Danske looks forward to lower costs, impairments next year
- Danske reported a fourth-quarter net profit of 1.45 billion Danish crowns ($234.06 million), just below the 1.5 billion forecast by analysts in a Refinitiv poll.
COPENHAGEN: Danske Bank on Thursday said it expected profits to come in higher next year due to lower costs and fewer impairment charges after reporting fourth-quarter net profit slightly below expectations.
Danske said it expected net profit for 2021 to come in between 9 and 11 billion crowns and loan impairments, a measure of how many loans could turn bad, at no more than 3.5 billion.
"Our outlook is based on an expectation of slightly higher total income than in 2020, subject mainly to commercial momentum and broader economic developments, while both expenses and impairments are expected to be lower in 2021," Chief Financial Officer Stephan Engels said in a statement.
Denmark's biggest bank said it would propose a dividend of 2 crowns per share, below its general payout ratio, but in line with recommendations by Denmark's banking watchdog, it said.
Danske reported a fourth-quarter net profit of 1.45 billion Danish crowns ($234.06 million), just below the 1.5 billion forecast by analysts in a Refinitiv poll.
Danske said an internal investigation into possible money-laundering in Danske's Estonian branch has been finalised and the findings have been reported to relevant authorities.
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