Danske Bank: Net Profit of DKr6.984m for the First Nine Months of 2001 (with link)


COPENHAGEN, Denmark, Oct. 25, 2001 (PRIMEZONE) -- On October 25, 2001, the Danske Bank Group (CSE:DDB) released its nine-month report for 2001. Highlights are shown below:

The Danske Bank Group recorded a net profit of DKr6.984m for the first nine months of 2001, against a pro forma net profit of DKr6.342m for the same period of 2000. This was an increase of 10%. Net profit per share was up by 14%.

Core income rose by 10% to DKr21.270m as a result of higher net interest and fee income at Retail Banking and Mortgage Finance, significantly increased earnings from fixed income and foreign exchange trading, and improved profits from Life and Pensions.

The development in expenses was in line with expectations. Operating expenses and depreciation increased by 3%. As the first nine months were influenced by merger-related costs, expenses for the full year are still forecast to be flat from 2000.

The charge for bad and doubtful debts was DKr1.054m, compared with DKr397m in 2000. The provisioning need was affected by the slowdown in the world economy.

Core earnings rose by DKr883m to DKr8.010m.

Earnings from investment portfolios fell by DKr839m to DKr665m and were significantly affected by the fall in equity prices in September 2001. The sale of subsidiaries produced a gain of DKr234m.

The integration of RealDanmark is running ahead of original expectations. At the end of August 2001, BG Bank's IT systems were converted to the Danske Bank Group's computer platform. The Group has thus passed one of the most important milestones in the integration of BG Bank.

The Danske Bank Group continues to expect core earnings for the whole of 2001 to be somewhat higher than in 2000. However, the expected advance may be affected by the economic slowdown and turbulence on the financial markets.

Read the full report below: http://reports.huginonline.com/837791/95753.pdf


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