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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Danske Bank A/S    DANSKE   DK0010274414

DANSKE BANK A/S

(DANSKE)
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Danske Bank A/S : profit hit by higher costs, low interest rates

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07/18/2019 | 02:52am EDT
FILE PHOTO: Danske Bank flag flutters at the bank's Estonian branch in Tallinn

(Reuters) - Danske Bank's second-quarter pre-tax profit came in below expectations on Thursday, hit by low interest rates and higher costs associated with compliance following a money-laundering scandal at its Estonian branch.

Second-quarter pre-tax profits fell to 4.76 billion Danish crowns (576.05 million pounds) from 5.49 billions the previous year, missing a mean forecast of 5.06 billion by analysts according to Refinitiv data.

"In the first half of 2019, we faced a challenging rates and margin environment as well as increased costs for compliance measures. But we also saw continued growth in lending and solid credit quality," Danske's newly-appointed chief executive Chris Vogelzang said on Thursday.

Danske Bank, whose shares have dropped more than 40% over the last year, cut its profit outlook July 8, partly due to higher costs related to compliance and anti-money laundering activities.

In a scandal that has rocked the Nordic banking sector, Danske said last year it had channelled 200 billion euros of suspicious payments through its Estonian branch between 2007 and 2015.

Danske said it expected to have to add to its capital reserves after retail clients had been overcharged fees in relation to an investment product called Flexinvest Fri and also because of an inspection into its IT governance structure. The bank said this would be in the mid-single-digit billion Danish crown range.

Danske said in June it would compensate around 87,000 Flexinvest Fri clients who had been overcharged, which would cost the bank approximately 400 million Danish crowns this year and further weighing on costs this quarter.

The bank has already increased its capital requirements by 10 billion Danish crowns earmarked for "increased compliance and reputational risks" after the Estonia money laundering case in response to orders from the Danish financial regulator.

(Reporting by Nikolaj Skydsgaard and Stine Jacobsen. Editing by Jane Merriman)

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Financials (DKK)
Sales 2019 43 576 M
EBIT 2019 17 903 M
Net income 2019 12 660 M
Debt 2019 -
Yield 2019 9,29%
P/E ratio 2019 6,05x
P/E ratio 2020 5,92x
Capi. / Sales2019 1,74x
Capi. / Sales2020 1,70x
Capitalization 76 010 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 131,63  DKK
Last Close Price 89,00  DKK
Spread / Highest target 125%
Spread / Average Target 47,9%
Spread / Lowest Target -1,69%
EPS Revisions
Managers
NameTitle
Jesper Nielsen Chief Executive Officer & Head-Banking
Karsten Dybvad Dalsjö Chairman
James Martin Ditmore COO, Group Head-Services & IT
Christian Baltzer Chief Financial Officer
Charlotte Hoffmann Director
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