danske bank business plan

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Danske Bank announces its new Forward ‘28 strategy and financial targets for 2026

In recent years, Danske Bank has made fundamental changes to the bank, resulting in a more focused business with a reduced risk level and a strengthened organisation. Simultaneously we have focused on strengthening our commercial momentum, and Danske Bank is on a clear trajectory to exceed the original financial targets we set for 2023.

Today Danske Bank is a focused Nordic bank with a strong market presence in Denmark, Sweden, Finland, and Norway. With our new strategy, we set clear ambitions to continue our efforts to strengthen our position as a leading bank in the Nordic region and make significant investments in customer offerings. For business and institutional customers, we want to be a leading bank in Denmark, Sweden, Finland and Norway. For retail and private banking customers, we will with a sharpened focus in each market continue our strategic development to strengthen our relations with existing customers and attract new ones:

Denmark: We want to reaffirm our position as the bank of choice across customer segments.

Finland: We want to maintain our position, serving customer needs across a broad set of segments and focusing on customers with advanced needs in primarily urban areas.

Sweden: We want to become the premium retail and private banking bank for business owners and customers with advanced needs.

Norway: We have decided to exit the market for personal customers in Norway to focus our efforts, investments and capital on other parts of our portfolio (see Company Announcement no. 5 2023).

2026 financial targets and capital distribution We have set new financial targets for 2026, which reflect our ambition to deliver a solid return on equity, continue to simplify and raise efficiency, lower costs and to consistently generate and distribute capital to our shareholders based on low risk levels:

Return on equity: 13% with a CET1 ratio of above 16%

Cost/income ratio: around 45%

Our capital distribution policy of a dividend pay-out of 40-60% of net profit remains unchanged. From 2023-2026, we see a total dividend potential of at least DKK 50 billion, based on the upper end of our dividend policy range.

For 2023-2026, we have the ambition of making further capital distribution subject to our capital position and market conditions.

In accordance with the above, Danske Bank intends to restart dividend payments with the announcement of the interim report for the first half of 2023. The intended dividend payment will be based on the net profit for the first half of 2023, and we will be targeting the upper end of the 40-60% dividend policy range. The intended capital distribution is subject to a decision by the Board of Directors in accordance with the authorisation granted to the Board of Directors and will be based on a prudent assessment of Danske Bank’s capital position at the end of the first half of 2023.

Our financial targets are based on a prudent set of assumptions for the macroeconomic development and an expected growth in lending of approximately 3% and in deposits of less than 1%.

To support the execution of the strategy, we are significantly increasing our annual investments in our core capabilities within digital platforms, expert advisory services and sustainability from DKK 3 billion to DKK 4 billion. Combined with the reprioritisation of other investments, this means that we more than double our investments in the strategic development of the bank.

Carsten Egeriis, CEO of Danske Bank: “ Danske Bank has during recent years made fundamental changes to refocus the bank, reduce our risk exposure, develop our organisation and accelerate our commercial momentum. We can see that the changes work and we are on a clear trajectory to exceed the original financial targets we set for 2023 .”

“ W e are changing gear s and substantially increasing our strategic and financial ambitions. We continue to accelerate our commercial momentum in all parts of the business , underpinned by clear growth and profitability targets. At the same time, we have decided to significantly increase our investments in our digital platforms, expert advisory services and sustainability , focus ing on the areas where we see the best opportunities for profitable growth .”

“ With our new strategy, we set clear ambitions for Danske Bank to be a leading bank in a digital age . S erv ing a quarter of the personal customer s i n our home market , we w ill work hard to continue to earn their trust and to affirm our position as the bank of choice in Denmark . ”

Stephan Engels, CFO of Danske Bank: “ Danske Bank is determined to deliver shareholder value and with the good momentum we have in our business, we expect to have substantial future distribution potential for dividends. We intend to restart dividend payments w hen we announc e our results for the first half of 202 3 , and f rom 2023 to 2026 , we see a potential for a total dividend equivalent to the upper level of our dividend policy range , which remain s unchanged at 40-60% .”

Investor update Today, 7 June 2023 at 8.00am-12.00 noon CEST, Danske Bank’s Executive Leadership Team hosts an investor update and presents the new strategic direction and 2026 financial targets and host a Q&A session.

The investor update can be followed online, and all presentations will be recorded and made available on our website afterwards.

Danske Bank

Contact: Helga Heyn, Interim Head of Media Relations, tel. +45 45 14 14 00

Claus I. Jensen, Head of Investor Relations, tel. +45 25 42 43 70

Company announcement no 4 2023

Find relevant files here

• 02. feb 2024 Danske Bank - Annual Report 2023
• 02. feb 2024 Sustainability Fact Book 2023
• 02. feb 2024 Statement on Modern Slavery and Human Trafficking 2023
• 02. feb 2024 Statement on Carbon Neutralisation 2023
• 07. feb 2024 Sustainability approach and priorities - our strategic direction towards 2028

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Sustainability.

As a large financial institution with activities across all economic sectors, our aim is to support our more than 3.2 million customers in their sustainability transitions. By providing finance when and where it is needed most, we can promote economic growth, jobs and prosperity while also enabling societies to transition to a more sustainable economy.  Our three strategic focus areas provide the framework for how we aim to create lasting value for our customers, for our business and for society:

Support our customers in their transition

Ensure a robust and resilient bank, manage our societal impact.

Strategic direction

We want to take responsibility for making a real difference in enabling this massive transition.

Customer offerings

We are committed to supporting our more than 3.2 million customers in navigating the transition toward a sustainable future by providing a range of sustainable finance advisory, products and services.

Danske Bank to make climate reporting easier for its business customers

Danske Bank has entered into a partnership with software firm, EIVEE, who specialise in calculating a business’s carbon footprint. With the partnership, Danske Bank aims to help its customers with their green transition and to support CO2-reducing initiatives with financing.

Sustain Tomorrow: Danske Bank opens conversation on global challenges

Climate Action Plan Progress Report 2023

Danske Bank integrates sustainability disclosures into the Annual Report 2023

Danske Bank maps potential impacts on nature and biodiversity

Publications & policies.

In our Annual Report, you can find our statutory sustainability statement, which provides information on our sustainability performance. In addition, you can find detailed and segmented data in our Sustainability Fact Book. We continuously strive to develop and expand our reporting and disclosures, noting the growing importance of sustainability related data and information to our stakeholders.

• 02. feb 2024 Climate Action Plan Progress Report 2023
• 02. feb 2024 Danske Bank PRB self-assessment 2023
• 20. jan 2023 Climate Action Plan
• 31. maj 2023 Human Rights Report

Get in touch with us

We welcome any comments, suggestions or questions you may have regarding our work with sustainability.

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Danske Bank

When 3 employees change the behavior of 1500 colleagues.

Danske Bank was founded back in 1871  in Copenhagen and is today the second largest bank in the Nordic region.  They have offices in 8 countries and in total they have around 21.800 employees.  The business unit in this case serving corporate clients in Danske Bank is a unit consisting of 1500 employees with an annual turnover of 2 billion DKK.

The financial crisis back in 2008, caused massive changes, customer defections, and several other challenges that made Danske Bank have to reorganize a lot. With the changes, the team called 'Aim High', consisting of three employees was born. They are kind of internal 'pioneers' of the change process that started now, many years ago.  

Before Learningbank came into the picture, the challenge Danske Banks 'Aim High'- team needed to address was how to ensure a coherent strategic change process and make sure that 4 different countries all followed the same principles to create one consistent Nordic Customer Experience . 

Strong negotiating skills and ‘soft skills ’ was Danske Bank’s learning goal. Employees working with corporate clients in Danske Bank are expected to strengthen their skills in ‘strategic customer dialogue’ , where the ability to negotiate plays an important role. How do you, for example, negotiate with a competitive person, if you are a bit ‘soft’ yourself? This is exactly what they want to help their employees do.

As ‘ life is busy’ on the front line , this was also something that needed to be taken into account when creating the new digital training. 

"It is very convenient that the training has become digital and thus scalable via Learningbank,“ explains Senior Business Consultant & Project Manager, Marianne Lykke Nielsen.

Training modules are kept in a short and simple format between 5 and 20 minutes , making it possible to fit them into a busy schedule . The content is designed in a visually engaging format – in the form of a digital learning game based on a fictional story of an employee, who is faced with the challenge of having to climb a mountain. The mountain metaphor is chosen in order to resemble a change process , which can be so demanding that it resembles the life of a mountain climber fighting his way to the top.

Danske Bank uses Learningbank’s Learning Lifecycle Platform and ready-made learning content , including video, learning games , and quizzes, In addition, the 'Aim High' team created customized learning modules in Learningbank’s authoring tool, which is basically a kind ‘DIY’ module.

”Normally it is very difficult to follow up on behavioral changes. But now we are able to follow up closely because we can see who trains, and we can see how much they train. We can address the needs of the local country managers by saying: ‘Okay, if you really want this change, then your team needs to use the training programs actively.’ This is a huge advantage, ” explains Marianne.

“Aim High was established in 2013. Today our training programs have become scalable in a whole new way . And my small team is well on its way to getting new internal customers since other departments in the bank are also getting curious and want to try something similar,” says Marianne.

“Previously we used a ‘cascading method’ preparing a lot of slides for our SIA (Strategy Implementation Agents). But no matter how carefully you prepare the communication, important knowledge can get lost along the way. Our SIA’s were anything but thrilled by the thought of having to act as experts in ‘negotiation techniques’. So now we have created premium quality content instead. Via Learningbank we are able to deliver this content in four languages reaching even the most remote parts of the organization ,“ says Marianne.

Danske Bank has launched the Aim High Learning solution in collaboration with Learningbank as part of the overall strategy leading up to 2020.

Key takeaways

• Empower employees and enable them to negotiate solutions
• Generates value for the bank and corporate clients
• Easy to follow-up
• Creates premium quality learning content
• Hitting targets has become easier
• Uses both ready-made content as well as customizing content themselves

Download the case here

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Bangor city centre building plan: Women's group seeks funding to make former bank into community and business centre

A North Down women’s group is seeking funding to turn a derelict Danske Bank in Bangor into a community and business centre.

Last year Kilcooley Women’s Centre acquired the iconic listed Victorian building on Main Street Bangor, and since then have been investigating sources of funding to revitalise the building and support a programme of interventions, while attracting more footfall into the centre of Bangor.

In July, an opportunity arose to apply for funding within a very short window, under the UK government’s Shared Prosperity Community Ownership Fund, with a closing date of 12 July.

Alison Blayney, Chief Executive of Kilcooley Women’s Centre contacted the Ards North Down Council Head of Economic Development seeking a letter of support for the application. The endorsement will also help with funding from sources such as the National Lottery Heritage Fund and Biffa Awards.

The council letter of support to the women’s centre states: “The building has been placed on the ‘Heritage at Risk’ list by the Department of Communities Historic Environment Division, and we are keen to assist and support the Women’s Centre’s reversal of this designation, through the refurbishment and innovative programmes it delivers to the community.

“This type of multi-function building, open to the community and businesses, will not only bring footfall to the Main Street and city centre, but will be a valuable contribution to the regeneration of Bangor.

“As you are aware, Ards and North Down Borough Council is currently working on and supporting projects to redevelop and transform Bangor waterfront and the surrounding area.

“Your project will enhance and complement all efforts being made to revitalise and renew the city centre and we would support your application, as the repurposing of this key city centre asset will be of benefit to the wider Bangor community. We hope and look forward to your application being successful and to work being able to start the building’s transformation as soon as possible.”

The former Northern Bank building, which dates back to the 1800s is at the junction of Hamilton Rd and Main Street. The building was originally a market place, then a courthouse, then around 1890 it was transformed into Ward Male, Female and Infant School.

In 1933 it became Bangor’s town hall, until 1952, was then sold to the Belfast Banking Company, and later became the Northern Bank, and finally the Danske Bank.

At the most recent meeting of the full Ards and North Down Borough Council, DUP Councillor Alistair Cathcart told the chamber: “This is terrific. I have recently been in the former Danske Bank, or Market House as it is again being called, and there are indeed workspaces upstairs where people can co-work.

“For self-employed people and people who are based in their own home but may not have the space, this provides an ideal location in the heart of Bangor. I am aware of a gentleman from Bangor who will be the first to set up there, and I wish everyone all the very best on the regeneration. It will be great to see this place active again, it is such an iconic building in Bangor.”

The results of the Kilcooley Women’s Centre’s application for the Shared Prosperity Community Ownership Fund is still pending.

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Danske Bank A/S

Dk0010274414.

• Danske Bank A/S : Active Ownership Report 2023

Active Ownership Report 2023

Danske Bank Asset Management

Active Ownership Report

When customers entrust us with their assets and savings, it is our duty to serve their interests by providing investment solutions with the goal to deliver competitive and long-term performance. Our firm commitment to Responsible Investment is an integralpart of this duty. It is about making better- informed investment decisions - addressing issues of risk, problems, and dilemmas, and influencing portfolio companies through active ownership to contribute to a positive outcome. Furthermore, the exercise of Active Ownership activities is in line with our fiduciary duty , which is to consider what is in the best interests of our clients.

Active ownership - through direct dialogue, collaborative engagement and voting at the annual general meetings - is an important part of our ability to create long-term value to the companies we invest in and to our investors. We believe it is more responsible to address material sustainability matters as investors rather than refraining from investing when issues of concern arise, leaving the problem to someone else to solve. Our investment teams are the change agents who can impact companies to manage risks and opportunities.

The aim of our Active Ownership Report covering three parts ' Engagement Activities ', ' Collaborative Engagement Initiatives ' and ' Voting Activities ' is to demonstrate how our Active Ownership Policy / instruction has been implemented throughout the year, fulfilling our annual duty to report on our active ownership activities in accordance with Article 3g of the Shareholder Rights Directive II (as implemented under national laws, including the Danish Financial Business Act § 101a.

The 3 parts of the report

Engagement Activities

Voting Activities

Collaborative

Initiatives

Where to get additional information

Responsible Investment Policy click here

Active Ownership Instruction click here

Voting Guidelines click here

Proxy Voting Dashboard click here

Danske Bank Sustainability approach and priorities

Climate Action Plan Progress Report 2023 click here

Principal Adverse Impact Statement click here

Investment Restrictions click here

Our active ownership activities in numbers for 2023

43 200+ 500+

Active Ownership Report, Part 1 Engagement Activities

Engagement introduction

The Investment and Responsible Investment teams engage on a regular

basis with investee companies about material sustainability matters in

order to seek improvement in performance and processes with the aim of enhancing and protecting the value of Danske Bank's investments.

Financial and sustainability information is reviewed from multiple data sources to mitigate investment risks and leverage opportunities, and to assess the potential positive and negative impact of material financial factors and sustainability factors on financial performance and society.

Reasons for dialogue can be, but are not limited to, the following

• Inform about voting decisions and guidelines
• Clarify publicly disclosed information from company
• Conduct research
• Identify and assess the quality of available data
• Understand performance and identify potential vulnerabilities
• Develop insights into risks and opportunities
• Identify potential regulatory developments and impacts

In order to ensure a structured engagement process, we log and monitor company dialogue and progress.

In 2023, we have had the following engagement activities

Split between engagement themes

Environmental

Top 7 engagement subjects discussed across themes

Top 10 industries most engaged with

Number of interactions with top 10 industries (Sector in bracket)

Banks (Financial) 85

Oil & Gas (Energy) 74

Chemicals (Basic Materials) 68

Food (Consumer, Non-cyclical) 66

Real Estate (Financial) 62

Electric (Utilities) 60

Transportation (Industrial) 58

Pharmaceuticals (Consumer, Non-cyclical) 49

Attachments

• Original Link
• Original Document

Danske Bank A/S published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 15 May 2024 12:09:39 UTC .

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