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Danske Bank cuts guidance for 2018 profit

Published 12/20/2018, 03:49 PM
Updated 12/20/2018, 03:49 PM
© Reuters.  Danske Bank cuts guidance for 2018 profit
  • 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


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