Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Danske cuts profit outlook due to challenging financial market conditions

Published 07/10/2022, 04:32 PM
Updated 07/10/2022, 04:35 PM
© Reuters. FILE PHOTO: Danske Bank signs are seen on the bank's headquarters in Copenhagen, Denmark October 22, 2019. REUTERS/Jacob Gronholt-Pedersen

(Reuters) - Danske Bank on Sunday reduced its full-year net profit outlook, hurt by rapidly rising interest rates and unfavorable financial market conditions.

Danske revised net profit to 10 billion to 12 billion Danish crowns ($1.64 billion) from the previous guidance of 13-15 billion crowns.

"... we revise our net profit guidance for the year based on significantly lower expectations for trading income and income from our insurance business," Chief Executive Officer Carsten Egeriis said in a press release.

The company also slightly revised its cost guidance to around 25.5 billion crowns.

© Reuters. FILE PHOTO: Danske Bank signs are seen on the bank's headquarters in Copenhagen, Denmark October 22, 2019. REUTERS/Jacob Gronholt-Pedersen

In April, the bank reported a lower-than-expected first-quarter profit, citing higher costs and turbulent financial markets.

($1 = 7.3037 Danish crowns)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.