Danske cuts earnings outlook due to tough financial market conditions

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

Join now for FREE unlimited access to Reuters.com

Register

July 10 (Reuters) – Danske Bank (DANSKE.CO) cut its full-year net profit outlook on Sunday, 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 forecast of 13 to 15 billion crowns.

“…we are revising our full-year net profit guidance based on significantly lower expectations for commercial revenue and revenue from our insurance businesses,” Chief Executive Carsten Egeriis said in a press release. .

Join now for FREE unlimited access to Reuters.com

Register

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

In April, the bank reported first-quarter profit below expectations, citing higher costs and turbulent financial markets. Read more

($1 = 7.3037 Danish kroner)

Join now for FREE unlimited access to Reuters.com

Register

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

Our standards: The Thomson Reuters Trust Principles.

Comments are closed.