Interim Report - First Half 2023

21 juli - 2023

Realkredit Danmark reports net profit of DKK 2,141 million for the first half of 2023

Realkredit Danmark today published its interim report for the first half of 2023.

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

“Sales activity in the housing market improved slightly during the first half of 2023, though activity remained relatively low by historical standards. We saw some growth in mortgage lending, driven by corporate customers, but with higher new lending activity from personal customers in second quarter than in first quarter. Persistently low loan losses illustrate that our customers generally have very robust finances. Realkredit Danmark’s result for the first half of 2023 was in line with expectations.

The Dansk Bank Group launched a new strategy in the second quarter. Realkredit Danmark is looking forward to engaging in execution of the strategy, which includes an emphasis on digital development and helping our customers with the green transition in the housing and property market. Realkredit Danmark also has an important part to play in the Group’s ambition to provide even better advice and customer experiences with a focus on catering to all of the customer’s financial needs. When it comes to housing financing, this entails that we will continue recent years’ efforts to give our customers the best possible advice and terms across the Danske Bank Group’s range of mortgage and bank home loans.”

Highlights are shown below:

  • For the first half of 2023, Realkredit Danmark’s net profit was DKK 2,141 million, against DKK 1,899 million in the same period of 2022. The increase was topline driven, primarily due to income from higher interest rate levels.


  • Credit quality remained solid and loan impairment charges amounted to an income of DKK 14 million in the first half of 2023, against an income of DKK 27 million in the same period of 2022. The total allowance account at 30 June 2023 amounted to DKK 2,864 million, against DKK 2,912 million at 31 December 2022.


  • At 30 June 2023, the average loan-to-value (LTV) ratio stood at 51%, against 48% at the end of 2022. The increase, which was attributable to lower housing prices, was in line with expectations, and the low LTV ratio is bearing witness to the robust credit quality of our portfolio.


  • Gross lending amounted to DKK 53 billion, against DKK 83 billion in the first half of 2022, driven by lower remortgaging activity. The nominal outstanding bond debt increased DKK 2 billion, and the market value adjustment decreased DKK 1 billion. Mortgage lending at fair value increased DKK 1 billion to DKK 725 billion compared to 31 December 2022. In connection with remortgaging to a higher coupon, our customers reduced their outstanding debt by around DKK 4 billion in the first half of 2023.


  • Realkredit Danmark expects net profit to be somewhat higher than in 2022.


Read Interim Report - First Half 2023


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