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Danske Bank of Denmark beats profits forecast due to fall in loan losses

August 2013, 06
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Denmark Economy
Denmark’s Danske Bank had reported profits in second-quarter which beat expectations due to lower loan losses and significant reductions in cost. Net profits of Denmark’s largest bank were up by 48 percent on last year’s same quarter at DKr2.2bn (€293m), which overcame analysts expectations by DKr400m. The shares in the trade market also rose due to this result. Elvind Kolding, chief executive, said that the results demonstrated considerable improvement from last year and also treated as an important step towards achieving 2015 objectives.  

Mr Kolding said that the difficult macroeconomic environment along with low interest rate rates which were combined with the fluctuations in the financial markets in the month of June led them to revise their guidance for complete-year 2013. The impairments in core activities of Denmark economy decreased by 50 percent due to reduced losses from corporate and personal loans. The expenses also reduced by 2 per cent to DKr11.9bn. Borsen, major Danish financial newspaper, reported that the results were a positive surprise for the economy and employment in Denmark.

The bank reported major measures of strength in balance sheets, solid core total capital ratios and tier 1 capital, at 21.8 percent and 15.6 percent respectively, against 21.3 percent and 14.5 percent at the end of 2012.

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