Danske Bank has decided to adjust its new profits guidance for 2014 upwards after its financial results (here in English) for the first nine months of the year showed net profits of 10.1 billion kroner – a 95 percent increase compared to the first nine months of 2013.
According to the Danske Bank press release, the considerable increase was due to growth in most income lines, a reduction in expenses and lower impairments.
”In the third quarter, we continued to make progress in strengthening our position as a Nordic universal bank by focusing on relations with our customers and improving financial performance," Thomas F Borgen, the CEO of Danske Bank, said in the press release.
"In the first nine months of 2014, we increased net profits by 95 percent compared to the profit for the same period last year, which shows that our initiatives are working. The results are encouraging, but we still have some way to go before reaching our long-term targets.”
Net profits adjusted up
The solid results during the first nine months of 2014 means that Danske Bank's annual net profit expectations for the year have been adjusted up to 11.5-13.5 billion kroner from its previously expected 10-13 billion kroner.
The third quarter results showed a profit before tax of 4.5 billion kroner, down slightly from the second quarter's 5.0 billion kroner.
Total income for the third quarter fell by 4 percent compared to the previous quarter, while expenses decreased by 1 percent.