Interim Report - First Half 2022

22 juli - 2022

Realkredit Danmark reports net profit of DKK 1,899 million for the first half of 2022

Realkredit Danmark today published its interim report for the first half of 2022 .

Kamilla Hammerich Skytte, CEO, comments on the financial results:

“The results for the first half of 2022 are solid. The second quarter in particular was characterised by considerable uncertainty, rising interest rates and high inflation figures, which are also beginning to feed through to housing market activity. As a result of the rise in interest rates, the leading fixed-rate coupon was 4% at the end of June 2022. The climbing interest rates have prompted many customers to remortgage in order to reduce their outstanding debt. 

The coming period is likely also to be characterised by uncertainty in relation to the housing market, which must be expected to put a damper on activity, especially among first-time buyers. Despite the rise in interest rates, higher consumer prices and a less intense housing market, the level of impairment charges remained low, which is evidence of a generally robust economy and low loan-to-value ratios for our customers.”

Highlights are shown below:

  • The Realkredit Danmark Group recorded a net profit of DKK 1,899 million in the first half of 2022, against DKK 1,948 million in the first half of 2021. The development in net profit for the first half of 2022 was affected by higher income related to remortgaging activity, lower income from investment portfolios, higher costs for ongoing compliance and digitalisation and lower loan impairment charges 


  • Loan impairment charges amounted to an income of DKK 27 million in the first half of 2022, against an expense of DKK 164 million in the first half of 2021. Charges related to the corona crisis were limited in the first half of 2022


  • Realkredit Danmark wants to strengthen its focus on the green agenda, and to that end, we have in recent years launched a number of initiatives and benefits for customers seeking to obtain a loan for energy upgrades. Realkredit Danmark has helped a growing number of private customers replace their source of energy or obtain loans for energy upgrades, which we offer at advantageous fees. 


  • Realkredit Danmark has in 2022 maintained its focus on green bond initiatives. Customer responses have been very positive and total lending at 30 June 2022 amounted to DKK 18 billion. 


  • Homeowners have reacted to rising rates and a steeper curve, showing considerable interest in remortgaging fixed-rate loans to reduce outstanding debt as well as increased interest in  variable-rate loans. This change in borrower behaviour has naturally attracted attention but is in line with what we have seen in the past when the curve steepens. In connection with remortgaging to a higher coupon, our customers reduced their outstanding debt by around DKK 3 billion in the first six months of the year.


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


Read Interim Report - First Half 2022

Contact: Kamilla Hammerich Skytte, CEO, tel. +45 45 13 20 77.