a0
1 January \u00a0
translation \u00a0
the year \u00a0
equity
31\u00a0December \u00a0
2025 \u00a0
Intangible assets \u00a0
398 \u00a0
1
-323 \u00a0
76 \u00a0
-
Tangible assets \u00a0
-27 \u00a0
1
838 \u00a0
-4 \u00a0
808 \u00a0
Securities \u00a0
218 \u00a0
1
-305 \u00a0
-86 \u00a0
-
Provisions for obligations \u00a0
416 \u00a0
4
345 \u00a0
106 \u00a0
871 \u00a0
Tax loss carry forwards \u00a0
-598 \u00a0
13 \u00a0
125 \u00a0
-460 \u00a0
-
Other \u00a0
-612 \u00a0
1
-40 \u00a0
-76 \u00a0
-727 \u00a0
Total \u00a0
-205 \u00a0
21 \u00a0
640 \u00a0
26 \u00a0
481 \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
-381 \u00a0
416 \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
-371 \u00a0
-205 \u00a0
* Comparative information has been restated as described in note G2(b). \u00a0
Recognition of deferred tax requires management to assess the probability and amount of future profit. Deferred tax assets arising \u00a0
from unused tax losses are recognised to the extent that such losses can be offset against tax on future profit in the next five years. \u00a0
The tax base of unrecognised tax loss carry forwards, relating primarily to the Group\u2019s banking operations in Ireland, amounted to \u00a0
DKK 2.2 billion (2024: DKK 2.3 billion). \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1591": { "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 \u00a0
Group. Note G16 provides more information about issued bonds measured at fair value through profit or loss. \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 \u00a0
subordinated debt and junior to other debt. Subordinated bonds are liabilities in the form of subordinated loan capital and other \u00a0
capital instruments which, in case of the Group\u2019s voluntary or compulsory winding-up, will not be repaid until the claims of its ordinary \u00a0
and non-preferred senior creditors have been met. Subordinated bonds include additional tier 1 capital that converts into a variable \u00a0
number of ordinary shares if the common equity tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group (the \u00a0
trigger event). The number of shares the additional tier 1 capital could potentially convert into is a function of the share price at the \u00a0
time of conversion, however, minimised to USD 23.97 per share (a maximum of 52.1 million shares for the outstanding amount of the \u00a0
capital of USD 1.25 billion). This capital utilises 35% of the Board of Directors\u2019 authorisation to issue additional tier 1 that can be \u00a0
converted into 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 \u00a0
expense is recognised according to the effective interest rate method, including amortisation of any difference between the \u00a0
amount received on issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital \u00a0
under the Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily \u00a0
or converted into a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert \u00a0
into a variable number of ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are \u00a0
accounted for as equity. For liability accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds \u00a0
are accounted for as liabilities in their entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for \u00a0
example an equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading \u00a0
portfolio. \u00a0
(a) Issued bonds \u00a0
Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Bonds issued by Realkredit Danmark (covered bonds) \u00a0
738,670 \u00a0
744,495 \u00a0
Structured retail notes \u00a0
1,664 \u00a0
2,061 \u00a0
Total \u00a0
Bonds issued by Realkredit Danmark under the Group\u2019s green finance framework amounted to a nominal value of DKK 34,824 million \u00a0
outstanding at the end of 2025 (2024: DKK 29,126 million). \u00a0
Issued bonds at amortised cost \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Commercial papers and certificates of deposits \u00a0
58,694 \u00a0
49,044 \u00a0
Preferred senior bonds \u00a0
61,164 \u00a0
66,778 \u00a0
Covered bonds \u00a0
139,857 \u00a0
126,763 \u00a0
Structured retail notes \u00a0
141 \u00a0
612 \u00a0
Issued bonds at amortised cost, total \u00a0
259,855 \u00a0
243,198 \u00a0
Non-preferred senior bonds \u00a0
The issuance and redemption of bonds (including commercial papers and certificates of deposits at fair value) during the year and \u00a0
the maturity of the outstanding bonds are presented in the following tables. \u00a0
Other issued bonds \u00a0
Other issued bonds in the following tables comprises Issued bonds at fair value, excluding bonds issued by Realkredit Danmark \u00a0
(covered bonds), Issued bonds at amortised cost and Non-preferred senior bonds. \u00a0
Nominal value of other issued bonds \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2025 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2025 \u00a0
Commercial papers and certificate of deposits \u00a0
49,002 \u00a0
114,171 \u00a0
100,109 \u00a0
-4,364 \u00a0
58,700 \u00a0
Preferred senior bonds \u00a0
68,592 \u00a0
19,374 \u00a0
22,242 \u00a0
-3,179 \u00a0
62,545 \u00a0
Covered bonds \u00a0
128,673 \u00a0
33,711 \u00a0
27,308 \u00a0
6,141 \u00a0
141,217 \u00a0
Structured retail notes \u00a0
3,117 \u00a0
403 \u00a0
1,665 \u00a0
338 \u00a0
2,194 \u00a0
Non-preferred senior bonds \u00a0
91,588 \u00a0
30,192 \u00a0
16,080 \u00a0
-4,676 \u00a0
101,024 \u00a0
Total \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
The Group has issued non-preferred senior bonds and preferred senior bonds in accordance with the Group\u2019s green bond framework. \u00a0
At the end of 2025, the nominal value of green non-preferred senior bonds issued amounted to DKK 29,875 million (2024: DKK \u00a0
20,515 million), and the nominal value of green preferred senior bonds issued amounted to DKK 7,814 million (2024: DKK 9,082 \u00a0
million). \u00a0
Broken down by maturity \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Redeemed bonds 2025 \u00a0
114,771 \u00a0
2026 \u00a0
120,891 \u00a0
64,979 \u00a0
2027 \u00a0
64,906 \u00a0
56,221 \u00a0
2028 or later \u00a0
179,883 \u00a0
105,001 \u00a0
Nominal value of other issued bonds \u00a0
365,680 \u00a0
340,972 \u00a0
Fair value hedging of interest rate risk \u00a0
-628 \u00a0
-1,781 \u00a0
Premium/discount \u00a0
-484 \u00a0
-595 \u00a0
Own holding of bonds issued \u00a0
3,368 \u00a0
3,844 \u00a0
Total other issued bonds \u00a0
(b) Subordinated debt \u00a0
Subordinated debt consists of liabilities in the form of issued subordinated bonds. Some of these bonds (presented as liability \u00a0
accounted additional tier 1 capital below) rank below other subordinated bonds. Early redemption of subordinated debt must be \u00a0
approved by the Danish 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 \u00a0
following tables. \u00a0
Nominal value of subordinated debt \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency
December \u00a0
(DKK millions) \u00a0
2025 \u00a0
Issued
Redeemed
translation \u00a0
2025 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
30,732 \u00a0
4,753 \u00a0
13,045 \u00a0
175 \u00a0
22,614 \u00a0
Liability accounted additional tier 1 capital \u00a0
10,708 \u00a0
3,576 \u00a0
4,784 \u00a0
-1,562 \u00a0
7,937 \u00a0
Total \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency
December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued
Redeemed
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
721 \u00a0
Subordinated debt \u00a0
Nominal \u00a0
Interest \u00a0
Year of \u00a0
Redemption \u00a0
2025 \u00a0
2024 \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 2025 \u00a0
13,055 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
a
750 \u00a0
1.00 \u00a0
2021
15.05.2031 \u00a0
100 \u00a0
5,602 \u00a0
5,595 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
b
750 \u00a0
4.625 \u00a0
2024
14.05.2034 \u00a0
100 \u00a0
5,602 \u00a0
5,595 \u00a0
SEK \u00a0
Danske Bank A/S \u00a0
c
4,250 \u00a0
var \u00a0
2024
23.08.2034 \u00a0
100 \u00a0
2,933 \u00a0
2,757 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
d
500 \u00a0
3.75 \u00a0
2024
19.11.2036 \u00a0
100 \u00a0
3,734 \u00a0
3,730 \u00a0
NOK \u00a0
Danske Bank A/S \u00a0
e
1,600 \u00a0
var \u00a0
2025
16.04.2035 \u00a0
100 \u00a0
1,010 \u00a0
-
EUR \u00a0
Danske Bank A/S \u00a0
f
500 \u00a0
3.50 \u00a0
2025
19.11.2035 \u00a0
100 \u00a0
3,734 \u00a0
-
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
22,614 \u00a0
30,732 \u00a0
Liability accounted additional tier 1 capital \u00a0
Redeemed in 2025 \u00a0
5,354 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
g
750 \u00a0
4.375 \u00a0
2021 \u00a0
Perpetual \u00a0
100 \u00a0
4,762 \u00a0
5,354 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
h
500 \u00a0
7.00 \u00a0
2025 \u00a0
Perpetual \u00a0
100 \u00a0
3,175 \u00a0
-
Liability accounted additional tier 1 capital \u00a0
7,937 \u00a0
10,708 \u00a0
Nominal subordinated debt \u00a0
30,552 \u00a0
41,440 \u00a0
Discount \u00a0
-96 \u00a0
-80 \u00a0
Fair value hedging of interest rate risk \u00a0
-20 \u00a0
-383 \u00a0
Own holding of subordinated debt \u00a0
-147 \u00a0
-180 \u00a0
Total subordinated debt \u00a0
30,289 \u00a0
40,798 \u00a0
Portion included in total capital as additional tier 1 or tier 2 capital instruments* \u00a0
* Portion included in total capital as additional tier 1 or tier 2 capital instruments in 2024 has been corrected. \u00a0
a) Optional\u00a0redemption in February-May 2026. If the debt is not redeemed, the annual interest rate will be reset at 1.40 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
b) Optional\u00a0redemption in February-May 2029. If the debt is not redeemed, the annual interest rate will be reset at 1.95 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
c) Optional\u00a0redemption in May-August 2029. If the debt is not redeemed, the quarterly interest rate will be reset at 1.70 \u00a0
percentage points above the 3 month STIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
d) Optional\u00a0redemption in November 2031. If the debt is not redeemed, the annual interest rate will be reset at 1.55 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
e) Optional\u00a0redemption in January-April 2030. If the debt is not redeemed, the quarterly interest rate will be reset at 1.50 \u00a0
percentage points above the 3 month NIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
f) \u00a0
Optional redemption in August-November 2030. If the debt is not redeemed, the annual interest rate will be reset at 1.18 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
g) Optional\u00a0redemption from May 2026. If the debt is not redeemed, the annual interest rate will be reset at 3.387 percentage \u00a0
points above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s or Danske \u00a0
Bank A/S\u2019s 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
h) Optional\u00a0redemption from February-August 2030. If the debt is not redeemed, the annual interest rate will be reset at 2.599 \u00a0
percentage points above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s \u00a0
or Danske Bank A/S\u2019s common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant \u00a0
additional tier 1 capital instrument in the statement of capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1592": { "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 \u00a0
Group. Note G16 provides more information about issued bonds measured at fair value through profit or loss. \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 \u00a0
subordinated debt and junior to other debt. Subordinated bonds are liabilities in the form of subordinated loan capital and other \u00a0
capital instruments which, in case of the Group\u2019s voluntary or compulsory winding-up, will not be repaid until the claims of its ordinary \u00a0
and non-preferred senior creditors have been met. Subordinated bonds include additional tier 1 capital that converts into a variable \u00a0
number of ordinary shares if the common equity tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group (the \u00a0
trigger event). The number of shares the additional tier 1 capital could potentially convert into is a function of the share price at the \u00a0
time of conversion, however, minimised to USD 23.97 per share (a maximum of 52.1 million shares for the outstanding amount of the \u00a0
capital of USD 1.25 billion). This capital utilises 35% of the Board of Directors\u2019 authorisation to issue additional tier 1 that can be \u00a0
converted into 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 \u00a0
expense is recognised according to the effective interest rate method, including amortisation of any difference between the \u00a0
amount received on issue and the redemption amount. \u00a0
The Group issues perpetual bonds with discretionary interest payments that fulfil the requirements for additional tier 1 capital \u00a0
under the Capital Requirements Regulation (CRR). If a trigger event occurs, those bonds must be either written down temporarily \u00a0
or converted into a variable number of ordinary shares, depending on the terms of the individual bond issue. Bonds that convert \u00a0
into a variable number of ordinary shares are accounted for as liabilities, while bonds that are temporarily written down are \u00a0
accounted for as equity. For liability accounted bonds, the interest expense is recognised in the income statement, i.e. the bonds \u00a0
are accounted for as liabilities in their entirety. \u00a0
The yield on some issued bonds depends on an index that is not closely linked to the bonds\u2019 financial characteristics, for \u00a0
example an equity or commodity index. Such embedded derivatives are bifurcated and measured at fair value in the trading \u00a0
portfolio. \u00a0
(a) Issued bonds \u00a0
Issued bonds at fair value \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Bonds issued by Realkredit Danmark (covered bonds) \u00a0
738,670 \u00a0
744,495 \u00a0
Structured retail notes \u00a0
1,664 \u00a0
2,061 \u00a0
Total \u00a0
Bonds issued by Realkredit Danmark under the Group\u2019s green finance framework amounted to a nominal value of DKK 34,824 million \u00a0
outstanding at the end of 2025 (2024: DKK 29,126 million). \u00a0
Issued bonds at amortised cost \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Commercial papers and certificates of deposits \u00a0
58,694 \u00a0
49,044 \u00a0
Preferred senior bonds \u00a0
61,164 \u00a0
66,778 \u00a0
Covered bonds \u00a0
139,857 \u00a0
126,763 \u00a0
Structured retail notes \u00a0
141 \u00a0
612 \u00a0
Issued bonds at amortised cost, total \u00a0
259,855 \u00a0
243,198 \u00a0
Non-preferred senior bonds \u00a0
The issuance and redemption of bonds (including commercial papers and certificates of deposits at fair value) during the year and \u00a0
the maturity of the outstanding bonds are presented in the following tables. \u00a0
Other issued bonds \u00a0
Other issued bonds in the following tables comprises Issued bonds at fair value, excluding bonds issued by Realkredit Danmark \u00a0
(covered bonds), Issued bonds at amortised cost and Non-preferred senior bonds. \u00a0
Nominal value of other issued bonds \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency \u00a0
December \u00a0
(DKK millions) \u00a0
2025 \u00a0
Issued \u00a0
Redeemed \u00a0
translation \u00a0
2025 \u00a0
Commercial papers and certificate of deposits \u00a0
49,002 \u00a0
114,171 \u00a0
100,109 \u00a0
-4,364 \u00a0
58,700 \u00a0
Preferred senior bonds \u00a0
68,592 \u00a0
19,374 \u00a0
22,242 \u00a0
-3,179 \u00a0
62,545 \u00a0
Covered bonds \u00a0
128,673 \u00a0
33,711 \u00a0
27,308 \u00a0
6,141 \u00a0
141,217 \u00a0
Structured retail notes \u00a0
3,117 \u00a0
403 \u00a0
1,665 \u00a0
338 \u00a0
2,194 \u00a0
Non-preferred senior bonds \u00a0
91,588 \u00a0
30,192 \u00a0
16,080 \u00a0
-4,676 \u00a0
101,024 \u00a0
Total \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
The Group has issued non-preferred senior bonds and preferred senior bonds in accordance with the Group\u2019s green bond framework. \u00a0
At the end of 2025, the nominal value of green non-preferred senior bonds issued amounted to DKK 29,875 million (2024: DKK \u00a0
20,515 million), and the nominal value of green preferred senior bonds issued amounted to DKK 7,814 million (2024: DKK 9,082 \u00a0
million). \u00a0
Broken down by maturity \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Redeemed bonds 2025 \u00a0
114,771 \u00a0
2026 \u00a0
120,891 \u00a0
64,979 \u00a0
2027 \u00a0
64,906 \u00a0
56,221 \u00a0
2028 or later \u00a0
179,883 \u00a0
105,001 \u00a0
Nominal value of other issued bonds \u00a0
365,680 \u00a0
340,972 \u00a0
Fair value hedging of interest rate risk \u00a0
-628 \u00a0
-1,781 \u00a0
Premium/discount \u00a0
-484 \u00a0
-595 \u00a0
Own holding of bonds issued \u00a0
3,368 \u00a0
3,844 \u00a0
Total other issued bonds \u00a0
(b) Subordinated debt \u00a0
Subordinated debt consists of liabilities in the form of issued subordinated bonds. Some of these bonds (presented as liability \u00a0
accounted additional tier 1 capital below) rank below other subordinated bonds. Early redemption of subordinated debt must be \u00a0
approved by the Danish 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 \u00a0
following tables. \u00a0
Nominal value of subordinated debt \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency
December \u00a0
(DKK millions) \u00a0
2025 \u00a0
Issued
Redeemed
translation \u00a0
2025 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
30,732 \u00a0
4,753 \u00a0
13,045 \u00a0
175 \u00a0
22,614 \u00a0
Liability accounted additional tier 1 capital \u00a0
10,708 \u00a0
3,576 \u00a0
4,784 \u00a0
-1,562 \u00a0
7,937 \u00a0
Total \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency
December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued
Redeemed
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
721 \u00a0
Subordinated debt \u00a0
Nominal \u00a0
Interest \u00a0
Year of \u00a0
Redemption \u00a0
2025 \u00a0
2024 \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 2025 \u00a0
13,055 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
a
750 \u00a0
1.00 \u00a0
2021
15.05.2031 \u00a0
100 \u00a0
5,602 \u00a0
5,595 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
b
750 \u00a0
4.625 \u00a0
2024
14.05.2034 \u00a0
100 \u00a0
5,602 \u00a0
5,595 \u00a0
SEK \u00a0
Danske Bank A/S \u00a0
c
4,250 \u00a0
var \u00a0
2024
23.08.2034 \u00a0
100 \u00a0
2,933 \u00a0
2,757 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
d
500 \u00a0
3.75 \u00a0
2024
19.11.2036 \u00a0
100 \u00a0
3,734 \u00a0
3,730 \u00a0
NOK \u00a0
Danske Bank A/S \u00a0
e
1,600 \u00a0
var \u00a0
2025
16.04.2035 \u00a0
100 \u00a0
1,010 \u00a0
-
EUR \u00a0
Danske Bank A/S \u00a0
f
500 \u00a0
3.50 \u00a0
2025
19.11.2035 \u00a0
100 \u00a0
3,734 \u00a0
-
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
22,614 \u00a0
30,732 \u00a0
Liability accounted additional tier 1 capital \u00a0
Redeemed in 2025 \u00a0
5,354 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
g
750 \u00a0
4.375 \u00a0
2021 \u00a0
Perpetual \u00a0
100 \u00a0
4,762 \u00a0
5,354 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
h
500 \u00a0
7.00 \u00a0
2025 \u00a0
Perpetual \u00a0
100 \u00a0
3,175 \u00a0
-
Liability accounted additional tier 1 capital \u00a0
7,937 \u00a0
10,708 \u00a0
Nominal subordinated debt \u00a0
30,552 \u00a0
41,440 \u00a0
Discount \u00a0
-96 \u00a0
-80 \u00a0
Fair value hedging of interest rate risk \u00a0
-20 \u00a0
-383 \u00a0
Own holding of subordinated debt \u00a0
-147 \u00a0
-180 \u00a0
Total subordinated debt \u00a0
30,289 \u00a0
40,798 \u00a0
Portion included in total capital as additional tier 1 or tier 2 capital instruments* \u00a0
* Portion included in total capital as additional tier 1 or tier 2 capital instruments in 2024 has been corrected. \u00a0
a) Optional\u00a0redemption in February-May 2026. If the debt is not redeemed, the annual interest rate will be reset at 1.40 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
b) Optional\u00a0redemption in February-May 2029. If the debt is not redeemed, the annual interest rate will be reset at 1.95 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
c) Optional\u00a0redemption in May-August 2029. If the debt is not redeemed, the quarterly interest rate will be reset at 1.70 \u00a0
percentage points above the 3 month STIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
d) Optional\u00a0redemption in November 2031. If the debt is not redeemed, the annual interest rate will be reset at 1.55 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
e) Optional\u00a0redemption in January-April 2030. If the debt is not redeemed, the quarterly interest rate will be reset at 1.50 \u00a0
percentage points above the 3 month NIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
f) \u00a0
Optional redemption in August-November 2030. If the debt is not redeemed, the annual interest rate will be reset at 1.18 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
g) Optional\u00a0redemption from May 2026. If the debt is not redeemed, the annual interest rate will be reset at 3.387 percentage \u00a0
points above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s or Danske \u00a0
Bank A/S\u2019s 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
h) Optional\u00a0redemption from February-August 2030. If the debt is not redeemed, the annual interest rate will be reset at 2.599 \u00a0
percentage points above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s \u00a0
or Danske Bank A/S\u2019s common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant \u00a0
additional tier 1 capital instrument in the statement of capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1638": { "value": "
(b) Subordinated debt \u00a0
Subordinated debt consists of liabilities in the form of issued subordinated bonds. Some of these bonds (presented as liability \u00a0
accounted additional tier 1 capital below) rank below other subordinated bonds. Early redemption of subordinated debt must be \u00a0
approved by the Danish 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 \u00a0
following tables. \u00a0
Nominal value of subordinated debt \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency
December \u00a0
(DKK millions) \u00a0
2025 \u00a0
Issued
Redeemed
translation \u00a0
2025 \u00a0
Subordinated debt, excluding liability accounted \u00a0
additional tier 1 capital \u00a0
30,732 \u00a0
4,753 \u00a0
13,045 \u00a0
175 \u00a0
22,614 \u00a0
Liability accounted additional tier 1 capital \u00a0
10,708 \u00a0
3,576 \u00a0
4,784 \u00a0
-1,562 \u00a0
7,937 \u00a0
Total \u00a0
Foreign \u00a0
31 \u00a0
1 January \u00a0
currency
December \u00a0
(DKK millions) \u00a0
2024 \u00a0
Issued
Redeemed
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
721 \u00a0
Subordinated debt \u00a0
Nominal \u00a0
Interest \u00a0
Year of \u00a0
Redemption \u00a0
2025 \u00a0
2024 \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 2025 \u00a0
13,055 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
a
750 \u00a0
1.00 \u00a0
2021
15.05.2031 \u00a0
100 \u00a0
5,602 \u00a0
5,595 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
b
750 \u00a0
4.625 \u00a0
2024
14.05.2034 \u00a0
100 \u00a0
5,602 \u00a0
5,595 \u00a0
SEK \u00a0
Danske Bank A/S \u00a0
c
4,250 \u00a0
var \u00a0
2024
23.08.2034 \u00a0
100 \u00a0
2,933 \u00a0
2,757 \u00a0
EUR \u00a0
Danske Bank A/S \u00a0
d
500 \u00a0
3.75 \u00a0
2024
19.11.2036 \u00a0
100 \u00a0
3,734 \u00a0
3,730 \u00a0
NOK \u00a0
Danske Bank A/S \u00a0
e
1,600 \u00a0
var \u00a0
2025
16.04.2035 \u00a0
100 \u00a0
1,010 \u00a0
-
EUR \u00a0
Danske Bank A/S \u00a0
f
500 \u00a0
3.50 \u00a0
2025
19.11.2035 \u00a0
100 \u00a0
3,734 \u00a0
-
Subordinated debt, excluding liability accounted additional tier 1 capital \u00a0
22,614 \u00a0
30,732 \u00a0
Liability accounted additional tier 1 capital \u00a0
Redeemed in 2025 \u00a0
5,354 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
g
750 \u00a0
4.375 \u00a0
2021 \u00a0
Perpetual \u00a0
100 \u00a0
4,762 \u00a0
5,354 \u00a0
USD \u00a0
Danske Bank A/S \u00a0
h
500 \u00a0
7.00 \u00a0
2025 \u00a0
Perpetual \u00a0
100 \u00a0
3,175 \u00a0
-
Liability accounted additional tier 1 capital \u00a0
7,937 \u00a0
10,708 \u00a0
Nominal subordinated debt \u00a0
30,552 \u00a0
41,440 \u00a0
Discount \u00a0
-96 \u00a0
-80 \u00a0
Fair value hedging of interest rate risk \u00a0
-20 \u00a0
-383 \u00a0
Own holding of subordinated debt \u00a0
-147 \u00a0
-180 \u00a0
Total subordinated debt \u00a0
30,289 \u00a0
40,798 \u00a0
Portion included in total capital as additional tier 1 or tier 2 capital instruments* \u00a0
* Portion included in total capital as additional tier 1 or tier 2 capital instruments in 2024 has been corrected. \u00a0
a) Optional\u00a0redemption in February-May 2026. If the debt is not redeemed, the annual interest rate will be reset at 1.40 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
b) Optional\u00a0redemption in February-May 2029. If the debt is not redeemed, the annual interest rate will be reset at 1.95 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
c) Optional\u00a0redemption in May-August 2029. If the debt is not redeemed, the quarterly interest rate will be reset at 1.70 \u00a0
percentage points above the 3 month STIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
d) Optional\u00a0redemption in November 2031. If the debt is not redeemed, the annual interest rate will be reset at 1.55 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
e) Optional\u00a0redemption in January-April 2030. If the debt is not redeemed, the quarterly interest rate will be reset at 1.50 \u00a0
percentage points above the 3 month NIBOR rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
f) \u00a0
Optional redemption in August-November 2030. If the debt is not redeemed, the annual interest rate will be reset at 1.18 \u00a0
percentage points above the 5-year EUR swap rate for the remaining five years until maturity. CRR compliant tier 2 capital. \u00a0
g) Optional\u00a0redemption from May 2026. If the debt is not redeemed, the annual interest rate will be reset at 3.387 percentage \u00a0
points above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s or Danske \u00a0
Bank A/S\u2019s 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
h) Optional\u00a0redemption from February-August 2030. If the debt is not redeemed, the annual interest rate will be reset at 2.599 \u00a0
percentage points above the 5 year CMT-rate. The capital converts into a variable number of shares if Danske Bank Group\u2019s \u00a0
or Danske Bank A/S\u2019s common equity tier 1 capital ratio falls below 7%. The instrument is included as a CRR compliant \u00a0
additional tier 1 capital instrument in the statement of capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1664": { "value": "
G23. 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 \u00a0
liabilities in defined benefit pension plans, investment property, tangible assets, right-of-use lease assets and lease liabilities and \u00a0
holdings in associates. \u00a0
The Group uses clean pricing of financial instruments, and accrued interest is therefore included in Other assets and Other liabilities. \u00a0
In addition, prepayments and accrued income and expenses are included under Other assets and Other liabilities. Other staff \u00a0
commitments includes provisions for holiday payments, variable remuneration, severance pay etc. The provisions recognised \u00a0
represent the compensation 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 \u00a0
Group has entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured \u00a0
at the present value of the future payments from lease components, discounted using the incremental borrowing rate for the \u00a0
individual lease. The lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by \u00a0
reducing the carrying amount to reflect the lease payments made. Further lease liabilities are changed when remeasurements \u00a0
are needed, corresponding adjustment is the related right-of-use asset. Gain or loss from a lease modification that are not \u00a0
accounted for as a separate lease is recognised in profit and loss. The initial right-of-use asset comprises the amount of the \u00a0
initial measurement of the lease liability, lease payments made at or before the commencement day, initial direct costs and \u00a0
costs to restore the underlying asset. The right-of-use asset are subsequently measured at cost less accumulated depreciation \u00a0
and impairment losses. The right-of-use assets are depreciated over the shorter period of the lease term and the useful life of \u00a0
the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head lease and the sublease as two \u00a0
separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from \u00a0
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 \u00a0
credit losses. Note G15 provides further information. \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 \u00a0
the amount can be measured reliably. Liabilities are recognised at the present value of expected payments. \u00a0
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,354 \u00a0
7,352 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,505 \u00a0
9,727 \u00a0
Defined benefit pension plan, net assets \u00a0
960 \u00a0
907 \u00a0
Investment property \u00a0
361 \u00a0
396 \u00a0
Tangible assets \u00a0
6,879 \u00a0
7,092 \u00a0
Right of use lease assets \u00a0
3,579 \u00a0
3,675 \u00a0
Holdings in associates \u00a0
387 \u00a0
396 \u00a0
Assets held for sale \u00a0
109 \u00a0
160 \u00a0
Total \u00a0
29,135 \u00a0
29,707 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
40,082 \u00a0
42,659 \u00a0
Accrued interest and commissions due \u00a0
13,031 \u00a0
13,265 \u00a0
Defined benefit pension plans, net liabilities \u00a0
250 \u00a0
275 \u00a0
Other staff commitments \u00a0
1,102 \u00a0
1,287 \u00a0
Lease liabilities \u00a0
3,676 \u00a0
3,787 \u00a0
Loan commitments and guarantees etc. \u00a0
2,843 \u00a0
2,893 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,822 \u00a0
1,866 \u00a0
Total \u00a0
* Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
Information on defined benefit plans and holdings in associates is provided in notes G9 and G37, respectively. \u00a0
(a) Further explanation of other assets \u00a0
Right-of-use lease assets consist of domicile property of DKK 3,579 million (2024: DKK 3,675 million). The depreciation charge is DKK \u00a0
539 million (2024: DKK 630 million). The interest expense on the corresponding lease liability is DKK 134 million (2024: DKK 143 \u00a0
million). There have been no significant impairment losses of the right-of-use lease assets in 2025 and 2024. \u00a0
Tangible assets consist primarily of lease assets (where the Group acts as lessor). Further, it includes domicile properties (not held for \u00a0
sale) amounting to DKK 49 million (2024: DKK 70 million). If indications of impairment exist, the properties are written down to the \u00a0
lower of their carrying amount and their value in use. \u00a0
(b) Further explanation of other liabilities \u00a0
The following table shows an analysis of provisions by class of provision: \u00a0
Provisions \u00a0
Regulatory \u00a0
Customer \u00a0
and legal
Restructuring \u00a0
Other \u00a0
(DKK millions) \u00a0
remediations \u00a0
proceedings \u00a0
cost \u00a0
provisions \u00a0
Total \u00a0
Balance as at 1 January 2025 \u00a0
1,228 \u00a0
5
236 \u00a0
396 \u00a0
1,866 \u00a0
Additional provisions made \u00a0
39 \u00a0
1
291 \u00a0
17 \u00a0
347 \u00a0
Amounts used \u00a0
155 \u00a0
1
29 \u00a0
31 \u00a0
216 \u00a0
Reversals \u00a0
104 \u00a0
20 \u00a0
-
50 \u00a0
174 \u00a0
Foreign exchange adjustments \u00a0
-
-
-1 \u00a0
-
-1 \u00a0
Balance as at 31 December 2025 \u00a0
4
478 \u00a0
331 \u00a0
Customer remediation refers to activities to compensate customers for losses or damages associated with a failure to comply with \u00a0
regulations or to treat customers fairly. Customer remediation is often initiated by the Group in response to customer complaints \u00a0
and/or industry developments in sales practices and is not necessarily initiated by regulatory action. Customer remediation includes \u00a0
the provision for customer compensation in the debt collection case and other investor protection cases. In 2025, DKK 0.1 billion has \u00a0
been paid out from the provision for debt collection customers in Denmark. The payments will continue in 2026. \u00a0
Regulatory and legal proceedings include civil court, arbitration or tribunal proceedings brought against companies within the Danske \u00a0
Bank Group (whether by way of claim or counterclaim) or civil disputes that may, if not settled, result in court, arbitration or tribunal \u00a0
proceedings. Regulatory matters refer to investigations, reviews and other actions carried out by, or in response to the actions of, \u00a0
regulators or law enforcement agencies in connection with alleged wrongdoing by companies within the Danske Bank Group. For \u00a0
further information on regulatory and legal proceedings, including the Estonia matter, see note G26(c). \u00a0
Restructuring costs include provisions for severance pay in connection with termination of employees and provisions for branch \u00a0
mergers and closure of office sites. Other provisions include a provision of DKK 0.1 billion (2024: DKK 0.2 billion) for restoration of \u00a0
lease assets. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1665": { "value": "
G23. 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 \u00a0
liabilities in defined benefit pension plans, investment property, tangible assets, right-of-use lease assets and lease liabilities and \u00a0
holdings in associates. \u00a0
The Group uses clean pricing of financial instruments, and accrued interest is therefore included in Other assets and Other liabilities. \u00a0
In addition, prepayments and accrued income and expenses are included under Other assets and Other liabilities. Other staff \u00a0
commitments includes provisions for holiday payments, variable remuneration, severance pay etc. The provisions recognised \u00a0
represent the compensation 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 \u00a0
Group has entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured \u00a0
at the present value of the future payments from lease components, discounted using the incremental borrowing rate for the \u00a0
individual lease. The lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by \u00a0
reducing the carrying amount to reflect the lease payments made. Further lease liabilities are changed when remeasurements \u00a0
are needed, corresponding adjustment is the related right-of-use asset. Gain or loss from a lease modification that are not \u00a0
accounted for as a separate lease is recognised in profit and loss. The initial right-of-use asset comprises the amount of the \u00a0
initial measurement of the lease liability, lease payments made at or before the commencement day, initial direct costs and \u00a0
costs to restore the underlying asset. The right-of-use asset are subsequently measured at cost less accumulated depreciation \u00a0
and impairment losses. The right-of-use assets are depreciated over the shorter period of the lease term and the useful life of \u00a0
the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head lease and the sublease as two \u00a0
separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from \u00a0
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 \u00a0
credit losses. Note G15 provides further information. \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 \u00a0
the amount can be measured reliably. Liabilities are recognised at the present value of expected payments. \u00a0
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,354 \u00a0
7,352 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,505 \u00a0
9,727 \u00a0
Defined benefit pension plan, net assets \u00a0
960 \u00a0
907 \u00a0
Investment property \u00a0
361 \u00a0
396 \u00a0
Tangible assets \u00a0
6,879 \u00a0
7,092 \u00a0
Right of use lease assets \u00a0
3,579 \u00a0
3,675 \u00a0
Holdings in associates \u00a0
387 \u00a0
396 \u00a0
Assets held for sale \u00a0
109 \u00a0
160 \u00a0
Total \u00a0
29,135 \u00a0
29,707 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
40,082 \u00a0
42,659 \u00a0
Accrued interest and commissions due \u00a0
13,031 \u00a0
13,265 \u00a0
Defined benefit pension plans, net liabilities \u00a0
250 \u00a0
275 \u00a0
Other staff commitments \u00a0
1,102 \u00a0
1,287 \u00a0
Lease liabilities \u00a0
3,676 \u00a0
3,787 \u00a0
Loan commitments and guarantees etc. \u00a0
2,843 \u00a0
2,893 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,822 \u00a0
1,866 \u00a0
Total \u00a0
* Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
Information on defined benefit plans and holdings in associates is provided in notes G9 and G37, respectively. \u00a0
(a) Further explanation of other assets \u00a0
Right-of-use lease assets consist of domicile property of DKK 3,579 million (2024: DKK 3,675 million). The depreciation charge is DKK \u00a0
539 million (2024: DKK 630 million). The interest expense on the corresponding lease liability is DKK 134 million (2024: DKK 143 \u00a0
million). There have been no significant impairment losses of the right-of-use lease assets in 2025 and 2024. \u00a0
Tangible assets consist primarily of lease assets (where the Group acts as lessor). Further, it includes domicile properties (not held for \u00a0
sale) amounting to DKK 49 million (2024: DKK 70 million). If indications of impairment exist, the properties are written down to the \u00a0
lower of their carrying amount and their value in use. \u00a0
(b) Further explanation of other liabilities \u00a0
The following table shows an analysis of provisions by class of provision: \u00a0
Provisions \u00a0
Regulatory \u00a0
Customer \u00a0
and legal
Restructuring \u00a0
Other \u00a0
(DKK millions) \u00a0
remediations \u00a0
proceedings \u00a0
cost \u00a0
provisions \u00a0
Total \u00a0
Balance as at 1 January 2025 \u00a0
1,228 \u00a0
5
236 \u00a0
396 \u00a0
1,866 \u00a0
Additional provisions made \u00a0
39 \u00a0
1
291 \u00a0
17 \u00a0
347 \u00a0
Amounts used \u00a0
155 \u00a0
1
29 \u00a0
31 \u00a0
216 \u00a0
Reversals \u00a0
104 \u00a0
20 \u00a0
-
50 \u00a0
174 \u00a0
Foreign exchange adjustments \u00a0
-
-
-1 \u00a0
-
-1 \u00a0
Balance as at 31 December 2025 \u00a0
4
478 \u00a0
331 \u00a0
Customer remediation refers to activities to compensate customers for losses or damages associated with a failure to comply with \u00a0
regulations or to treat customers fairly. Customer remediation is often initiated by the Group in response to customer complaints \u00a0
and/or industry developments in sales practices and is not necessarily initiated by regulatory action. Customer remediation includes \u00a0
the provision for customer compensation in the debt collection case and other investor protection cases. In 2025, DKK 0.1 billion has \u00a0
been paid out from the provision for debt collection customers in Denmark. The payments will continue in 2026. \u00a0
Regulatory and legal proceedings include civil court, arbitration or tribunal proceedings brought against companies within the Danske \u00a0
Bank Group (whether by way of claim or counterclaim) or civil disputes that may, if not settled, result in court, arbitration or tribunal \u00a0
proceedings. Regulatory matters refer to investigations, reviews and other actions carried out by, or in response to the actions of, \u00a0
regulators or law enforcement agencies in connection with alleged wrongdoing by companies within the Danske Bank Group. For \u00a0
further information on regulatory and legal proceedings, including the Estonia matter, see note G26(c). \u00a0
Restructuring costs include provisions for severance pay in connection with termination of employees and provisions for branch \u00a0
mergers and closure of office sites. Other provisions include a provision of DKK 0.1 billion (2024: DKK 0.2 billion) for restoration of \u00a0
lease assets. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1667": { "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 \u00a0
Group has entered into as lessee, except short-term leases and leases of low value asset. The lease liability is initially measured \u00a0
at the present value of the future payments from lease components, discounted using the incremental borrowing rate for the \u00a0
individual lease. The lease liability is subsequently measured by increasing the carrying amount, to reflect interest and by \u00a0
reducing the carrying amount to reflect the lease payments made. Further lease liabilities are changed when remeasurements \u00a0
are needed, corresponding adjustment is the related right-of-use asset. Gain or loss from a lease modification that are not \u00a0
accounted for as a separate lease is recognised in profit and loss. The initial right-of-use asset comprises the amount of the \u00a0
initial measurement of the lease liability, lease payments made at or before the commencement day, initial direct costs and \u00a0
costs to restore the underlying asset. The right-of-use asset are subsequently measured at cost less accumulated depreciation \u00a0
and impairment losses. The right-of-use assets are depreciated over the shorter period of the lease term and the useful life of \u00a0
the underlying asset. When the Group is an intermediate lessor, the Group accounts for the head lease and the sublease as two \u00a0
separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from \u00a0
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 \u00a0
credit losses. Note G15 provides further information. \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 \u00a0
the 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1670": { "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 \u00a0
the 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1681": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,354 \u00a0
7,352 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,505 \u00a0
9,727 \u00a0
Defined benefit pension plan, net assets \u00a0
960 \u00a0
907 \u00a0
Investment property \u00a0
361 \u00a0
396 \u00a0
Tangible assets \u00a0
6,879 \u00a0
7,092 \u00a0
Right of use lease assets \u00a0
3,579 \u00a0
3,675 \u00a0
Holdings in associates \u00a0
387 \u00a0
396 \u00a0
Assets held for sale \u00a0
109 \u00a0
160 \u00a0
Total \u00a0
29,135 \u00a0
29,707 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
40,082 \u00a0
42,659 \u00a0
Accrued interest and commissions due \u00a0
13,031 \u00a0
13,265 \u00a0
Defined benefit pension plans, net liabilities \u00a0
250 \u00a0
275 \u00a0
Other staff commitments \u00a0
1,102 \u00a0
1,287 \u00a0
Lease liabilities \u00a0
3,676 \u00a0
3,787 \u00a0
Loan commitments and guarantees etc. \u00a0
2,843 \u00a0
2,893 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,822 \u00a0
1,866 \u00a0
Total \u00a0
* Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
(b) Further explanation of other liabilities \u00a0
The following table shows an analysis of provisions by class of provision: \u00a0
Provisions \u00a0
Regulatory \u00a0
Customer \u00a0
and legal
Restructuring \u00a0
Other \u00a0
(DKK millions) \u00a0
remediations \u00a0
proceedings \u00a0
cost \u00a0
provisions \u00a0
Total \u00a0
Balance as at 1 January 2025 \u00a0
1,228 \u00a0
5
236 \u00a0
396 \u00a0
1,866 \u00a0
Additional provisions made \u00a0
39 \u00a0
1
291 \u00a0
17 \u00a0
347 \u00a0
Amounts used \u00a0
155 \u00a0
1
29 \u00a0
31 \u00a0
216 \u00a0
Reversals \u00a0
104 \u00a0
20 \u00a0
-
50 \u00a0
174 \u00a0
Foreign exchange adjustments \u00a0
-
-
-1 \u00a0
-
-1 \u00a0
Balance as at 31 December 2025 \u00a0
4
478 \u00a0
331 \u00a0
Customer remediation refers to activities to compensate customers for losses or damages associated with a failure to comply with \u00a0
regulations or to treat customers fairly. Customer remediation is often initiated by the Group in response to customer complaints \u00a0
and/or industry developments in sales practices and is not necessarily initiated by regulatory action. Customer remediation includes \u00a0
the provision for customer compensation in the debt collection case and other investor protection cases. In 2025, DKK 0.1 billion has \u00a0
been paid out from the provision for debt collection customers in Denmark. The payments will continue in 2026. \u00a0
Regulatory and legal proceedings include civil court, arbitration or tribunal proceedings brought against companies within the Danske \u00a0
Bank Group (whether by way of claim or counterclaim) or civil disputes that may, if not settled, result in court, arbitration or tribunal \u00a0
proceedings. Regulatory matters refer to investigations, reviews and other actions carried out by, or in response to the actions of, \u00a0
regulators or law enforcement agencies in connection with alleged wrongdoing by companies within the Danske Bank Group. For \u00a0
further information on regulatory and legal proceedings, including the Estonia matter, see note G26(c). \u00a0
Restructuring costs include provisions for severance pay in connection with termination of employees and provisions for branch \u00a0
mergers and closure of office sites. Other provisions include a provision of DKK 0.1 billion (2024: DKK 0.2 billion) for restoration of \u00a0
lease assets. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1680": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,354 \u00a0
7,352 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,505 \u00a0
9,727 \u00a0
Defined benefit pension plan, net assets \u00a0
960 \u00a0
907 \u00a0
Investment property \u00a0
361 \u00a0
396 \u00a0
Tangible assets \u00a0
6,879 \u00a0
7,092 \u00a0
Right of use lease assets \u00a0
3,579 \u00a0
3,675 \u00a0
Holdings in associates \u00a0
387 \u00a0
396 \u00a0
Assets held for sale \u00a0
109 \u00a0
160 \u00a0
Total \u00a0
29,135 \u00a0
29,707 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
40,082 \u00a0
42,659 \u00a0
Accrued interest and commissions due \u00a0
13,031 \u00a0
13,265 \u00a0
Defined benefit pension plans, net liabilities \u00a0
250 \u00a0
275 \u00a0
Other staff commitments \u00a0
1,102 \u00a0
1,287 \u00a0
Lease liabilities \u00a0
3,676 \u00a0
3,787 \u00a0
Loan commitments and guarantees etc. \u00a0
2,843 \u00a0
2,893 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,822 \u00a0
1,866 \u00a0
Total \u00a0
* Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
Tangible assets consist primarily of lease assets (where the Group acts as lessor). Further, it includes domicile properties (not held for \u00a0
sale) amounting to DKK 49 million (2024: DKK 70 million). If indications of impairment exist, the properties are written down to the \u00a0
lower of their carrying amount and their value in use. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1679": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,354 \u00a0
7,352 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,505 \u00a0
9,727 \u00a0
Defined benefit pension plan, net assets \u00a0
960 \u00a0
907 \u00a0
Investment property \u00a0
361 \u00a0
396 \u00a0
Tangible assets \u00a0
6,879 \u00a0
7,092 \u00a0
Right of use lease assets \u00a0
3,579 \u00a0
3,675 \u00a0
Holdings in associates \u00a0
387 \u00a0
396 \u00a0
Assets held for sale \u00a0
109 \u00a0
160 \u00a0
Total \u00a0
29,135 \u00a0
29,707 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
40,082 \u00a0
42,659 \u00a0
Accrued interest and commissions due \u00a0
13,031 \u00a0
13,265 \u00a0
Defined benefit pension plans, net liabilities \u00a0
250 \u00a0
275 \u00a0
Other staff commitments \u00a0
1,102 \u00a0
1,287 \u00a0
Lease liabilities \u00a0
3,676 \u00a0
3,787 \u00a0
Loan commitments and guarantees etc. \u00a0
2,843 \u00a0
2,893 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,822 \u00a0
1,866 \u00a0
Total \u00a0
* Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
(a) Further explanation of other assets \u00a0
Right-of-use lease assets consist of domicile property of DKK 3,579 million (2024: DKK 3,675 million). The depreciation charge is DKK \u00a0
539 million (2024: DKK 630 million). The interest expense on the corresponding lease liability is DKK 134 million (2024: DKK 143 \u00a0
million). There have been no significant impairment losses of the right-of-use lease assets in 2025 and 2024. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1678": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,354 \u00a0
7,352 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,505 \u00a0
9,727 \u00a0
Defined benefit pension plan, net assets \u00a0
960 \u00a0
907 \u00a0
Investment property \u00a0
361 \u00a0
396 \u00a0
Tangible assets \u00a0
6,879 \u00a0
7,092 \u00a0
Right of use lease assets \u00a0
3,579 \u00a0
3,675 \u00a0
Holdings in associates \u00a0
387 \u00a0
396 \u00a0
Assets held for sale \u00a0
109 \u00a0
160 \u00a0
Total \u00a0
29,135 \u00a0
29,707 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
40,082 \u00a0
42,659 \u00a0
Accrued interest and commissions due \u00a0
13,031 \u00a0
13,265 \u00a0
Defined benefit pension plans, net liabilities \u00a0
250 \u00a0
275 \u00a0
Other staff commitments \u00a0
1,102 \u00a0
1,287 \u00a0
Lease liabilities \u00a0
3,676 \u00a0
3,787 \u00a0
Loan commitments and guarantees etc. \u00a0
2,843 \u00a0
2,893 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,822 \u00a0
1,866 \u00a0
Total \u00a0
* Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1676": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,354 \u00a0
7,352 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,505 \u00a0
9,727 \u00a0
Defined benefit pension plan, net assets \u00a0
960 \u00a0
907 \u00a0
Investment property \u00a0
361 \u00a0
396 \u00a0
Tangible assets \u00a0
6,879 \u00a0
7,092 \u00a0
Right of use lease assets \u00a0
3,579 \u00a0
3,675 \u00a0
Holdings in associates \u00a0
387 \u00a0
396 \u00a0
Assets held for sale \u00a0
109 \u00a0
160 \u00a0
Total \u00a0
29,135 \u00a0
29,707 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
40,082 \u00a0
42,659 \u00a0
Accrued interest and commissions due \u00a0
13,031 \u00a0
13,265 \u00a0
Defined benefit pension plans, net liabilities \u00a0
250 \u00a0
275 \u00a0
Other staff commitments \u00a0
1,102 \u00a0
1,287 \u00a0
Lease liabilities \u00a0
3,676 \u00a0
3,787 \u00a0
Loan commitments and guarantees etc. \u00a0
2,843 \u00a0
2,893 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,822 \u00a0
1,866 \u00a0
Total \u00a0
* Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1675": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,354 \u00a0
7,352 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,505 \u00a0
9,727 \u00a0
Defined benefit pension plan, net assets \u00a0
960 \u00a0
907 \u00a0
Investment property \u00a0
361 \u00a0
396 \u00a0
Tangible assets \u00a0
6,879 \u00a0
7,092 \u00a0
Right of use lease assets \u00a0
3,579 \u00a0
3,675 \u00a0
Holdings in associates \u00a0
387 \u00a0
396 \u00a0
Assets held for sale \u00a0
109 \u00a0
160 \u00a0
Total \u00a0
29,135 \u00a0
29,707 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
40,082 \u00a0
42,659 \u00a0
Accrued interest and commissions due \u00a0
13,031 \u00a0
13,265 \u00a0
Defined benefit pension plans, net liabilities \u00a0
250 \u00a0
275 \u00a0
Other staff commitments \u00a0
1,102 \u00a0
1,287 \u00a0
Lease liabilities \u00a0
3,676 \u00a0
3,787 \u00a0
Loan commitments and guarantees etc. \u00a0
2,843 \u00a0
2,893 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,822 \u00a0
1,866 \u00a0
Total \u00a0
* Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1674": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,354 \u00a0
7,352 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,505 \u00a0
9,727 \u00a0
Defined benefit pension plan, net assets \u00a0
960 \u00a0
907 \u00a0
Investment property \u00a0
361 \u00a0
396 \u00a0
Tangible assets \u00a0
6,879 \u00a0
7,092 \u00a0
Right of use lease assets \u00a0
3,579 \u00a0
3,675 \u00a0
Holdings in associates \u00a0
387 \u00a0
396 \u00a0
Assets held for sale \u00a0
109 \u00a0
160 \u00a0
Total \u00a0
29,135 \u00a0
29,707 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
40,082 \u00a0
42,659 \u00a0
Accrued interest and commissions due \u00a0
13,031 \u00a0
13,265 \u00a0
Defined benefit pension plans, net liabilities \u00a0
250 \u00a0
275 \u00a0
Other staff commitments \u00a0
1,102 \u00a0
1,287 \u00a0
Lease liabilities \u00a0
3,676 \u00a0
3,787 \u00a0
Loan commitments and guarantees etc. \u00a0
2,843 \u00a0
2,893 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,822 \u00a0
1,866 \u00a0
Total \u00a0
* Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1673": { "value": "
Other assets and other liabilities \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024* \u00a0
Other assets \u00a0
Accrued interest and commissions due \u00a0
7,354 \u00a0
7,352 \u00a0
Prepayments, accruals and other amounts due \u00a0
9,505 \u00a0
9,727 \u00a0
Defined benefit pension plan, net assets \u00a0
960 \u00a0
907 \u00a0
Investment property \u00a0
361 \u00a0
396 \u00a0
Tangible assets \u00a0
6,879 \u00a0
7,092 \u00a0
Right of use lease assets \u00a0
3,579 \u00a0
3,675 \u00a0
Holdings in associates \u00a0
387 \u00a0
396 \u00a0
Assets held for sale \u00a0
109 \u00a0
160 \u00a0
Total \u00a0
29,135 \u00a0
29,707 \u00a0
Other liabilities \u00a0
Sundry creditors \u00a0
40,082 \u00a0
42,659 \u00a0
Accrued interest and commissions due \u00a0
13,031 \u00a0
13,265 \u00a0
Defined benefit pension plans, net liabilities \u00a0
250 \u00a0
275 \u00a0
Other staff commitments \u00a0
1,102 \u00a0
1,287 \u00a0
Lease liabilities \u00a0
3,676 \u00a0
3,787 \u00a0
Loan commitments and guarantees etc. \u00a0
2,843 \u00a0
2,893 \u00a0
Reserves subject to a reimbursement obligation \u00a0
2
2
Provisions, including litigations \u00a0
1,822 \u00a0
1,866 \u00a0
Total \u00a0
* Other assets includes Assets held for sale, which was separately disclosed in the Balance sheet in Annual Report 2024. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1718": { "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 \u00a0
equity. The dividends are recognised as a liability when the general meeting has adopted the proposal. Any dividend payments \u00a0
approved by the Board of Directors during the year are deducted from retained earnings at the time of payment and are therefore not \u00a0
included in proposed dividends. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1710": { "value": "
G24. Equity \u00a0
Equity is the residual interest in the assets after deducting all liabilities recognised in the balance sheet. Equity is divided between \u00a0
capital and reserves that are attributable to holders of shares issued by the Group (owners of Danske Bank A/S) and other parties \u00a0
holding an interest in the net assets of the Group. \u00a0
At the end of 2025, the nominal value of issued additional tier 1 capital in Danske Bank Group amounted to DKK 7,937 million (2024: \u00a0
DKK 10,708 million), all accounted for as liability instruments; see note G22. Danske Bank A/S may, at its sole discretion, omit interest \u00a0
and principal payments to bondholders. Additional tier 1 capital instruments that are accounted for as equity instruments are \u00a0
included in equity as a non-controlling interest. This means that equity was increased at the time of issue by the net proceeds \u00a0
received. When interest is paid, the amount paid to investors reduces equity at the time of payment and does not affect net profit. If \u00a0
the Group decides to repay the capital, equity will be reduced by the redemption amount at the time of redemption. The capital issued \u00a0
is included in tier 1 capital instruments in the statement of capital as it meets the criteria of the CRR for such instruments. \u00a0
Accounting policy \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 \u00a0
or are underlying items of insurance contracts with direct participation features are recognised directly in equity under \u00a0
transactions with owners. The same applies to premiums received or paid for derivatives entailing settlement in own shares. A \u00a0
capital reduction by cancellation of own shares will lower the share capital by an amount equal to the nominal value of the \u00a0
shares at the time of registration of the capital reduction. \u00a0
The Group has elected to not deduct from equity own shares that are held on behalf of customers or those that are underlying \u00a0
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 \u00a0
earnings and issued additional tier 1 capital. The various components of equity are described below. Tax on items recognised directly \u00a0
in equity is 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. \u00a0
Income and expenses are translated at the applicable exchange rates at the transaction date. Gains and losses arising at the \u00a0
translation of net investments in units outside Denmark are recognised under Other comprehensive income and recognised in the \u00a0
foreign currency translation reserve in equity. Net investments include the net assets and goodwill of the units as well as holdings in \u00a0
the form of subordinated loan capital and other loans to the units for which settlement is neither planned nor likely to occur in the \u00a0
foreseeable future. Exchange rate adjustments of financial liabilities used for hedging the Group\u2019s net investments are also \u00a0
recognised under Other comprehensive income and in the foreign currency translation reserve. Further information can be found in \u00a0
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 \u00a0
Other 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 exchange gains and losses, of \u00a0
bonds measured at fair value through other comprehensive income. Unrealised fair value adjustments of hedged interest rate risks \u00a0
that qualify for fair value hedge accounting are recognised in the income statement and are not included in the reserve. When bonds \u00a0
are sold, the Group 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 \u00a0
equity. The dividends are recognised as a liability when the general meeting has adopted the proposal. Any dividend payments \u00a0
approved by the Board of Directors during the year are deducted from retained earnings at the time of payment and are therefore not \u00a0
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 \u00a0
period and set off against equity. At the time of exercise, payments by employees are recognised as an increase in equity. As with \u00a0
other purchases of 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1711": { "value": "
G24. Equity \u00a0
Equity is the residual interest in the assets after deducting all liabilities recognised in the balance sheet. Equity is divided between \u00a0
capital and reserves that are attributable to holders of shares issued by the Group (owners of Danske Bank A/S) and other parties \u00a0
holding an interest in the net assets of the Group. \u00a0
At the end of 2025, the nominal value of issued additional tier 1 capital in Danske Bank Group amounted to DKK 7,937 million (2024: \u00a0
DKK 10,708 million), all accounted for as liability instruments; see note G22. Danske Bank A/S may, at its sole discretion, omit interest \u00a0
and principal payments to bondholders. Additional tier 1 capital instruments that are accounted for as equity instruments are \u00a0
included in equity as a non-controlling interest. This means that equity was increased at the time of issue by the net proceeds \u00a0
received. When interest is paid, the amount paid to investors reduces equity at the time of payment and does not affect net profit. If \u00a0
the Group decides to repay the capital, equity will be reduced by the redemption amount at the time of redemption. The capital issued \u00a0
is included in tier 1 capital instruments in the statement of capital as it meets the criteria of the CRR for such instruments. \u00a0
Accounting policy \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 \u00a0
or are underlying items of insurance contracts with direct participation features are recognised directly in equity under \u00a0
transactions with owners. The same applies to premiums received or paid for derivatives entailing settlement in own shares. A \u00a0
capital reduction by cancellation of own shares will lower the share capital by an amount equal to the nominal value of the \u00a0
shares at the time of registration of the capital reduction. \u00a0
The Group has elected to not deduct from equity own shares that are held on behalf of customers or those that are underlying \u00a0
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 \u00a0
earnings and issued additional tier 1 capital. The various components of equity are described below. Tax on items recognised directly \u00a0
in equity is 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. \u00a0
Income and expenses are translated at the applicable exchange rates at the transaction date. Gains and losses arising at the \u00a0
translation of net investments in units outside Denmark are recognised under Other comprehensive income and recognised in the \u00a0
foreign currency translation reserve in equity. Net investments include the net assets and goodwill of the units as well as holdings in \u00a0
the form of subordinated loan capital and other loans to the units for which settlement is neither planned nor likely to occur in the \u00a0
foreseeable future. Exchange rate adjustments of financial liabilities used for hedging the Group\u2019s net investments are also \u00a0
recognised under Other comprehensive income and in the foreign currency translation reserve. Further information can be found in \u00a0
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 \u00a0
Other 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 exchange gains and losses, of \u00a0
bonds measured at fair value through other comprehensive income. Unrealised fair value adjustments of hedged interest rate risks \u00a0
that qualify for fair value hedge accounting are recognised in the income statement and are not included in the reserve. When bonds \u00a0
are sold, the Group 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 \u00a0
equity. The dividends are recognised as a liability when the general meeting has adopted the proposal. Any dividend payments \u00a0
approved by the Board of Directors during the year are deducted from retained earnings at the time of payment and are therefore not \u00a0
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 \u00a0
period and set off against equity. At the time of exercise, payments by employees are recognised as an increase in equity. As with \u00a0
other purchases of 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1720": { "value": "
G25. 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 \u00a0
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 \u00a0
shows the cash flows from operating, investing and financing activities as well as the increase or decrease in cash and cash \u00a0
equivalents during the year. Cash and cash equivalents consists of cash in hand and demand deposits with central banks as well \u00a0
as amounts due from credit institutions and central banks with an original maturity shorter than three months. \u00a0
Investing activities include cash flows from the sale or acquisition of tangible and intangible assets as well as businesses. \u00a0
Financing activities include cash flows from the Group\u2019s issued non-preferred senior bonds, subordinated debt, additional tier 1 \u00a0
capital 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 G30 provides information on amounts due from credit institutions that are provided \u00a0
as collateral for liabilities or contingent liabilities. \u00a0
Adjustment for non-cash operating items \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Unrealised income from holdings in associates \u00a0
14 \u00a0
257 \u00a0
Amortisation/depreciation of intangible, tangible and right-of-use assets \u00a0
991 \u00a0
1,026 \u00a0
Loan impairment charges \u00a0
294 \u00a0
-544 \u00a0
Other \u00a0
-804 \u00a0
-39 \u00a0
Total \u00a0
495 \u00a0
700 \u00a0
Other mostly comprises change in accrued interest and commissions due and payable. \u00a0
Reconciliation of liabilities from financing activities \u00a0
Foreign \u00a0
1 January \u00a0
exchange \u00a0
Fair Value
31 December \u00a0
(DKK millions) \u00a0
2025 \u00a0
Issued \u00a0
Redeemed \u00a0
movement \u00a0
changes \u00a0
2025 \u00a0
Subordinated debt \u00a0
40,798 \u00a0
8,329 \u00a0
17,878 \u00a0
-1,388 \u00a0
428 \u00a0
30,289 \u00a0
Non-preferred senior bonds \u00a0
89,492 \u00a0
30,141 \u00a0
16,154 \u00a0
-4,676 \u00a0
879 \u00a0
99,682 \u00a0
Foreign \u00a0
1 January \u00a0
exchange \u00a0
Fair Value
31 December \u00a0
(DKK millions) \u00a0
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
Fair value changes include the impact from fair value hedge accounting, amortisation of transaction costs and changes in own \u00a0
holdings. The cash flows from debt issued and redeemed are based on the applicable foreign exchange rate at the transaction date \u00a0
and net of any transaction costs etc. In note G22, which shows changes in the nominal value of subordinated debt, issue and \u00a0
redemption amounts exclude 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 2025, \u00a0
lease liabilities amounted to DKK 3,676 million (2024: DKK 3,787 million). The cash flows included in the cash flow statement as cash \u00a0
flows from financing activities relate to the principal portion of the lease payments. Other changes are non-cash changes, which \u00a0
primarily consist of interest expenses, new leases, terminated leases and modifications of existing leases. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1721": { "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 \u00a0
shows the cash flows from operating, investing and financing activities as well as the increase or decrease in cash and cash \u00a0
equivalents during the year. Cash and cash equivalents consists of cash in hand and demand deposits with central banks as well \u00a0
as amounts due from credit institutions and central banks with an original maturity shorter than three months. \u00a0
Investing activities include cash flows from the sale or acquisition of tangible and intangible assets as well as businesses. \u00a0
Financing activities include cash flows from the Group\u2019s issued non-preferred senior bonds, subordinated debt, additional tier 1 \u00a0
capital and share capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1722": { "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 \u00a0
shows the cash flows from operating, investing and financing activities as well as the increase or decrease in cash and cash \u00a0
equivalents during the year. Cash and cash equivalents consists of cash in hand and demand deposits with central banks as well \u00a0
as amounts due from credit institutions and central banks with an original maturity shorter than three months. \u00a0
Investing activities include cash flows from the sale or acquisition of tangible and intangible assets as well as businesses. \u00a0
Financing activities include cash flows from the Group\u2019s issued non-preferred senior bonds, subordinated debt, additional tier 1 \u00a0
capital and share capital. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1725": { "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 G30 provides information on amounts due from credit institutions that are provided \u00a0
as collateral for liabilities or contingent liabilities. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1739": { "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 \u00a0
and Exchange Commission (SEC) and the Danish Special Crime Unit (SCU) following the investigations into failings and misconduct \u00a0
related to the non-resident portfolio at Danske Bank\u2019s former Estonia branch. The aggregate amounts payable to the US and Danish \u00a0
authorities were paid in January 2023. The coordinated resolutions marked the end of the criminal and regulatory investigations into \u00a0
Danske Bank by the authorities in Denmark and the United States. As part of the Bank\u2019s agreement with DoJ, Danske Bank was placed \u00a0
on corporate probation for three years from 13 December 2022 until 13 December 2025. On 15 December 2025, Danske Bank \u00a0
confirmed that its three-year corporate probation with DoJ was concluded. The conclusion marked the end of the process to resolve \u00a0
the case with the American authorities related to the non-resident portfolio at Danske Bank\u2019s former Estonia branch. \u00a0
The civil claims filed against Danske Bank by institutional investors can be summarised to six case complexes with a current total \u00a0
claim amount of approximately DKK 12.8 billion. One of the case complexes has partly been referred to the Eastern High Court, while \u00a0
the remaining case complexes are stayed or pending before the Copenhagen City Court. In the case complex pending before Eastern \u00a0
High Court, test cases have been selected to be progressed to trial. The Eastern High Court has scheduled the main hearing to start in \u00a0
2027. The civil claims were not included in the coordinated resolutions with DoJ, SEC, and SCU. Danske Bank will continue to defend \u00a0
itself vigorously against these claims. The timing of completion of such civil claims (pending or threatening) and their outcome are \u00a0
uncertain and could be material. \u00a0
Danske Bank has been procedurally notified in two claims filed against Thomas F. Borgen with a current total claim amount of \u00a0
approximately DKK 1.7 billion. Under Danish law, the purpose of a procedural notification is to make a formal reservation of rights to \u00a0
bring a potential claim against the notified party. The first case was dismissed in the first instance and subsequently appealed by the \u00a0
claimants to the Eastern High Court where the main hearing is scheduled to start in January 2028. \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 \u00a0
complaint sought unspecified punitive and compensatory damages. In December 2022, the action was dismissed by the court and in \u00a0
January 2023, the complainants filed an appeal of the dismissal. In March 2024, the appellate court heard oral arguments for the \u00a0
appeal and, in July 2025, the appellate court rendered its decision affirming in its entirety the dismissal of the claims against Danske \u00a0
Bank and the other international banks. The complainants subsequently asked the appellate court to reconsider its decision which the \u00a0
appellate court denied on 16 October 2025. The complainants did not seek a discretionary review from the Supreme Court of the \u00a0
United States within the deadline on 14 January 2026, and the case is therefore closed. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1730": { "value": "
G26. 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 \u00a0
loan commitments, loan offers, other credit facilities and guarantees. This note provides information on such instruments and on \u00a0
other contingent liabilities. \u00a0
Accounting policy \u00a0
Guarantees and loan commitments are subject to the expected credit loss impairment model in IFRS 9. Note G15 provides \u00a0
further information. \u00a0
Contingent liabilities consist of possible obligations arising from past events. The existence of such obligations will be confirmed \u00a0
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the Group\u2019s control. Further, \u00a0
contingent liabilities consist of present obligations arising from past events, for which it is either not probable that the obligation \u00a0
will result in an 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 \u00a0
resources is remote. \u00a0
(a) Guarantees \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Financial guarantees \u00a0
13,946 \u00a0
17,393 \u00a0
Other guarantees \u00a0
85,724 \u00a0
78,965 \u00a0
Total \u00a0
(b) Commitments \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Loan commitments shorter than 1 year \u00a0
206,636 \u00a0
191,002 \u00a0
Loan commitments longer than 1 year \u00a0
244,547 \u00a0
244,372 \u00a0
Other unutilised commitments \u00a0
14,406 \u00a0
16,689 \u00a0
Total \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 \u00a0
and Exchange Commission (SEC) and the Danish Special Crime Unit (SCU) following the investigations into failings and misconduct \u00a0
related to the non-resident portfolio at Danske Bank\u2019s former Estonia branch. The aggregate amounts payable to the US and Danish \u00a0
authorities were paid in January 2023. The coordinated resolutions marked the end of the criminal and regulatory investigations into \u00a0
Danske Bank by the authorities in Denmark and the United States. As part of the Bank\u2019s agreement with DoJ, Danske Bank was placed \u00a0
on corporate probation for three years from 13 December 2022 until 13 December 2025. On 15 December 2025, Danske Bank \u00a0
confirmed that its three-year corporate probation with DoJ was concluded. The conclusion marked the end of the process to resolve \u00a0
the case with the American authorities related to the non-resident portfolio at Danske Bank\u2019s former Estonia branch. \u00a0
The civil claims filed against Danske Bank by institutional investors can be summarised to six case complexes with a current total \u00a0
claim amount of approximately DKK 12.8 billion. One of the case complexes has partly been referred to the Eastern High Court, while \u00a0
the remaining case complexes are stayed or pending before the Copenhagen City Court. In the case complex pending before Eastern \u00a0
High Court, test cases have been selected to be progressed to trial. The Eastern High Court has scheduled the main hearing to start in \u00a0
2027. The civil claims were not included in the coordinated resolutions with DoJ, SEC, and SCU. Danske Bank will continue to defend \u00a0
itself vigorously against these claims. The timing of completion of such civil claims (pending or threatening) and their outcome are \u00a0
uncertain and could be material. \u00a0
Danske Bank has been procedurally notified in two claims filed against Thomas F. Borgen with a current total claim amount of \u00a0
approximately DKK 1.7 billion. Under Danish law, the purpose of a procedural notification is to make a formal reservation of rights to \u00a0
bring a potential claim against the notified party. The first case was dismissed in the first instance and subsequently appealed by the \u00a0
claimants to the Eastern High Court where the main hearing is scheduled to start in January 2028. \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 \u00a0
complaint sought unspecified punitive and compensatory damages. In December 2022, the action was dismissed by the court and in \u00a0
January 2023, the complainants filed an appeal of the dismissal. In March 2024, the appellate court heard oral arguments for the \u00a0
appeal and, in July 2025, the appellate court rendered its decision affirming in its entirety the dismissal of the claims against Danske \u00a0
Bank and the other international banks. The complainants subsequently asked the appellate court to reconsider its decision which the \u00a0
appellate court denied on 16 October 2025. The complainants did not seek a discretionary review from the Supreme Court of the \u00a0
United States within the deadline on 14 January 2026, and the case is therefore closed. \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, \u00a0
grant them a severance and/or pension payment in excess of their entitlement under ordinary terms of employment. As the \u00a0
sponsoring employer, 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% \u00a0
and 1%, respectively, of the covered deposits of all Danish credit institutions by 31 December 2025. \u00a0
The Danish Guarantee Fund is currently fully funded, but if the fund subsequently does not have sufficient means to make the \u00a0
required payments, extraordinary contributions of up to 0.5% of the individual institution\u2019s covered deposits may be required. \u00a0
Extraordinary contributions above this percentage require the consent of the Danish FSA. \u00a0
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 by Danske Bank A/S and Realkredit \u00a0
Danmark A/S. \u00a0
In addition, Danish banks participate in the Danish Restructuring Fund, which reimburses creditors if the final dividend is lower than \u00a0
the interim dividend in respect of banks that were in distress before 1 June 2015. Similarly, Danish banks have made payment \u00a0
commitments totalling DKK 1 billion to cover losses incurred by the Danish Restructuring Fund for the withdrawal of distressed banks \u00a0
from data centres etc. Payments to the Danish Restructuring Fund are calculated based on the individual credit institution\u2019s share of \u00a0
covered deposits relative to other credit institutions in Denmark. However, each institution\u2019s contribution to the Danish Restructuring \u00a0
Fund may not exceed 0.2% of its covered 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 \u00a0
the 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 \u00a0
payment of Danish corporation tax and withholding tax, etc. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1733": { "value": "
Guarantees and loan commitments are subject to the expected credit loss impairment model in IFRS 9. Note G15 provides \u00a0
further information. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1734": { "value": "
Contingent liabilities consist of possible obligations arising from past events. The existence of such obligations will be confirmed \u00a0
only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the Group\u2019s control. Further, \u00a0
contingent liabilities consist of present obligations arising from past events, for which it is either not probable that the obligation \u00a0
will result in an 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 \u00a0
resources is remote. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1736": { "value": "
(a) Guarantees \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Financial guarantees \u00a0
13,946 \u00a0
17,393 \u00a0
Other guarantees \u00a0
85,724 \u00a0
78,965 \u00a0
Total \u00a0
(b) Commitments \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Loan commitments shorter than 1 year \u00a0
206,636 \u00a0
191,002 \u00a0
Loan commitments longer than 1 year \u00a0
244,547 \u00a0
244,372 \u00a0
Other unutilised commitments \u00a0
14,406 \u00a0
16,689 \u00a0
Total \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1749": { "value": "
G29. 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 \u00a0
Group retains the risks associated with the holding of the assets. If the Group retains all significant risks, the securities remain on the \u00a0
balance sheet, and the transactions are accounted for as loans received against collateral. Such transactions are repo transactions \u00a0
and securities lending. The transactions involve selling the securities to be repurchased at a fixed price at a later date. Counterparties \u00a0
are entitled to sell the securities or deposit them as collateral for loans. \u00a0
Trading portfolio \u00a0
2025 \u00a0
2024 \u00a0
(DKK millions) \u00a0
Bonds \u00a0
Shares \u00a0
Bonds \u00a0
Shares \u00a0
Carrying amount of transferred assets \u00a0
Repo transactions \u00a0
272,141 \u00a0
176,271 \u00a0
Securities lending \u00a0
5,380 \u00a0
1,811 \u00a0
Total transferred assets \u00a0
272,141 \u00a0
5,380 \u00a0
176,271 \u00a0
1,811 \u00a0
Repo transactions, own issued bonds \u00a0
20,860 \u00a0
32,146 \u00a0
Carrying amount of associated liabilities \u00a0
293,752 \u00a0
5,649 \u00a0
209,057 \u00a0
1,901 \u00a0
Net positions \u00a0
751 \u00a0
269 \u00a0
639 \u00a0
91 \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1757": { "value": "
G30. Assets provided or received as collateral \u00a0
At the end of 2025, the Group had deposited securities (including bonds issued by the Group) worth DKK 5.7 billion as collateral with \u00a0
Danish and international clearing centres and other institutions (2024: DKK 4.2 billion). \u00a0
At the end of 2025, the Group had provided cash and securities (including bonds issued by the Group) worth DKK 66.2 billion as \u00a0
collateral for derivatives transactions (2024: DKK 85.8 billion). \u00a0
At the end of 2025, the Group had registered assets (including bonds and shares issued by the Group) under insurance contracts and \u00a0
investment contracts worth DKK 511.9 billion (2024: DKK 505.3 billion) as collateral for policyholders\u2019 savings of DKK 527.2 billion \u00a0
(2024: DKK 469.8 billion). \u00a0
At the end of 2025, the Group had registered loans at fair value and securities worth a total of DKK 744.7 billion (2024: DKK 760.6 \u00a0
billion) as collateral for bonds issued by Realkredit Danmark. Note G16 provides additional information. Similarly, the Group had \u00a0
registered DKK 254.5 billion worth of loans and other assets (2024: DKK 231.1 billion) as collateral for covered bonds issued under \u00a0
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 are shown separately whereas the types explained above are included in the column \u2018Other\u2019. \u00a0
Assets provided as collateral \u00a0
31 December 2025 \u00a0
31 December 2024 \u00a0
(DKK millions) \u00a0
Repo \u00a0
Other \u00a0
Total \u00a0
Repo \u00a0
Other \u00a0
Total \u00a0
Due from credit institutions \u00a0
15,622 \u00a0
-
15,622 \u00a0
29,204 \u00a0
-
29,204 \u00a0
Trading and investment securities \u00a0
272,141 \u00a0
46,605 \u00a0
318,746 \u00a0
176,271 \u00a0
52,627 \u00a0
228,898 \u00a0
Loans at fair value \u00a0
740,117 \u00a0
-
740,117 \u00a0
755,188 \u00a0
-
755,188 \u00a0
Loans at amortised cost \u00a0
265,594 \u00a0
-
265,594 \u00a0
243,691 \u00a0
-
243,691 \u00a0
Insurance assets and assets under investment \u00a0
contracts \u00a0
-
505,775 \u00a0
505,775 \u00a0
-
487,000 \u00a0
487,000 \u00a0
Total \u00a0
272,141 \u00a0
1,573,713 \u00a0
1,845,854 \u00a0
176,271 \u00a0
1,567,709 \u00a0
1,743,981 \u00a0
Own issued bonds \u00a0
20,860 \u00a0
23,764 \u00a0
44,625 \u00a0
32,146 \u00a0
21,030 \u00a0
53,176 \u00a0
Total, including own issued bonds \u00a0
Securities provided as collateral under agreements that entitle the counterparty to sell the securities or provide them as collateral for \u00a0
other loans amounted to DKK 272.1 billion at the end of 2025 (2024: DKK 176.3 billion). \u00a0
At the end of 2025, the Group had received DKK 402.6 billion worth of securities (2024: DKK 452.0 billion) as collateral for reverse repo \u00a0
transactions, securities lending, derivatives transactions and other transactions entered into on the standard terms for such \u00a0
transactions. As the party receiving the collateral, the Group is entitled in many cases to sell the securities or provide the securities as \u00a0
collateral for other loans in exchange for returning similar securities to the counterparty at the expiry of the transactions. At the end of \u00a0
2025, the Group had sold securities or provided securities as collateral worth DKK 96.0 billion (2024: DKK 103.0 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 G39 provides 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 \u00a0
obtaining collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to \u00a0
ensure it reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus \u00a0
ensuring that the 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 \u00a0
the models themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that \u00a0
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 \u00a0
value upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility \u00a0
during the sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory \u00a0
purposes, the Group also applies more conservative haircuts in order to capture the risk of an economic downturn. \u00a0
Types of collateral \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions \u00a0
Total \u00a0
31 December 2025 \u00a0
Real property \u00a0
587.6 \u00a0
468.2 \u00a0
37.7 \u00a0
51.6 \u00a0
-
1,145.1 \u00a0
- Personal \u00a0
581.7 \u00a0
2.5 \u00a0
-
31.9 \u00a0
-
616.1 \u00a0
- Commercial \u00a0
5.0 \u00a0
433.0 \u00a0
36.2 \u00a0
16.8 \u00a0
-
490.9 \u00a0
- Agricultural \u00a0
0.9 \u00a0
32.7 \u00a0
1.5 \u00a0
2.9 \u00a0
-
38.0 \u00a0
Custody account and securities \u00a0
7.2 \u00a0
3.7 \u00a0
6.8 \u00a0
-
-
17.7 \u00a0
Vehicles \u00a0
1.5 \u00a0
7.8 \u00a0
-
-
-
9.3 \u00a0
Equipment \u00a0
-
14.0 \u00a0
3.1 \u00a0
3.2 \u00a0
-
20.2 \u00a0
Vessels \u00a0
-
1.8 \u00a0
19.1 \u00a0
-
-
20.9 \u00a0
Guarantees \u00a0
6.8 \u00a0
5.3 \u00a0
14.3 \u00a0
0.7 \u00a0
-
27.0 \u00a0
Amounts due \u00a0
-
2.5 \u00a0
0.3 \u00a0
0.7 \u00a0
-
3.5 \u00a0
Other assets \u00a0
9.2 \u00a0
87.6 \u00a0
1.6 \u00a0
7.8 \u00a0
2.4 \u00a0
108.7 \u00a0
Total collateral \u00a0
612.3 \u00a0
590.9 \u00a0
89.5 \u00a0
57.2 \u00a0
2.4 \u00a0
1,352.4 \u00a0
Total unsecured credit exposure \u00a0
131.0 \u00a0
220.9 \u00a0
584.4 \u00a0
47.9 \u00a0
984.2 \u00a0
Unsecured portion of credit exposure (%) \u00a0
17.6% \u00a0
27.2% \u00a0
86.7% \u00a0
45.6% \u00a0
-
42.1% \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \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
-
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
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
3.5 \u00a0
3.3 \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
0.3 \u00a0
0.5 \u00a0
-
4.0 \u00a0
Other assets \u00a0
0.1 \u00a0
28.4 \u00a0
1.6 \u00a0
4.0 \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1761": { "value": "
Accounting policy \u00a0
Assets and liabilities are offset when the Group and the counterparty have a legally enforceable right to offset recognised \u00a0
amounts and have agreed to settle the balances on a net basis or to realise the asset and settle the liability simultaneously. \u00a0
Positive and negative fair values of derivatives with the same counterparty are offset if the Group has agreed with the \u00a0
counterparty to settle contractual cash flows net and to make cash payments or provide collateral on a daily basis to cover \u00a0
changes in the fair value of the derivative position. Master netting agreements or similar agreements give the right to additional \u00a0
offsetting in the event of default. Such agreements reduce the exposure further in the event of default, but do not qualify for \u00a0
offsetting under IFRS Accounting Standards. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1766": { "value": "
G32. Fair value information for financial instruments \u00a0
Financial instruments are recognised in the balance sheet at fair value or amortised cost.\u00a0Group breaks down its financial \u00a0
instruments according to the valuation method. Note G1 provides additional information. \u00a0
31 December 2025 \u00a0
31 December 2024 \u00a0
Amortised \u00a0
Amortised \u00a0
(DKK millions) \u00a0
Fair value \u00a0
cost \u00a0
Fair value \u00a0
cost \u00a0
Financial assets \u00a0
Cash in hand and demand deposits with central banks \u00a0
-
137,181 \u00a0
-
107,498 \u00a0
Due from credit institutions and central banks \u00a0
30,664 \u00a0
85,927 \u00a0
63,040 \u00a0
80,529 \u00a0
Trading portfolio assets \u00a0
444,980 \u00a0
531,831 \u00a0
-
-
Investment securities held at amortised cost \u00a0
-
146,482 \u00a0
-
135,714 \u00a0
Investment securities held at fair value \u00a0
150,256 \u00a0
-
133,404 \u00a0
-
Loans at amortised cost \u00a0
-
1,022,281 \u00a0
-
921,900 \u00a0
Loans at fair value \u00a0
1,060,925 \u00a0
-
1,074,783 \u00a0
-
Assets under pooled schemes and investment contracts \u00a0
76,809 \u00a0
-
76,173 \u00a0
-
Insurance assets \u00a0
513,957 \u00a0
-
508,045 \u00a0
-
Total \u00a0
2,277,592 \u00a0
1,391,871 \u00a0
2,387,276 \u00a0
1,245,642 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
158,924 \u00a0
58,498 \u00a0
129,910 \u00a0
84,454 \u00a0
Trading portfolio liabilities \u00a0
286,837 \u00a0
357,507 \u00a0
-
-
Deposits \u00a0
134,205 \u00a0
1,110,377 \u00a0
78,550 \u00a0
1,095,232 \u00a0
Issued bonds at fair value \u00a0
740,334 \u00a0
-
746,556 \u00a0
-
Issued bonds at amortised cost \u00a0
-
259,855 \u00a0
-
243,198 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
77,040 \u00a0
-
76,608 \u00a0
-
Insurance liabilities \u00a0
56,669 \u00a0
-
60,111 \u00a0
-
Liabilities held for sale \u00a0
-
-
-
-
Non-preferred senior bonds \u00a0
-
99,682 \u00a0
-
89,492 \u00a0
Subordinated debt \u00a0
-
30,289 \u00a0
-
40,798 \u00a0
Loan commitments and guarantees \u00a0
-
2,843 \u00a0
-
2,893 \u00a0
Total \u00a0
Insurance liabilities in the Balance sheet comprise insurance contract liabilities (as defined by IFRS 17) and Other insurance-related \u00a0
liabilities. The table above does not include insurance contract liabilities as they are measured using the General Measurement \u00a0
Model, Variable Fee 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 \u00a0
parties. Fair 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 \u00a0
principal market. \u00a0
\u2022
Valuation based on observable input (level 2) consists of financial instruments valued substantially on the basis of observable \u00a0
input other than a quoted price for the instrument itself. If a financial instrument is quoted in a market that is not active, the Group \u00a0
bases its measurement on the most recent transaction price. Adjustment is made for subsequent changes to market conditions, \u00a0
for instance, by including transactions in similar financial instruments that are assumed to be motivated by normal business \u00a0
considerations. For a number of financial assets and liabilities, no market exists. In such cases, the Group uses recent \u00a0
transactions in similar instruments and discounted cash flows or other generally accepted estimation and valuation techniques \u00a0
based on market conditions at the balance sheet date to calculate an estimated value. This category covers instruments such as \u00a0
derivatives valued on the basis of observable yield curves and exchange rates and illiquid mortgage bonds valued by reference to \u00a0
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 \u00a0
on non-observable input. Such instruments include unlisted shares, some unlisted bonds and a limited portion of the derivatives \u00a0
portfolio (2%). \u00a0
Financial instruments at fair value, by fair value category \u00a0
Non- \u00a0
Quoted \u00a0
Observable \u00a0
observable \u00a0
(DKK millions) \u00a0
prices \u00a0
input \u00a0
input \u00a0
Total \u00a0
31 December 2025 \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
30,664 \u00a0
-
30,664 \u00a0
Derivatives \u00a0
4,899 \u00a0
187,978 \u00a0
1,068 \u00a0
193,944 \u00a0
Interest rate contracts \u00a0
4,899 \u00a0
139,129 \u00a0
663 \u00a0
144,690 \u00a0
Currency contracts etc. \u00a0
-
48,849 \u00a0
405 \u00a0
49,254 \u00a0
Trading portfolio bonds \u00a0
174,852 \u00a0
12,616 \u00a0
-
187,468 \u00a0
Trading portfolio shares \u00a0
63,294 \u00a0
273 \u00a0
-
63,567 \u00a0
Investment securities, bonds \u00a0
133,378 \u00a0
16,527 \u00a0
-
149,904 \u00a0
Investment securities, shares \u00a0
-
353 \u00a0
-
353 \u00a0
Loans at fair value \u00a0
1,060,925 \u00a0
-
-
1,060,925 \u00a0
Assets under pooled schemes and investment contracts \u00a0
76,809 \u00a0
-
-
76,809 \u00a0
Insurance assets, bonds \u00a0
158,103 \u00a0
33,605 \u00a0
1,898 \u00a0
193,606 \u00a0
Danish mortgage bonds \u00a0
75,638 \u00a0
11,014 \u00a0
300 \u00a0
86,952 \u00a0
Other covered bonds \u00a0
82,465 \u00a0
22,591 \u00a0
1,598 \u00a0
106,654 \u00a0
Insurance assets, shares \u00a0
234,593 \u00a0
3,857 \u00a0
35,343 \u00a0
273,793 \u00a0
Insurance assets, derivatives \u00a0
2,340 \u00a0
43,651 \u00a0
567 \u00a0
46,558 \u00a0
Total \u00a0
848,267 \u00a0
1,389,824 \u00a0
39,502 \u00a0
2,277,592 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
158,924 \u00a0
-
158,924 \u00a0
Derivatives \u00a0
5,398 \u00a0
184,410 \u00a0
1,010 \u00a0
190,817 \u00a0
Interest rate contracts \u00a0
5,398 \u00a0
131,267 \u00a0
538 \u00a0
137,203 \u00a0
Currency contracts etc. \u00a0
-
53,143 \u00a0
472 \u00a0
53,615 \u00a0
Obligations to repurchase securities \u00a0
94,586 \u00a0
1,433 \u00a0
-
96,019 \u00a0
Deposits \u00a0
-
134,205 \u00a0
-
134,205 \u00a0
Issued bonds at fair value \u00a0
740,334 \u00a0
-
-
740,334 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
77,040 \u00a0
-
77,040 \u00a0
Insurance Liabilities \u00a0
566 \u00a0
55,392 \u00a0
711 \u00a0
56,669 \u00a0
Total \u00a0
Non- \u00a0
Quoted \u00a0
Observable \u00a0
observable \u00a0
(DKK millions) \u00a0
prices \u00a0
input \u00a0
input \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
If, at the balance sheet date, a financial instrument\u2019s classification differs from its classification at the beginning of the year, the \u00a0
classification of the instrument changes. Changes are considered to have taken place at the balance sheet date. Developments in the \u00a0
financial markets have resulted in reclassifications between the categories. Some bonds have become illiquid and have therefore \u00a0
been moved from the Quoted prices to the Observable input category, while other bonds have instead become liquid and have been \u00a0
moved from the Observable input to the Quoted 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 \u00a0
present value calculations, credit pricing models and options models, such as Black & Scholes models. As part of the Group\u2019s control \u00a0
environment, valuation models are validated by units that are independent of the business units that develop the models and trade in \u00a0
the products covered by the models. Validation is made to test the implementation, quality and operating stability of models to ensure \u00a0
that the models can be used 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 \u00a0
active market). The Group adjusts for changes to the fair value of the credit risk on borrowers etc. The adjustment is described further \u00a0
in note G16. The value of derivatives, primarily long-term contracts, is determined on observable yields extrapolated to yield curves \u00a0
for the full duration of the contracts. Moreover, the very limited portfolio of credit derivatives is valued on the basis of observable \u00a0
input as well as assumptions about the probability of default (recovery rate). Unlisted shares are measured at fair value in accordance \u00a0
with the International Private Equity and Venture Capital Valuation Guidelines (IPEV) which are compliant with IFRS Accounting \u00a0
Standards. IPEV guides the calculation of the estimated fair value of unlisted shares as the price that would be received to sell an \u00a0
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation methods \u00a0
include discounted cash flow models and pricing based on a multiple of 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 \u00a0
Group makes fair value adjustments to cover changes in counterparty risk (CVA) on derivatives, funding risk (FVA and ColVA), bid-offer \u00a0
spreads on the net 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 \u00a0
given counterparty\u2019s portfolio of derivatives, CVA is calculated as a function of the probability of default (PD), the expected positive \u00a0
exposure (EPE) and the loss given default in the event of bankruptcy (LGD). The Group enters into derivatives transactions mainly with \u00a0
counterparties in the 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 \u00a0
derived using proxy mapping to a CDS index. For the calculation of EPE, the Group uses simulations to estimate the expected positive \u00a0
exposures to the counterparty\u2019s portfolio over the term of the derivatives. The exposure model is based fully on market-implied data. \u00a0
For the calculation of LGD, the Group uses market compliant LGD. However, for customers classified in stage 3 in relation to the \u00a0
expected credit loss impairment, CVA is 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 \u00a0
cost or benefit of funding uncollateralised derivatives. The adjustment is a function of the unsecured funding curve and expected \u00a0
future exposures. ColVA takes into account the funding cost and benefit on collateralised derivatives. The ColVA adjustment is a \u00a0
function of expected collateral balance s and cross-currency basis and repo spreads. \u00a0
At the end of 2025, CVA, FVA and ColVA came to a net amount of DKK 51 million (2024: DKK 173 million), including the adjustment for \u00a0
credit 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 \u00a0
prices and makes fair value adjustments to recognise net assets at the bid price and net liabilities at the offer price (exit prices). At the \u00a0
end of 2025, these fair value adjustments totalled DKK 99 million (2024: DKK 106 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 \u00a0
fair value hierarchy), the Group has established guidelines to quantify risk. The Group calculates and monitors the reserve on an \u00a0
ongoing basis. At the end of 2025, the reserve totalled DKK 1 million (2024: 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- \u00a0
observable input and actual cost (day-one profit or loss), and the difference is not the result of transaction costs, the Group adjusts \u00a0
model parameters to actual cost to take the initial margin into account. Accordingly, the valuation of derivatives includes amortisation \u00a0
of the value of initial margins over the remaining term to maturity. The initial margins relate to elements not covered by the above CVA \u00a0
and FVA adjustments, such as future administrative expenses and capital consumption. \u00a0
Unamortised initial margins \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Unamortised initial margins at 1 January \u00a0
1,229 \u00a0
1,176 \u00a0
Amortised to the income statement during the year \u00a0
-540 \u00a0
-455 \u00a0
Initial margins on new derivatives contracts \u00a0
601 \u00a0
608 \u00a0
Terminated derivatives contracts \u00a0
-78 \u00a0
-100 \u00a0
Unamortised initial margins as at 31 December \u00a0
Financial instruments valued on the basis of non-observable input \u00a0
The tables below shows financial instruments valued on the basis of non-observable input. \u00a0
Financial instruments valued on the basis of non-observable 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 2025 \u00a0
Unlisted shares allocated to insurance contract policyholders \u00a0
35,343 \u00a0
-
-683 \u00a0
-
-147 \u00a0
Unlisted shares other \u00a0
626 \u00a0
63 \u00a0
63 \u00a0
50 \u00a0
-37 \u00a0
Illiquid bonds \u00a0
1,898 \u00a0
26 \u00a0
26 \u00a0
-194 \u00a0
-
Derivatives, net fair value \u00a0
-86 \u00a0
-
-
-570 \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
-
-
615 \u00a0
-
For unlisted shares allocated to insurance contract policyholders, the policyholders assume most of the risk on the shares. \u00a0
Therefore, changes in the fair value of those shares will only to a limited extent affect the Group\u2019s net profit. The Group\u2019s remaining \u00a0
portfolio of unlisted shares consists primarily of banking-related investments and holdings in private equity funds. The sensitivity of \u00a0
the fair value measurement to changes in the unobservable input disclosed in the table is calculated as a 10 % increase or 10 % \u00a0
decrease in fair value. Under current market conditions, an additional 10% decrease in the fair value is considered to be a \u00a0
conservative adjustment compared to the estimated unrealised fair value at the end of the period. \u00a0
The estimated fair value of illiquid bonds depends significantly on the estimated credit spread. In the table, the sensitivity of the fair \u00a0
value 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 \u00a0
hedging the credit risk on bonds also valued on the basis of non-observable input. Changing one or more of the non-observable inputs \u00a0
to reflect reasonable, possible alternative assumptions would not change the fair value of the derivatives significantly above what is \u00a0
already covered by the reserve related to fair value adjustment for model risk. \u00a0
Reconciliation from beginning to end of period \u00a0
31 December 2025 \u00a0
31 December 2024 \u00a0
(DKK millions) \u00a0
Shares
Bonds
Derivatives \u00a0
Shares
Bonds
Derivatives \u00a0
Fair value at 1 January \u00a0
37,551 \u00a0
2,103 \u00a0
1,171 \u00a0
35,308 \u00a0
2,458 \u00a0
12 \u00a0
Value adjustment through profit or loss \u00a0
-817 \u00a0
-194 \u00a0
-570 \u00a0
2,274 \u00a0
-1,398 \u00a0
615 \u00a0
Acquisitions \u00a0
4,357 \u00a0
84 \u00a0
-195 \u00a0
3,658 \u00a0
372 \u00a0
707 \u00a0
Sale and redemption \u00a0
-5,121 \u00a0
-95 \u00a0
-516 \u00a0
-3,856 \u00a0
-21 \u00a0
-105 \u00a0
Transferred from quoted prices and observable input \u00a0
-
-
167 \u00a0
-
692 \u00a0
-
Transferred to quoted prices and observable input \u00a0
-
24 \u00a0
-
-
-58 \u00a0
-
Fair value end of period \u00a0
-86 \u00a0
The value adjustment through profit or loss is recognised under Net trading income or loss. The transfer of derivatives to the \u00a0
observable input 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 \u00a0
market prices, if available. If quoted prices are not available, the value is approximated to reflect the price that would have been fixed \u00a0
had the terms 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 \u00a0
exist, the 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 \u00a0
relating to 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 \u00a0
Group. The rate is adjusted only upon certain changes in market conditions. Such deposits and loans are considered to carry \u00a0
interest at a variable rate, as the standard variable rate fixed by the Group at any time applies to both new and existing \u00a0
arrangements. \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 \u00a0
liabilities. Interest rate risk not hedging the interest rate risk on liabilities is hedged by derivatives. Such hedges are accounted for \u00a0
as fair value hedges, and the fair value of the hedged interest risk is adjusted in the carrying amount of the hedged financial \u00a0
instruments. Consequently, only fair value changes related to fixed-rate loans not hedged by derivatives are adjusted in the fair \u00a0
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 \u00a0
adjustment for the fair value hedge accounting of the interest rate risk, is a reasonable approximation of fair value. This is the case for \u00a0
Due from/to credit 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 \u00a0
fair 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
Non- \u00a0
Carrying \u00a0
Observable \u00a0
observable \u00a0
(DKK millions) \u00a0
amount \u00a0
Fair value
Quoted prices \u00a0
input \u00a0
input \u00a0
31 December 2025 \u00a0
Financial assets \u00a0
Investment securities \u00a0
146,482 \u00a0
143,265 \u00a0
137,053 \u00a0
6,212 \u00a0
-
Loans at amortised cost \u00a0
1,022,281 \u00a0
1,022,270 \u00a0
89 \u00a0
-
1,022,182 \u00a0
Financial liabilities \u00a0
Issued bonds, including non-preferred senior bonds \u00a0
359,537 \u00a0
361,975 \u00a0
281,666 \u00a0
70,129 \u00a0
10,180 \u00a0
Subordinated debt \u00a0
30,289 \u00a0
30,807 \u00a0
30,041 \u00a0
765 \u00a0
-
31 December 2024 \u00a0
Financial assets \u00a0
Investment securities \u00a0
135,714 \u00a0
131,944 \u00a0
124,978 \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
-
The liquidity portfolio managed by Group Treasury includes different portfolios with different business models (note G13 provides \u00a0
further description of business models). Investment securities held within a business model for the purpose of collecting contractual \u00a0
cash flows (hold to collect) and with cash flows that are solely payments of principal and interest on the principal amount outstanding \u00a0
are measured at amortised cost. For investment securities classified as hold to collect, amortised cost exceeded fair value as of 31 \u00a0
December 2025 with DKK 3,217 million (31 December 2024: DKK 3,770 million). This portfolio mainly contains Danish mortgage bonds \u00a0
and central and local government bonds and has a weighted average rating factor of 5.3, following Moody\u2019s numerical rating factor to \u00a0
scale, which corresponds to a strong Aa1 rating. The interest rate risk duration for the portfolio is 3.0 years. Without any \u00a0
reinvestments, respectively 29%, 53% and 18% of this portfolio will reach maturity within a period of 1 year, between 1 to 5 years, and \u00a0
after 5 years. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1781": { "value": "
Financial instruments at fair value, by fair value category \u00a0
Non- \u00a0
Quoted \u00a0
Observable \u00a0
observable \u00a0
(DKK millions) \u00a0
prices \u00a0
input \u00a0
input \u00a0
Total \u00a0
31 December 2025 \u00a0
Financial assets \u00a0
Due from credit institutions and central banks \u00a0
-
30,664 \u00a0
-
30,664 \u00a0
Derivatives \u00a0
4,899 \u00a0
187,978 \u00a0
1,068 \u00a0
193,944 \u00a0
Interest rate contracts \u00a0
4,899 \u00a0
139,129 \u00a0
663 \u00a0
144,690 \u00a0
Currency contracts etc. \u00a0
-
48,849 \u00a0
405 \u00a0
49,254 \u00a0
Trading portfolio bonds \u00a0
174,852 \u00a0
12,616 \u00a0
-
187,468 \u00a0
Trading portfolio shares \u00a0
63,294 \u00a0
273 \u00a0
-
63,567 \u00a0
Investment securities, bonds \u00a0
133,378 \u00a0
16,527 \u00a0
-
149,904 \u00a0
Investment securities, shares \u00a0
-
353 \u00a0
-
353 \u00a0
Loans at fair value \u00a0
1,060,925 \u00a0
-
-
1,060,925 \u00a0
Assets under pooled schemes and investment contracts \u00a0
76,809 \u00a0
-
-
76,809 \u00a0
Insurance assets, bonds \u00a0
158,103 \u00a0
33,605 \u00a0
1,898 \u00a0
193,606 \u00a0
Danish mortgage bonds \u00a0
75,638 \u00a0
11,014 \u00a0
300 \u00a0
86,952 \u00a0
Other covered bonds \u00a0
82,465 \u00a0
22,591 \u00a0
1,598 \u00a0
106,654 \u00a0
Insurance assets, shares \u00a0
234,593 \u00a0
3,857 \u00a0
35,343 \u00a0
273,793 \u00a0
Insurance assets, derivatives \u00a0
2,340 \u00a0
43,651 \u00a0
567 \u00a0
46,558 \u00a0
Total \u00a0
848,267 \u00a0
1,389,824 \u00a0
39,502 \u00a0
2,277,592 \u00a0
Financial liabilities \u00a0
Due to credit institutions and central banks \u00a0
-
158,924 \u00a0
-
158,924 \u00a0
Derivatives \u00a0
5,398 \u00a0
184,410 \u00a0
1,010 \u00a0
190,817 \u00a0
Interest rate contracts \u00a0
5,398 \u00a0
131,267 \u00a0
538 \u00a0
137,203 \u00a0
Currency contracts etc. \u00a0
-
53,143 \u00a0
472 \u00a0
53,615 \u00a0
Obligations to repurchase securities \u00a0
94,586 \u00a0
1,433 \u00a0
-
96,019 \u00a0
Deposits \u00a0
-
134,205 \u00a0
-
134,205 \u00a0
Issued bonds at fair value \u00a0
740,334 \u00a0
-
-
740,334 \u00a0
Deposits under pooled schemes and investment contracts \u00a0
-
77,040 \u00a0
-
77,040 \u00a0
Insurance Liabilities \u00a0
566 \u00a0
55,392 \u00a0
711 \u00a0
56,669 \u00a0
Total \u00a0
Non- \u00a0
Quoted \u00a0
Observable \u00a0
observable \u00a0
(DKK millions) \u00a0
prices \u00a0
input \u00a0
input \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1800": { "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- \u00a0
observable input and actual cost (day-one profit or loss), and the difference is not the result of transaction costs, the Group adjusts \u00a0
model parameters to actual cost to take the initial margin into account. Accordingly, the valuation of derivatives includes amortisation \u00a0
of the value of initial margins over the remaining term to maturity. The initial margins relate to elements not covered by the above CVA \u00a0
and FVA adjustments, such as future administrative expenses and capital consumption. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1790": { "value": "
If, at the balance sheet date, a financial instrument\u2019s classification differs from its classification at the beginning of the year, the \u00a0
classification of the instrument changes. Changes are considered to have taken place at the balance sheet date. Developments in the \u00a0
financial markets have resulted in reclassifications between the categories. Some bonds have become illiquid and have therefore \u00a0
been moved from the Quoted prices to the Observable input category, while other bonds have instead become liquid and have been \u00a0
moved from the Observable input to the Quoted prices category. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1828": { "value": "
G33. 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, \u00a0
depositing 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 \u00a0
pension 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 \u00a0
or significant influence over the Group. All entities over which the Group has control are consolidated and are therefore not \u00a0
considered a related party to the Group. \u00a0
Entities that are related parties to the Group comprise shareholders that have a significant holding of shares (significant \u00a0
influence over the Group), associates, joint venture partners or defined benefit pension plan providers (the Group has significant \u00a0
influence over the entity). Further, key management personnel, defined as members of the Board of Directors and the Executive \u00a0
Leadership Team, are related parties to the Group. \u00a0
Transactions with related parties are settled on an arm\u2019s-length basis and recognised in the financial statements according to \u00a0
the same accounting policy as for similar transactions with unrelated parties. \u00a0
Related parties \u00a0
Parties with significant \u00a0
Executive Leadership \u00a0
influence \u00a0
Associates \u00a0
Board of Directors \u00a0
Team \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
2025 \u00a0
2024 \u00a0
Loans and loan commitments \u00a0
9,175 \u00a0
9,538 \u00a0
1,224 \u00a0
1,614 \u00a0
28 \u00a0
30 \u00a0
31 \u00a0
32 \u00a0
Securities and derivatives \u00a0
789 \u00a0
1,506 \u00a0
10,318 \u00a0
10,560 \u00a0
-
-
-
-
Deposits \u00a0
9,702 \u00a0
12,779 \u00a0
1,254 \u00a0
1,278 \u00a0
16 \u00a0
15 \u00a0
17 \u00a0
14 \u00a0
Derivatives \u00a0
24 \u00a0
93 \u00a0
-
8
-
-
-
-
Pension obligation \u00a0
-
-
-
-
-
-
-
-
Guarantees issued \u00a0
311 \u00a0
581 \u00a0
3
4
-
-
4
-
Guarantees and collateral received \u00a0
608 \u00a0
891 \u00a0
17 \u00a0
486 \u00a0
19 \u00a0
22 \u00a0
22 \u00a0
23 \u00a0
Interest income \u00a0
285 \u00a0
320 \u00a0
44 \u00a0
91 \u00a0
1
1
1
1
Interest expense \u00a0
381 \u00a0
608 \u00a0
49 \u00a0
67 \u00a0
-
-
-
-
Fee income \u00a0
33 \u00a0
29 \u00a0
24 \u00a0
8
-
-
-
-
Dividend income \u00a0
64 \u00a0
29 \u00a0
-
-
-
-
-
-
Other income \u00a0
3
3
-
-
-
-
-
-
Loan impairment charges* \u00a0
1
-
-
-
-
-
-
-
Trade in Danske Bank shares \u00a0
Acquisition of shares \u00a0
-
-
-
-
1
2
-
-
Sale of shares \u00a0
-
-
-
-
13 \u00a0
-
In the table, all exposures for parties with significant influence 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 McKinney M\u00f8ller \u00a0
Foundation and companies of A.P. M\u00f8ller Holding Group, Copenhagen, hold 21% of the share capital. Note G38 lists significant \u00a0
holdings in associates. The Board of Directors and Executive Leadership Team columns list the personal facilities, deposits, etc. held \u00a0
by members of the Board of Directors and the Executive Leadership Team and their dependants, and facilities with businesses in \u00a0
which these parties have control, joint control or significant influence. \u00a0
In 2025, the average interest rates on credit facilities granted to members of the Board of Directors and the Executive Leadership \u00a0
Team were 2.8% (2024: 2.7%) and 2.8% (2024: 3.0%), respectively. Notes G34 and G35 specify the remuneration and shareholdings \u00a0
of management. \u00a0
Pension funds set up for the purpose of paying out pension benefits to employees of the Danske Bank Group are also considered \u00a0
related parties. The Danske Bank Group has entered into transactions with these funds. Such transactions are not eliminated in the \u00a0
consolidated financial statements. Transactions with pension funds in 2025 comprised loans in the amount of DKK 5 million (2024: \u00a0
DKK 6 million), deposits amounting to DKK 58 million (2024: DKK 59 million), DKK 10 million worth of bonds issued (2024: DKK 11 \u00a0
million), derivatives with a positive fair value of DKK 0 million (2024: DKK 0 million), derivatives with a negative fair value of DKK 116 \u00a0
million (2024: DKK 404 million), interest expenses of DKK 1 million (2024: DKK 2 million), fee income of DKK 0 million (2024: DKK 0 \u00a0
million) and pension contributions of DKK 86 million (2024: DKK 15 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 \u00a0
securities, which means that Danske Bank does not know the identity of the holders. Danske Bank shares may be registered by name. \u00a0
Related parties\u2019 holdings of Danske Bank shares equalling 5% or more of Danske Bank\u2019s share capital are determined on the basis of \u00a0
the most recent reporting of holdings to Danske Bank. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1829": { "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 \u00a0
or significant influence over the Group. All entities over which the Group has control are consolidated and are therefore not \u00a0
considered a related party to the Group. \u00a0
Entities that are related parties to the Group comprise shareholders that have a significant holding of shares (significant \u00a0
influence over the Group), associates, joint venture partners or defined benefit pension plan providers (the Group has significant \u00a0
influence over the entity). Further, key management personnel, defined as members of the Board of Directors and the Executive \u00a0
Leadership Team, are related parties to the Group. \u00a0
Transactions with related parties are settled on an arm\u2019s-length basis and recognised in the financial statements according to \u00a0
the same accounting policy as for similar transactions with unrelated parties. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1835": { "value": "
G34. 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 \u00a0
Executive Leadership Team, and remuneration of other material risk takers. This note further includes information on the Group\u2019s \u00a0
share-based payments. Remuneration Report 2025 available at danskebank.com/remuneration provides a detailed description of \u00a0
remuneration paid to the Board of 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. \u00a0
In addition, the members of the Board of Directors also receive a fee for board committee membership. The Board of Directors is \u00a0
remunerated by the parent company, Danske Bank A/S. The Group has no pension obligations towards the directors. At the end of \u00a0
2025 there were 13 members of the Board (2024: 12 members). \u00a0
Remuneration of the Board of Directors \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Directors' remuneration \u00a0
12 \u00a0
12 \u00a0
Remuneration for committee work \u00a0
6
5
Total \u00a0
18 \u00a0
17 \u00a0
b) Remuneration of the Executive Leadership Team \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Fixed remuneration \u00a0
102 \u00a0
97 \u00a0
Variable remuneration* \u00a0
50 \u00a0
26 \u00a0
Total \u00a0
152 \u00a0
123 \u00a0
* Executive Leadership Team remuneration in 2025 includes sign-on fee of DKK 23 million as variable remuneration. See Remuneration Report \u00a0
2025 for details. \u00a0
The table above includes expensed remuneration for Executive Leadership Team members while they are in executive positions at \u00a0
Danske Bank. Any remuneration received by former Executive Leadership Team members after stepping down from their executive \u00a0
position (for example, during the notice period) is excluded from the table. See Remuneration Report 2025 for details on any \u00a0
remuneration granted to former ELT members. \u00a0
At the end of 2025, the Executive Leadership Team had 9 members (2024: 9 members). \u00a0
Part of the variable remuneration of the Executive Leadership Team is provided as a share-based long-term incentive programme and \u00a0
deferred variable payouts from the short-term incentive. The incentive programmes are further described in section (d). \u00a0
In the Remuneration Report 2025, the value of the long-term incentive programme grant is the grant value of the award for the \u00a0
performance period 2025-2027 of which one third of the award granted is included within total variable remuneration in this note. In \u00a0
the Remuneration Report 2025, the value of the long-term incentive corresponds to the grant value of the award for the three-year \u00a0
performance period, 2025-2027. In accordance with EBA regulations, prorated provisions for the long-term incentive and deferrals \u00a0
from the short-term incentive, will be 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 \u00a0
the Executive Leadership Team\u2019s responsibilities and as such part of the remuneration of the Executive Leadership Team. Danske \u00a0
Bank Group\u2019s Remuneration Policy provides more information about remuneration in the Group. The policy is available at \u00a0
danskebank.com/remuneration-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 \u00a0
of Danske Bank in accordance with current legislation. Other material risk takers do not include members of the Board of Directors or \u00a0
the Executive Leadership Team. \u00a0
At the end of 2025, 438 other material risk takers were designated (end of 2024: 436 other material risk takers). \u00a0
Remuneration of full-time equivalents designated as other material risk takers \u00a0
2025 \u00a0
2024 \u00a0
Number of full-time equivalents designated as other material risk takers for Danske Bank Group during the year \u00a0
449 \u00a0
435 \u00a0
Fixed remuneration (DKK millions) \u00a0
888 \u00a0
834 \u00a0
Variable remuneration (DKK millions) \u00a0
346 \u00a0
341 \u00a0
Total \u00a0
1,234 \u00a0
1,175 \u00a0
of which: \u00a0
Number of full-time equivalents designated as other material risk takers for Danske Bank A/S during the year \u00a0
295 \u00a0
289 \u00a0
Fixed remuneration (DKK millions) \u00a0
682 \u00a0
646 \u00a0
Variable remuneration (DKK millions) \u00a0
292 \u00a0
303 \u00a0
Total \u00a0
974 \u00a0
949 \u00a0
Fixed and variable remuneration for 2025 is estimated and the final figure is determined at the end of February 2026. The final fixed \u00a0
and variable remuneration for material risk takers will be published in the quantitative disclosure on material risk takers\u2019 \u00a0
remuneration, compliant with the Danish FSA and EBA requirements. The disclosure will be available at \u00a0
danskebank.com/remuneration in May 2026. \u00a0
The Group\u2019s pension obligations towards other material risk takers amounted to DKK 80 million to 22 employees at the end of 2025 \u00a0
(2024: DKK 106 million and 26 employees). Payouts from variable remuneration for other material risk takers are split into cash and \u00a0
Danske Bank shares according to EBA regulations. Further, 40-60% of payouts from variable remuneration are deferred for a \u00a0
minimum of three years. All payouts from variable remuneration are subject to back-testing and clawback if granted on the basis of \u00a0
results which have subsequently proven to not be sustainable or accurate. \u00a0
(d) Share-based payments \u00a0
The total expense recognised as operating expenses in 2025 arising from share-based payments was DKK 211 million (2024: DKK 203 \u00a0
million). All share-based payments are equity-settled. The exact number of shares granted for 2025 will be determined at the middle \u00a0
of April 2026. \u00a0
The Group has granted rights to conditional shares under the bonus structure for material risk takers and other employees as part of \u00a0
their variable remuneration. Such employees have a performance agreement based on the performance of the Group, the business \u00a0
unit and the individual employee. Part of the Danske Bank shares granted to material risk takers are deferred, as required by the EBA \u00a0
(see section (c) above on payouts from variable remuneration). The fair value at the grant date is measured at the monetary value of \u00a0
the underlying performance 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 \u00a0
rights to 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 2025, \u00a0
there were three long-term incentive programmes running: the 2023-2025, the 2024-2026 and the 2025-2027. For the long-term \u00a0
incentive programme 2023-2025, only the total shareholder return performance relative to peers was selected as a KPI, whereas the \u00a0
long-term incentive programmes 2024-2026 and 2025-2027 are based also on the return on equity. Both KPIs are weighted equally. \u00a0
After the performance period of three years, part of the shares will be paid out. The remaining shares are deferred for five years from \u00a0
the grant date followed by a one year holding 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 12.9 million for the 2025-2027 programme and DKK \u00a0
10.4 million for the 2024-2026 programme. The fair value of the shares is calculated at the grant date and is based on relevant \u00a0
assumptions, which relate to volatility relative to peers. The fair value at grant date is expensed over the three-year vesting period. \u00a0
The increase between the 2023-2025 programme and 2024-2026 programme is due to a change to the remuneration model \u2013 see \u00a0
Remuneration Report 2025 for more details. \u00a0
In the following table, Other staff includes material risk takers and other employees eligible for share-based payments. \u00a0
Conditional shares \u00a0
Employee \u00a0
Number of \u00a0
payment
Fair\u00a0value at\u00a0
Fair value at
end of year \u00a0
shares \u00a0
price \u00a0
issue \u00a0
Executive \u00a0
Leadership \u00a0
Team \u00a0
Other staff \u00a0
Total \u00a0
(DKK)
(DKK\u00a0millions) (DKK\u00a0millions) \u00a0
Granted in 2016 \u00a0
1 January 2024 \u00a0
239 \u00a0
-
239 \u00a0
-
0.0 \u00a0
0.1 \u00a0
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-
-
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
239 \u00a0
-
239 \u00a0
-
0.0 \u00a0
0.1 \u00a0
Vested 2025 \u00a0
-
-
-
-
-
-
Forfeited 2025 \u00a0
-
-
-
-
-
-
Other changes 2025 \u00a0
-239 \u00a0
-
-239 \u00a0
-
-
-
31 December 2025 \u00a0
-
-
-
-
-
-
Granted in 2017 \u00a0
1 January 2024 \u00a0
-
2,380 \u00a0
2,380 \u00a0
-
0.6 \u00a0
0.8 \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
0.5 \u00a0
Vested 2025 \u00a0
-
-1,442 \u00a0
-1,442 \u00a0
-
-
-
Forfeited 2025 \u00a0
-
-
-
-
-
-
Other changes 2025 \u00a0
-
-
-
-
-
-
31 December 2025 \u00a0
-
-
-
-
-
-
Granted in 2019 \u00a0
1 January 2024 \u00a0
-
2,335 \u00a0
2,335 \u00a0
-
0.3 \u00a0
0.7 \u00a0
Vested 2024 \u00a0
-
-
-
-
-
-
Forfeited 2024 \u00a0
-
-2,335 \u00a0
-2,335 \u00a0
-
-
-
Other changes 2024 \u00a0
-
-
-
-
-
-
31 December 2024 \u00a0
-
-
-
-
-
-
Vested 2025 \u00a0
-
-
-
-
-
-
Forfeited 2025 \u00a0
-
-
-
-
-
-
Other changes 2025 \u00a0
-
-
-
-
-
-
31 December 2025 \u00a0
-
-
-
-
-
-
Employee \u00a0
Number of \u00a0
payment
Fair\u00a0value at\u00a0
Fair value at
end of year \u00a0
shares \u00a0
price \u00a0
issue \u00a0
Executive \u00a0
Leadership \u00a0
Team \u00a0
Other staff \u00a0
Total \u00a0
(DKK)
(DKK\u00a0millions) (DKK\u00a0millions) \u00a0
Granted in 2020 \u00a0
1 January 2024 \u00a0
6,405 \u00a0
59,957 \u00a0
66,362 \u00a0
-
6.4 \u00a0
21.1 \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
17.4 \u00a0
Vested 2025 \u00a0
-6,405 \u00a0
-45,031 \u00a0
-51,436 \u00a0
-
-
-
Forfeited 2025 \u00a0
-
-
-
-
-
-
Other changes 2025 \u00a0
-
-3,093 \u00a0
-3,093 \u00a0
-
-
-
31 December 2025 \u00a0
-
-
-
-
-
-
Granted in 2021 \u00a0
1 January 2024 \u00a0
112,852 \u00a0
684,755 \u00a0
797,607 \u00a0
-
94.5 \u00a0
254.1 \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
181.6 \u00a0
Vested 2025 \u00a0
-4,818 \u00a0
-328,283 \u00a0
-333,101 \u00a0
-
-
-
Forfeited 2025 \u00a0
-
-2,217 \u00a0
-2,217 \u00a0
-
-
-
Other changes 2025 \u00a0
-14,831 \u00a0
-79,361 \u00a0
-94,192 \u00a0
-
-
-
31 December 2025 \u00a0
38,937 \u00a0
101,587 \u00a0
140,524 \u00a0
-
16.4 \u00a0
44.8 \u00a0
Granted in 2022 \u00a0
1 January 2024 \u00a0
126,022 \u00a0
742,340 \u00a0
868,362 \u00a0
-
99.7 \u00a0
276.7 \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
189.6 \u00a0
Vested 2025 \u00a0
-46,340 \u00a0
-237,202 \u00a0
-283,542 \u00a0
-
-
-
Forfeited 2025 \u00a0
-5,681 \u00a0
-
-5,681 \u00a0
-
-
-
Other changes 2025 \u00a0
-10,208 \u00a0
91,259 \u00a0
81,051 \u00a0
-
-
-
31 December 2025 \u00a0
-
Employee \u00a0
Number of \u00a0
payment
Fair\u00a0value at\u00a0
Fair value at
end of year \u00a0
shares \u00a0
price \u00a0
issue \u00a0
Executive \u00a0
Leadership \u00a0
Team \u00a0
Other staff \u00a0
Total \u00a0
(DKK)
(DKK\u00a0millions) (DKK\u00a0millions) \u00a0
Granted in 2023 \u00a0
1 January 2024 \u00a0
127,579 \u00a0
368,226 \u00a0
495,805 \u00a0
-
70.2 \u00a0
158.0 \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
120.0 \u00a0
Vested 2025 \u00a0
-5,580 \u00a0
-76,457 \u00a0
-82,037 \u00a0
-
-
-
Forfeited 2025 \u00a0
-2,394 \u00a0
-
-2,394 \u00a0
-
-
-
Other changes 2025 \u00a0
-16,221 \u00a0
19,120 \u00a0
2,899 \u00a0
-
-
-
31 December 2025 \u00a0
100,198 \u00a0
194,999 \u00a0
295,197 \u00a0
-
41.8 \u00a0
94.0 \u00a0
Granted in 2024 \u00a0
Granted in 2024 \u00a0
196,016 \u00a0
1,071,957 \u00a0
1,267,973 \u00a0
-
262.7 \u00a0
404.0 \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
260.7 \u00a0
Vested 2025 \u00a0
-9,561 \u00a0
-118,904 \u00a0
-128,465 \u00a0
-
-
-
Forfeited 2025 \u00a0
-17,190 \u00a0
-
-17,190 \u00a0
-
-
-
Other changes 2025 \u00a0
-22,683 \u00a0
38,824 \u00a0
16,141 \u00a0
-
-
-
31 December 2025 \u00a0
163,772 \u00a0
525,011 \u00a0
688,783 \u00a0
-
142.7 \u00a0
219.4 \u00a0
Granted in 2025 \u00a0
Granted in 2025 \u00a0
195,184 \u00a0
783,792 \u00a0
978,976 \u00a0
-
226.4 \u00a0
311.9 \u00a0
Vested 2025 \u00a0
-268,948 \u00a0
-
-268,948 \u00a0
-
-
-
Forfeited 2025 \u00a0
-11,115 \u00a0
-
-11,115 \u00a0
-
-
-
Other changes 2025 \u00a0
-21,091 \u00a0
21,091 \u00a0
-
-
-
-
31 December 2025 \u00a0
-
There were no remaining conditional shares granted in 2018 as at 31 December 2024 or 31 December 2025. \u00a0
At the end of 2025, the Executive Leadership Team held a total of 539,085 conditional shares with fair value of DKK 171.8 million \u00a0
(2024: 501,639 conditional shares with fair value of DKK 102.2 million). See Remuneration Report 2025 for further details of the \u00a0
Executive Leadership Team\u2019s holdings. In 2025, the average price at the vesting date for rights to conditional shares was DKK 275.4 \u00a0
(2024: DKK 200.9). \u00a0
G35. Danske Bank shares held by the Board of Directors \u00a0
and the Executive Leadership Team \u00a0
Upon \u00a0
Beginning of
appointment \u00a0
Number of shares \u00a0
2025
/\u00a0retirement \u00a0
Additions \u00a0
Disposals
End\u00a0of 2025 \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
18,569 \u00a0
-
-
-
18,569 \u00a0
Lieve Mostrey \u00a0
1,400 \u00a0
-
1,000 \u00a0
-
2,400 \u00a0
Allan Polack \u00a0
4,466 \u00a0
38 \u00a0
-
-
4,504 \u00a0
Rafael Salinas \u00a0
-
-
-
-
-
Marianne S\u00f8rensen \u00a0
10 \u00a0
-
1,544 \u00a0
-
1,554 \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
1,000 \u00a0
-
-
-
1,000 \u00a0
Louise Aggerstr\u00f8m Hansen \u00a0
676 \u00a0
-
-
676 \u00a0
-
Raija-Leena Hankonen-Nybom \u00a0
8,000 \u00a0
-8,000 \u00a0
-
-
-
Total \u00a0
102,848 \u00a0
-7,990 \u00a0
2,582 \u00a0
-
97,440 \u00a0
Executive Leadership Team \u00a0
Carsten Rasch Egeriis \u00a0
45,018 \u00a0
-
22,396 \u00a0
-
67,414 \u00a0
Magnus Agustsson \u00a0
1,497 \u00a0
-
7,458 \u00a0
-
8,955 \u00a0
Joachim Alpen \u00a0
-
537 \u00a0
-
537 \u00a0
-
Christian Bornfeld \u00a0
8,375 \u00a0
-
4,972 \u00a0
-
13,347 \u00a0
Karsten Breum \u00a0
70,227 \u00a0
-
-
-15,538 \u00a0
54,689 \u00a0
Cecile Hillary \u00a0
-
48,311 \u00a0
-21,470 \u00a0
-
26,841 \u00a0
Johanna Norberg \u00a0
23,380 \u00a0
-
8,252 \u00a0
31,632 \u00a0
-
Dorthe Tolborg \u00a0
5,000 \u00a0
-
-
-2,589 \u00a0
2,411 \u00a0
Frans Woelders \u00a0
12,841 \u00a0
-
9,181 \u00a0
22,022 \u00a0
-
Stephan Engels \u00a0
31,932 \u00a0
-31,932 \u00a0
-
-
-
Total \u00a0
Danske Bank discloses all additions, disposals and total holdings of members of the Board of Directors and the Executive Leadership \u00a0
Team and their immediate family. For any members of the Board of Directors or the Executive Leadership Team who were appointed \u00a0
during the financial year, shares held prior to their appointment are included in additions. The value of shares received upon \u00a0
appointment in the Executive Leadership Team in 2025 was DKK 11.5 million. See Remuneration Report 2025 for details. \u00a0
The total holdings of conditional shares of the members of the Executive Leadership Team is disclosed in note G34. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1855": { "value": "
G36. Group holdings and undertakings \u00a0
Accounting policy \u00a0
The financial statements consolidate Danske Bank A/S and group undertakings in which the Group has control over financial \u00a0
and operating policy decisions. Control is said to exist if Danske Bank A/S, directly or indirectly, is exposed, or has rights, to \u00a0
variable returns from the involvement with the entity and has the ability to affect these returns through the power over the \u00a0
entity. Power exists if Danske Bank A/S, directly or indirectly, holds more than half of the voting rights in an undertaking or \u00a0
otherwise has power to control management and operating policy decisions. Operating policy control may be exercised through \u00a0
agreements about the undertaking\u2019s activities. In the rare situations where potential voting rights exist, these are taken into \u00a0
account if Danske Bank has the practical ability to exercise these rights. \u00a0
When assessing whether to consolidate investment funds, the Group reviews all facts and circumstances to determine whether \u00a0
the Group, as fund manager, is acting as agent or principal. The Group is deemed to be a principal, and the Group controls and \u00a0
consolidates a fund when it acts as fund manager and cannot be removed without cause (i.e. when kick-out rights are weak), has \u00a0
variable returns through significant holdings, and is able to influence the returns of the funds by exercising its power. Holdings \u00a0
where all returns belong to customers (pooled schemes and investment contracts) are not considered as exposure to variable \u00a0
returns, whereas holdings where the majority of the returns belong to customers (holdings related to insurance contracts) are \u00a0
considered only limited exposure to variable returns. \u00a0
The consolidated financial statements are prepared by consolidating items of the same nature and eliminating intra-group \u00a0
transactions, 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 \u00a0
(assets, including identifiable intangible assets, less liabilities and contingent liabilities) are measured at fair value at the date of \u00a0
acquisition according to the acquisition method. \u00a0
If the cost of acquisition exceeds the fair value of the net assets acquired, the excess amount is recognised as goodwill. Goodwill \u00a0
is recognised in the functional currency of the undertaking acquired. The portion of the acquisition that is attributable to non- \u00a0
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 \u00a0
subsidiary that do not result in loss of control are accounted for as equity transactions. This implies that the carrying amounts of \u00a0
the controlling and non-controlling interests are adjusted to reflect the changes in the relative interest in the subsidiary, and any \u00a0
difference between the fair value of the consideration paid/received and the adjustment made to non-controlling interests is \u00a0
attributed to the shareholders of Danske Bank A/S. If changes in the ownership share in a subsidiary result in the loss of control, \u00a0
any investment retained in the former subsidiary is recognised at fair value, and amounts recognised under Other \u00a0
comprehensive income are reclassified to the income statement or transferred directly to retained earnings if so required by \u00a0
other IFRS Accounting Standards. The difference between the fair value of the consideration received plus any investment. \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 \u00a0
sold within 12 months of classification are recognised as held for sale. Assets and liabilities in such companies are presented \u00a0
under Assets held for sale and Liabilities in disposal groups held for sale. The assets are recognised at the lower of cost and fair \u00a0
value less expected 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 \u00a0
margin exceeds the margin in Statsanstalten for Livsforsikring before the privatisation in 1990 and relates to any excess included in \u00a0
the shareholders\u2019 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 G30 and include, among others, assets pledged as \u00a0
collateral under repo transactions funded by covered bonds and assets held by insurance subsidiaries that are primarily held to \u00a0
satisfy obligations to 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 \u00a0
assets under management of DKK 9,639 million (2024: DKK 4,609 million), as the Group is deemed to be acting as principal rather than \u00a0
agent in its role as fund manager and because the Group is the sole investor, owning 100% of the investment funds. The investments \u00a0
are held to satisfy obligations towards insurance policyholders and are recognised under Insurance assets. \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 \u00a0
V\u00e6kstkapital II and Dansk V\u00e6kstkapital III, as well as potential future Dansk V\u00e6kstkapital funds from the state-owned Export and \u00a0
Investment Fund of Denmark (EIFO) for a purchase consideration of DKK 21 million. The operating result, assets and liabilities of the \u00a0
acquisition were consolidated from 1 January 2025. \u00a0
Goodwill of DKK 21 million is attributable to the workforce and an increase in market share of assets under management. None of the \u00a0
goodwill is deductible for tax purposes. \u00a0
The Group did not make any other acquisitions of undertakings in 2025 or 2024. \u00a0
(c) List of significant subsidiaries \u00a0
Shareholders' \u00a0
Share capital \u00a0
Net profit \u00a0
equity \u00a0
Share capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Danske Bank A/S, Copenhagen \u00a0
DKK \u00a0
8,349,951 \u00a0
23,037 \u00a0
181,162 \u00a0
Credit institutions \u00a0
Danske Hypotek AB (publ), Stockholm \u00a0
SEK \u00a0
50,000 \u00a0
337 \u00a0
5,701 \u00a0
100 \u00a0
Danske Mortgage Bank Plc, Helsinki \u00a0
EUR \u00a0
70,000 \u00a0
221 \u00a0
2,754 \u00a0
100 \u00a0
Northern Bank Limited, Belfast \u00a0
GBP \u00a0
218,170 \u00a0
1,418 \u00a0
6,146 \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
1,229 \u00a0
19,496 \u00a0
100 \u00a0
Investment and real estate operations etc. \u00a0
Danica Ejendomme P/S, Copenhagen \u00a0
DKK \u00a0
4,410,000 \u00a0
2,086 \u00a0
37,542 \u00a0
100 \u00a0
Danica Kapitalforvaltning K/S, Copenhagen \u00a0
DKK \u00a0
10,000 \u00a0
613 \u00a0
623 \u00a0
100 \u00a0
Danske Invest Management A/S, Copenhagen \u00a0
DKK \u00a0
120,000 \u00a0
294 \u00a0
542 \u00a0
100 \u00a0
Danske Leasing A/S, Birker\u00f8d \u00a0
DKK \u00a0
10,000 \u00a0
282 \u00a0
2,101 \u00a0
100 \u00a0
Danske Markets Inc., New York \u00a0
USD \u00a0
2,000 \u00a0
30 \u00a0
368 \u00a0
100 \u00a0
Danske Private Equity A/S, Copenhagen \u00a0
DKK \u00a0
6,000 \u00a0
15 \u00a0
80 \u00a0
100 \u00a0
DDB Invest AB, Stockholm \u00a0
SEK \u00a0
100,000 \u00a0
3
166 \u00a0
100 \u00a0
home a/s, \u00c5byh\u00f8j \u00a0
DKK \u00a0
24 \u00a0
128 \u00a0
100 \u00a0
The list above includes significant active subsidiary operations only. \u00a0
As of December 2025, Danske Invest Asset Management AS (Norway) no longer exists as it has been merged with Danske Bank A/S. \u00a0
The Group\u2019s ownership share of the other subsidiaries is unchanged from 2024 to 2025. The financial information above is extracted \u00a0
from the companies\u2019 most recent annual reports prior to 5 February 2026. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1857": { "value": "
Accounting policy \u00a0
The financial statements consolidate Danske Bank A/S and group undertakings in which the Group has control over financial \u00a0
and operating policy decisions. Control is said to exist if Danske Bank A/S, directly or indirectly, is exposed, or has rights, to \u00a0
variable returns from the involvement with the entity and has the ability to affect these returns through the power over the \u00a0
entity. Power exists if Danske Bank A/S, directly or indirectly, holds more than half of the voting rights in an undertaking or \u00a0
otherwise has power to control management and operating policy decisions. Operating policy control may be exercised through \u00a0
agreements about the undertaking\u2019s activities. In the rare situations where potential voting rights exist, these are taken into \u00a0
account if Danske Bank has the practical ability to exercise these rights. \u00a0
When assessing whether to consolidate investment funds, the Group reviews all facts and circumstances to determine whether \u00a0
the Group, as fund manager, is acting as agent or principal. The Group is deemed to be a principal, and the Group controls and \u00a0
consolidates a fund when it acts as fund manager and cannot be removed without cause (i.e. when kick-out rights are weak), has \u00a0
variable returns through significant holdings, and is able to influence the returns of the funds by exercising its power. Holdings \u00a0
where all returns belong to customers (pooled schemes and investment contracts) are not considered as exposure to variable \u00a0
returns, whereas holdings where the majority of the returns belong to customers (holdings related to insurance contracts) are \u00a0
considered only limited exposure to variable returns. \u00a0
The consolidated financial statements are prepared by consolidating items of the same nature and eliminating intra-group \u00a0
transactions, 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 \u00a0
(assets, including identifiable intangible assets, less liabilities and contingent liabilities) are measured at fair value at the date of \u00a0
acquisition according to the acquisition method. \u00a0
If the cost of acquisition exceeds the fair value of the net assets acquired, the excess amount is recognised as goodwill. Goodwill \u00a0
is recognised in the functional currency of the undertaking acquired. The portion of the acquisition that is attributable to non- \u00a0
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 \u00a0
subsidiary that do not result in loss of control are accounted for as equity transactions. This implies that the carrying amounts of \u00a0
the controlling and non-controlling interests are adjusted to reflect the changes in the relative interest in the subsidiary, and any \u00a0
difference between the fair value of the consideration paid/received and the adjustment made to non-controlling interests is \u00a0
attributed to the shareholders of Danske Bank A/S. If changes in the ownership share in a subsidiary result in the loss of control, \u00a0
any investment retained in the former subsidiary is recognised at fair value, and amounts recognised under Other \u00a0
comprehensive income are reclassified to the income statement or transferred directly to retained earnings if so required by \u00a0
other IFRS Accounting Standards. The difference between the fair value of the consideration received plus any investment. \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 \u00a0
sold within 12 months of classification are recognised as held for sale. Assets and liabilities in such companies are presented \u00a0
under Assets held for sale and Liabilities in disposal groups held for sale. The assets are recognised at the lower of cost and fair \u00a0
value less expected costs to sell. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1859": { "value": "
The financial statements consolidate Danske Bank A/S and group undertakings in which the Group has control over financial \u00a0
and operating policy decisions. Control is said to exist if Danske Bank A/S, directly or indirectly, is exposed, or has rights, to \u00a0
variable returns from the involvement with the entity and has the ability to affect these returns through the power over the \u00a0
entity. Power exists if Danske Bank A/S, directly or indirectly, holds more than half of the voting rights in an undertaking or \u00a0
otherwise has power to control management and operating policy decisions. Operating policy control may be exercised through \u00a0
agreements about the undertaking\u2019s activities. In the rare situations where potential voting rights exist, these are taken into \u00a0
account if Danske Bank has the practical ability to exercise these rights. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1860": { "value": "
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 \u00a0
sold within 12 months of classification are recognised as held for sale. Assets and liabilities in such companies are presented \u00a0
under Assets held for sale and Liabilities in disposal groups held for sale. The assets are recognised at the lower of cost and fair \u00a0
value less expected costs to sell. \u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1866": { "value": "
G37. 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
Shareholders' \u00a0
Share capital \u00a0
Net profit \u00a0
equity \u00a0
Share capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Vipps MobilePay, Oslo \u00a0
NOK \u00a0
-555 \u00a0
28 \u00a0
The financial information above is extracted from the most recent annual reports prior to 5 February 2026. \u00a0
The total carrying amount of holdings in associates amounted to DKK 387 million (2024: DKK 396 million) and is presented under \u00a0
Other assets in note G23. The list above includes significant associates held at end 2025. \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1867": { "value": "
G37. 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
Shareholders' \u00a0
Share capital \u00a0
Net profit \u00a0
equity \u00a0
Share capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Vipps MobilePay, Oslo \u00a0
NOK \u00a0
-555 \u00a0
28 \u00a0
The financial information above is extracted from the most recent annual reports prior to 5 February 2026. \u00a0
The total carrying amount of holdings in associates amounted to DKK 387 million (2024: DKK 396 million) and is presented under \u00a0
Other assets in note G23. The list above includes significant associates held at end 2025. \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1868": { "value": "
G37. 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
Shareholders' \u00a0
Share capital \u00a0
Net profit \u00a0
equity \u00a0
Share capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Vipps MobilePay, Oslo \u00a0
NOK \u00a0
-555 \u00a0
28 \u00a0
The financial information above is extracted from the most recent annual reports prior to 5 February 2026. \u00a0
The total carrying amount of holdings in associates amounted to DKK 387 million (2024: DKK 396 million) and is presented under \u00a0
Other assets in note G23. The list above includes significant associates held at end 2025. \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1869": { "value": "
G37. 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
Shareholders' \u00a0
Share capital \u00a0
Net profit \u00a0
equity \u00a0
Share capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Vipps MobilePay, Oslo \u00a0
NOK \u00a0
-555 \u00a0
28 \u00a0
The financial information above is extracted from the most recent annual reports prior to 5 February 2026. \u00a0
The total carrying amount of holdings in associates amounted to DKK 387 million (2024: DKK 396 million) and is presented under \u00a0
Other assets in note G23. The list above includes significant associates held at end 2025. \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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1870": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1865": { "value": "
The Group\u2019s ownership share of the other subsidiaries is unchanged from 2024 to 2025. The financial information above is extracted \u00a0
from the companies\u2019 most recent annual reports prior to 5 February 2026. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1863": { "value": "
(c) List of significant subsidiaries \u00a0
Shareholders' \u00a0
Share capital \u00a0
Net profit \u00a0
equity \u00a0
Share capital \u00a0
(thousands) \u00a0
(DKK m) \u00a0
(DKK m) \u00a0
(%) \u00a0
Danske Bank A/S, Copenhagen \u00a0
DKK \u00a0
8,349,951 \u00a0
23,037 \u00a0
181,162 \u00a0
Credit institutions \u00a0
Danske Hypotek AB (publ), Stockholm \u00a0
SEK \u00a0
50,000 \u00a0
337 \u00a0
5,701 \u00a0
100 \u00a0
Danske Mortgage Bank Plc, Helsinki \u00a0
EUR \u00a0
70,000 \u00a0
221 \u00a0
2,754 \u00a0
100 \u00a0
Northern Bank Limited, Belfast \u00a0
GBP \u00a0
218,170 \u00a0
1,418 \u00a0
6,146 \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
1,229 \u00a0
19,496 \u00a0
100 \u00a0
Investment and real estate operations etc. \u00a0
Danica Ejendomme P/S, Copenhagen \u00a0
DKK \u00a0
4,410,000 \u00a0
2,086 \u00a0
37,542 \u00a0
100 \u00a0
Danica Kapitalforvaltning K/S, Copenhagen \u00a0
DKK \u00a0
10,000 \u00a0
613 \u00a0
623 \u00a0
100 \u00a0
Danske Invest Management A/S, Copenhagen \u00a0
DKK \u00a0
120,000 \u00a0
294 \u00a0
542 \u00a0
100 \u00a0
Danske Leasing A/S, Birker\u00f8d \u00a0
DKK \u00a0
10,000 \u00a0
282 \u00a0
2,101 \u00a0
100 \u00a0
Danske Markets Inc., New York \u00a0
USD \u00a0
2,000 \u00a0
30 \u00a0
368 \u00a0
100 \u00a0
Danske Private Equity A/S, Copenhagen \u00a0
DKK \u00a0
6,000 \u00a0
15 \u00a0
80 \u00a0
100 \u00a0
DDB Invest AB, Stockholm \u00a0
SEK \u00a0
100,000 \u00a0
3
166 \u00a0
100 \u00a0
home a/s, \u00c5byh\u00f8j \u00a0
DKK \u00a0
24 \u00a0
128 \u00a0
100 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1884": { "value": "
G39. Risk management \u00a0
The Danske Bank Group assumes risks to support the activities of the Group\u2019s customers, while ensuring stability of the Group\u2019s \u00a0
financial position to the benefit of shareholders, society, customers and employees. The Group applies an enterprise risk \u00a0
management (ERM) framework approach that sets common standards for how the Group manages risk across all risk types and \u00a0
entities. The framework defines the Group\u2019s risk taxonomy, risk roles and responsibilities, risk governance, approach to risk appetite, \u00a0
and risk culture. The framework is supported by policies approved by the Board of Directors. The risk taxonomy organises and \u00a0
visualises the most material risk types applicable to the Group and is intended to ensure adequate risk identification and ownership \u00a0
across the Group. The risk taxonomy is reviewed annually. \u00a0
The Group\u2019s risk management practices are organised in line with the principles of the three-lines-of-defence model. The three lines \u00a0
of defence segregate duties between 1) units that enter into business transactions with customers or otherwise expose the Group to \u00a0
risk (risk ownership), 2) units in charge of risk oversight and challenge in respect of risk owners (risk oversight), and 3) Group Internal \u00a0
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 \u00a0
functions, which are responsible for establishing appropriate controls to ensure that risks are identified, assessed, managed and \u00a0
reported appropriately. Risks must be managed in line with delegated responsibilities and policies as set by the second line of defence \u00a0
and approved by the Board of 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 \u00a0
operates independently of the first line of defence. The second line of defence has the authority to veto any decisions proposed by the \u00a0
first line of 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 \u00a0
are responsible for the independent risk and compliance functions. The CRO and CCO are both members of the Executive Leadership \u00a0
Team (ELT). In cooperation with and under the responsibility of the chief executive officer (CEO), the CRO and CCO submit risk and \u00a0
compliance reports to committees within the ELT and Board of Directors. \u00a0
Group Risk Management is organised in risk functions with group-wide risk type oversight responsibility. Group Risk Management has \u00a0
the responsibility to set standards for effective management of the risks to which the Group is exposed. Group Risk Management is \u00a0
also responsible for ensuring that material risks are identified, assessed, monitored, controlled / mitigated and reported upon. In \u00a0
addition, Group Risk Management maintains oversight of risk exposure at all Group entities, and report risk exposure and risk-related \u00a0
concerns to the ELT and Board of Directors. \u00a0
Group Compliance is responsible for monitoring and assessing the Group\u2019s compliance with applicable laws, rules and regulations, and \u00a0
maintains the governance framework for regulatory compliance risk and financial crime risk. Group Compliance has specific second- \u00a0
line responsibility for organising compliance training, providing independent advice, guidance and challenge, undertaking risk \u00a0
assessments and risk-based monitoring, and providing independent reporting to the ELT and the Board of Directors on compliance \u00a0
risks and issues. Group Compliance also undertakes compliance oversight assessments to evaluate the adequacy and effectiveness \u00a0
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 \u00a0
Board of Directors and the ELT in protecting the assets, reputation and sustainability of the Group by evaluating the effectiveness of \u00a0
risk management, controls and governance. GIA is headed by the chief audit executive who reports directly to the Board of Directors. \u00a0
Risk governance \u00a0
The Board of Directors approves the Group\u2019s risk tolerance and policies of significant importance on the recommendation of the ELT. \u00a0
In addition the 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 \u00a0
developments in Group\u2019s compliance methods, approves credit applications up to a defined limit, and ensures that bookkeeping and \u00a0
asset management are 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 arising from adverse movements in market prices affecting the Group\u2019s assets, liabilities and off- \u00a0
balance-sheet items. \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 \u00a0
from 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 \u00a0
Danica (a wholly-owned subsidiary of Danske Bank A/S). Market risk and other risks on assets and liabilities allocated to \u00a0
policyholders are therefore included in Life insurance risk. \u00a0
Other risks to the Group include non-financial risk and sustainability risk. Non-financial risk is the risk of financial losses or gains, \u00a0
regulatory impact, reputational impact, market impact or customer impact resulting from inadequate or failed internal processes, \u00a0
people, systems or external events, including legal and compliance risks. Sustainability risk is defined as the risk of a significant \u00a0
negative effect on the Group\u2019s performance due to current or future environmental, social and governance (ESG) events or conditions. \u00a0
Sustainability risk is a cross-taxonomy risk, which can impact all risk types in the Group\u2019s risk taxonomy. \u00a0
The Management\u2019s report and Risk Management 2025 provide a detailed description of Danske Bank Group\u2019s risk management \u00a0
practices. Risk Management 2025 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 \u00a0
requirements of the Capital Requirements Regulation (CRR) and the Danish Financial Business Act. The Danish rules are based on the \u00a0
EU Capital Requirements Directive (CRD) and apply to both Danske Bank A/S (the Parent Company) and the Group. Similarly, the \u00a0
Group\u2019s financial subsidiaries in and outside Denmark must comply with local capital requirements. The regulatory requirements \u00a0
stipulate a minimum capital level of 8% of the total risk exposure amount (REA) under Pillar 1 (including risk exposure amounts for \u00a0
credit risk, counterparty credit risk, market risk and operational risk). In addition, financial institutions are required to calculate their \u00a0
solvency need under Pillar 2 to reflect all relevant risks. As stipulated in the CRD, a combined buffer requirement (CBR) applies to \u00a0
financial institutions in addition to the solvency need ratio. The Group\u2019s CBR consists of a systemic risk buffer, a countercyclical buffer, \u00a0
a capital conservation buffer and a SIFI buffer and must be funded with common equity tier 1 (CET1) capital. Because Danske Bank A/S \u00a0
is designated a systemically important financial institution (SIFI) in Denmark, the Group must meet a 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 \u00a0
(subordinated 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 payout \u00a0
\u2022
Prudent valuation \u00a0
\u2022
Prudential filters \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 \u00a0
shareholders\u2019 equity and CET1 capital. At the end of 2025, the Group\u2019s CET1 capital amounted to DKK 142.1 billion (2024: DKK 145.2 \u00a0
billion), and its CET1 capital ratio was 17.3% (2024: 17.8%) \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 2025, the Group\u2019s total capital was DKK \u00a0
171.7 billion (2024: DKK 182.1 billion), and its total capital ratio was 20.9% (2024: 22.4%). The Group\u2019s tier 1 capital was DKK 149.7 \u00a0
billion (2024: DKK 155.6 billion), and its tier 1 capital ratio was 18.2% (2024: 19.1%). \u00a0
Internal Capital Adequacy Assessment 2025 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 \u00a0
requirement. This implies a capital target buffer of at least 1.2 percentage points in relation to the CET1 capital requirement. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1888": { "value": "
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 \u00a0
granted are 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 \u00a0
2025. \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 \u00a0
drivers. 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 \u00a0
in-depth assessment of sub-sectors and the customers with the largest exposure.\u00a0This enables the Group to map the most material \u00a0
sustainability risks facing the individual portfolios, monitor aggregate risk levels on an ongoing basis, and identify additional Credit \u00a0
Risk Policy requirements. When deemed necessary, the sustainability risk findings are integrated into the Group\u2019s credit risk tolerance \u00a0
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- \u00a0
specific ESG questions for both new and existing business customers. The customer-level sustainability risk assessments serve as \u00a0
input factors in the overall credit decision process and enable the Group to monitor the overall sustainability risk level. All \u00a0
counterparties with a total exposure exceeding the threshold are in scope for assessment across business units. The scope of \u00a0
analysis is adjusted to capture the size and complexity of the counterparty concerned, with higher risk and larger exposure requiring a \u00a0
more detailed analysis. This requirement covers corporate counterparties in all the Group\u2019s business units, i.e. retail customers, as \u00a0
well as mid- and large corporates. On the back of the results, relationship managers are required to engage with customers with a \u00a0
significant exposure and a high level of identified risks to agree on a future action plan to mitigate these risks. \u00a0
At the end of 2025, 92% (2024: 90%) of the Group\u2019s total business exposure in scope was assessed for sustainability risk, and the \u00a0
Group implemented a more in-depth analysis of drivers of customers\u2019 ESG risk levels. These bottom-up customer assessments will \u00a0
increasingly be tied to top-down portfolio risk management efforts at the group level. This will ensure a consistent feedback loop \u00a0
between strategic and customer considerations in the 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 \u00a0
enhanced in accordance with regulatory and industry developments. \u00a0
Climate risk is primarily categorised into transition risks, associated with moving towards a low-carbon economy, and physical risks \u00a0
stemming from projected climate changes, including both long-term shifts (chronic changes) and event-driven changes (acute \u00a0
changes) to weather patterns. Both climate-related risks will affect credit risk in the medium and long-term. To address these risks, \u00a0
the Group is actively improving 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 3 \u00a0
disclosures, 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 \u00a0
(river and coastal flooding) as the most important physical hazard applicable to the portfolio. The current mapping of exposures \u00a0
subject to flooding risk focuses on residential and commercial property and forms part of the Pillar 3 disclosures. \u00a0
In accordance with Pillar 3 transition risk disclosure requirements, the Group reports its financed emissions and the energy efficiency \u00a0
of collateral. The Group has taken into consideration the financed emissions of the sector portfolios identified as climate change \u00a0
contributors. It has been identified that the majority of emissions are attributable to only a few sectors, specifically agriculture, \u00a0
shipping, oil and gas. The Group actively monitors and manages these sectors at both the customer and portfolio levels. For instance, \u00a0
this is evidenced by the decline in the oil 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 \u00a0
physical and transition climate-related risks over short-, medium- and long-term horizons. Stress tests related to physical risks focus \u00a0
on collateral-related exposures based on expected loss calculations related to river and coastal flooding. In relation to transition risks, \u00a0
the Group has analysed scenarios for carbon taxes as a key driver for this transition in different sectors. Special focus on transition- \u00a0
risk scenario analyses is given to the Danish agricultural sector, where the introduction of a carbon tax is planned by the Danish \u00a0
government by 2030. For the Danish agricultural sector, results of the stress testing analysis are directly used in the impairment post- \u00a0
model-adjustment process. Moreover, the Group performs detailed bottom-up climate analyses on the commercial real estate sector, \u00a0
which constitutes a large part of the total Group\u2019s exposure, with a particular focus on the EU\u2019s Energy Performance of Buildings \u00a0
Directive. \u00a0
Customer transition risk assessments \u00a0
Managing climate transition risks takes place at both portfolio and customer levels. At the portfolio level, the Group sets long-term \u00a0
targets for sectors with high financed emissions, such as oil and gas, as outlined in the Group\u2019s Sustainability Statement of this Annual \u00a0
Report. Climate risks are also taken into consideration when the Group determines its risk tolerance process for high-risk segments to \u00a0
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 \u00a0
risks in relevant high-emitting sectors. The methodology considers the customers\u2019 current performance as well as their short-, \u00a0
medium-, and long-term ambitions and plans to meet their decarbonisation strategy and targets. In addition, the assessments include \u00a0
an evaluation of the customers\u2019 risk of not executing on their strategies because of external factors that affect their ability to \u00a0
transition, i.e. technology and government support factors. \u00a0
Transition risk assessment scores are divided into four categories on the basis of alignment assessment, technology and government \u00a0
factors. The transition risk assessments contribute to the overall credit evaluation of customers. \u00a0
The Group focuses on financially weak laggards in the transition process since they are subject to an increased risk of impairment. For \u00a0
these customers, the Group has identified mitigating actions, which include collaborating to develop a transition plan that ensures \u00a0
alignment with established standards. Financially weak transition laggards represent approximately 7% (2024: 10%) of the Group\u2019s \u00a0
assessed credit exposure and they will be monitored on an ongoing basis. \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 \u00a0
lending activities in the form of secured and unsecured loans. Securities positions taken by the Group\u2019s trading and investment units \u00a0
also entail credit risk and are presented as credit exposure from trading and investment securities as well as derivatives and loans at \u00a0
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 \u00a0
loans at the Group\u2019s trading units and credit risk from securities positions. \u00a0
Breakdown of credit exposure \u00a0
Trading and \u00a0
Customer- \u00a0
(DKK billions) \u00a0
Lending \u00a0
Counterparty \u00a0
investment \u00a0
funded \u00a0
31 December 2025 \u00a0
Total \u00a0
activities \u00a0
credit risk \u00a0
securities \u00a0
investments \u00a0
Balance sheet items \u00a0
Demand deposits with central banks \u00a0
130.1 \u00a0
130.1 \u00a0
-
-
-
Due from credit institutions and central banks \u00a0
116.6 \u00a0
85.9 \u00a0
30.7 \u00a0
-
-
Trading portfolio assets \u00a0
445.0 \u00a0
193.9 \u00a0
-
251.0 \u00a0
-
Investment securities \u00a0
296.7 \u00a0
-
296.7 \u00a0
-
-
Loans at amortised cost \u00a0
1,022.3 \u00a0
1,022.3 \u00a0
-
-
-
Loans at fair value \u00a0
1,060.9 \u00a0
740.1 \u00a0
320.8 \u00a0
-
-
Assets under pooled schemes and investment contracts \u00a0
76.8 \u00a0
-
-
-
76.8 \u00a0
Insurance assets \u00a0
555.5 \u00a0
-
-
-
555.5 \u00a0
Off-balance-sheet items \u00a0
Guarantees \u00a0
99.7 \u00a0
99.7 \u00a0
-
-
-
Loan commitments shorter than 1 year \u00a0
206.6 \u00a0
206.6 \u00a0
-
-
-
Loan commitments longer than 1 year \u00a0
244.5 \u00a0
244.5 \u00a0
-
-
-
Other unutilised commitments \u00a0
14.4 \u00a0
-
-
-
14.4 \u00a0
Total \u00a0
Trading and \u00a0
Customer- \u00a0
(DKK billions) \u00a0
Lending \u00a0
Counterparty \u00a0
investment \u00a0
funded \u00a0
31 December 2024 \u00a0
Total \u00a0
activities \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
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
The Group\u2019s exposure to the risk on some balance sheet items is limited. This is the case for assets under customer-funded \u00a0
investment pools, investment contracts and insurance contracts. The risk on assets under pooled schemes and investment contracts \u00a0
is assumed solely by the customers, while the risk on insurance assets is assumed primarily by the customers. The section on life \u00a0
insurance risk describes the Group\u2019s 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 \u00a0
of credit of DKK 229 billion at 31 December 2025 (31 December 2024: DKK 193 billion). These items are included in the calculation of \u00a0
the total risk 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 \u00a0
central banks, guarantees and irrevocable loan commitments. The exposure is measured net of expected credit losses and includes \u00a0
repo loans at amortised 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. \u00a0
This includes all non-performing loans. A small amount of credit exposure in stage 3 can be found outside default. This is due to \u00a0
impairment staging being updated monthly (after each month-end), whereas default is updated daily. For the same reason, some \u00a0
credit exposure in default is outside stage 3. The stage 3 coverage ratio is 73% (31 December 2024: 71%). \u00a0
For further details about the Group\u2019s credit risk management and the use of information on expected credit losses for risk \u00a0
management purposes, see Risk Management 2025. \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 \u00a0
probability of default (PD). As part of the credit process, the Group classifies customers according to risk and updates their \u00a0
classifications upon receipt of new information. Risk classification comprises rating and credit scoring of customers. While all large \u00a0
customers are rated, the Group uses fully automated and statistically-based scoring models for small customers such as personal \u00a0
customers and small businesses. Credit scores are 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 \u00a0
consists of 11 main rating categories with fixed PD bands. During a downturn, a customer\u2019s PIT PD may increase, and the customer \u00a0
may migrate to a lower rating category. The effect from a downturn is thus larger when PIT PD is used than if the classification were \u00a0
based on through-the-cycle (TTC) 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 \u00a0
whether the credit risk has increased significantly since initial recognition. The assessment of whether the credit risk has increased \u00a0
significantly since initial recognition is performed by considering the change in the risk of default occurring over the remaining life of \u00a0
the individual facility and incorporating forward-looking information. A facility is transferred from stage 1 to stage 2 on the basis of \u00a0
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 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 \u00a0
doubling of 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, \u00a0
customers subject to forbearance measures are placed in stage 2 if the Group, in the most likely outcome, expects no loss or the \u00a0
customers are in the two-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 \u00a0
events that have a detrimental impact on the estimated future cash flows have occurred. This includes observable data about (a) \u00a0
significant financial difficulty of the issuer or the borrower; (b) a breach of contract, such as a default or past due event; (c) the \u00a0
borrower, for financial or contractual reasons relating to the borrower\u2019s financial difficulty, having been granted a concession that \u00a0
would not otherwise have been considered; (d) it is becoming probable that the borrower will enter into bankruptcy or other financial \u00a0
restructuring; and (e) the purchase or origination of a financial asset at a deep discount that reflects the incurred credit loss. It may not \u00a0
be possible to identify a single discrete event \u2013 instead, the combined effect of several events may cause a financial asset to become \u00a0
credit-impaired. Credit-impaired facilities are placed in rating category 10 or 11. For customers in rating category 10, the stage 3 \u00a0
classification applies only to customers where a loss is expected in the most likely scenario. For rating category 11 (default), all \u00a0
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 \u00a0
IFRS 9. This 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 \u00a0
Group\u2019s expected credit loss model. Besides increasing the expected credit losses, the post-model adjustments may lead to the \u00a0
transfer of part of the gross exposure covered by the post-model adjustments from stage 1 to stage 2 through targeted PD pushes \u00a0
to the current point in time estimates of PD (i.e. increases in the PD for the underlying customers in the selected portfolio s covered \u00a0
by the post-model adjustments) to ensure consistency between the methods used for disclosing information about expected \u00a0
credit losses and exposures subject to significant increase in credit risk. While the distribution of customers between the Group\u2019s \u00a0
11 rating categories is unchanged and reflects the current point-in-time estimate of the underlying customers\u2019 PDs, the PD pushes \u00a0
may lead to the transfer of gross exposures to stage 2 as the assessment of the increase in credit risk is performed by comparing \u00a0
the initial PD with the current PD (after the 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 \u00a0
(EAD) and the loss given default (LGD). For exposures in stage 1, 12- month expected credit losses are recognised, while lifetime \u00a0
expected credit losses are recognised for exposures in stage 2-3. Note G15 provides further information. \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. \u00a0
As a result, 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 \u00a0
default. This is due to impairment staging being updated monthly (after each month-end), whereas default is updated daily. For the \u00a0
same reason, some credit 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 \u00a0
management purposes, see Risk Management 2025. \u00a0
The following table breaks down the credit exposure by rating categories and stages. \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 2025 \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
188.8 \u00a0
0.1 \u00a0
-
-
-
-
188.8 \u00a0
0.1 \u00a0
-
166.4 \u00a0
-
-
2
0.01 \u00a0
0.03 \u00a0
194.0 \u00a0
-
0.2 \u00a0
-
-
-
194.0 \u00a0
0.2 \u00a0
-
96.4 \u00a0
-
-
3
0.03 \u00a0
0.06 \u00a0
510.3 \u00a0
1.
0
-
0.1 \u00a0
-
-
510.2 \u00a0
1.0 \u00a0
-
257.3 \u00a0
0.6 \u00a0
-
4
0.06 \u00a0
0.14 \u00a0
569.2 \u00a0
0.4 \u00a0
4.2 \u00a0
0.2 \u00a0
-
-
569.0 \u00a0
4.1 \u00a0
0.4 \u00a0
254.5 \u00a0
3.1 \u00a0
-
5
0.14 \u00a0
0.31 \u00a0
472.5 \u00a0
16.9 \u00a0
0.1 \u00a0
0.4 \u00a0
0.1 \u00a0
-
472.1 \u00a0
16.8 \u00a0
0.1 \u00a0
179.0 \u00a0
13.8 \u00a0
-
6
0.31 \u00a0
0.63 \u00a0
314.7 \u00a0
39.8 \u00a0
-
0.5 \u00a0
0.7 \u00a0
-
314.1 \u00a0
39.1 \u00a0
-
111.4 \u00a0
19.1 \u00a0
-
7
0.63 \u00a0
1.90 \u00a0
99.3 \u00a0
44.4 \u00a0
0.1 \u00a0
0.9 \u00a0
1.8 \u00a0
0.1 \u00a0
98.4 \u00a0
42.6 \u00a0
-
40.5 \u00a0
14.8 \u00a0
-
8
1.90 \u00a0
7.98 \u00a0
11.6 \u00a0
25.3 \u00a0
0.1 \u00a0
0.7 \u00a0
2.3 \u00a0
0.1 \u00a0
10.9 \u00a0
23.0 \u00a0
-
1.6 \u00a0
6.7 \u00a0
-
9
7.98 \u00a0
25.70 \u00a0
1.5 \u00a0
-
4.8 \u00a0
-
0.5 \u00a0
-
1.5 \u00a0
4.3 \u00a0
-
0.1 \u00a0
1.3 \u00a0
-
10 \u00a0
25.70 \u00a0
99.99 \u00a0
0.5 \u00a0
17.9 \u00a0
0.9 \u00a0
-
2.0 \u00a0
0.2 \u00a0
0.5 \u00a0
15.8 \u00a0
0.7 \u00a0
0.1 \u00a0
6.5 \u00a0
0.2 \u00a0
11 (default) \u00a0
100.00 \u00a0
100.00 \u00a0
0.2 \u00a0
1.3 \u00a0
29.2 \u00a0
-
0.1 \u00a0
9.0 \u00a0
0.2 \u00a0
1.2 \u00a0
20.1 \u00a0
0.1 \u00a0
0.1 \u00a0
3.3 \u00a0
Total \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
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 \u00a0
the Statistical Classification of Economic Activities in the European Community (NACE) standard that has been adapted to the Group\u2019s \u00a0
business risk approach used for the active management of the credit portfolio. \u00a0
Credit exposure broken down by industry \u00a0
(DKK billions) \u00a0
Gross exposure \u00a0
Expected credit loss \u00a0
Net exposure \u00a0
Net exposure, ex collateral \u00a0
31 December 2025 \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
250.4 \u00a0
1.3 \u00a0
0.2 \u00a0
-
-
-
250.4 \u00a0
1.3 \u00a0
0.2 \u00a0
247.3 \u00a0
-
-
Financials \u00a0
132.5 \u00a0
3.1 \u00a0
0.4 \u00a0
0.1 \u00a0
0.2 \u00a0
0.1 \u00a0
132.5 \u00a0
3.0 \u00a0
0.3 \u00a0
118.9 \u00a0
1.6 \u00a0
0.2 \u00a0
Agriculture \u00a0
52.4 \u00a0
4.8 \u00a0
1.2 \u00a0
0.2 \u00a0
0.6 \u00a0
0.4 \u00a0
52.1 \u00a0
4.2 \u00a0
0.8 \u00a0
12.6 \u00a0
1.1 \u00a0
-
Automotive \u00a0
25.7 \u00a0
8.1 \u00a0
0.6 \u00a0
-
0.6 \u00a0
0.2 \u00a0
25.7 \u00a0
7.6 \u00a0
0.4 \u00a0
19.8 \u00a0
5.3 \u00a0
0.2 \u00a0
Capital goods \u00a0
76.6 \u00a0
11.8 \u00a0
2.1 \u00a0
-
0.7 \u00a0
0.9 \u00a0
76.5 \u00a0
11.1 \u00a0
1.2 \u00a0
70.6 \u00a0
9.3 \u00a0
0.4 \u00a0
Commercial and residential real estate \u00a0
295.0 \u00a0
25.2 \u00a0
3.4 \u00a0
0.4 \u00a0
1.0 \u00a0
0.8 \u00a0
294.5 \u00a0
24.2 \u00a0
2.6 \u00a0
50.0 \u00a0
3.5 \u00a0
0.6 \u00a0
Construction and building materials \u00a0
43.8 \u00a0
11.5 \u00a0
1.9 \u00a0
0.3 \u00a0
0.8 \u00a0
1.1 \u00a0
43.5 \u00a0
10.6 \u00a0
0.8 \u00a0
32.1 \u00a0
7.0 \u00a0
0.3 \u00a0
Consumer goods \u00a0
90.0 \u00a0
9.0 \u00a0
1.3 \u00a0
-
0.4 \u00a0
0.6 \u00a0
89.9 \u00a0
8.7 \u00a0
0.7 \u00a0
68.9 \u00a0
6.5 \u00a0
0.3 \u00a0
Hotels, restaurants and leisure \u00a0
13.6 \u00a0
1.1 \u00a0
0.5 \u00a0
-
-
0.1 \u00a0
13.6 \u00a0
1.1 \u00a0
0.4 \u00a0
5.2 \u00a0
0.3 \u00a0
0.1 \u00a0
Metals and mining \u00a0
26.3 \u00a0
2.0 \u00a0
0.8 \u00a0
-
0.2 \u00a0
0.2 \u00a0
26.4 \u00a0
1.9 \u00a0
0.6 \u00a0
19.5 \u00a0
1.1 \u00a0
0.1 \u00a0
Other commercials \u00a0
1.4 \u00a0
-
-
0.2 \u00a0
-
-
1.2 \u00a0
-
-
1.1 \u00a0
-
-
Pharma and medical devices \u00a0
56.9 \u00a0
2.2 \u00a0
0.1 \u00a0
-
-
-
56.9 \u00a0
2.1 \u00a0
0.1 \u00a0
53.5 \u00a0
2.0 \u00a0
-
Non-profit housing \u00a0
210.3 \u00a0
3.1 \u00a0
0.8 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
210.2 \u00a0
3.1 \u00a0
0.7 \u00a0
32.8 \u00a0
0.3 \u00a0
-
Pulp, paper and chemicals \u00a0
41.3 \u00a0
5.5 \u00a0
0.5 \u00a0
-
0.3 \u00a0
0.2 \u00a0
41.3 \u00a0
5.3 \u00a0
0.3 \u00a0
29.4 \u00a0
3.9 \u00a0
-
Retailing \u00a0
27.4 \u00a0
2.5 \u00a0
1.6 \u00a0
0.1 \u00a0
0.2 \u00a0
0.8 \u00a0
27.3 \u00a0
2.3 \u00a0
0.8 \u00a0
18.0 \u00a0
1.5 \u00a0
0.3 \u00a0
Services \u00a0
93.1 \u00a0
5.3 \u00a0
1.3 \u00a0
0.2 \u00a0
0.4 \u00a0
0.4 \u00a0
92.9 \u00a0
4.9 \u00a0
0.9 \u00a0
77.7 \u00a0
3.2 \u00a0
0.2 \u00a0
Shipping \u00a0
18.7 \u00a0
5.9 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
18.7 \u00a0
5.8 \u00a0
0.4 \u00a0
6.9 \u00a0
1.1 \u00a0
0.1 \u00a0
Oil and gas \u00a0
17.7 \u00a0
0.3 \u00a0
-
-
-
-
17.6 \u00a0
0.3 \u00a0
-
14.6 \u00a0
0.2 \u00a0
-
Social services \u00a0
28.9 \u00a0
2.6 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
28.9 \u00a0
2.6 \u00a0
0.3 \u00a0
11.5 \u00a0
2.2 \u00a0
-
Telecom and media \u00a0
27.6 \u00a0
0.7 \u00a0
1.4 \u00a0
-
0.1 \u00a0
0.5 \u00a0
27.6 \u00a0
0.6 \u00a0
0.9 \u00a0
22.8 \u00a0
0.4 \u00a0
0.5 \u00a0
Transportation \u00a0
18.6 \u00a0
2.2 \u00a0
0.6 \u00a0
-
0.2 \u00a0
0.2 \u00a0
18.6 \u00a0
2.0 \u00a0
0.4 \u00a0
9.9 \u00a0
0.6 \u00a0
-
Utilities and infrastructure \u00a0
88.8 \u00a0
13.3 \u00a0
0.9 \u00a0
0.1 \u00a0
0.4 \u00a0
0.2 \u00a0
88.7 \u00a0
12.9 \u00a0
0.7 \u00a0
65.8 \u00a0
11.5 \u00a0
0.1 \u00a0
Personal customers \u00a0
725.6 \u00a0
34.2 \u00a0
10.3 \u00a0
1.1 \u00a0
1.2 \u00a0
2.5 \u00a0
724.6 \u00a0
32.9 \u00a0
7.8 \u00a0
118.2 \u00a0
3.4 \u00a0
-
Total \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
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
82.7 \u00a0
10.3 \u00a0
1.8 \u00a0
-
0.4 \u00a0
0.7 \u00a0
82.7 \u00a0
9.9 \u00a0
1.1 \u00a0
74.9 \u00a0
7.9 \u00a0
0.2 \u00a0
Commercial and residential real estate \u00a0
270.5 \u00a0
31.2 \u00a0
4.0 \u00a0
0.7 \u00a0
1.4 \u00a0
0.9 \u00a0
269.9 \u00a0
29.7 \u00a0
3.2 \u00a0
48.4 \u00a0
4.3 \u00a0
0.5 \u00a0
Construction and building materials \u00a0
43.5 \u00a0
8.0 \u00a0
1.9 \u00a0
0.4 \u00a0
1.1 \u00a0
0.9 \u00a0
43.1 \u00a0
6.9 \u00a0
1.0 \u00a0
31.5 \u00a0
3.2 \u00a0
0.5 \u00a0
Consumer goods \u00a0
80.8 \u00a0
10.1 \u00a0
1.2 \u00a0
0.1 \u00a0
0.5 \u00a0
0.4 \u00a0
80.8 \u00a0
9.6 \u00a0
0.8 \u00a0
64.8 \u00a0
7.6 \u00a0
0.1 \u00a0
Hotels, restaurants and leisure \u00a0
12.1 \u00a0
1.3 \u00a0
0.7 \u00a0
-
0.1 \u00a0
0.2 \u00a0
12.1 \u00a0
1.2 \u00a0
0.5 \u00a0
3.2 \u00a0
0.3 \u00a0
0.1 \u00a0
Metals and mining \u00a0
19.2 \u00a0
2.3 \u00a0
0.2 \u00a0
-
0.1 \u00a0
0.1 \u00a0
19.2 \u00a0
2.2 \u00a0
0.2 \u00a0
15.3 \u00a0
0.9 \u00a0
0.1 \u00a0
Other commercials \u00a0
1.9 \u00a0
0.3 \u00a0
0.1 \u00a0
0.1 \u00a0
-
-
1.7 \u00a0
0.3 \u00a0
0.1 \u00a0
1.7 \u00a0
0.3 \u00a0
0.1 \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
-
Non-profit housing \u00a0
199.0 \u00a0
3.2 \u00a0
0.5 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
199.0 \u00a0
3.1 \u00a0
0.4 \u00a0
25.6 \u00a0
0.5 \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
24.3 \u00a0
3.0 \u00a0
1.8 \u00a0
-
0.3 \u00a0
0.5 \u00a0
24.3 \u00a0
2.7 \u00a0
1.3 \u00a0
14.7 \u00a0
1.8 \u00a0
0.6 \u00a0
Services \u00a0
77.6 \u00a0
6.3 \u00a0
1.3 \u00a0
0.2 \u00a0
0.6 \u00a0
0.4 \u00a0
77.4 \u00a0
5.7 \u00a0
0.8 \u00a0
64.4 \u00a0
4.0 \u00a0
0.4 \u00a0
Shipping \u00a0
21.0 \u00a0
4.2 \u00a0
0.5 \u00a0
-
0.1 \u00a0
0.1 \u00a0
21.0 \u00a0
4.2 \u00a0
0.4 \u00a0
7.0 \u00a0
0.2 \u00a0
0.1 \u00a0
Oil and gas \u00a0
16.5 \u00a0
1.4 \u00a0
1.0 \u00a0
-
-
0.1 \u00a0
16.5 \u00a0
1.4 \u00a0
0.9 \u00a0
14.5 \u00a0
0.2 \u00a0
0.1 \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
90.4 \u00a0
0.3 \u00a0
-
-
-
-
90.3 \u00a0
0.3 \u00a0
-
67.3 \u00a0
0.2 \u00a0
-
Personal customers \u00a0
690.1 \u00a0
42.7 \u00a0
11.5 \u00a0
1.1 \u00a0
1.3 \u00a0
2.7 \u00a0
689.0 \u00a0
41.3 \u00a0
8.8 \u00a0
95.3 \u00a0
4.8 \u00a0
0.3 \u00a0
Total \u00a0
* Credit risk broken down by industry has been reclassified as at 31 December 2024 due to a change in NACE classifications. There is no \u00a0
change to total credit exposure as at 31 December 2024. \u00a0
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is \u00a0
obtaining collateral. The table showing collateral by type (after haircut) is included. The mitigating effect from collateral at the \u00a0
end of December 2025 can be found as the difference between the columns \u2018Net exposure\u2019 and \u2018Net exposure, ex collateral\u2019 and \u00a0
amounted to DKK 1,352.4 billion at 31 December 2025 (31 December 2024: DKK 1,319.9 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 2025 \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
449.4 \u00a0
20.3 \u00a0
6.1 \u00a0
0.7 \u00a0
0.7 \u00a0
1.3 \u00a0
448.7 \u00a0
19.6 \u00a0
4.8 \u00a0
77.2 \u00a0
1.8 \u00a0
-
Personal Customers Sweden \u00a0
103.7 \u00a0
2.6 \u00a0
0.5 \u00a0
0.1 \u00a0
0.1 \u00a0
0.1 \u00a0
103.6 \u00a0
2.5 \u00a0
0.4 \u00a0
31.3 \u00a0
0.4 \u00a0
-
Personal Customers Finland \u00a0
75.9 \u00a0
5.9 \u00a0
2.0 \u00a0
0.1 \u00a0
0.2 \u00a0
0.6 \u00a0
75.8 \u00a0
5.8 \u00a0
1.5 \u00a0
5.7 \u00a0
0.4 \u00a0
-
Global Private Banking \u00a0
76.8 \u00a0
3.8 \u00a0
0.7 \u00a0
0.1 \u00a0
0.3 \u00a0
0.2 \u00a0
76.7 \u00a0
3.5 \u00a0
0.6 \u00a0
13.8 \u00a0
0.5 \u00a0
0.1 \u00a0
Personal Customers Other \u00a0
-
-
-
-
-
-
-
-
-
-
-
-
Total Personal Customers \u00a0
705.8 \u00a0
32.6 \u00a0
9.4 \u00a0
1.0 \u00a0
1.3 \u00a0
2.2 \u00a0
704.8 \u00a0
31.3 \u00a0
7.2 \u00a0
128.1 \u00a0
3.1 \u00a0
0.1 \u00a0
Business Customers \u00a0
Asset Finance \u00a0
53.1 \u00a0
10.2 \u00a0
1.7 \u00a0
0.1 \u00a0
0.3 \u00a0
0.5 \u00a0
53.0 \u00a0
9.9 \u00a0
1.2 \u00a0
20.1 \u00a0
2.4 \u00a0
0.1 \u00a0
Business Customers \u00a0
277.2 \u00a0
39.1 \u00a0
8.8 \u00a0
0.7 \u00a0
3.2 \u00a0
3.6 \u00a0
276.5 \u00a0
36.0 \u00a0
5.3 \u00a0
110.9 \u00a0
15.2 \u00a0
0.9 \u00a0
Commercial Real Estate \u00a0
410.4 \u00a0
17.9 \u00a0
2.6 \u00a0
0.4 \u00a0
0.6 \u00a0
0.4 \u00a0
409.9 \u00a0
17.4 \u00a0
2.2 \u00a0
67.7 \u00a0
2.7 \u00a0
0.4 \u00a0
Business Customers Other \u00a0
0.4 \u00a0
-
-
-
-
-
0.4 \u00a0
-
-
0.4 \u00a0
-
-
Total Business Customers \u00a0
741.1 \u00a0
67.3 \u00a0
13.2 \u00a0
1.2 \u00a0
4.0 \u00a0
4.5 \u00a0
739.8 \u00a0
63.3 \u00a0
8.7 \u00a0
199.0 \u00a0
20.3 \u00a0
1.3 \u00a0
Large Corporates & Institutions \u00a0
619.6 \u00a0
52.4 \u00a0
6.7 \u00a0
0.3 \u00a0
2.1 \u00a0
2.3 \u00a0
619.2 \u00a0
50.4 \u00a0
4.4 \u00a0
540.1 \u00a0
42.2 \u00a0
2.1 \u00a0
Northern Ireland \u00a0
101.0 \u00a0
3.5 \u00a0
1.4 \u00a0
0.3 \u00a0
0.1 \u00a0
0.4 \u00a0
100.8 \u00a0
3.4 \u00a0
1.0 \u00a0
47.5 \u00a0
0.5 \u00a0
-
Group Functions \u00a0
195.0 \u00a0
0.1 \u00a0
-
-
-
-
195.0 \u00a0
-
-
192.6 \u00a0
-
-
Total \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
-
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
0.7 \u00a0
0.2 \u00a0
0.3 \u00a0
-
-
0.1 \u00a0
0.7 \u00a0
0.2 \u00a0
0.2 \u00a0
0.3 \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
* Personal Customers Other includes credit exposure that was previously reported as Personal Customers Norway in Annual Report 2024. \u00a0
There is no change to total credit exposure as at 31 December 2024. \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 \u00a0
cover 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 selected \u00a0
industries. For commercial property, this also includes reducing the number of low-quality customers to ensure creditworthiness \u00a0
within the concentration limits. The industry concentrations are updated on an ongoing basis and at least once a year. The Group \u00a0
accepts the risks on material concentrations in accordance with the industry-specific guidelines that outline the use of credit policies \u00a0
within the industry. For personal customers, the Group also manages key concentrations in relation to high loan-to-value (LTV) ratios \u00a0
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 \u00a0
counterparties in 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 \u00a0
single customer group. \u00a0
The limits on large exposures are defined within the large exposure restrictions of article 391 of the Capital Requirements Regulation \u00a0
(EU) No 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 \u00a0
obtaining collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to \u00a0
ensure it reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus \u00a0
ensuring that the 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 \u00a0
the models themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that \u00a0
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 \u00a0
value upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility \u00a0
during the sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory \u00a0
purposes, the Group also applies more conservative haircuts in order to capture the risk of an economic downturn. \u00a0
Types of collateral \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions \u00a0
Total \u00a0
31 December 2025 \u00a0
Real property \u00a0
587.6 \u00a0
468.2 \u00a0
37.7 \u00a0
51.6 \u00a0
-
1,145.1 \u00a0
- Personal \u00a0
581.7 \u00a0
2.5 \u00a0
-
31.9 \u00a0
-
616.1 \u00a0
- Commercial \u00a0
5.0 \u00a0
433.0 \u00a0
36.2 \u00a0
16.8 \u00a0
-
490.9 \u00a0
- Agricultural \u00a0
0.9 \u00a0
32.7 \u00a0
1.5 \u00a0
2.9 \u00a0
-
38.0 \u00a0
Custody account and securities \u00a0
7.2 \u00a0
3.7 \u00a0
6.8 \u00a0
-
-
17.7 \u00a0
Vehicles \u00a0
1.5 \u00a0
7.8 \u00a0
-
-
-
9.3 \u00a0
Equipment \u00a0
-
14.0 \u00a0
3.1 \u00a0
3.2 \u00a0
-
20.2 \u00a0
Vessels \u00a0
-
1.8 \u00a0
19.1 \u00a0
-
-
20.9 \u00a0
Guarantees \u00a0
6.8 \u00a0
5.3 \u00a0
14.3 \u00a0
0.7 \u00a0
-
27.0 \u00a0
Amounts due \u00a0
-
2.5 \u00a0
0.3 \u00a0
0.7 \u00a0
-
3.5 \u00a0
Other assets \u00a0
9.2 \u00a0
87.6 \u00a0
1.6 \u00a0
7.8 \u00a0
2.4 \u00a0
108.7 \u00a0
Total collateral \u00a0
612.3 \u00a0
590.9 \u00a0
89.5 \u00a0
57.2 \u00a0
2.4 \u00a0
1,352.4 \u00a0
Total unsecured credit exposure \u00a0
131.0 \u00a0
220.9 \u00a0
584.4 \u00a0
47.9 \u00a0
984.2 \u00a0
Unsecured portion of credit exposure (%) \u00a0
17.6% \u00a0
27.2% \u00a0
86.7% \u00a0
45.6% \u00a0
-
42.1% \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
(DKK billions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \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
-
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
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
3.5 \u00a0
3.3 \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
0.3 \u00a0
0.5 \u00a0
-
4.0 \u00a0
Other assets \u00a0
0.1 \u00a0
28.4 \u00a0
1.6 \u00a0
4.0 \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
Past due amounts (excluding loans in rating category 10 and 11) \u00a0
Past due amounts \u00a0
Large \u00a0
Personal \u00a0
Business
Corporates\u00a0& \u00a0
Northern \u00a0
Group \u00a0
Total past \u00a0
Total due \u00a0
(DKK millions) \u00a0
Customers \u00a0
Customers \u00a0
Institutions \u00a0
Ireland \u00a0
Functions
due\u00a0amount \u00a0
under loans \u00a0
31 December 2025 \u00a0
6-30 days \u00a0
5
7
1
4
17 \u00a0
-
801 \u00a0
31-60 days \u00a0
3
2
-
-
5
-
284 \u00a0
> 60 days \u00a0
7
2
2
-
11 \u00a0
-
433 \u00a0
Total past due amounts \u00a0
16 \u00a0
11 \u00a0
3
4
34 \u00a0
-
Total due under loans \u00a0
912 \u00a0
421 \u00a0
139 \u00a0
46 \u00a0
-
1,519 \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
61 \u00a0
-
For the past due amounts, the average unsecured portion of the claims recorded was 32.2% at the end of 2025 (2024: 21.6%). Real \u00a0
property accounted for 68.8% of collateral provided (2024: 78.6%). \u00a0
Forbearance practices and repossessed assets \u00a0
The Group adopts forbearance plans to assist customers in financial difficulty. Concessions granted to customers include interest- \u00a0
reduction schedules, interest-only schedules, temporary payment holidays, term extensions, cancellation of outstanding fees, waiver \u00a0
of covenant enforcement and debt forgiveness. Forbearance plans must comply with the Group\u2019s Credit Policy. They are used as an \u00a0
instrument to retain long-term business relationships during economic downturns if there is a realistic possibility that the customer \u00a0
will be able to meet its 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 \u00a0
subject the customer\u2019s assets to a forced sale or whether the assets could be realised later at higher net proceeds. At the end of 2025, \u00a0
the Group had recognised properties taken over in Denmark at a carrying amount of DKK 7 million (2024: DKK 13 million), and there \u00a0
were no properties taken over in other countries (2024: DKK 0 million). The properties are held for sale and included under Other \u00a0
assets (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 \u00a0
definition states that a probation period of a minimum of two years must pass from the date when forborne exposures are considered \u00a0
to be performing again. Forbearance measures lead to changes in staging for impairment purposes, and impairments relating to \u00a0
forborne exposures are handled according to the principles described in note G15. \u00a0
Exposures subject to forbearance measures \u00a0
31 December \u00a0
31 December \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Stage 1 \u00a0
159 \u00a0
256 \u00a0
Stage 2 \u00a0
5,650 \u00a0
7,629 \u00a0
Stage 3 \u00a0
7,091 \u00a0
6,966 \u00a0
Total \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 \u00a0
(EAD) and the loss given default (LGD). In general, the Group\u2019s IFRS 9 impairment models and parameters draw on the bank\u2019s internal \u00a0
models in order to ensure alignment of models across the Group. New models and calculations have been developed especially for \u00a0
IFRS 9 purposes, including models for lifetime PD, prepayment and forward-looking LGD. All expected credit loss impairments are \u00a0
allocated to individual exposures. For 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 2024 \u00a0
3,592 \u00a0
7,486 \u00a0
9,062 \u00a0
20,140 \u00a0
Transferred to stage 1 \u00a0
1,197 \u00a0
-1,063 \u00a0
-134 \u00a0
-
Transferred to stage 2 \u00a0
-317 \u00a0
629 \u00a0
-312 \u00a0
-
Transferred to stage 3 \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
Transferred to stage 1 \u00a0
1,570 \u00a0
-1,238 \u00a0
-332 \u00a0
-
Transferred to stage 2 \u00a0
-208 \u00a0
522 \u00a0
-313 \u00a0
-
Transferred to stage 3 \u00a0
-62 \u00a0
-909 \u00a0
971 \u00a0
-
ECL on new assets \u00a0
605 \u00a0
1,560 \u00a0
965 \u00a0
3,129 \u00a0
ECL on assets derecognised \u00a0
-485 \u00a0
-1,042 \u00a0
-966 \u00a0
-2,493 \u00a0
Impact of net remeasurement of ECL (incl. changes in models) \u00a0
-1,818 \u00a0
896 \u00a0
870 \u00a0
-52 \u00a0
Write-offs debited to the allowance account \u00a0
-
-
-864 \u00a0
-864 \u00a0
Foreign exchange adjustments \u00a0
17 \u00a0
92 \u00a0
35 \u00a0
145 \u00a0
Other changes \u00a0
13 \u00a0
-15 \u00a0
-78 \u00a0
-80 \u00a0
ECL allowance account as at 31 December 2025 \u00a0
The stage 3 allowance account includes DKK 1.5 billion (2024: DKK 1.9 billion) relating to originated credit impaired financial assets. \u00a0
Originated credit impaired financial assets are granted as part of restructuring non-performing loan exposures, and are otherwise \u00a0
outside the Group\u2019s 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
Corporates\u00a0& \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 2024 \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 \u00a0
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
ECL on new assets \u00a0
472 \u00a0
1,643 \u00a0
943 \u00a0
61 \u00a0
9
3,129 \u00a0
ECL on assets derecognised \u00a0
-663 \u00a0
-1,740 \u00a0
-43 \u00a0
-46 \u00a0
-1 \u00a0
-2,493 \u00a0
Impact on remeasurement of ECL (incl. change in \u00a0
models) \u00a0
243 \u00a0
-887 \u00a0
599 \u00a0
4
-10 \u00a0
-52 \u00a0
Write-offs debited to allowance account \u00a0
-182 \u00a0
-186 \u00a0
-467 \u00a0
-28 \u00a0
-
-864 \u00a0
Foreign currency translation \u00a0
25 \u00a0
154 \u00a0
1
-35 \u00a0
-
145 \u00a0
Other changes \u00a0
-81 \u00a0
31 \u00a0
-31 \u00a0
-
-
-80 \u00a0
ECL allowance account as at 31 December 2025 \u00a0
742 \u00a0
20 \u00a0
The method used for calculating expected credit losses is described in note G15. \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 2024 \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
Transferred to stage 1 \u00a0
39,957 \u00a0
-38,047 \u00a0
-1,910 \u00a0
-
Transferred to stage 2 \u00a0
-53,274 \u00a0
54,862 \u00a0
-1,588 \u00a0
-
Transferred to stage 3 \u00a0
-3,825 \u00a0
-4,862 \u00a0
8,686 \u00a0
-
New assets \u00a0
814,509 \u00a0
41,816 \u00a0
6,285 \u00a0
862,611 \u00a0
Assets derecognised \u00a0
-604,727 \u00a0
-41,239 \u00a0
-11,257 \u00a0
-657,223 \u00a0
Changes due to modifications that did not result in derecognition \u00a0
-
-
-17 \u00a0
-17 \u00a0
Other changes \u00a0
-57,506 \u00a0
-6,696 \u00a0
-2,002 \u00a0
-66,203 \u00a0
As at 31 December 2025 \u00a0
In the table above, \u2018Changes due to modifications that did not result in derecognition\u2019 includes partial forgiveness of debt assessed to \u00a0
be uncollectible. The modification loss is recognised within the income statement as part of Loan impairment charges. The \u00a0
contractual amount of loans written off in 2025 and for which the Group retains the right to enforce its claims amounted to DKK 754 \u00a0
million (2024: DKK 826 million). \u00a0
Allowance account broken down by balance sheet item \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
Due from credit institutions and central banks \u00a0
25 \u00a0
15 \u00a0
Loans at amortised cost \u00a0
13,867 \u00a0
13,672 \u00a0
Loan commitments and guarantees \u00a0
2,843 \u00a0
3,245 \u00a0
ECL Impairment, Total \u00a0
16,734 \u00a0
16,932 \u00a0
Fair value credit risk adjustment on loans at fair value \u00a0
2,952 \u00a0
2,968 \u00a0
Total \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 two downside scenarios), including an assessment of the probability for each \u00a0
scenario, and post-model adjustments. The purpose of using multiple scenarios is to model the non-linear impact of assumptions \u00a0
about macroeconomic factors on the expected credit losses. Post-model adjustments are used to capture specific risks which are not \u00a0
fully covered by the macroeconomic scenarios, as well as the process related risk, which could lead to an underestimation of the \u00a0
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 \u00a0
forecast period, the macroeconomic scenarios revert slowly towards a steady state. \u00a0
The scenarios applied in the expected credit loss calculation in the fourth quarter of 2025 have been updated with the latest \u00a0
macroeconomic data. For the Nordic markets overall, compared to the end of 2024, the base case and upside scenarios have been \u00a0
revised to reflect ongoing expectations of normalised inflation levels and improved house prices, though with a slightly more subdued \u00a0
outlook for some of the Nordic countries. \u00a0
The base case is an extension of the Group\u2019s official view of the Nordic economies, as outlined in the Nordic Outlook report. At 31 \u00a0
December 2025, the base case scenario expects the Nordic economic recovery to continue, albeit at different rates across the region. \u00a0
Most interest rate reductions are anticipated to have been completed and inflation has returned to normal levels. The Nordic property \u00a0
markets remain generally robust, with house prices stable or increasing. \u00a0
The upside scenario presents a slightly more positive outlook than the base case, with global economic conditions improving, \u00a0
increased demand, and marginally higher GDP growth. This scenario also sees further support for housing markets, accompanied by a \u00a0
modest rise in interest rates. \u00a0
A second downside scenario was introduced in the second quarter of 2025 to address the ongoing uncertainty. This scenario, which is \u00a0
called the downside scenario, envisions escalating trade tensions leading to an economic slowdown with a weaker foreign demand \u00a0
and declining equity markets. \u00a0
The severe downside scenario reflect a severe global recession. A global trade war and supply chain issues trigger a deep economic \u00a0
downturn similar to the financial crisis, characterised by declining demand, negative growth rates, and higher, more persistent \u00a0
unemployment in the economies where the Group is represented. Rising import costs lead to price increases and inflation, prompting \u00a0
interest rates to be hiked in response, as current interest levels have decreased. Property prices decline for an extended period due to \u00a0
increased interests and market uncertainty. The scenario is applied in the Group\u2019s ICAAP processes, which is similar in nature to \u00a0
regulatory stress tests, capturing the risk of a recession. \u00a0
The scenario weightings have been updated to incorporate the new downside scenario and reflect a more balanced risk picture. The \u00a0
weight on the base case scenario is 50% (31 December 2024: 60%), the upside scenario is weighted 25% (31 December 2024: 20%), \u00a0
the new downside scenario is weighted 5% (31December 2024: 0%) and the severe downside scenario is weighted 20% (31 December \u00a0
2024: 20%) \u00a0
The main macroeconomic parameters in the base case, upside, downside and severe downside scenario entering into the ECL \u00a0
calculation for the forecast horizon across the Group\u2019s Nordic markets are included in the following tables. \u00a0
Macroeconomic scenarios \u00a0
31 December 2025 \u00a0
Base-case \u00a0
Upside \u00a0
Downside \u00a0
Severe downside \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
2025 \u00a0
2026 \u00a0
2027 \u00a0
Denmark \u00a0
GDP \u00a0
2.6 \u00a0
2.7 \u00a0
2.1 \u00a0
2.6 \u00a0
2.9 \u00a0
2.6 \u00a0
2.5 \u00a0
1.5 \u00a0
1.1 \u00a0
-3.4 \u00a0
-2.0 \u00a0
-
Unemployment \u00a0
2.9 \u00a0
3.0 \u00a0
3.0 \u00a0
2.9 \u00a0
3.0 \u00a0
2.8 \u00a0
2.9 \u00a0
3.3 \u00a0
3.6 \u00a0
6.4 \u00a0
7.4 \u00a0
7.8 \u00a0
Inflation \u00a0
1.9 \u00a0
1.1 \u00a0
1.8 \u00a0
1.9 \u00a0
1.7 \u00a0
2.5 \u00a0
2.0 \u00a0
1.1 \u00a0
2.0 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
5.9 \u00a0
6.3 \u00a0
3.7 \u00a0
5.9 \u00a0
7.3 \u00a0
5.7 \u00a0
5.9 \u00a0
1.3 \u00a0
3.7 \u00a0
-19.7 \u00a0
-11.0 \u00a0
-6.0 \u00a0
Interest rate - 3 month \u00a0
2.1 \u00a0
2.1 \u00a0
2.1 \u00a0
2.1 \u00a0
2.2 \u00a0
2.5 \u00a0
2.1 \u00a0
1.8 \u00a0
1.7 \u00a0
3.9 \u00a0
4.7 \u00a0
3.4 \u00a0
Sweden \u00a0
GDP \u00a0
1.9 \u00a0
2.6 \u00a0
2.4 \u00a0
1.9 \u00a0
2.7 \u00a0
2.9 \u00a0
1.8 \u00a0
1.3 \u00a0
1.3 \u00a0
-3.5 \u00a0
-3.4 \u00a0
-1.0 \u00a0
Unemployment \u00a0
8.7 \u00a0
8.3 \u00a0
7.5 \u00a0
8.7 \u00a0
8.3 \u00a0
7.4 \u00a0
8.7 \u00a0
8.5 \u00a0
8.0 \u00a0
10.2 \u00a0
11.1 \u00a0
11.5 \u00a0
Inflation \u00a0
2.8 \u00a0
1.6 \u00a0
2.0 \u00a0
2.8 \u00a0
1.9 \u00a0
2.2 \u00a0
2.9 \u00a0
1.7 \u00a0
2.4 \u00a0
4.9 \u00a0
3.9 \u00a0
2.9 \u00a0
Property prices - Residential \u00a0
1.2 \u00a0
5.3 \u00a0
4.2 \u00a0
1.2 \u00a0
6.3 \u00a0
5.2 \u00a0
1.2 \u00a0
0.3 \u00a0
4.2 \u00a0
-22.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
2.0 \u00a0
2.2 \u00a0
2.5 \u00a0
2.0 \u00a0
2.3 \u00a0
2.9 \u00a0
2.0 \u00a0
1.9 \u00a0
2.0 \u00a0
4.8 \u00a0
5.6 \u00a0
4.3 \u00a0
Norway \u00a0
GDP \u00a0
1.7 \u00a0
1.6 \u00a0
1.6 \u00a0
1.8 \u00a0
1.7 \u00a0
1.9 \u00a0
1.7 \u00a0
1.2 \u00a0
1.2 \u00a0
-2.7 \u00a0
-1.1 \u00a0
0.6 \u00a0
Unemployment \u00a0
2.2 \u00a0
2.3 \u00a0
2.3 \u00a0
2.2 \u00a0
2.3 \u00a0
2.2 \u00a0
2.2 \u00a0
2.4 \u00a0
2.4 \u00a0
5.5 \u00a0
6.4 \u00a0
6.5 \u00a0
Inflation \u00a0
3.1 \u00a0
2.2 \u00a0
2.4 \u00a0
3.1 \u00a0
2.6 \u00a0
2.8 \u00a0
3.1 \u00a0
2.2 \u00a0
2.7 \u00a0
4.5 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
7.0 \u00a0
6.0 \u00a0
6.0 \u00a0
8.0 \u00a0
7.0 \u00a0
6.0 \u00a0
3.0 \u00a0
6.0 \u00a0
-19.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
4.2 \u00a0
3.3 \u00a0
3.3 \u00a0
4.2 \u00a0
3.4 \u00a0
3.7 \u00a0
4.2 \u00a0
3.3 \u00a0
3.4 \u00a0
4.7 \u00a0
5.2 \u00a0
4.3 \u00a0
Finland \u00a0
GDP \u00a0
0.3 \u00a0
1.5 \u00a0
1.8 \u00a0
0.3 \u00a0
1.7 \u00a0
2.2 \u00a0
0.2 \u00a0
0.2 \u00a0
0.7 \u00a0
-2.4 \u00a0
-2.0 \u00a0
-0.3 \u00a0
Unemployment \u00a0
9.5 \u00a0
9.3 \u00a0
8.7 \u00a0
9.5 \u00a0
9.2 \u00a0
8.5 \u00a0
9.5 \u00a0
9.5 \u00a0
9.1 \u00a0
10.9 \u00a0
11.9 \u00a0
11.9 \u00a0
Inflation \u00a0
0.5 \u00a0
1.4 \u00a0
1.8 \u00a0
0.5 \u00a0
1.9 \u00a0
2.4 \u00a0
0.5 \u00a0
1.4 \u00a0
2.2 \u00a0
4.0 \u00a0
3.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
-1.5 \u00a0
0.8 \u00a0
2.5 \u00a0
-1.5 \u00a0
1.8 \u00a0
4.5 \u00a0
-1.5 \u00a0
-3.2 \u00a0
2.5 \u00a0
-14.2 \u00a0
-7.0 \u00a0
-5.0 \u00a0
Interest rate - 3 month \u00a0
31 December 2024* \u00a0
Base-case \u00a0
Upside \u00a0
Downside \u00a0
Severe downside \u00a0
2025 \u00a0
2026 \u00a0
2027 \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
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
2.7 \u00a0
2.2 \u00a0
1.2 \u00a0
-2.0 \u00a0
-
-
Unemployment \u00a0
3.1 \u00a0
3.1 \u00a0
3.2 \u00a0
3.1 \u00a0
3.0 \u00a0
3.1 \u00a0
3.1 \u00a0
3.1 \u00a0
3.3 \u00a0
7.4 \u00a0
7.8 \u00a0
7.8 \u00a0
Inflation \u00a0
1.8 \u00a0
1.7 \u00a0
1.8 \u00a0
1.3 \u00a0
1.6 \u00a0
1.7 \u00a0
2.0 \u00a0
2.0 \u00a0
1.7 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
4.0 \u00a0
2.5 \u00a0
7.0 \u00a0
6.0 \u00a0
2.5 \u00a0
6.0 \u00a0
4.0 \u00a0
-1.5 \u00a0
-11.0 \u00a0
-6.0 \u00a0
-6.0 \u00a0
Interest rate - 3 month \u00a0
1.5 \u00a0
1.5 \u00a0
1.5 \u00a0
1.2 \u00a0
1.2 \u00a0
1.2 \u00a0
1.7 \u00a0
1.5 \u00a0
1.2 \u00a0
5.0 \u00a0
3.0 \u00a0
3.0 \u00a0
Sweden \u00a0
GDP \u00a0
2.5 \u00a0
2.2 \u00a0
1.8 \u00a0
2.7 \u00a0
2.6 \u00a0
1.9 \u00a0
2.7 \u00a0
2.1 \u00a0
0.8 \u00a0
-3.4 \u00a0
-1.0 \u00a0
-1.0 \u00a0
Unemployment \u00a0
8.2 \u00a0
7.7 \u00a0
7.4 \u00a0
8.2 \u00a0
7.6 \u00a0
7.3 \u00a0
8.2 \u00a0
7.7 \u00a0
7.6 \u00a0
10.7 \u00a0
11.1 \u00a0
11.1 \u00a0
Inflation \u00a0
1.7 \u00a0
1.2 \u00a0
1.5 \u00a0
1.2 \u00a0
1.0 \u00a0
1.4 \u00a0
1.9 \u00a0
1.5 \u00a0
1.5 \u00a0
3.9 \u00a0
2.9 \u00a0
2.9 \u00a0
Property prices - Residential \u00a0
5.0 \u00a0
5.0 \u00a0
3.0 \u00a0
7.0 \u00a0
7.0 \u00a0
3.0 \u00a0
6.0 \u00a0
5.0 \u00a0
-1.0 \u00a0
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
1.6 \u00a0
1.6 \u00a0
1.6 \u00a0
2.1 \u00a0
1.9 \u00a0
1.6 \u00a0
5.7 \u00a0
3.7 \u00a0
3.7 \u00a0
Norway \u00a0
GDP \u00a0
1.9 \u00a0
1.7 \u00a0
1.8 \u00a0
2.1 \u00a0
1.9 \u00a0
1.8 \u00a0
2.0 \u00a0
1.6 \u00a0
1.2 \u00a0
-1.1 \u00a0
0.6 \u00a0
0.6 \u00a0
Unemployment \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
2.4 \u00a0
2.3 \u00a0
2.3 \u00a0
2.4 \u00a0
2.4 \u00a0
2.5 \u00a0
6.4 \u00a0
6.5 \u00a0
6.5 \u00a0
Inflation \u00a0
2.2 \u00a0
2.0 \u00a0
2.0 \u00a0
1.9 \u00a0
1.9 \u00a0
1.9 \u00a0
2.3 \u00a0
2.2 \u00a0
1.9 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
6.0 \u00a0
5.0 \u00a0
4.0 \u00a0
7.0 \u00a0
7.0 \u00a0
4.0 \u00a0
7.0 \u00a0
5.0 \u00a0
-
-13.0 \u00a0
-7.0 \u00a0
-7.0 \u00a0
Interest rate - 3 month \u00a0
3.7 \u00a0
2.8 \u00a0
2.8 \u00a0
3.5 \u00a0
2.6 \u00a0
2.6 \u00a0
4.0 \u00a0
2.8 \u00a0
2.6 \u00a0
6.3 \u00a0
4.3 \u00a0
4.3 \u00a0
Finland \u00a0
GDP \u00a0
1.8 \u00a0
1.6 \u00a0
1.5 \u00a0
2.0 \u00a0
2.0 \u00a0
1.5 \u00a0
2.0 \u00a0
1.4 \u00a0
0.6 \u00a0
-2.0 \u00a0
-0.3 \u00a0
-0.3 \u00a0
Unemployment \u00a0
8.1 \u00a0
7.3 \u00a0
6.5 \u00a0
8.1 \u00a0
7.2 \u00a0
6.4 \u00a0
8.1 \u00a0
7.3 \u00a0
6.7 \u00a0
11.9 \u00a0
11.9 \u00a0
11.9 \u00a0
Inflation \u00a0
1.2 \u00a0
1.8 \u00a0
2.0 \u00a0
0.8 \u00a0
1.6 \u00a0
1.9 \u00a0
1.3 \u00a0
1.9 \u00a0
1.9 \u00a0
3.0 \u00a0
2.0 \u00a0
2.0 \u00a0
Property prices - Residential \u00a0
4.0 \u00a0
3.0 \u00a0
2.5 \u00a0
6.0 \u00a0
5.0 \u00a0
2.5 \u00a0
5.0 \u00a0
3.0 \u00a0
-1.5 \u00a0
-7.0 \u00a0
-5.0 \u00a0
-5.0 \u00a0
Interest rate - 3 month \u00a0
* The new downside macroeconomic scenario is included in the parameters above as at 31 December 2024. Its weighting was 0% as at 31 December 2024. \u00a0
With the applied macroeconomic scenarios, the allowance account as at 31 December 2025 amounted to DKK 19.7 billion (31 \u00a0
December 2024: DKK 19.9 billion). If the base case scenario was assigned a probability of 100%, the allowance account would \u00a0
decrease by DKK 2.5 billion (31 December 2024: DKK 2.5 billion). If the upside scenario was assigned a probability of 100%, the \u00a0
allowance account would decrease by DKK 0.1 billion (31 December 2024: decrease DKK 0.2 billion) compared to the base case \u00a0
scenario. If the downside scenario was assigned a probability of 100%, the allowance account would increase by DKK 0.5 billion (31 \u00a0
December 2024: DKK 0.5 billion) compared to the base case scenario. If the severe downside scenario was assigned a probability of \u00a0
100%, the allowance account would increase by DKK 12.4 billion (31 December 2024: DKK 12.9 billion) compared to the base case \u00a0
scenario. The increase reflects primarily the transfer of exposures from stage 1 to stage 2 and increased expected credit losses within \u00a0
stage 2. It should be noted that the expected credit losses in the individual scenarios (i.e. without the weighting) do not represent \u00a0
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 2025, the post-model \u00a0
adjustments amounted to DKK 5.4 billion (31 December 2024: DKK 5.9 billion). The post-model adjustments primarily relate to the \u00a0
following types of risks: \u00a0
\u2022
specific macroeconomic risks on certain industries not fully captured by the expected credit loss model, for instance the \u00a0
agriculture industry. For such industries, supplementary calculations are made to ensure sufficient impairment coverage. This \u00a0
also includes post-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 \u00a0
macroeconomic 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 \u00a0
information about the adjustments. \u00a0
Post-model adjustments by industries \u00a0
(DKK billions) \u00a0
31 December 2025
31 December 2024 \u00a0
Agriculture \u00a0
0.8 \u00a0
0.9 \u00a0
Commercial and residential real estate \u00a0
1.0 \u00a0
1.6 \u00a0
Construction and building materials \u00a0
0.6 \u00a0
1.0 \u00a0
Personal customers (including other retail exposures) \u00a0
1.0 \u00a0
1.0 \u00a0
Others* \u00a0
2.0 \u00a0
1.4 \u00a0
Total \u00a0
* No individual industry included in Others exceeds DKK 0.3 billion at 31 December 2025 (2024: DKK 0.3 billion). \u00a0
The total balance of post-model adjustments has decreased compared to the end of 2024. The post-model adjustments related to \u00a0
Commercial and residential real estate have decreased due to improved market conditions with lower interest rates, while the post- \u00a0
model adjustments related to construction have decreased following some individualisation of risks. Conversely, the post-model \u00a0
adjustments related to geopolitical tensions have been increased to reflect the heightened geopolitical and tariff risks. \u00a0
The Group continues to have significant post-model adjustments related to the current macroeconomic uncertainties characterised \u00a0
by the risk of trade wars, a slowing or declining growth environment, higher interest rates and elevated prices giving rise to a new set \u00a0
of challenges that affect economic and business activity. The post-model adjustments cut across industries that are sensitive to \u00a0
tariffs, price volatility on energy and commodities, and industries vulnerable to business cycles, higher interest rates and refinancing \u00a0
risks, which have been assessed for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group\u2019s 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
2025 \u00a0
2024 \u00a0
Counterparty credit risk \u00a0
Derivatives with positive fair value \u00a0
193.9 \u00a0
261.0 \u00a0
Reverse transactions and other loans at fair value \u00a0
351.5 \u00a0
382.6 \u00a0
Credit exposure from other trading and investment securities \u00a0
Bonds \u00a0
483.9 \u00a0
446.6 \u00a0
Shares \u00a0
63.9 \u00a0
93.3 \u00a0
Total \u00a0
Reverse transactions and other loans at fair value included as counterparty credit risk are loans at the trading units of Large \u00a0
Corporates & Institutions. These loans consist of reverse transactions of DKK 349.1 billion (31 December 2024: DKK 381.6 billion), of \u00a0
which DKK 28.3 billion relates to credit institutions and central banks (31 December 2024: DKK 62.0 billion), and other primarily short- \u00a0
term loans of DKK 2.4 billion (31 December 2024: DKK 1.0 billion), of which DKK 2.4 billion (31 December 2024: DKK 1.0 billion) relates \u00a0
to credit institutions and central banks. \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 \u00a0
flows. It is a combination of credit risk (a deterioration in the creditworthiness of a counterparty) and market risk (the potential value of \u00a0
derivatives contracts). \u00a0
Derivatives are subject to credit risk. Positive and negative fair values of derivatives with the same counterparty are offset in the \u00a0
balance sheet 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 \u00a0
transactions (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 \u00a0
and collateral agreements. Those agreements include rights to additional set-off in the event of default by a counterparty, they reduce \u00a0
the exposure further, but they do not qualify for offsetting under IFRS Accounting Standards. The net current exposure to derivatives \u00a0
with positive market value after offsetting under master netting agreements amounted to DKK 78.6 billion (2024: DKK 102.8 billion) \u00a0
(note G31 provides more information). The exposure is broken down by rating category in the following table. \u00a0
Net current exposure broken down by category \u00a0
(DKK millions) \u00a0
2025 \u00a0
2024 \u00a0
1
16,738 \u00a0
13,661 \u00a0
2
5,959 \u00a0
14,101 \u00a0
3
43,117 \u00a0
58,728 \u00a0
4
8,629 \u00a0
11,654 \u00a0
5
2,722 \u00a0
2,986 \u00a0
6
869 \u00a0
1,128 \u00a0
7
356 \u00a0
266 \u00a0
8
39 \u00a0
83 \u00a0
9
3
3
10 \u00a0
116 \u00a0
144 \u00a0
11 \u00a0
41 \u00a0
7
Total \u00a0
The Group uses a range of measures to capture counterparty credit risk, including current exposure, potential future exposure (PFE) \u00a0
and exposure at default (EAD). Current exposure is a simple measure of counterparty credit risk exposure that takes into account only \u00a0
current 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% \u00a0
percentile for a set of future time horizons. PFE lines are approved by the relevant credit unit and all transactions are assumed to be \u00a0
held to contractual maturity. The Group carries out daily counterparty credit risk measurement and monitoring as well as intraday line \u00a0
utilisation monitoring. \u00a0
The Danish FSA approved the Group\u2019s simulation model for calculating the regulatory capital requirement for counterparty credit risk \u00a0
in 2015. More advanced measures such as EAD, which is a regulatory measure, express potential future losses and are based on \u00a0
internal models for future scenarios of market data. EAD figures are provided in the Additional Pillar 3 Disclosures (accessible at \u00a0
danskebank.com/investor-relations). \u00a0
An overview of counterparty credit risk exposures (at counterparty and portfolio levels) is reported to the Executive Leadership Team \u00a0
and other senior management on a monthly basis. The Group uses a simulation-based model to calculate counterparty credit risk \u00a0
exposure for the 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 \u00a0
recognised in the financial statements. Note G32 provides more information. \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 2025 \u00a0
Held-for-trading (FVPL) \u00a0
119,596 \u00a0
2,958 \u00a0
26,882 \u00a0
24,219 \u00a0
7,147 \u00a0
6,666 \u00a0
187,467 \u00a0
Managed at fair value (FVPL) \u00a0
9,135 \u00a0
420 \u00a0
16,786 \u00a0
1,683 \u00a0
145 \u00a0
1,998 \u00a0
30,168 \u00a0
Held to collect and sell \u00a0
(FVOCI) \u00a0
23,425 \u00a0
9,788 \u00a0
60,801 \u00a0
1,873 \u00a0
23,849 \u00a0
-
119,736 \u00a0
Held to collect (AMC) \u00a0
42,638 \u00a0
8,761 \u00a0
90,736 \u00a0
3,429 \u00a0
917 \u00a0
-
146,482 \u00a0
Total \u00a0
194,794 \u00a0
21,928 \u00a0
195,205 \u00a0
31,204 \u00a0
32,059 \u00a0
8,664 \u00a0
483,854 \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 \u00a0
(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
At 31 December 2025, the Group had an additional bond portfolio, including bond-based unit trust certificates, worth DKK 193,606 \u00a0
million (31 December 2024: DKK 211,477 million) recognised as insurance assets and thus not included in the table above. The \u00a0
section on Life insurance risk provides more information. For bonds classified as held to collect, amortised cost exceeded fair value as \u00a0
at 31 December 2025 and 31 December 2024. Note G32 provides more information. \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 2025 \u00a0
Denmark \u00a0
26,637 \u00a0
-
195,205 \u00a0
-
-
3,304 \u00a0
225,146 \u00a0
Sweden \u00a0
43,980 \u00a0
-
-
31,204 \u00a0
-
2,543 \u00a0
77,727 \u00a0
UK \u00a0
22,474 \u00a0
434 \u00a0
-
-
6,806 \u00a0
2
29,716 \u00a0
Norway \u00a0
6,751 \u00a0
-
-
-
22,186 \u00a0
830 \u00a0
29,766 \u00a0
USA \u00a0
19,619 \u00a0
5,228 \u00a0
-
-
22 \u00a0
-
24,869 \u00a0
Spain \u00a0
488 \u00a0
-
-
-
1
-
489 \u00a0
France \u00a0
13,123 \u00a0
24 \u00a0
-
-
399 \u00a0
64 \u00a0
13,610 \u00a0
Luxembourg \u00a0
-
7,661 \u00a0
-
-
135 \u00a0
-
7,795 \u00a0
Finland \u00a0
8,564 \u00a0
3,193 \u00a0
-
-
2,007 \u00a0
985 \u00a0
14,749 \u00a0
Ireland \u00a0
722 \u00a0
-
-
-
10 \u00a0
-
732 \u00a0
Italy \u00a0
2,289 \u00a0
-
-
-
6
-
2,295 \u00a0
Portugal \u00a0
2
-
-
-
-
-
2
Austria \u00a0
2,340 \u00a0
-
-
-
104 \u00a0
106 \u00a0
2,550 \u00a0
Netherlands \u00a0
2,684 \u00a0
13 \u00a0
-
-
14 \u00a0
433 \u00a0
3,143 \u00a0
Germany \u00a0
45,043 \u00a0
149 \u00a0
-
-
466 \u00a0
130 \u00a0
45,788 \u00a0
Belgium \u00a0
79 \u00a0
4,527 \u00a0
-
-
3
-
4,609 \u00a0
Other \u00a0
701 \u00a0
-
-
-
76 \u00a0
91 \u00a0
868 \u00a0
Total \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
Bond portfolio broken down by external ratings \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern-
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 2025 \u00a0
AAA \u00a0
119,321 \u00a0
17,635 \u00a0
195,165 \u00a0
31,177 \u00a0
30,954 \u00a0
2,030 \u00a0
396,282 \u00a0
AA+ \u00a0
19,840 \u00a0
4,288 \u00a0
-
-
31 \u00a0
1
24,160 \u00a0
AA \u00a0
30,476 \u00a0
-
27 \u00a0
-
720 \u00a0
1,148 \u00a0
32,371 \u00a0
AA- \u00a0
10,195 \u00a0
40 \u00a0
-
-
188 \u00a0
-
10,423 \u00a0
A+ \u00a0
11,998 \u00a0
5
-
-
587 \u00a0
-
12,590 \u00a0
A
-
-
-
-
1,055 \u00a0
-
1,055 \u00a0
A- \u00a0
147 \u00a0
-
-
-
320 \u00a0
-
468 \u00a0
BBB+ \u00a0
-
-
-
-
841 \u00a0
-
841 \u00a0
BBB \u00a0
2,289 \u00a0
-
-
-
354 \u00a0
1,399 \u00a0
4,042 \u00a0
BBB- \u00a0
528 \u00a0
-
-
-
596 \u00a0
-
1,124 \u00a0
BB+ \u00a0
-
-
-
-
150 \u00a0
-
150 \u00a0
BB \u00a0
-
-
-
-
178 \u00a0
-
178 \u00a0
BB- \u00a0
-
-
-
-
28 \u00a0
-
28 \u00a0
Sub. \"investment-grade\" or unrated \u00a0
-
-
-
-
142 \u00a0
-
142 \u00a0
Total \u00a0
Central and \u00a0
Quasi- \u00a0
Danish \u00a0
Swedish \u00a0
Other \u00a0
local govern-
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact1947": { "value": "
Collateral \u00a0
The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is \u00a0
obtaining collateral. \u00a0
The value of collateral is monitored and reassessed by advisers, internal or external assessors, and automatic valuation models to \u00a0
ensure it reflects current market prices. The Groups Collateral System supports this process by only accepting up-to-date values, thus \u00a0
ensuring that the 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 \u00a0
the models themselves is validated annually by an independent unit, to assess their performance and highlight any deficiencies that \u00a0
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 \u00a0
value upon the sale of the individual asset in a distressed situation. Hence, the haircut includes a forced sale reduction, price volatility \u00a0
during the sales period, realisation costs and maintenance costs. The haircut applied depends on the type of collateral. For regulatory \u00a0
purposes, the Group 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact2065": { "value": "
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- \u00a0
balance-sheet positions. The Group\u2019s market risk management is intended to ensure proper oversight of all market risks, including \u00a0
both trading-related market risk and non-trading-related market risk as well as market risk in relation to fair value adjustments. The \u00a0
market risk framework is designed to systematically identify, assess, measure, 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 \u00a0
boundaries, which define the Group\u2019s market risk profile and business strategy. The Market Risk Policy also defines the overall limits \u00a0
for various market risk factors and additional boundaries within which trading activities are performed. \u00a0
As the first line of defence, two business units, Large Corporates & Institutions (LC&I) and CFO Area, manage market risks through the \u00a0
implementation of the Group\u2019s Market Risk Policy into standard operating procedures and a control environment. Interest rate risks in \u00a0
relation to other business units are transferred to and managed by CFO Area. The units own, identify and manage the Group\u2019s market \u00a0
risks and perform 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 \u00a0
trading activities in the financial markets. CFO Area manages the interest rate risk, equity risk and structural foreign exchange risk \u00a0
associated with the assets and liabilities of the non-trading portfolio. CFO Area also monitors the credit spread risk of the non-trading \u00a0
portfolio and the risk associated with the Group\u2019s legacy defined benefit pension plans. The Market & Counterparty Credit Risk \u00a0
Committee gains assurance that both risk-taking and the framework are prudent in relation to trading activities. The Group Asset & \u00a0
Liability Committee (Group ALCO) ensures that balance-sheet risks are aligned with the Group\u2019s tolerances and facilitates a \u00a0
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 \u00a0
is in charge of market risk oversight and control of the units in the first line of defence. It also maintains the limit framework and \u00a0
monitors adherence to limits. Oversight and control processes at Group Risk Management encompass current and emerging risk \u00a0
monitoring, limit control, portfolio analysis, stress testing, reporting to senior management and challenging the risk management \u00a0
practices performed by the units in the first line of defence. CFO Area is accountable for the independent price verification (IPV) \u00a0
framework, prudent valuation, and profit and loss (P/L) control. Also, the Group has set a risk tolerance for its trading portfolio \u00a0
covering trading-related market risk and xVA-related market risk that determines how much the Group is prepared to lose on its \u00a0
exposure over a 12-month period of severe stress. \u00a0
Market risk in relation to Trading portfolio \u00a0
The strategic focus is to provide global fixed income, currency, and capital market products to institutional and corporate customers \u00a0
in the Nordic countries and to offer local Nordic products to global customers. Principal risk-taking takes place mainly in fixed income \u00a0
products. The Group\u2019s business activities involve a natural flow of various currencies. These are primarily currencies related to the \u00a0
Group\u2019s domestic markets in the Nordic region. The Group provides liquidity and engages in market-making in equity-related assets. \u00a0
The Group\u2019s equity market risk and exposure to currencies are limited as compared with the market risk derived from interest rates. \u00a0
The exposure to commodity market risk is insignificant. \u00a0
The following table shows the Value at Risk (VaR) for the trading-related activities at LC&I. VaR is a quantitative measure that shows, \u00a0
with a certain probability, the maximum potential loss that the Group may suffer within a specified holding period. In general, a VaR \u00a0
model estimates a portfolio\u2019s aggregate market risk by incorporating a range of risk factors and assets. All figures are calculated daily \u00a0
using full revaluations. \u00a0
Value at Risk for trading-related activities at LC&I \u00a0
2025 \u00a0
2024 \u00a0
(DKK millions) \u00a0
Average \u00a0
End of year \u00a0
Average \u00a0
End of year \u00a0
Bond spread risk \u00a0
13 \u00a0
11 \u00a0
14 \u00a0
14 \u00a0
Interest rate risk \u00a0
21 \u00a0
15 \u00a0
32 \u00a0
28 \u00a0
Foreign exchange risk \u00a0
6
6
5
6
Equity risk \u00a0
3
3
3
2
Diversification effects \u00a0
-20 \u00a0
-17 \u00a0
-19 \u00a0
-25 \u00a0
Total VaR \u00a0
23 \u00a0
18 \u00a0
35 \u00a0
25 \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 \u00a0
portfolio \u2013 specifically credit value adjustments (CVA), funding value adjustments (FVA) and collateral value adjustments (ColVA). The \u00a0
Group applies a market-implied approach that is in line with industry best practice. Hence, these valuation adjustments are sensitive \u00a0
to market risks that materialise due to changes in interest rates, funding spreads and credit spreads. These market risks can give rise \u00a0
to volatility in the fair value adjustments. Credit, funding and collateral valuation adjustments are substantial because of the size and \u00a0
nature of the Group\u2019s derivatives portfolio, and the associated market risks are similarly of a considerable size. The strategy is \u00a0
therefore to hedge large parts of the market risks, while the default risks are capitalised in accordance with regulation. When \u00a0
managing xVA, the Group focuses on managing economic risk as well as regulatory capital. This means that the Group also manages \u00a0
market risks originating from counterparties outside the scope of the CVA market risk charge. \u00a0
The Group manages all xVAs of the derivatives trading books centrally according to a clearly defined hedging strategy for each risk \u00a0
type associated with the xVA portfolio. The credit spread risk of CVA is significantly hedged using credit default swaps (CDS) based on \u00a0
liquid indices or selected single-name CDS contracts. Funding spread risk is a key risk factor for xVA and is managed collectively with \u00a0
credit spread risk. Overall, foreign exchange risks and interest rate risks from the xVA positions are almost fully hedged, with a very \u00a0
limited residual P/L effect. \u00a0
Prudent value adjustments \u00a0
In addition to the fair value adjustment, further adjustments are made to ensure that prices are not only fair but also prudent. The \u00a0
applied methodology and the adjustments based on the methodology ensure that positions can be exited at a given price at a \u00a0
confidence level of 90%. Adjustments are made for multiple sources of uncertainty such as market price uncertainty, close-out costs, \u00a0
model risk, unearned credit spreads, concentrated positions, future administrative expenses, and operational risk. Whenever possible, \u00a0
the calculation of the adjustments is based entirely on market data, but when such data is insufficient, individual input may be based \u00a0
on expert opinions. When market data is unavailable in their entirety, the application of methodologies, such as the costs of hedging \u00a0
and generic haircuts, will ensure prudence in prices as well as compliance with regulatory standards. \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), \u00a0
credit spread risk in the banking book (CSRBB) and, to a far lesser extent, from the equity risk associated with a small portfolio of \u00a0
equity investments. 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 \u00a0
products and from the Group\u2019s funding and liquidity management activities at CFO area. IRRBB arises from adverse movements in \u00a0
interest rates, and in turn they change the underlying value of the Group\u2019s assets, liabilities, and off-balance sheet items and its \u00a0
economic value. \u00a0
The level of IRRBB is monitored using several risk measures, such as prescribed regulatory metrics, the risk tolerances set by the \u00a0
Board of Directors and, other risk measures that are considered appropriate. The table below shows the Group\u2019s total interest rate \u00a0
sensitivity in the non-trading book (economic value-based measure) measured as the change in the net present value of assets, \u00a0
liabilities, and off-balance sheet 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 gain of DKK 0.7 billion at the end of 2024 to a gain of DKK 0.1 billion in 2025, \u00a0
while the sensitivity to rising interest rates changed from a loss of DKK 0.5 billion at the end of 2024 to a loss of DKK 1.2 billion at the \u00a0
end of 2025. \u00a0
Interest rate risk in the banking book \u00a0
2025 \u00a0
2024 \u00a0
At last business day (DKK millions) \u00a0
+100bp \u00a0
-100bp \u00a0
+100bp \u00a0
-100bp \u00a0
Total \u00a0
144 \u00a0
-536 \u00a0
722 \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 \u00a0
in a number of different scenarios. A constant balance-sheet approach is used for creating a base scenario over the 12-month time \u00a0
horizon. Assuming a parallel downward yield curve shift of 1%, the Group\u2019s NII would be DKK 2.3 billion lower than the base scenario \u00a0
calculation at the end of December 2025 (end of December 2024: DKK 2.2 billion lower than the base scenario). \u00a0
The change in both the economic value (EV) IRRBB measure and the NII sensitivity was affected mainly by rising interest rate volatility \u00a0
in the markets. \u00a0
Credit spread risk in the banking book \u00a0
Credit spread risk in the banking book (CSRBB) derives from bond positions related primarily to the Group\u2019s funding and liquidity \u00a0
management activities at CFO Area. As the second line of defence, Group Risk Management monitors adherence to limits. \u00a0
On the basis of a 10-day 99% VaR measure, the Group\u2019s CSRBB was DKK 92 million at the end of December 2025, decreased from \u00a0
DKK 103 million at the end of 2024. \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 \u00a0
assets and liabilities are denominated in foreign currencies. Although a fully matched foreign currency position will protect Danske \u00a0
Bank against losses from movements in exchange rates, the Group\u2019s CET1 capital ratio will fall if the domestic currency depreciates \u00a0
because of the imbalance between the CET1 capital in a particular foreign currency and the CET1 capital required to support the risk \u00a0
exposure amount (REA) 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 \u00a0
the CET1 capital ratio in a manner that avoids income statement volatility, while at the same time acknowledging potential increased \u00a0
volatility in other comprehensive income. The Group pursues a strategy of hedging the foreign exchange sensitivity of the CET1 capital \u00a0
ratio stemming from the allocated capital that reflects credit and operational risk REAs in the three most significant balance sheet \u00a0
currencies (NOK, SEK and EUR). By nature, structural foreign exchange (hedge) positions are long-term and non-trading positions, and \u00a0
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 \u00a0
minimum capital requirement for market risk in the trading book. The IMA comprises the VaR capital charge, the Stressed Value-at- \u00a0
Risk (SVaR) capital charge and the incremental risk charge (IRC). The Group uses the internal VaR model to calculate the VaR and SVaR \u00a0
capital charges, whereas the IRC is calculated on the basis of the incremental risk model. No diversification effects between capital \u00a0
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 Group has implemented new models for estimating the REA for CVA risk in accordance with the CRR3 regulatory framework. The \u00a0
primary model, the Standardised Approach for Credit Value Adjustments (SA-CVA), covers most of the portfolio and is based on \u00a0
sensitivities derived from the CVA accounting framework. To ensure comprehensive coverage, the Group has also adopted the Basic \u00a0
Approach for Credit Value Adjustments (BA-CVA); this model is a standardised approach that utilises exposures estimated by the \u00a0
exposure models for the default risk charge and addresses exposures that are not included in the SA-CVA model. \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 \u00a0
market risk and insurance risk. In addition, the operations of Danica are exposed to non-financial risk as well as sustainability and \u00a0
conduct risk. The Group runs its life insurance operations with the aim of providing best-in-class services to customers, while at the \u00a0
same time maintaining a predictable risk profile. The Group is also subject to internal pension risk through its defined benefit plans \u00a0
established for current and former employees. \u00a0
Danske Bank\u2019s financial results are affected by Danica\u2019s financial position. Earnings from Danica consist mainly of the risk allowance \u00a0
from with-profits policies, earnings from unit-linked products and from health and accident products, and the investment return on \u00a0
Danica\u2019s equity capital. \u00a0
The life insurance risk framework is governed by Danica\u2019s Board of Directors. Danica\u2019s risk management function monitors various \u00a0
risk types and limits on a daily basis. Items monitored include limits set by Danica\u2019s Board of Directors for its asset-liability \u00a0
management (ALM), solvency position and own funds loss exposure in a risk scenario defined by Danica\u2019s Board of Directors. The risk \u00a0
management function also follows up on investment limits, calculates key risk figures/ratios for ALM purposes and performs capital \u00a0
projections for Danica. \u00a0
Operating under Solvency II regulations, Danica provides pensions as well as life and health insurance products in Denmark. As part of \u00a0
its product offerings, Danica provides benefits and life annuities on retirement, insurance against death, disability and accident. \u00a0
Danica no longer writes new business on guaranteed benefits and annuities but have large portfolio on existing customers in these \u00a0
products. This exposes Danica to insurance risks (such as lapse, 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 \u00a0
assets and liabilities are not fully exposed to the same types of market risk. Pension-related market risk primarily covers changing \u00a0
market conditions, such as changes in interest rates, equity prices, property values, exchange rates and credit spreads. Pension- \u00a0
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 \u00a0
Danish 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 \u00a0
provisions 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 policyholders 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 \u00a0
pension-related 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 \u00a0
of with-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 \u00a0
are divided into homogeneous interest rate groups on basis of the technical rates, and each group has its own investment strategy \u00a0
and asset allocation. In each interest rate group, customers participate in a collective investment pool that covers a range of different \u00a0
assets (such as 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 \u00a0
buffer accounts owned by the policyholders. The balances of these buffer accounts are gradually transferred to the individual \u00a0
customer accounts in subsequent years by means of a bonus allocation mechanism. This means that high investment returns may \u00a0
lead to higher benefits than those 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 \u00a0
and based primarily on EUR swap rates plus the Volatility Adjustment spread, which is based on the yields on Danish mortgage, credit \u00a0
and government bonds. The level of the long end of the discount curve, for which no reliable market data is available, is determined by \u00a0
the European Insurance 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 \u00a0
liabilities. This will be the case if, for example, investment returns become sufficiently negative (reducing the asset values) or if the \u00a0
level of the discount curve, other things being equal, falls (increasing the value of the liabilities). Hence, the market risk on investments \u00a0
is carried by the policyholders to the extent that the negative returns can be covered by the collective buffer accounts. Once the \u00a0
buffer accounts have been depleted, negative investment returns on customer savings will force Danica to step in with funds to \u00a0
ensure that it is possible to provide the benefits guaranteed to the policyholders. In that case, Danske Bank A/S will incur a loss in the \u00a0
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 \u00a0
bonus 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 2025. \u00a0
The pension-related market risk associated with unit-linked products is primarily carried by the policyholders, particularly in respect \u00a0
of 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, \u00a0
some of 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 \u00a0
primarily a life-cycle product, meaning that the asset allocation between different risk categories (bonds or equities, for example) for \u00a0
each customer is adjusted gradually as the customer approaches retirement. \u00a0
From a Danica perspective the pension-related market risk associated with unit-linked products primarily relates to a potential \u00a0
reduction in earnings in case of lower customer savings or business volume. \u00a0
For unit-linked products with financial guarantees, Danica hedges the market risk related to the guarantees and also manages risk by \u00a0
adjusting the investment allocation during the period leading up to retirement. The investment allocation is adjusted according to the \u00a0
guaranteed amount, the investment horizon etc. However, if a guarantee is attached to the individual policy, Danica bears the risk in \u00a0
relation to the 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 \u00a0
value of provisions for these products differ from the changes in the value of the corresponding assets. The provisions are the net \u00a0
present value of expected future pay-outs and are exposed to movements in the discount curve, which is defined under Solvency II. \u00a0
The corresponding 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 \u00a0
products with investment guarantees. \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:MAES062Z21O4RZ2U7M96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact2072": { "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 \u00a0
fulfilling its payment obligations. \u00a0
Accepting and managing liquidity risk is an integral part of the Group\u2019s business strategy. Realkredit Danmark and Danica manage \u00a0
their own liquidity risks. At Realkredit Danmark, the financing of mortgage loans through the issuance of listed mortgage bonds with \u00a0
matching conditions has eliminated liquidity risk in all material respects. Danica\u2019s balance sheet includes assets and long-term life \u00a0
insurance liabilities. A large part of Danica\u2019s assets are readily marketable securities. Both companies are subject to statutory limits \u00a0
on their exposures to Danske Bank A/S. For liquidity management purposes, the term \u201cGroup\u201d (the Danske Bank Group) does not \u00a0
include Danica because it is not a credit institution. Realkredit Danmark is included in the prudential consolidation of the Group and \u00a0
recognised in Group aggregates, unless explicitly stated 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 \u00a0
Liquidity Policy. It defines the overall liquidity risk profile and outlines the supporting principles and related governance, including for \u00a0
the funding plan, internal allocation of liquidity costs, monitoring and reporting, the Internal Liquidity Adequacy Assessment Process \u00a0
(ILAAP), and the contingency plan for funding and liquidity. Managing the Group\u2019s liquidity in line with the set risk profile must not \u00a0
compromise adherence to the Group\u2019s ESG principles, as outlined in the Code of Conduct Policy and other policies outlining key ESG \u00a0
principles and must consider vulnerabilities to potential future ESG events. However, currently the Group assesses the overall liquidity \u00a0
risk impact of ESG event as low. The Liquidity Policy also includes guidelines and limits to ensure that liquidity and funding risks are \u00a0
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. \u00a0
Liquidity triggers make up a vital part of day-to-day liquidity management because they are used as early warnings of a potential \u00a0
liquidity crisis. The triggers are monitored by various functions across the Group, depending on the type of trigger. Liquidity \u00a0
management is organised to fulfill two pivotal objectives \u2013 sufficient distance to non-viability and limited market reliance. The \u00a0
framework applied to achieve these objectives is 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 \u00a0
effects of known future receipts and payments from current transactions. Cash and bond holdings eligible for repo agreements with \u00a0
central banks are considered liquid assets. Potential and expected outflows are monitored on an ongoing basis using different tools, \u00a0
notably the liquidity coverage ratio (LCR). \u00a0
The LCR requirement stipulates that financial institutions must have a liquidity reserve in excess of projected net outflows during a \u00a0
severe stress scenario lasting 30 days. By executive order, Danish SIFIs are also subject to currency-specific liquidity requirements. \u00a0
The requirements apply individually and only for currencies that are significant to the individual bank. For Danske Bank, these \u00a0
currencies are USD and EUR. Additionally, Danske Bank has set internal limits on the LCRs for SEK and NOK. \u00a0
The Group maintained a prudent liquidity position throughout 2025. The LCRs of Danske Bank A/S and the Group decreased from \u00a0
148% and 167% at the end of 2024 to 138% and 156% at the end of 2025, respectively. Increased lending impacted the LCR \u00a0
negatively, whereas more repo funding and an increase in the level of collateral due to movements in financial market rates impacted \u00a0
the LCR positively. \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 \u00a0
collateral are included in the reserve, while assets used as collateral \u2013 or otherwise encumbered - are excluded. The table below \u00a0
shows the value of the Group\u2019s LCR liquidity reserve after the application of the statutory haircuts which may differ from the ones \u00a0
available in the market and the ones used for internal liquidity stress testing. Most of the Group\u2019s bond holdings are highly liquid, \u00a0
because they are repo eligible with central banks and in money markets. Central bank eligibility is vital for intra-day liquidity \u00a0
management and overnight liquidity facilities as a backstop during severe market stress. \u00a0
Liquidity reserve (Group) - LCR definition \u00a0
(DKK billions after haircut) \u00a0
2025 \u00a0
2024 \u00a0
Total high-quality liquid assets \u00a0
556 \u00a0
560 \u00a0
Level 1a assets \u00a0
Central bank reserves \u00a0
169 \u00a0
127 \u00a0
Central government debt \u00a0
108 \u00a0
103 \u00a0
Other level 1a assets \u00a0
29 \u00a0
31 \u00a0
Level 1b assets \u00a0
Extremely high-quality covered bonds \u00a0
227 \u00a0
273 \u00a0
Level 2a assets \u00a0
High-quality covered bonds \u00a0
20 \u00a0
24 \u00a0
Other level 2a assets \u00a0
3
2
Level 2b assets \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 \u00a0
diverse range of funding sources provides protection against market disruptions. With its large market share in Denmark, the Group \u00a0
has a net deposit surplus in DKK (deposits exceed lending). The same is true, though to a lesser degree for USD and GBP, while the \u00a0
opposite is the case for EUR, SEK and NOK. 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 \u00a0
on short-term considerations, and most retail deposits are covered by a deposit guarantee scheme, which eliminates depositors \u00a0
direct credit 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 \u00a0
unstable, especially in the event of general market unrest or issues specific to Danske Bank. Large funding needs covered by market \u00a0
funding can make the Group vulnerable to investor sentiments, market stress and market dysfunctionalities. The size and maturity \u00a0
profile of wholesale funding 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 \u00a0
sheet items, including when capital markets are inaccessible, i.e. market reliance. \u00a0
The net stable funding ratio (NSFR) requires that banks maintain a stable funding profile in relation to the composition of their assets. \u00a0
The NSFR limits overreliance on short-term wholesale funding, promoting funding stability. Stable funding sources include, among \u00a0
other things, own capital, debt issues or deposits with a maturity of over a year. The amount of required stable funding is determined \u00a0
by assigning different weights to assets based on type and maturity. \u00a0
In 2025, financial markets worked well, and banks were able to access the funding markets with spread in general tightening. The \u00a0
NSFRs of Danske Bank A/S and the Group increased from 108% and 118% at the end of 2024 to 113% and 121% at the end of 2025, \u00a0
respectively. Increased lending led to an increase in the amount of required stable funding. This was partly offset by reduced required \u00a0
stable funding related to equity finance transactions. Additionally, changes in the derivative portfolio and the level of collateral \u00a0
reduced the amount of required stable funding. Available stable funding improved due to an increase in wholesale funding, a change \u00a0
in the deposit composition and increased repo funding. \u00a0
The following tables break down funding sources by type and currency. It does not include mortgage bonds issued by Realkredit \u00a0
Danmark. \u00a0
Funding sources by type of liability (%) \u00a0
2025 \u00a0
2024 \u00a0
Central banks/credit institutions \u00a0
10 \u00a0
13 \u00a0
Repo transactions \u00a0
-3 \u00a0
-11 \u00a0
Short-term bonds \u00a0
4
3
Long-term bonds \u00a0
9
10 \u00a0
Other covered bonds \u00a0
8
8
Deposits (business) \u00a0
33 \u00a0
30 \u00a0
Deposits (personal) \u00a0
27 \u00a0
34 \u00a0
Subordinated debt \u00a0
2
2
Shareholders' equity \u00a0
10 \u00a0
11 \u00a0
Total \u00a0
100 \u00a0
100 \u00a0
Funding sources by currency (%) \u00a0
2025 \u00a0
2024 \u00a0
DKK \u00a0
33 \u00a0
34 \u00a0
EUR \u00a0
32 \u00a0
27 \u00a0
USD \u00a0
9
13 \u00a0
SEK \u00a0
13 \u00a0
12 \u00a0
NOK \u00a0
5
6
GBP \u00a0
8
9
Other \u00a0
-
-1 \u00a0
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 \u00a0
liquidity survival horizon and to detect signs of possible vulnerabilities to different adverse events. The stressed liquidity survival \u00a0
horizon is defined as the period during which the liquidity reserve remains positive in a stress scenario. The stress tests estimate \u00a0
liquidity risk in various scenarios, including three standard scenarios: a scenario specific to the Group, a general market crisis scenario \u00a0
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 \u00a0
and require funding. The availability of funding varies depending on the scenario and the type of funding source. The assessment of \u00a0
funding stability is based on the maturity structure for debt and behavioural data for deposits. \u00a0
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Earnings per share (DKK) \u00a0
Net profit for the year divided by the average number of shares outstanding during the \u00a0
year. Net profit is stated after the deduction of interest on equity-accounted additional \u00a0
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 \u00a0
year, including the dilutive effect of share options and conditional shares granted as \u00a0
share-based payments. Net profit is stated after the deduction of interest on equity- \u00a0
accounted additional tier 1 capital. \u00a0
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