Danske Bank AS

DANSKE: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 322.00	Mjrvs	Ymrhjzpfq

Danske Books Large Provision for Estonia Case and Cancels Dividends

Niklas Kammer

Oct 28, 2022

Narrow-moat Danske's third-quarter results were overshadowed by a DKK 14 billion provision taken related to the Estonia case. Excluding this large one-off, performance was decent. Income generation, up 12% to DKK 9,767 million, primarily own stronger net interest income (up 9%), more than offset 6% higher operating expenses. Loan impairment charges nearly doubled to DKK 368 million versus DKK 192 million a quarter ago, driven by another DKK 650 million one-off related to the legacy debt collection case. We maintain our DKK 170 per share fair value estimate.

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