Danske Bank on Thursday reported a third-quarter net profit above estimates, citing solid customer activity and strong credit quality, and narrowed its full-year profit outlook to the upper end of its previously given range.
“Credit quality remained robust in the third quarter, with low loan impairment charges below normalised levels,” the bank said in a statement
Net profit for July-September rose to 6.39 billion Danish crowns ($954.46 million) from 5.52 billion a year earlier, beating the 5.94 billion expected on average by 16 analysts in a poll provided by the bank
The bank now expects a full-year profit of between 24 billion and 25 billion crowns up from a previous range of 23 billion to 25 billion crowns
Net interest income for the period rose slightly to 9.61 billion crowns from 9.07 billion a year earlier, in line with analysts’ average forecast of 9.68 billion
The Nordic economies stayed resilient in the third quarter, and the outlook for economic activity is generally positive despite higher and fluctuating energy prices, the bank said
($1 = 6.6949 Danish crowns)
Source: Reuters