May 2, 2006Press release: Danske Bank reports a net profit of DKr3,131m for the first quarter of 2006
Danske Bank has today announced its financial results for the first quarter of the year. The report can be viewed at www.danskebank.com/reports
. Highlights are shown below:
- Danske Bank Group achieved a better than expected net profit of DKr3,131m, against DKr2,984m for the first quarter of 2005.
- Net profit for the period per share increased 4% despite the defrayed costs of integrating the two banks in Northern Ireland and Ireland.
- Income rose 13% to DKr9,123m.
- The cost/income ratio increased from 49.2% to 53.4%.
- Net positive entry of DKr129m for credit loss expenses is largely unchanged from the level of the first quarter of 2005.
- Bank lending grew by 19%.
- Northern Bank and National Irish Bank are now operating fully on the IT platform of the Danske Bank Group, and the commercial relaunch of the two banks has begun.
- On the basis of the first quarter results, the Danske Bank Group is raising its expectations for income in 2006. Excluding the considerable one-off income in 2005, the profit before credit loss expenses is now expected to increase by 5-8%.
Commenting on the results, Danske Bank’s chief executive, Peter Straarup, said: "The result is better than expected, and therefore we raise our guidance a little. In the first quarter, all our banking units recorded double-digit lending growth. The integration of our two new banks during Easter went well. The relaunch of the banks has begun and we are pleased to see that the markets have welcomed the new and improved products."Contacts:
Tuesday, May 2, from 2.00pm:
- Peter Straarup, Chairman of the Executive Board,
tel. +45 33 44 01 07
- Tonny Thierry Andersen, Chief Financial Officer,
tel. +45 33 44 11 47
- Martin Gottlob, Head of Investor Relations,
tel. +45 33 44 27 92