Interim Reports Q1 – Nykredit Realkredit Group

Nykredit today announces its Q1 Interim Reports 2023 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 the Q1 Interim Report 2023:

• Nykredit has today presented its best-ever Q1 results with profit after tax of DKK 2,799 million. Naturally, this is highly satisfactory. We already raised our guidance for profit for the year by DKK 1 billion and now expect a profit after tax of DKK 9-10 billion.
• First quarter was driven by strong business growth and continued increases in the number of new customers across the Group. Nykredit Bank reported continued growth in bank lending, particularly to our largest corporate clients. Also Wealth Management performed well. I am proud that Nykredit maintains its position of strength and is well placed to support its customers and to foster development and growth all over Denmark at all times.
• Income from our core business went up by 10% compared with last year, reflecting higher interest rates etc. Our Q1 results were also driven by a strong credit quality, which has resulted in low loan impairments. We successfully managed our own portfolios but also benefited from market tailwinds. All value adjustments have been recognised through profit or loss.

• The increase in customer numbers across the Group gives us the opportunity to show even more homeowners, private investors and businesses what a mutual financial provider can do for them. Thanks to Forenet Kredit, the association behind Nykredit, we expect to give DKK 1.9 billion back to our customers this year in the form of mutual benefits such as KundeKroner and ErhvervsKroner discounts and other contributions that make it more affordable for customers to make green choices.

Highlights from the Q1 Interim Report 2023:

• Profit after tax for Q1/2023 was up 16% compared with Q1/2022 to DKK 2,799 million.
• Nykredit Bank’s lending grew by 15% from Q1/2022 to currently DKK 92.1 billion.
• Totalkredit’s lending was nominally DKK 875 billion at end-March 2023.
• Corporate mortgage lending grew by 7% compared with Q1/2022 to currently DKK 532.7 billion.
• Assets under management by Nykredit Wealth Management totalled DKK 429 billion in Q1/2023.
• Nykredit maintains a strong capital position with a Common Equity Tier 1 (CET1) capital ratio of 20%.

Contact
For further information, please contact Rikke Gredsted Seidenfaden, Head of Press Relations, at tel +45 27 58 95 88.

Attachment

• Nykredit_Realkredit_Group_Q1_23_2023_05_12_EN