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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Danske Bank A/S    DANSKE   DK0010274414

DANSKE BANK A/S

(DANSKE)
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Danske Bank beats fourth-quarter net profit expectations

02/05/2020 | 03:06am EST
FILE PHOTO: A Danske bank sign is seen on a bank's headquarters in Copenhagen

Danske Bank beat fourth-quarter net profit forecasts on Wednesday and said it expects to earn a net profit between 8 to 10 billion Danish crowns (£906.6 million-£1.1 billion) in 2020.

COPENHAGEN (Reuters) - Danske Bank beat fourth-quarter net profit forecasts on Wednesday and said it expects to earn a net profit between 8 to 10 billion Danish crowns (£906.6 million-£1.1 billion) in 2020.

Chief Executive Chris Vogelzang said results were as expected, but negative interest rates, margin pressure and increased costs related to compliance had a "negative effect".

"All in all, our financial performance remains under pressure," Vogelzang said in a statement.

Late last year, Danske announced plans to get costs and compliance under control by 2023, while also aiming for a return on shareholders equity of 9-10%. It expects that number to be between 5 to 6% this year.

Danske, Denmark's biggest bank, admitted in 2018 that suspicious payments totalling 200 billion euros from Russia and elsewhere flowed through its branch in Estonia, triggering worldwide probes.

Jyske Bank analyst Anders Haulund Vollesen said today's results were "fairly undramatic", but added that costs were higher than expected.

"It is not very good, when a bank disappoints in that area in times, where costs are everything," Vollesen said.

The bank however reported a net profit of 5.0 billion Danish crowns ($738.5 million) in the fourth quarter, topping the 4.4 billion forecast by analysts on average, Refinitiv Eikon data showed.

The bank's most anticipated result, net interest income, also came in 12.6% above analysts' expectations at 5.54 billion in the fourth quarter.

It said it expected net interest income to be lower in 2020 as margin pressure and higher funding costs would offset volume growth. Lending in 2019 grew by 3%.

It said it would pay a dividend of 8.5 per share for 2019, above the 7.29 crowns forecast by analysts, and corresponding to 49% of reported net profit.

(Reporting by Nikolaj Skydsgaard; editing by Jason Neely and Louise Heavens)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DANSKE BANK A/S -1.96% 109.9 Delayed Quote.9.19%
JASON CO., LTD. -0.59% 669 End-of-day quote.0.15%
JYSKE BANK -0.89% 245.3 Delayed Quote.5.23%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.33% 73.49 Delayed Quote.-0.66%
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Financials
Sales 2020 42 160 M 6 850 M 6 850 M
Net income 2020 4 321 M 702 M 702 M
Net Debt 2020 - - -
P/E ratio 2020 23,1x
Yield 2020 1,88%
Capitalization 93 705 M 15 240 M 15 224 M
Capi. / Sales 2020 2,22x
Capi. / Sales 2021 2,20x
Nbr of Employees 22 582
Free-Float 78,4%
Chart DANSKE BANK A/S
Duration : Period :
Danske Bank A/S Technical Analysis Chart | DANSKE | DK0010274414 | MarketScreener
Technical analysis trends DANSKE BANK A/S
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Average target price 112,91 DKK
Last Close Price 109,90 DKK
Spread / Highest target 63,8%
Spread / Average Target 2,74%
Spread / Lowest Target -24,1%
EPS Revisions
Managers and Directors
NameTitle
Chris Vogelzang Chief Executive Officer
Karsten Dybvad Dalsjö Chairman
Frans Woelders Group Chief Operating Officer
Stephan Engels Chief Financial Officer
Fredrik Lindstrom Group Chief Information Officer
Sector and Competitors