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Announcement:

Moody's: Danish banking system outlook is stable as robust growth bolsters asset quality

27 Feb 2018

London, 27 February 2018 -- The outlook for the Danish banking system is stable as continued economic growth drives a further improvement in asset quality, says Moody's Investors Service in a report published today.

The report, "Banking System Outlook -- Denmark: A stronger economy and low asset risk drive stable outlook," is now available on www.moodys.com. Moody's subscribers can access this report via the link at the end of this press release. The research is an update to the markets and does not constitute a rating action.

Moody's expects Denmark's real GDP growth to remain robust, moderating to 1.8% in 2018 and 1.7% in 2019 from 2.3% in 2017. This growth will help unemployment fall to 5.6% from 5.9% in 2017, a backdrop that will bolster the banks' operating environment.

"Asset quality will improve as continuing economic growth eases pressure on borrowers," said Louise Lundberg, a Vice President, at Moody's. "Problematic borrowers in the agriculture, oil and offshore and shipping sectors will remain under pressure, but their financial position should gradually improve."

Moody's anticipates that the level of Danish banks' problem loans will fall below 1.8% of gross loans in 2018, compared with a post-crisis peak of 4.3% in 2013.

Moody's expects capital levels at Danish banks to remain robust. The banks' risk-weighted capital ratios have consistently been stronger than those of their euro area peers', and Moody's expect this to continue.

Although banks' underlying profitability will remain broady stable over the next 12 to 18 months, Moody's notes that net loan loss reversals and the positive value adjustments, which supported earnings in 2017, are unlikely to continue.

The reliance of Danish banks on market funding will remain high. Wholesale funding, which can be sensitive to changes in investor sentiment, accounted for 41% of Danish lenders' tangible banking assets as of June 2017. However, two thirds of that funding came from covered bonds, which Moody's regards as stable because it attracts a large and stable investor base that consists mainly of domestic pension funds and insurers.

Subscribers can access the report at

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1095181

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Louise Lundberg
VP-Sr Credit Officer
Financial Institutions Group
Moody's Investors Service Limited, Stockholm Branch
Krejaren 2
Ostermalmstorg 1
Stockholm 114 42
Sweden
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Sean Marion
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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