COPENHAGEN, Denmark, May 3, 2001 (PRIMEZONE) -- The Danske Bank Group (CSE:DDB) today released its quarterly report for the first three months of 2001. Highlights are shown below.
The Danske Bank Group recorded a profit after tax of DKr 2,359m for the first quarter of 2001, against a pro forma profit of DKr 2,352m for the same period in 2000.
Core income rose by 11% to DKr 6,977m, mainly as a result of growing net interest and fee income in Retail Banking and Mortgage Finance, increased earnings from the Group's interest rate and foreign exchange transactions and improved profits from Life and Pensions.
Core earnings rose by DKr 502m to DKr 2,791m.
Earnings from investment portfolios fell by DKr 713m to DKr 362m. Sale of subsidiaries produced a gain of DKr 156m.
The Group's solvency ratio and core (tier 1) capital ratio (results for the period under review not included) were 9.7% and 6.6%, respectively.
The legal merger between Danske Bank and RealDanmark was adopted by the share-holders on March 27 and merger synergies are being achieved as planned. The integration process is on schedule. The Bank expects to realize a larger share of total cost synergies in 2001 than originally assumed.
For the year as a whole, core earnings are still expected to be somewhat above those achieved in 2000. However, further weakening of the general economic climate in the markets where the Group operates may reduce growth in core earnings.
Read the full report below:
Attachments: http://reports.huginonline.com/818917/89353.pdf