Danske cuts profit outlook due to challenging financial market conditions

Danske Bank signs are seen on the bank’s headquarters in Copenhagen, Denmark October 22, 2019. REUTERS / Jacob Gronholt-Pedersen

Register now for FREE unlimited access to Reuters.com

July 10 (Reuters) – Danske Bank (DANSKE.CO) on Sunday reduced its full-year net profit outlook, hurt by rapidly rising interest rates and unfavorable financial market conditions.

Danske revised net profit to 10 billion to 12 billion Danish crowns ($ 1.64 billion) from the previous guidance of 13-15 billion crowns.

“… we revise our net profit guidance for the year based on significantly lower expectations for trading income and income from our insurance business,” Chief Executive Officer Carsten Egeriis said in a press release.

Register now for FREE unlimited access to Reuters.com

The company also slightly revised its cost guidance to around 25.5 billion crowns.

In April, the bank reported a lower-than-expected first-quarter profit, citing higher costs and turbulent financial markets. read more

($ 1 = 7.3037 Danish crowns)

Register now for FREE unlimited access to Reuters.com

Reporting by Baranjot Kaur and Maria Ponnezhath in Bengaluru Editing by Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

.

Leave a Comment

Your email address will not be published. Required fields are marked *