- Danske Bank (OTCPK:DNSKF -3.2%), the Danish bank mired in a massive money-laundering scandal, cuts its 2018 net profit guidance to DKK 15B ($2.29B) from its prior view of DKK 16B-DKK 17B.
- The reasons: Challenging financial market conditions in Q4 hurt net trading income on the rates markets and hurt performance fees. Its non-core unit was hurt by a DKK 0.2B value adjustment.
- Danske Bank CEO Christian Baltzer says the bank's underlying business performance "is still good. Deposits remain at a stable level, and we are seeing growth in lending in Norway and Sweden, driven partly by our partnership agreements."
- Related tickers: OTCPK:DNKEY, OTCPK:DNSKY
- Previously: Danske Bank +4.1% as cooperation may help reduce fines (Dec. 6)
- Previously: Deutsche Bank (DE:DBKGn) gets more scrutiny on Capitol Hill: WSJ (Dec. 13)
- Previously: Deutsche Bank gets more scrutiny on Capitol Hill: WSJ (Dec. 13)
- Now read: Danske: A Contrarian Play Within The European Banking Sector With An Attractive Risk-Return Profile
Original article