Financial Institutions Newsletter
Press release: Danske Bank reports net profit of DKK 1.7bn (€0.2bn)
Danske Bank today announced its financial results for 2009. The announcement and the annual report can be viewed at
www.danskebank.com/reports.
Highlights are shown below:
- Net profit DKK 1.7bn in 2009
- Impairment charges still high, but declining steadily, with better visibility
- Total income up 38% year-on-year driven by very high trading income, higher net insurance income and increasing net interest income
- Intensified focus on cost management, with tangible results
- During the year, the tier 1 capital and solvency ratios rose from 9.2% and 13.0% to 14.1% and 17.8% through the raising of DKK26bn (€3.5bn) in the form of hybrid capital from the Danish state, a strengthening of tier 1 capital from earnings for the year of DKK4.2bn (€0.6bn) and a reduction of total assets of DKK445bn (€59.9bn).
"We have come out of the worst crisis year for decades with a positive result that is better than last year," says Peter Straarup, Chairman of the Executive Board. "So all in all, our 2009 result is better than what could have been feared at the beginning of the year. The year 2010 will also be a challenging one, but our capital position is stronger than ever, and we are well prepared to withstand losses and to meet customer demand for credit."
Financial Institutions
Danske Bank