Kreditbanken (KRE) Q1 2025 earnings summary

Executive summary

• Pre-tax profit for Q1 2025 reached DKK 48.8 million, down from DKK 52.4 million in Q1 2024.

• Full-year 2025 pre-tax profit is expected at the high end of DKK 125–150 million guidance.

• Growth in both lending and deposits, with a continued focus on local private and business customers.

Financial highlights

• Net interest and fee income rose to DKK 78.4 million, up DKK 1.3 million year-over-year.

• Positive market value adjustments of DKK 15.6 million, up DKK 6.3 million from Q1 2024.

• Personnel and administration expenses increased by DKK 2.3 million to DKK 39.2 million.

• Loan impairments shifted from a DKK 2.8 million income to a DKK 6.0 million expense.

• Net profit after tax was DKK 37.8 million, compared to DKK 41.1 million in Q1 2024.

Outlook and guidance

• 2025 pre-tax profit forecast remains DKK 125–150 million, with expectations now at the upper end.

• Forecast incorporates two scenarios for net interest income and loan impairments due to economic uncertainty.

• Anticipates lower interest income and reduced positive market value adjustments on own bond holdings in 2025.