We maintain our view of higher full year income from core banking activities, however, and we now expect net profit for 2022 to be between EUR 10 billion and DKK 12 billion, based on lower-than-expected trading and insurance business income, as well as slightly higher costs due to sustained elevated remediation costs. That said, our activities in the financial markets have been severely impacted by the magnitude and the pace of interest rate changes, which have had a negative impact on trading income from primarily our rates business and our net income from insurance business in the form of negative valuation adjustments.Īnd on that basis, on the 10th of July, we announced a revised net profit outlook for the full year. At the same time, we continue to execute on our strategic agenda with strong commercial and customer focus, whilst maintaining a strong commitment to our role in the green transition in the society.Īs I also mentioned during our conference call in April and during the first half of the year, we've continued on a positive trajectory with improved commercial progress in our core banking activities, evidenced by strong growth for corporate lending, in particular, and an overall good level of economic activity to the benefit of our core income lines. In these, even by historic standards, very volatile times, we focused and we are focusing on helping our customers navigate in a very uncertain environment. The world has moved from one extraordinary situation caused by the pandemic to another dominated by the Russian invasion of Ukraine and the accompanying effects of energy supply, accelerated inflation and firm tightening of monetary policies in the U.S.

No doubt, the first six months of 2022 was in almost all aspects, a very turbulent period.

Thanks, Claus, and good morning, everybody.

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