The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst
: Here is Sofie from JPMorgan. So just a quick follow-up. In terms of the NII that you make on the negative deposits, I understand 1/3 of your deposits
are -- only have negative rates. But could you remind us how much of your annual net interest income comes from the negative deposit base that
you currently have?
And then my second question would be around your dividend outlook. Yesterday, you said you're in a good debate at the first quarter dividend --
interim dividend. How should we think about the further interim dividends? Should we expect them to be canceled as well? Or is first quarter got
a one-off? And how should we kind of think about the interim dividends? That would be for me.
Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst
: Sorry, just a quick follow-up on the negative deposit rates because I think last year, you at least guided for 2x DKK 500 million more in NII from the
negative deposit rates. So I'm just wondering where the DKK 500 million then disappeared from one of those kind of...
Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst
: But didn't you introduce that negative rates first time in January 2021 and the NII by DKK 500 million? And then you had a further negative rate
introduction in mid-2021, which was another DKK 500 million?
So I mean, just kind of struggling a little bit to get at that DKK 1 billion versus your DKK 500 million to DKK 600 million NII improvement from a
25-basis point hike.
Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst
: Okay. And could you maybe -- sorry, just a quick follow-up. In your annual report, I think you have the rate sensitivity is negative DKK 1.5 billion for
100 basis points increase in rates. So how does that then square in to the guidance, DKK 500 million to DKK 600 million for the first 25 basis points
and then DKK 800 million for the subsequent rate hikes?
Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst
: But I mean, what assumptions do you then have for the DKK 500 million to DKK 600 million that you repriced all the loans and nothing on the
deposit side?
Question: Sofie Caroline Elisabet Peterzens - JPMorgan Chase & Co, Research Division - Analyst
: Okay. Yes, sounds good.
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