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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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Delayed Quote. Delayed NASDAQ OMX COPENHAGEN - 01/24 10:02:30 am
109.85 DKK   +0.87%
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Danske Bank A/S : revises 2019 net profit outlook upwards. Now expects a net profit of around DKK 15 billion

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12/05/2019 | 09:46am EST
Company announcement no. 20 2019

 

 

 

 
 Holmens Kanal 2 – 12
DK-1092 København K
Tel. +45 45 14 14 00

 

 

5 December 2019

Danske Bank A/S revises 2019 net profit outlook upwards
Now expects a net profit of around DKK 15 billion

As a result of a number of extraordinary items concerning tax, the annual goodwill impairment testing and other elements affecting net profit in the fourth quarter of 2019, the outlook for 2019 is revised upwards. Previously, we expected a net profit for 2019 in the middle of the DKK 13-15 billion range, cf. company announcement no. 19 dated 2 December 2019. We now expect a net profit of around DKK 15 billion.

On a net basis, we expect the extraordinary items to have an impact of around DKK 1.1 billion.

Two items will affect the tax line:

  • International Joint Taxation (IJT): Since 2009, Danske Bank has been part of IJT. This automatically runs for ten years and thus expires in 2019. As the Board of Directors has decided not to enter into a new 10-year period, a provision for recapture of tax losses under IJT will be released, causing a positive effect of around DKK 5.2 billion.
     
  • Deferred tax provision: At the same time, we expect to make a provision for deferred tax adjustments on assets and liabilities measured at amortised cost. This will have a negative impact of around DKK 1.1 billion.

In connection with the yearly balance sheet review and impairment tests, we anticipate the following items:

       ·Goodwill: As a result of our annual goodwill impairment testing, we have recognised an impairment charge on goodwill and other intangible assets of around DKK 2.0 billion.

  • Loan impairment charges: Following a review of our loan portfolio, we expect extraordinary impairments of around DKK 0.4 billion before tax.
     
  • Operating expenses: We expect to see an increase in expenses of DKK 1.0 billion before tax from operational risk-related losses, transformation costs and portfolio adjustments.
     
  • Non-core: We expect to make negative value adjustments in Non-core of around DKK 0.1 billion before tax.

             
We reaffirm our expectation of a return on shareholders’ equity in the range of 5-6% for 2020.

The outlook and the effects of the individual extraordinary items remain subject to uncertainty.

Danske Bank presents its annual report for 2019 on 5 February 2020.

Danske Bank

Contacts:
Karl Kjær Bang, Head of Press Relations (interim), tel. +45 45 14 14 00
Claus Ingar Jensen, Head of Investor Relations, tel. +45 45 12 84 83


Attachment

  • Company announcement no 20 2019

© OMX, source OMX

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Financials (DKK)
Sales 2019 44 149 M
EBIT 2019 16 524 M
Net income 2019 14 284 M
Debt 2019 -
Yield 2019 6,49%
P/E ratio 2019 6,54x
P/E ratio 2020 9,25x
Capi. / Sales2019 2,11x
Capi. / Sales2020 2,17x
Capitalization 92 981 M
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Technical analysis trends DANSKE BANK A/S
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 119,85  DKK
Last Close Price 108,90  DKK
Spread / Highest target 83,7%
Spread / Average Target 10,1%
Spread / Lowest Target -25,4%
EPS Revisions
Managers
NameTitle
Chris Vogelzang Chief Executive & Operating Officer
Karsten Dybvad Dalsjö Chairman
Jacob Aarup-Andersen Chief Financial Officer
Charlotte Hoffmann Director
Carol Frances Sergeant Vice Chairman
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