Danske Bank cuts 2019 profit outlook by €134M

Monday, 08. July 2019 21:30

Danske Bank A/S on Monday revised its 2019 net profit outlook downwards by one billion Danish crowns (around €134 million). Based on preliminary figures, Denmark's largest financial institution cut its outlook for the current year to a range of 13-15 billion crowns from the previously estimated 14-16 billion.

"The downward revision is based on changes in our expectations for the second half of the year. We now expect the generally weak momentum in income to continue," Danske's CFO Christian Baltzer said in a statement, adding that the financial institution is currently facing higher costs for compliance and anti-money laundering activities. The bank also assessed that its net profit in 2019 will be around 4 billion crowns.

Danske Bank's previous CEO is currently charged under suspicion he was involved in the money laundering scandal after an investigation showed some €200 billion of suspicious transactions passed through the bank's Estonian branch.

Related Links: Danske Bank A/S
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