01 feb: Opjustering af omsætning og driftsresultat
01 feb: Indre værdi af SmallCap Danmark A/S er opgjort til 20,7 kr. pr. a..
01-02-2019 03:02:25

Danske Bank delivers a net profit of DKK 15.0 billion in a challenging year - Return on shareholders’ equity of 9.8%



Press release




Group Communications

Holmens Kanal 2-12

DK-1092 København K


1 February 2019

Danske Bank delivers a net profit of DKK 15.0 billion in a challenging year

Return on shareholders’ equity of 9.8%

Danske Bank has announced its financial results for 2018.

Jesper Nielsen, Interim Chief Executive Officer, comments on the financial results:

“2018 was a challenging year for Danske Bank. The serious and demanding issue concerning the closed-down portfolio of non-resident customers in Estonia triggered justified criticism from our stakeholders and led to a number of changes at management level. We must use the lessons learned from this case to prevent something similar from ever happening again. That is why in coming years we will further strengthen our efforts within compliance and anti-money laundering activities to become best in class among our peers.

From a financial point of view, the year was characterised by continued growth in the Nordic economies, and we saw good demand for loans, especially from commercial customers and within home finance. The financial markets saw significant uncertainty throughout the year, however. This affected net trading income, and combined with a rise in costs – related, among other things, to the Estonia case, the donation of 1.5 billion kroner, and our compliance activities – this meant that net profit for 2018 came out lower than estimated at the beginning of the year.”

The annual report is available at danskebank.com. Highlights are shown below:

2018 vs 2017

The Danske Bank Group delivered a net profit for 2018 of DKK 15.0 billion, against DKK 20.9 billion the year before. The underlying business remained solid and saw good developments. The 28% decrease in net profit was driven mainly by difficult conditions on the financial markets, which had a negative impact on net trading income, but also by the donation of the estimated gross income of DKK 1.5 billion from the non-resident portfolio in Estonia from 2007 to 2015.

The return on shareholders’ equity after tax was 9.8%, against 13.6% in 2017. Adjusted for the donation, the return on shareholders’ equity after tax was 10.8%.

Total income was affected, among other things, by lower net trading income and amounted to DKK 44.4 billion, a decrease of 8% from the level in 2017.


  • Net interest income totalled DKK 23.6 billion and decreased 1% from the level in 2017. Despite lending growth in all our Nordic markets, net interest income was slightly lower than the year before due to adverse currency effects in Sweden and Norway as well as margin pressure. Partnership agreements and new mortgage products were some of the drivers of the growth in lending.


  • Net fee income amounted to DKK 15.4 billion and decreased 2%. The fall was due to a decline in capital markets-related activity, which was partly offset by income from SEB Pension Danmark.


  • Market conditions remained challenging throughout 2018, which meant that net trading income fell to DKK 4.7 billion, or 34%, from the level in 2017, when net trading income was very high. Corporates & Institutions in particular was affected by difficult conditions in the rates markets.


  • Other income amounted to DKK 0.7 billion, down 55% from the level in 2017, when the financial results included income from Norwegian real-estate agency chain Krogsveen, which was sold in the first quarter of 2018. The fall in the risk result in the health and accident business at Wealth Management from the year-earlier level also had a negative effect on Other income.

Operating expenses amounted to DKK 25.0 billion, an increase of 10% from the level in 2017. The increase was the result mainly of the donation of DKK 1.5 billion, which was recognised in the third quarter of 2018. In addition, operating expenses were impacted by costs related to the Estonia investigations, costs for compliance, regulatory requirements and the combating of financial crime as well as costs related to SEB Pension Danmark.

Credit quality remained strong across all business units, with almost all units seeing a reversal of impairments in 2018. Net reversals totalled DKK 650 million in 2018, against net reversals of DKK 873 million in 2017.

At the end of December 2018, total lending was up 3%, while total deposits were down 2% from the level at the end of 2017. Almost all markets saw increases.

The Estonia case

The serious issues concerning the closed-down portfolio of foreign customers (the non-resident

portfolio) at the Estonian branch had a negative impact on our business in a number of ways as it caused concern and criticism from a wide range of stakeholders.

It is clear that we have failed to live up to our responsibility in this matter, not only in not being able to efficiently prevent suspicious activities and transactions from taking place in Estonia, but also in our inability to understand and address the issues efficiently as they came to light.

We are determined to get to the bottom of the matter and to learn from it, so that we can take all necessary steps to prevent something similar from happening again. This work will continue, and we will keep the authorities up to date with our progress and findings.

On the basis of learnings from the Estonia case and a general review of our efforts and ambitions within AML, we have decided to further improve our efforts over the next three years through earmarked investments of up to DKK 2 billion. The purpose is to improve the quality and the efficiency of our controls while also offering a better customer experience.

Trend in customer numbers and satisfaction scores

Customer numbers and customer satisfaction scores were also impacted by the Estonia case. In 2018, there was a net customer outflow in Denmark of around 11,000 retail (NemKonto) customers, equivalent to 0.8% of our NemKonto customer base in Denmark. The number of commercial customers was unchanged.

Customer satisfaction has declined, most notably among retail customers in Denmark, where satisfactions scores are far below our targets. We have also seen a negative impact among corporate customers in Denmark, and, although to a lower degree, in Sweden.

Customer satisfaction remains a key priority for Danske Bank and we will continue to work towards rebuilding customers’ trust in us.

Capital position remains strong

Danske Bank’s capital position remains strong, with a total capital ratio of 21.3% and a CET1 capital ratio of 17.0% at 31 December 2018. Both ratios are above regulatory requirements and our own targets. The regulatory CET1 requirement stands at 14.0%, while Danske Bank’s CET1 capital target remains at around 16% in the short to medium term.

During 2018, the Board of Directors reassessed and increased the Group’s solvency need by DKK 10 billion to ensure adequate capital coverage of its compliance and reputational risks. This was a consequence of the Danish FSA’s decision of 3 May 2018 and the FSA’s follow-up decision from 4 October 2018, both concerning the Estonian branch. As part of the decision of 4 October 2018, the Pillar II requirement concerning compliance and reputational risk is to be met with CET1 capital. Furthermore, the Board of Directors has reassessed and increased the Group’s capital targets and has taken further prudency measures.

Share buy-back programme

On 4 October 2018, the Board of Directors decided to discontinue the share buy-back programme for 2018. This decision was made as a further prudency measure due to the current circumstances and in addition to the increased capital targets. The share buy-back programme for 2018 of DKK 10 billion was scheduled to end no later than 1 February 2019.

At the time of discontinuation, we had bought back shares for a total of DKK 6.9 billion. Due to continued uncertainty regarding the consequences of the Estonia case, no share buy-back programme will be initiated in 2019.

Dividend for 2018

On the basis of our strong capital position, the Board of Directors is proposing a dividend of DKK 8.5 per share for 2018. This corresponds to 51% of reported net profit. Danske Bank’s dividend policy is unchanged, and it is still our ambition to pay out 40% to 60% of net profit for the year.

Financial outlook for 2019

We expect net profit for 2019 to be in the range of DKK 14-16 billion. This excludes any potential gain on the prospective sale of Danica Pension Sweden.

The outlook is subject to uncertainty and macroeconomic developments.

We maintain our long-term ambition to rank in the top three among our Nordic peers in terms of return on shareholders’ equity.

Danske Bank

Contact: Kenni Leth, Group Press Officer, tel. +45 45 14 14 00

The annual report will be presented at a press conference at 9.00am CET and at a conference call for analysts and investors at 2.30pm CET. The press conference and conference call will be webcast live at danskebank.com. More information about Danske Bank’s financial results is available at danskebank.com/reports.



Relateret indhold
17 jul - 
Onsdagens aktier: Danske Bank og Nordea faldt forud for..
17 jul - 
Aktier/middag: Danske og Nordea falder efter nordiske b..
17 jul - 
Aktier/åbning: Tæt på statisk med Vestas og Danske Bank..
Relateret debat
17 jul - 
Realisere hele tabet. Så kan du modregne det i ud..
17 jul - 
Jo det kan. Det indgår i årsopgørelsen.
17 jul - 
Du behøver ikke at holde dig langt væk. Me..

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
11 jul
Helt enig - desværre.   Danske Bank har i den grad været åben og informativ inden for rammerne af hv..
15 jul
Jeg har tidligere skrevet om mulig bøde til Danske Bank. Jeg mente, og mener stadig at DDB ikke umid..
11 jul
Lad os prøve at bevare den gode tone, og værdsætte andres holdnniger og meninger - uden at tale nedl..
11 jul
Tak :-)   Danskerne VIL forages - og det er jo desværre på mode at blive krænket på andres vegne.   ..
11 jul
Forudser bøde på ca 1 mia dollar eller 6,55 mia Da der er 25 mia inkassoen kan der enten tilbagekøbe..
17 jul
Ud fra de oplysninger du giver - og uden at du begynder at blande gevinsten fra Danske Bank ind i op..
17 jul
Aktieudbytte og kursgevinst beskattes begge som aktieindkomst, så man skal bare realisere kurstab fo..
11 jul
Det er et sektorproblem fordi så mange andre banker også er ramt af hvidvasksager. USA-myndigheder m..
15 jul
har nogle db aktier købt for tre år siden til kurs 220 da jeg ikke skal bruge pengene de næste mange..
11 jul
Det var da et lige så mærkeligt indslag

Aktier/tendens: Knaphed på positivt nyt før åbning med spot på banker

17-07-2019 08:24:44
Bortset fra en marginalt stigende future for det amerikanske S&P 500-indeks er der ikke meget, der peger i positiv retning for det danske aktiemarkedet op til åbningen onsdag morgen.I USA lukkede markederne med fald i alle tre toneangivende indeks, som dermed ikke kunne fortsætte rekordrækken. Og fra Asien kan en trykket stemning give negativ inspiration til den europæiske handel.Tirsdag lukkede d..

Goldman Sachs: Højere indtægter kravlede ikke med på bunden

16-07-2019 13:51:32
Indtægterne fra aktiehandel, som er et vigtigt område for den amerikanske storbank Goldman Sachs, klarede sig bedre end analytikerne havde ventet i andet kvartal. Men selv om de samlede indtægter også steg en smule, bevægede de sig ikke med ned på bundlinjen i regnskabet for kvartalet.Det skriver Bloomberg News.På bundlinjen præsenterede den New York-baserede bank et overskud på 5,81 dollar per ak..

Aktier/tendens: Stilstand på sommertynde markeder - Genmab i fokus

16-07-2019 08:06:06
Genmab kan komme i fokus tirsdag, når det amerikanske medicinalselskab Johnson & Johnson over middag kommer med regnskab for andet kvartal af 2019, da det fortæller, hvordan det globale salg af kræftmidlet Darzalex arter sig.Samlet peger det på en forholdsvis neutral åbning på det danske aktiemarked, hvis retningen skal tages efter futures for det tyske DAX-indeks, der ligger til et svagt plus.Man..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
Danske Bank/Credit Suisse: Sænker kursmål før regnskabsdag
Fonde tjener over en milliard kroner på Ambus nedtur
Aktier/åbning: Tæt på statisk med Vestas og Danske Bank i yderpunkter
Onsdagens aktier: Danske Bank og Nordea faldt forud for regnskaber
Aktier/tendens: Knaphed på positivt nyt før åbning med spot på banker

Relaterede aktiekurser

Danske Bank A/S 101,95 -3,0% Fald i aktiekurs
Danske Bank Ord Shs 101,95 -3,0% Fald i aktiekurs

Copyright Berlingske Media 2019  Handelsbetingelser  |  Cookiedeklaration  |  Cookie- og Privatlivspolitik  |  Ophavsret og vilkår
Aktieinformation leveres af Morningstar.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
18. juli 2019 06:48:42
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20190703.1 - EUROWEB3 - 2019-07-18 06:48:42 - 2019-07-18 06:48:42 - 1 - Website: OKAY