Annual Report 2021

03 februar - 2022

Realkredit Danmark reports net profit of DKK 3,669 million for 2021

Realkredit Danmark today published its annual report for 2021.

Carsten Nøddebo, CEO, comments on the financial results:

“In 2021, we saw growth in lending of DKK 15 billion, with the second half of the year in particular seeing satisfactory growth in lending of DKK 12 billion – including a very positive trend in the personal customer market. In view of the corona crisis, the Danish economy was remarkably strong in 2021, as evidenced by a return to a normalised level of impairments.

We were also pleased to record keen interest in green bonds and the green transition among our business customers and investors as well as continued growth in the volume of FlexLife® loans, as the new fixed-rate version of the FlexLife® loan has further reinforced demand among existing and new customers alike. As expected, net profit was lower than in 2020, due mainly to lower administration margin income and higher costs for compliance and digitalisation.”

Highlights are shown below:

  • The Realkredit Danmark Group recorded a net profit of DKK 3,669 million in 2021, against DKK 3,883 million in 2020. The profit was affected by lower income relating to lending activity, higher costs for ongoing compliance and digitalisation and lower loan impairment charges.


  • Loan impairment charges amounted to an expense of DKK 269 million in 2021, against DKK 335 million in 2020. Loan impairment charges reached a more normalised level in 2021.


  • During 2021, the nominal outstanding bond debt rose DKK 15 billion. The overall personal customer portfolio increased DKK 4 billion. The pace of the growth in the personal market picked up in the second half of the year.


  • Realkredit Danmark has in 2021 maintained its focus on green bond initiatives. Customer responses have been very positive, and at 31 December 2021, total lending amounted to DKK 16.9 billion. 


  • Since Realkredit Danmark initially launched FlexLife® with variable interest rate, and later with fixed interest rate, the overall portfolio of FlexLife® mortgages has witnessed a stable and very positive development. At 31 December 2021 total lending of these types of loans amounted to DKK 76 billion. The average loan-to-value (LTV) for these customers are better than for the rest of the loan portfolio.


  • Fixed-rate mortgages are low-risk and low-margin loans. They have regained the role as the preferred mortgage loan among homeowners in Denmark. This, combined with the fact that customers are increasingly making repayments on their loans, resulted in a small drop in administration margin income. 


  • Realkredit Danmark expects net profit for 2022 to be somewhat lower than net profit for 2021.


Read annual report 2021 (pdf)

Read annual report 2021 (xhtml)


Contact: Carsten Nøddebo, CEO, tel. +45 45 13 20 82.