Danske Bank reports net profit of over €2.67bn for 2016

Finance | Thu 2 Feb | Author – Business & Finance
Danske

Danske Bank Group’s net profit represents a 12% increase from 2015, when net profit before goodwill impairments was €2.37bn.

The result was driven by higher income resulting from, among other things, a larger business volume, decreasing costs and very low impairments.

Total income was up 5% and amounted €6.45bn, against €6.1bn in 2015, driven by higher net interest income, net trading in-come and other income.

Net interest income totalled €2.96bn and was 3% higher than in 2015, while net trading income rose 26% to €1.16bn

At the end of December 2016, total lending was up 5% from the level at the end of 2015.

Danske is currently looking into the possibilities of merging its activities in Finland into a single branch. In doing so, we would achieve a uniform organisational structure across the Nordic markets.

“The results reflect our diversified business model and our efforts to become a more customer-centric, simple and efficient bank. We kept a high-innovation pace and launched a number of new advisory products and easy-to-use solutions,” said CEO Thomas F Borgen.

“We also saw a continued improvement in customer satisfaction and managed to attract new customers and grow our volume, while maintaining high credit quality and reducing costs.”

Terry Browne, country manager and head of Corporate and Institutional Banking at Danske Bank Ireland, said: “As our financial year closes I’m delighted to advise that, despite a demanding business environment, we delivered a strong performance across our Irish Corporate and Institutional division.

“Our robust offering of financial advisory expertise and high-quality technology-based products ensures our clients have the tools needed for the growth of their business both in Ireland and abroad.”