Danske Bank A/S

DANSKE: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 152.00	Hpmzn	Hdztlmtwt

Danske Reports Decent Fourth-Quarter Results; Fair Value Estimate Maintained

Niklas Kammer

Feb 4, 2022

Danske reported fourth-quarter profits before tax of DKK 4.5 billion, largely in line with the DKK 4.4 billion consensus estimate collected by the bank itself. A strong showing in both net fee income and net trading income in tandem with another set of loan loss provision reversals helped the bank to lift its return on equity to 8.4% in the quarter. We maintain our DKK 170 per share fair value estimate and narrow moat rating.

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