Sparekassen Danmark

Denmark · owned by Independent (Denmark) · spard.dk · 30 vendors

Sparekassen Danmark is Denmark's largest guarantee savings bank (garantsparekasse) and the country's sixth-largest financial institution, with approximately 1,800 employees across 71 locations. As a self-owned savings bank with over 150 years of history, it offers a full range of retail and business banking products including accounts, loans, investments, insurance, and pension services. The bank operates without shareholders, reinvesting profits into consolidation and local community initiatives.

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Last updated 2026-09-13 · revision 3

30 direct vendors, 278 subvendors

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Migration Readiness: 1/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Cannot be assessed. There is no verified information available regarding Spard ApS's internal tech stack, architectural patterns (monolithic, microservices), cloud adoption, or vendor lock-in. Without this critical data, providing a migration readiness score would be an estimation, which is explicitly forbidden by the instructions ("DO NOT estimate"). Confidence: Null.

Financials

Three-year financials

Financial Resilience Score: 9/10

Sparekassen Danmark demonstrates exceptional financial resilience driven by a fortress-like capital position and liquidity profile. CET1 ratio of 22.6% and total capital ratio of 24.8% at H1 2024 are well above the regulatory NEP requirement of 19.3%, providing significant buffer against credit shocks. Liquidity is extraordinary, with an LCR of 439% (versus 100% requirement and 150% internal floor) and NSFR of 146.5%, indicating ample capacity to withstand funding stress. The bank has produced uninterrupted profits for 30+ consecutive years, with profit roughly doubling from 2022 to 2023 on the back of higher rates and the Totalbanken acquisition. As a guarantor savings bank ('garantsparekasse') without shareholders, profits are retained or distributed via local foundations, supporting long-term capital accumulation and orientation. The loan book is well-diversified at the borrower level with 75% of exposures below 0.5% of capital and only 14 engagements above 2% of capital. Customer growth remains positive (~12,000 net additions in 2023; ~5,000 in H1 2024) and the deposit base covers loans plus garantkapital at 141%, reducing wholesale funding reliance. Key risks include sectoral concentration in agriculture (11.4% of loans+guarantees, contributing ~29% of impairments) and real estate (9.4%), the latter highlighted by the Danish FSA which ordered a DKK 111M impairment on one large exposure during a 2023 inspection that resulted in 10 orders. Earnings tailwinds from elevated interest rates are expected to fade — management's own outlook shows net interest income falling from DKK 2.49B in 2024E to DKK 2.17B in 2025, and profit after tax declining to DKK 1.22B before recovering. Geographic concentration in Denmark (and historically Jutland) is mitigated by recent expansion into Aarhus, Odense and Copenhagen.

Key strengths: CET1 ratio 22.6% and total capital ratio 24.8%, well above 19.3% NEP requirement, Exceptional liquidity: LCR 439%, NSFR 146.5%, 30+ consecutive years of profitability, Profit after tax doubled from DKK 741M (2022) to DKK 1,533M (2023), Highly diversified loan book — 75% of exposures below 0.5% of capital, No shareholders (guarantor savings bank), supporting capital retention, Strong deposit funding — loan-to-deposit + garantkapital coverage 141%, Continued customer growth (~12,000 net additions in 2023)

Risk factors: Agriculture exposure 11.4% of loans+guarantees, contributing ~29% of impairments, Real estate exposure 9.4%, flagged by Danish FSA with DKK 111M impairment order, 10 orders ('påbud') from Finanstilsynet during 2023 ordinary inspection, Net interest income expected to decline from DKK 2.49B (2024E) to DKK 2.17B (2025), Profit after tax forecast to fall to DKK 1.22B in 2025 from DKK 1.61B in 2024E, Geographic concentration in Denmark, particularly Jutland, Above-average share of customers showing weakness vs. group-2 peers, Integration risk from recent Totalbanken acquisition (Sept 2023)

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