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Q1-Q3 Interim Report 2021 - Nykredit Realkredit Group

·2-min read

To Nasdaq Copenhagen A/S
and the press

4 November 2021

Nykredit today announces Q1-Q3 Interim Reports 2021 of:

Nykredit A/S, CVR no 12 71 92 48
Nykredit Realkredit A/S, CVR no 12 71 92 80

Michael Rasmussen, Group Chief Executive, comments on Nykredit's Q1-Q3 Interim Report 2021:

– The Q1-Q3 results presented today are highly satisfactory. Our core business continues to show good momentum with business and customer growth in both Nykredit Bank and Totalkredit, and this is coupled with tailwinds in financial markets.

– Again this year Totalkredit recorded lending growth in all 98 Danish municipalities. We look forward to demonstrating to our new customers that being customer-owned makes a difference. It means we can share our success with customers through our KundeKroner benefits programme, which reduces loan costs. This is only possible thanks to the backing of Forenet Kredit.

– At the annual general meeting, the Board of Directors will recommend that Nykredit distribute extraordinary dividends of DKK 2.6 billion. We are pleased about this, as dividends benefit our customers. Forenet Kredit returns to Nykredit and Totalkredit part of the money received as dividend, and Nykredit and Totalkredit pass on that money to our customers as attractive discounts and other benefits (KundeKroner, ErhvervsKroner and ForeningsFordele). Thanks also to the contribution from Forenet Kredit, we have launched several unique products across the Group that make it easier and more affordable for our customers to make green choices.

Highlights from the Q1-Q3 Interim Report 2021:

  • Business profit and profit before tax amounted to DKK 7,444 million and DKK 7,797 million, respectively, for Q1-Q3/2021. This equals a return on equity of 9.6% and a return on allocated capital (ROAC) of 13.0%.

  • On 12 October 2021 Nykredit raised its guidance for business profit and profit before tax for 2021 by DKK 1.25 billion to DKK 9.5-10.0 billion from the former DKK 8.25-8.75 billion. We maintain this guidance.

  • Totalkredit's lending at nominal value has increased by 9% since end-September 2020 to DKK 854 billion at end-September 2021.

  • Nykredit Bank's lending* has increased by 1% since end-September 2020 to DKK 77.9 billion at end-September 2021.

  • Assets under management in Nykredit Bank have increased by 26% since end-September 2020 to DKK 419 billion at end-September 2021.

  • After the recommended distribution of dividend, Nykredit will continue to hold a very strong capital position with a Common Equity Tier 1 (CET1) capital ratio of 19.9%.

  • As a consequence of Danmarks Nationalbank's interest rate adjustment on 1 October 2021, Nykredit Bank will change its terms and conditions for deposit rates. Find out more at www.nykredit.dk.

DKK million

Nykredit Group

Q1-Q3/

Q1-Q3/

2021

2020

Change

Net interest income

7,444

7,280

163

Net fee income

1,737

1,806

-69

Wealth management income

1,695

1,446

249

Net interest from capitalisation

(362)

(307)

-55

Net income relating to customer benefits programmes1

(294)

(154)

-140

Trading, investment portfolio and other income

1,711

179

1,531

Income

11,930

10,250

1,681

Costs

4,555

4,294

-261

Business profit before impairment charges

7,376

5,955

1,420

Impairment charges for loans and advances

(68)

1,985

2,054

Business profit

7,444

3,970

3,474

Legacy derivatives

353

52

301

Badwill, impairment of goodwill and amortisation of customer relationships

-

(2)

2

Profit before tax for the period

7,797

4,020

3,777

Tax

1,352

641

711

Profit for the period

6,444

3,378

3,066

Contact
For further comments, please contact Nykredit Press Relations at tel +45 20 37 28 69.

* Including secured homeowner loans transferred to Totalkredit

Attachment


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