Danske Bank delivered a high quality beat in Q4 with stronger core revenues combined with good cost control and net loan loss reversals. It also guided for a 2025 net profit between DKK 21-23bn, with the midpoint implying some 3-5% upside to pre-Q4 consensus estimates. We think that Danske could end up in the higher end of the range given good revenue momentum, solid cost control and the fact that it still has post-model adjustments that equal ~4 years of normalized loan losses. Despite a 35% re ....
