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Danske Bank 3Q profit down 70 percent

Danske Bank 3Q profit down 70 percent

Denmark's largest bank, Danske Bank, Tuesday said its third-quarter net profit fell 70 percent, largely due to turbulence in the financial markets.
Predicting a continued slowdown for the remainder of the year, the Copenhagen-based bank said profit fell to 1.1 billion Danish krone($187 million) in the quarter, from 3.7 billion krone a year earlier.
Danske Banks said loan losses jumped to 1.8 billion krone ($298 million) from 255 million Danish Krone for the corresponding period last year.
The bank said its results were satisfactory given the circumstances, but noted the increased market turmoil in the third quarter has "led to generally more difficult earnings conditions, including considerably higher funding costs."
Danske Bank Chief Executive Peter Straarup said the bank's "well-diversified business model and strong capital and liquidity base lay a solid foundation for earnings growth."
The Danish krone, along with its nordic peers, the Swedish krona, Norwegian krone and Icelandic krona, has fallen significantly against the dollar in the wake of the global financial crisis.


Updated : 2021-01-28 04:40 GMT+08:00