Danske Bank raises full-year outlook after quarterly profit beats forecast
By Louise Rasmussen
Danske Bank's Second-Quarter Results and Updated Outlook
Stronger-than-Expected Net Profit
COPENHAGEN, July 17 (Reuters) - Danske Bank posted a stronger-than-expected second-quarter net profit and raised its full-year outlook on Friday, citing high customer activity, growing volumes and broad-based income growth.
Quarterly Profit Details
Danske Bank said net profit for April-June rose to 6.02 billion crowns ($921.21 million) from 5.45 billion a year earlier, beating the 5.92 billion expected on average by 15 analysts in a poll provided by the bank.
Economic Outlook and Nordic Market Performance
"Danske Bank continues to expect the economies in Denmark and the other Nordic countries to develop favourably," the bank said in a statement.
Nordic Economies Growth
It said the Nordic economies, with the exception of Norway, were showing signs of stronger growth despite the impact of higher energy prices.
Updated Full-Year Profit and Income Forecast
The bank now expects a full-year profit of between 23 billion and 25 billion crowns, up from its previous forecast of 22 billion to 24 billion crowns. It also projected total annual income to be somewhat above 59 billion.
Net Interest Income Performance
Net interest income, which includes mortgage revenue, rose to 9.33 billion crowns from 9.06 billion a year earlier, but missed analysts' average forecast of 9.47 billion crowns.
Currency Exchange Rate
($1 = 6.5349 Danish crowns)
(Reporting by Louise Rasmussen; Editing by Terje Solsvik and Sherry Jacob-Phillips)
