Best bank: Danske Bank
For Danske Bank, Denmark’s best bank, 2023 was a year of rehabilitation after a difficult period that culminated in the settlement in late 2022 of historic money laundering issues. With a strong financial performance that saw profits nearly double even after adjusting for the regulatory charges in 2022, the bank has come roaring back to life.
Year-on-year revenues rose 30% and expenses fell 4%, even on an adjusted basis. Customer loans were flat, but deposits rose 2% and book value was up 9%. Reflecting the changed sentiment towards the bank was the share price, which rose 31% over the year.
AfE 2024
Putting the past behind it has provided the bank with an opportunity to reset in many ways. Chief executive Carsten Egeriis, who took the helm in 2021, led a strategic review during 2023 that resulted in the bank’s Forward ’28 strategy, which replaces the Better Bank programme that had begun in 2019 as Danske sought to turn itself around after the money laundering scandal involving its Estonia branch had emerged.
Forward