The National Bank of Denmark published its Annual Report 2025, reporting a profit of DKK 24.7 billion (2024: DKK 17.1 billion) and deciding to transfer DKK 1 billion to the central government. The result reflected positive returns across the bank’s financial portfolios, including gold price gains of DKK 18.5 billion. Net capital totalled DKK 124.5 billion after the year’s allocations. The foreign exchange reserve stood at DKK 668.5 billion and the gold stock remained 66.5 tonnes, valued at DKK 58.8 billion after a 46 per cent increase in DKK terms during 2025. In monetary operations, the bank lowered key policy rates four times in 2025 by a total of 1 percentage point to 1.60 per cent for the current account and certificates of deposit rates and 1.75 per cent for the lending rate, and it recorded no foreign exchange intervention from December 2022 to end-December 2025. Cash in circulation fell to DKK 52.3 billion, mainly due to the withdrawal of 1,000-krone banknotes and older banknote series. Looking ahead, exchange of the withdrawn banknotes continues at designated exchange points until 31 May 2026, while work on a new banknote series is expected to lead to issuance in 2028-29. The report also flags further work in 2026 on initiatives including gold risk hedging, expanded statistical data collections with planned commissioning of the enlarged Credit Register at end-2026, and preparations for payments projects such as the 2027 migration of Danish retail payments to STEP2 and connectivity for euro instant payments during 2026 ahead of the EU instant payments requirement in early 2027.
National Bank of Denmark 2026-03-26
National Bank of Denmark reports DKK 24.7 billion 2025 profit and plans DKK 1 billion transfer to the state
The National Bank of Denmark's Annual Report 2025 shows a profit of DKK 24.7 billion, with DKK 1 billion transferred to the central government, driven by positive portfolio returns and significant gold price gains. The bank lowered key policy rates by 1 percentage point in 2025 and reported no foreign exchange intervention from December 2022 to December 2025. Future initiatives include gold risk hedging, expanded data collections, and preparations for payments projects, including the 2027 migration to STEP2 and euro instant payments.