Nykredit Realkredit A/S upgrades full-year guidance

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Nykredit Realkredit A/S upgrades full-year guidance
The Nykredit Group raises its guidance for 2023 by DKK 1 billion and now expects profit after tax for 2023 of DKK 9-10 billion compared with the previous guidance of DKK 8-9 billion. Nykredit expects profit after tax for Q1/2023 of about DKK 2.8 billion.

Q1 was driven by business and customer growth across the Group. The upgrade is a result of higher-than-expected growth in the underlying business in part due to higher interest rates. Furthermore, we have recorded growth in bank lending among our largest corporate clients. The first three months of the year were also positively affected by high credit quality, which led to a net reversal of loan impairments. Investment portfolio income also turned out better than expected in Q1.

Michael Rasmussen, Group Chief Executive, says:
- Our financial results for this first quarter have exceeded our expectations and will in fact be the best Q1 results we have ever recorded. This is naturally highly satisfactory.

- We are proud to get the opportunity to demonstrate to our customers the benefits of our unique mutual ownership structure, allowing us to share our success with customers of Totalkredit and Nykredit Bank. However, due to the current macroeconomic outlook, we do not necessarily expect the same high activity level and results for the rest of the year.

- I am very satisfied that Nykredit remains well placed to support our customers and to promote development and growth all over Denmark at all times.

Nykredit Bank expects a profit after tax for 2023 of some DKK 2.5-3 billion. The previous guidance was DKK 2.0-2.5 billion.

Totalkredit maintains expectations for profit after tax for 2023 of some DKK 3-3.5 billion.

The Nykredit Group publishes our Q1 Interim Report 2023 on 12 May 2023 as previously announced. At this time, Nykredit's Management will be available for further comments.

Contact
Questions may be addressed to Rikke Gredsted Seidenfaden, Head of Press Relations, tel +45 27 58 95 88.

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