Danske Bank Sees Fiscal Year Net Profit at Lower End of Range as Money Laundering Probes Continue
2019年11月1日 - 5:27PM
Dow Jones News
By Dominic Chopping
Danske Bank AS (DANSKE.KO) on Friday reported a 23% rise in
third-quarter net profit on lower costs, but warned that it now
expects net profit for the year to be at the lower end of its
guided range.
The bank is being investigated by Estonia, Denmark, France and
the U.S. over allegations that around $230 billion in suspicious
funds from Russia and other former Soviet states entered Europe
through its tiny branch in Estonia. It said Thursday that it
remains in dialogue with the various international authorities but
the timing of completion and the outcome of the investigations are
uncertain.
Danske said its own internal investigation into the terminated
non-resident portfolio--the source of the suspected money
laundering--is currently expected to conclude by the fourth quarter
of 2020.
"This investigation continues to be focused on issues arising
out of the non-resident portfolio at the Estonian branch and
includes reviewing whether similar issues have been present
historically in Danske Bank's other Baltic branches," the bank
said.
The lender made a quarterly net profit attributable to
shareholders of 2.81 billion Danish kroner ($420 million) compared
with DKK2.29 billion in the year-earlier period. The
Copenhagen-based bank was expected to deliver a net profit of
DKK2.91 billion, according to a poll of analysts provided by
FactSet.
Net interest income fell to DKK5.45 billion from DKK5.85
billion.
Chief Executive Chris Vogelzang laid out a new strategy to
improve financial performance and regain business momentum, which
includes addressing a number of fundamentals internally, such as
compliance, momentum and costs.
Mr. Vogelzang said the bank must achieve a return on
shareholders' equity of 9%-10% and a cost/income ratio in the low
50s. It expects to achieve a return on shareholders' equity in the
5%-6% range in 2020.
Danske reiterated its full-year guidance for net profit of DKK13
billion-DKK15 billion but said it now expects to land towards the
lower end of that range.
Danske Bank's common equity Tier 1 ratio--a key measure of
financial strength--was unchanged at 16.4% at the end of the
quarter from a year earlier.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 01, 2019 04:12 ET (08:12 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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