COMPANY DETAILS  
COMPANY DETAILS  
Nykredit Bank A/S  
Kalvebod Brygge 1-3  
1780 Copenhagen V  
Denmark  
Tel: +45 44 55 18 00  
CVR no: 10 51 96 08  
Financial year: 1 January – 31 December  
Municipality of registered office: Copenhagen  
Website: nykredit.com  
Date of approval of Financial Statements  
These Financial Statements were approved on 9 February 2022.  
External auditors  
EY Godkendt Revisionspartnerselskab  
Dirch Passers Alle 36  
2000 Frederiksberg  
Denmark  
Annual General Meeting  
The Annual General Meeting of the Company will be held on  
24 March 2022.  
BOARD OF DIRECTORS  
Michael Rasmussen, Chair  
Anders Jensen, Deputy Chair  
Tonny Thierry Andersen  
David Hellemann  
Allan Kristiansen*  
Susanne Møller Nielsen*  
* Elected by the staff of Nykredit Bank  
EXECUTIVE BOARD  
Henrik Rasmussen  
Dan Sørensen  
See page 118-119 for directorships and executive positions of the  
members of the Board of Directors and the Executive Board.  
Nykredit Bank  
ESEF data  
Domicile of entity  
Denmark
Description of nature of entity's operations and  
principal activities  
Bank
Denmark
Denmark
A/S
At nykredit.com you may read more about the Nykredit Group and  
download the following reports:  
Country of incorporation  
Principal place of business  
Legal form of entity  
Annual Report 2021  
Name of reporting entity or other names of  
identification  
Corporate Responsibility Report 2021  
Risk and Capital Management 2021  
Nykredit Bank A/S
Nykredit Realkredit A/S
Forenet Kredit f.m.b.a.
Name of parent  
Name of ultimate parent of group  
Information on corporate governance is available at  
nykredit.com/corporategovernance  
Kalvebod Brygge 1-3
Address of entity's registered office  
DK-1780 Copenhagen V
16/119  
Annual Report 2021 – Nykredit Bank  
 
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME  
DKK million  
Nykredit Bank A/S  
Nykredit Bank Group  
2020  
2021  
Note  
2021  
2020  
INCOME STATEMENTS  
1,842  
(257)  
(198)  
(346)  
360  
1,723 Interest income based on the effective interest method  
(342) Other interest income  
7
7
1,894
(340)
(183)
(398)
280
2,016
(257)
(198)
(346)
359
(181) Negative interest, income  
(398) Positive interest expenses  
279 Interest expenses  
7 a  
7 a  
8
1,373  
1,319 Net interest income  
1,488
1,547
5
1,794  
351  
5
Dividend on equities etc  
9
10  
11  
5
3,365
545
5
2,843
556
2,137 Fee and commission income  
371 Fee and commission expenses  
3,089 Net interest and fee income  
2,820  
4,313
3,839
1,137  
308  
1,613 Value adjustments  
12  
1,628
397
1,139
336
372 Other operating income  
2,141  
2,360 Staff and administrative expenses  
13  
14  
2,863
2,655
Depreciation, amortisation and impairment charges for property, plant and equipment as well  
-
37  
-
as intangible assets  
34
30
34
38
29 Other operating expenses  
538  
(131) Impairment charges for loans, advances and receivables etc  
526 Profit from investments in associates and Group enterprises  
3,342 Profit before tax  
15, 16  
17  
(120)
6
579
7
343  
1,892  
3,537
2,015
283  
584 Tax  
18  
733
385
1,610  
2,759 Profit for the year  
2,804
1,630
Proposal for the distribution of profit  
343  
-
526  
-
-
45  
-
21  
Statutory reserves  
Minority interests calculated  
1,267  
2,232 Retained earnings  
2,759  
1,610  
COMPREHENSIVE INCOME  
1,610  
-
2,759 Profit for the year  
2,804
-
1,630
-
-
Other comprehensive income  
1,610  
2,759 Comprehensive income for the year  
2,804
1,630
Distribution of comprehensive income  
1,610  
-
2,759 Nykredit Bank  
2,759
45
1,610
21
-
Minority interests calculated  
1,610  
2,759 Comprehensive income for the year  
2,804
1,630
Nykredit Bank – Annual Report 2021  
25/119  
 
BALANCE SHEETS  
DKK million  
Nykredit Bank A/S  
Nykredit Bank Group  
2020  
2021  
Note  
2021  
2020  
ASSETS  
16,001  
5,337  
23,526 Cash balances and demand deposits with central banks  
3,386 Receivables from credit institutions and central banks  
19  
20  
23,526
3,608
16,001
5,468
106,966  
38,508  
-
123,816 Loans, advances and other receivables at amortised cost  
38,439 Bonds at fair value  
21  
22  
23  
125,413
39,882
-
108,417
39,680
-
0
Bonds at amortised cost  
130  
133 Equities etc  
24  
147
142
14  
2,501  
1,770  
13 Investments in associates  
2,936 Investments in Group enterprises  
1,770 Intangible assets  
25  
25  
26  
13
-
14
-
1,932
1,932
LAND AND BUILDINGS  
-
-
Leased properties  
27  
14
19
-
-
Total leased properties  
14
19
-
-
-
Equipment  
27  
34  
35  
29  
1
14
2
19
0
Current tax assets  
116  
124 Deferred tax assets  
20,503 Other assets  
67 Prepayments  
125
116
26,169  
101  
20,629
87
26,274
106
197,611  
214,714 Total assets  
215,390
198,189
26/119  
Annual Report 2021 – Nykredit Bank  
 
BALANCE SHEETS  
DKK million  
Nykredit Bank A/S  
Nykredit Bank Group  
2020  
2021  
Note  
2021  
2020  
LIABILITIES AND EQUITY  
49,121  
91,065  
5,400  
10,991  
18  
52,833 Payables to credit institutions and central banks  
100,498 Deposits and other payables  
4,415 Bonds in issue at amortised cost  
13,617 Other non-derivative financial liabilities at fair value  
23 Current tax liabilities  
30  
31  
32  
33  
34  
36  
52,833
100,275
4,415
13,613
35
49,121
90,943
5,400
10,801
14
12,570  
8
10,108 Other liabilities  
10,665
12
13,130
14
7
Deferred income  
169,172  
181,501 Total payables  
181,847
169,424
Provisions  
-
241  
211  
453  
-
Provisions for deferred tax  
35  
37  
37  
209
331
147
687
212
241
230
683
331 Provisions for losses under guarantees  
138 Other provisions  
469 Total provisions  
2,000  
2,000 Subordinated debt  
38  
2,000
2,000
Equity  
10,045  
12,045 Share capital  
12,045
10,045
Other reserves  
1,807  
14,134  
25,986  
2,333 - statutory reserves  
16,365 - retained earnings  
30,743 Shareholder of Nykredit Bank A/S  
-
18,698
30,743
-
15,941
25,986
-
-
Minority interests  
112
96
25,986  
30,743 Total equity  
30,856
26,082
197,611  
214,714 Total liabilities and equity  
215,390
198,189
OFF-BALANCE SHEET ITEMS  
39  
29,725  
10,488  
40,214  
28,225 Contingent liabilities  
13,642 Other commitments  
41,867 Total  
28,225  
13,847  
42,073  
29,726  
10,670  
40,396  
Nykredit Bank – Annual Report 2021  
27/119  
 
STATEMENT OF CHANGES IN EQUITY  
DKK million  
Nykredit Bank Group  
2021  
Equity, 1 January  
Profit for the year  
Total comprehensive income  
10,045
15,942
2,759
2,759
25,987
2,759
2,759
96
45
45
26,082
2,804
2,804
-
-
Distributed dividend and adjustments  
Capital increase  
-
-
-
-
(29)
-
(29)
2,000
2,000
2,000
Total changes in equity  
2,000
2,759
4,759
16
4,775
Equity, 31 December  
2020  
12,045
18,700
30,745
112
30,857  
Equity, 1 January  
Profit for the year  
Total comprehensive income  
10,045
14,332
1,610
1,610
24,377
1,610
1,610
57
21
21
24,434
1,630
1,630
-
-
Subsequent adjustment of purchase price allocation  
Distributed dividend and adjustments  
-
-
-
-
-
-
34
34
(16)
(16)
Total changes in equity  
-
1,610
1,610
39
96
1,648
Equity, 31 December  
10,045
15,942
25,987
26,082
1
The share capital breaks down into 19 shares in multiples of DKK 1 million. The share capital is wholly owned by Nykredit Realkredit A/S, Copenhagen, Denmark. Nykredit Bank is included in the  
Consolidated Financial Statements of this company and the Consolidated Financial Statements of the association Forenet Kredit, Kalvebod Brygge 1-3, Copenhagen, Denmark, which owns 78.9%  
of Nykredit Realkredit A/S. The Financial Statements (in Danish) of Forenet Kredit f.m.b.a. may be obtained from the association.  
28/119  
Annual Report 2021 – Nykredit Bank  
 
CASH FLOW STATEMENT  
DKK million  
2020  
Nykredit Bank Group  
2021  
PROFIT FOR THE YEAR  
2,804
1,630
Adjustments  
Net interest income  
(1,488)
34
(1,547)
34
Depreciation, amortisation and impairment charges for property, plant and equipment as well as intangible assets  
Profit from investments in associates  
Prepayments/deferred income, net  
Impairment charges for loans, advances and receivables etc  
Tax on profit for the year  
(6)
(7)
16
28
(171)
733
632
385
10
Other adjustments  
(287)
1,634
Total  
1,165
Change in operating capital  
Loans, advances and other receivables  
Deposits and payables to credit institutions  
Bonds  
(16,825)
13,044
(199)
5,496
(34,496)
11,236
(13)
Equities etc  
197
Other operating capital  
Total  
5,942
2,158
1,931
(15,846)
2,014
(465)
(719)
1,655
(142)
(453)
Interest income received  
Interest expenses paid  
Corporation tax paid, net  
Cash flows from the above operating activities  
4,623
(13,621)
Cash flows from investing activities  
Sales of associates  
0
7
-
-
Dividend received from associates  
Purchase of intangible assets  
Purchase of property, plant and equipment  
Sale of property, plant and equipment  
Total  
(30)
(1)
2
(93)
-
4
(21)
(89)
Cash flows from financing activities  
Capital increase  
2,000
(985)
(28)
(4)
-
1,532
(16)
-
Bonds in issue  
Distributed dividend  
Payment of lease liabilities  
Total  
983
1,516
Total cash flows for the year  
5,585
(12,194)
Cash and cash equivalents, beginning of year:  
Foreign currency translation adjustment of cash  
Total cash flows for the year  
21,469
80
33,528
135
5,585
27,134
(12,194)
21,469
Cash and cash equivalents, year-end  
Cash and cash equivalents, year-end:  
Cash balances and demand deposits with central banks  
Receivables from credit institutions and central banks  
Total  
23,526
3,608
16,001
5,468
27,134
21,469
30/119  
Annual Report 2021 – Nykredit Bank