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Nykredit Realkredit A/S upgrades full-year guidance - Nykredit Realkredit A/S

Nykredit Realkredit A/S
Nykredit Realkredit A/S

To Nasdaq Copenhagen

Nykredit Realkredit A/S upgrades full-year guidance
Financial mutual Nykredit raises its forecast for 2022 and now expects profit before tax for the year of DKK 9.5-10.0 billion. Previous guidance for profit before tax was DKK 8.5-9.5 billion.

The upgrade is driven by good momentum across all business areas. 2022 has been characterised by lending growth in Totalkredit and Nykredit Bank and increased income from the underlying business due to high mortgage activity and interest rate increases.

Results were also impacted by our strong credit quality, which has resulted in low loan impairment charges as well as a favourable development in derivatives.

Michael Rasmussen, Group Chief Executive, says:
- I am very pleased with this full-year guidance upgrade. Nykredit is well placed to maintain our nationwide presence and support development and growth all over Denmark at all times.

- In the first nine months of 2022 both Nykredit Bank and Totalkredit have recorded business and customer growth. We are proud to get the opportunity to demonstrate to new customers all across the country the benefits of our unique ownership structure, allowing us to share our success with customers. However, we do not necessarily expect the same high activity level and results next year due to the macroeconomic outlook and mounting uncertainty.

Nykredit Bank maintains its guidance for profit before tax of DKK 2.8-3.3 billion.

Totalkredit maintains its guidance for profit before tax of about DKK 2.5-3.0 billion.

As scheduled, the Nykredit Group will publish its Q1-Q3 Interim Report 2022 on 3 November 2022. At this time, Nykredit's Management will be available for further comments.

  

  

  

DKK million

Nykredit Group

Q1-Q3/

Q1-Q3/

  

  

2022

2021

Change

Net interest income

7,817

7,444

373

Net fee income

2,212

1,737

475

Wealth management income

1,737

1,695

42

Net interest from capitalisation

(475)

(362)

113

Net income relating to customer benefits programmes

(324)

(294)

30

Trading, investment portfolio and other income

127

1,711

1,584

Income

11,094

11,930

837

Costs

4,645

4,555

-90

Business profit before impairment charges

6,449

7,376

927

Impairment charges for loans and advances

(225)

(68)

157

Business profit

6,674

7,444

770

Legacy derivatives

890

353

537

Profit before tax for the period

7,564

7,797

233

Tax

1,363

1,352

-11

Profit for the period

6,200

6,444

244

Contact
Questions may be addressed to Press Relations, tel +45 27 58 95 88.

Attachment