Børsens News Service in English
Danske Bank Results Disappoint
10-08-2010
11:26
Despite announcing a net profit of DKK 1.7 billion for the first half of 2010 and DKK 937 million for the second quarter of the year, traders reacted coolly to Danske Bank’s half yearly accounts that were released this morning. Shares in Denmark’s biggest bank fell slightly before recovering on mid morning trading. The bank’s net profit compared favorably to the DKK 725 million earned in the first six months of 2009,
The accounts reveal that the bank is undoubtedly moving in the right direction in the area of write-downs. At DKK 3.5 billion, depreciations in the second quarter were almost 400 million less than an expected DKK 3.9 billion. A year previously, depreciations stood at a staggering DKK 6.6 billion.
In the second quarter, trading revenue was a modest 2.8 billion, against DKK 4.9 billion in Q2 2009. Net interest income was virtually in line with analysts' expectations at DKK 5.9 billion.
"Generally, things are moving in the right direction” Peter Straarup, Chairman of the Executive Board, said in a statement issued today.” Impairment charges have seen a downward trend for six quarters in a row and are down 50% compared with the level in the first half of 2009”.
“In several of the group’s markets, charges are approaching normal levels” he continued. “This is the case in Finland, Sweden, Norway and the Baltic countries. At the same time, the group’s banking activities show robust earnings. In view of the macroeconomic development, we look at the rest of 2010 with cautious optimism."
The accounts reveal that the bank is undoubtedly moving in the right direction in the area of write-downs. At DKK 3.5 billion, depreciations in the second quarter were almost 400 million less than an expected DKK 3.9 billion. A year previously, depreciations stood at a staggering DKK 6.6 billion.
In the second quarter, trading revenue was a modest 2.8 billion, against DKK 4.9 billion in Q2 2009. Net interest income was virtually in line with analysts' expectations at DKK 5.9 billion.
"Generally, things are moving in the right direction” Peter Straarup, Chairman of the Executive Board, said in a statement issued today.” Impairment charges have seen a downward trend for six quarters in a row and are down 50% compared with the level in the first half of 2009”.
“In several of the group’s markets, charges are approaching normal levels” he continued. “This is the case in Finland, Sweden, Norway and the Baltic countries. At the same time, the group’s banking activities show robust earnings. In view of the macroeconomic development, we look at the rest of 2010 with cautious optimism."
*****||*****Danske Bank Results Disappoint*****||*****Despite announcing a net profit of DKK 1.7 billion for the first half of 2010 and DKK 937 million for the second quarter of the year, traders reacted coolly to Danske Bank’s half yearly accounts that were released this morning. Shares in Denmark’s biggest bank fell slightly before recovering on mid morning trading. The bank’s net profit compared favorably to the DKK 725 million earned in the first six months of 2009,*****||*****
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